The unanswered question in the market surrounding PTG Energy and the rights to operate Subway restaurant has been answered after the official announcement made by the company itself that it has now been recognized by Subway International B.V. as the operator in Thailand.
PTG Energy Public Company Limited (SET: PTG) announced through the Stock Exchange of Thailand on February 29, 2024, that GFA Corporation (Thailand) Limited, an indirect subsidiary of the company, has invested 35 million baht to conduct a business as the owner of a master franchise under the name and trademark “Subway” and to manage restaurants under the trademark “Subway”, including to manage the restaurants by using a franchise system under other Thai or foreign names and trademarks. This investment will be made through a newly established company “Go Luck Company Limited” in which GFA holds 70% shareholding.
However, questions were raised at that time of the announcement as the rights to operate Subway and to its trademark within Thailand belongs to About Passion Co., Ltd.
PTG did not make any clarification on the matter until the official announcement yesterday/ The company stated that Go Luck Company Limited (GL) has fully complied with all terms and conditions set forth in the Master Franchise Agreement with Subway International B.V. (“SIBV”) for operation in Thailand. As of April 1, 2024, Subway International B.V. has issued an official certificate to recognize Go Luck Company Limited as the legally authorized Master Franchisee to manage and operate restaurants under Subway name and trademark within Thailand.
PTG confirmed that it has followed the regulations, procedures, criteria and conditions of the joint venture according to the correct and complete process of business ethics and in accordance with good corporate governance policy and good governance in business operations.
The company also published the letter of confirmation by Subway International B.V. as follows;
Subway Announces New Master Franchise Agreement to Expand Presence in Thailand
Subway, one of the world’s largest restaurant brands, has entered into a new master franchise agreement with Go Luck Company Limited, whose ultimate majority shareholder is PTG Energy Public Company Limited, to significantly expand its presence in Thailand.
Under the new partnership, Go Luck Company Limited will open more restaurants in Thailand over the next 10 years, growing Subway’s current footprint in the market by nearly three times. The company will also acquire the exclusive rights to manage and develop Subway locations in Thailand.
“This agreement is another milestone in Subway’s international growth strategy as we continue to focus on strategically expanding our footprint and maintaining our position as one of the world’s largest restaurant brands,” said Eric Foo, Subway Asia Pacific President. “Thailand is a key market with long-term growth opportunity, and we look forward to bringing the Subway experience to even more guests in the region.”
“PTG would like to express its sincere gratitude to Subway for appointing Go Luck Company Limited its master franchisee in Thailand, and for trusting us to be part of the brand’s success moving forward,“ said Pitak Ratchakiiprakam, President and Chief Executive Officer of PTG Energy Public Company Limited.
This is in accordance with PTG’s vision to diversify its investment portfolio. “The Company sees the importance of expanding into new business channels that can complement the core business in the future, with the intention of offering diverse products and services that reach out to target customers more rapidly and widely. The aim is also to establish new channels for customers by way of inviting over 21 million PT Max Card and PT Max Card Plus holders to access high-potential services. This is something that is going to build upon the strength of business ecosystems and PTG’s brand”, stated Mr. Pitak.
“We are also delighted to have Ms. Petcharat Uthaisang, a true F&B professional with over 25 years of experience in the QSR and FMCG industries, on board as Managing Director of Go Luck Company Limited to lead Subway’s expansion in Thailand.”
“I am excited to have this opportunity to establish Subway as the better choice QSR in Thailand and to bring the Subway experience to even more guests across a variety of channels, said Petcharat Uthaisang, Managing Director of Go Luck Company Limited.
As part of the brand’s multi-year transformation journey and focus on international expansion, the agreement marks Subway’s 16th master franchise development agreement in the past three years, resulting in more than 9,000 future restaurant commitments around the world.
In Asia Pacific, Subway continues to seek strong partners with expertise in local markets as it aggressively expands its current network of restaurants in the region from approximately 4,000 restaurants to more than 7,000 restaurants over the next five years.
