OR Set Up “ORZON VENTURES” to Invest in Startup Companies in Thailand and ASEAN
RZON VENTURES has an investment objective of a venture capital to invest in high-potential startup companies in Thailand and Southeast Asia, to seek new opportunities to build new S-Curve for OR
PTT Oil and Retail Business Public Company Limited (OR) announced that the Board of Directors at the meeting on 25 May 2021, has resolved to approve PTTOR International Holdings (Singapore) Pte. Ltd. (SGHoldCO), OR’s wholly-owned subsidiary, together with companies in 500 Startups Group (500 Startups), to set up a Private Fund registered in Delaware, USA, in the form of Limited Partnership under the name ORZON VENTURES, L.P. (ORZON VENTURES) with an initial investment value of 25 million USD, and the investment value can be increased to 50 million USD thereafter, where SGHoldCO will have 99% stake and 1% stake will be held by the 500 Startups company and individual investors in 500 Startups Group.
ORZON VENTURES has an investment objective of a venture capital to invest in high-potential startup companies in Thailand and Southeast Asia, to seek new opportunities to build new S-Curve, which is a strategy to strengthen and expand OR’s business. In this respect, SGHoldCo and 500 Startups completed the signing of relevant contracts on 5 October 2021.