IRPC, the petrochemical subsidiary of energy supplier PTT, has invested RMB135m ($19.4m) in Guangzhao Saiju Performance Polymer (GZSJ), the China-based owner of an online plastics trading platform.
The investment, which has been approved by IRPC’s board of directors, will give it a 15% stake in GZSJ. The deal will involve two companies forming a new subsidiary, according to a stock exchange statement cited by online news provider Kaohoon.
GZSJ runs an e-commerce platform called Iplas which businesses can use to sell and trade specialty purpose plastics in China.
IRPC has also set up a ฿120m ($3.6m) joint venture with GZSJ that will operate in Thailand. IRPC will own a 55% stake in the new venture while GZSJ holds the remaining 45%