P.S.P. Specialties invests in e-commerce platform WhatsEGG
P.S.P. Specialties Co., Ltd., the largest lubricant toll blender in Asia based in Bangkok, Thailand, announced that it will expand into new businesses by investing in WhatsEGG, an e-commerce platform focused on the ASEAN automotive aftermarket. The company has established P.S.P. Ventures for this purpose.
“Thailand is in transition to a fully fledged digital economy, as evident in the rising adoption of digital technologies and systems for greater competitiveness of companies across industries as well as in robust emergence of e-commerce businesses in Thailand. As a result, the marketplace for many industries has grown significantly, especially consumer goods and automotive part markets. Therefore, it is a great opportunity for the company to invest in the market,” said Pavares Boontanonda, chairman of the Board of P.S.P. Specialties Company Limited.
“The establishment of P.S.P. Venture Co., Ltd. strengthens P.S.P.’s expertise and creates a wide range of innovative value-added businesses among our existing offerings as the leading lubricant manufacture and total solutions provider of automotive and industrial lubricant and specialties products. With Thailand’s largest independent blending plant and facilities, we can accurately meet customer demand across industries. With this expansion into new business with our partner WhatsEGG, we are confident that having the best marketplace platform for automotive spare parts will make inroads into the Thai market,” said Sint Krongphanich, chief executive officer of P.S.P. Specialties.
Pavares said P.S.P. expects to capture the gross value of BHT7 billion (USD223.6 million), which is equivalent to more than 100% compounded annual growth rate (CAGR) over the next five years.
In addition to its massive lubricant toll blending operations, P.S.P. also operates Thailand’s largest independent petroleum storage facility. Established in 1989 initially as a transformer oil distributor in Thailand, the company stores and distributes more than 3,000 million litres of fuel a year. Its annual turnover is in excess of BHT10 billion (USD319.5 million).