Thailand’s national oil and gas conglomerate has completed the sale of its entire fifty‑percent stake in Neo Mobility Asia to its joint venture partner, Millennium Group Corporation (Asia), through the subsidiary MGC‑ASIA Greentech.

The transaction, valued at approximately eighty‑three million baht, was finalised on August fourth, twenty‑twenty‑five.

Following the transfer, MGC‑ASIA Greentech holds full ownership of Neo Mobility Asia.

Neo Mobility Asia was formed in twenty‑twenty‑one as a fifty‑fifty joint venture between the oil and gas group’s subsidiary and MGC, with the objective of establishing an integrated electric vehicle distribution network in Thailand.

The venture covered Chinese EV brands, charging infrastructure and retail operations.

The divestment aligns with PTT’s strategic shift toward focusing on its core refining and petrochemical operations and revisiting its non‑hydrocarbon business strategy.

The lead finance executive at the oil and gas conglomerate confirmed this move reflects the company’s efforts to enhance competitiveness in established sectors.

Neo Mobility Asia previously held exclusive distribution rights in Thailand for Chinese EV brands, and had plans to expand its mobility ecosystem.

Following the acquisition, it becomes a wholly owned subsidiary of MGC‑ASIA.