Ascon keen on mega-projects
Ascon Construction Plc, a medium-sized builder, plans to acquire a construction firm that has experience in state projects as it wants to take part in bidding for government infrastructure jobs this year.
Its CEO Pattanapong Tanumathaya yesterday said the government's Bt400 billion investment in mega projects this year had drawn its interest.As a result, Ascon is prepared to take on state projects worth Bt1 billion this year. So far, the company is handling a Bt2-billion project to be completed this year. Of its income, about Bt1 billion will be derived from new projects. It plans to earn 15 per cent of its revenues from state projects, he said. Last year, the firm's former major shareholder, who is related to Prime Minister Thaksin Shinawatra, sold his stake to Samart Corp Plc. Since then, the firm has set up an investment budget of Bt50 million for this year. "We will be spending a low amount. We will target to buy a small constructor firm that has worked on state concessions or projects. We are keen to bid for expressways or ring road projects," he said. Under regulations, bidders applying for state projects need to have previous experience with state jobs. Without this record, they will not be allowed to join the bidding. So far, the company's projects are from the private sector, mainly in residential real-estate and land development. It aims to earn Bt1.2 billion this year, up 45 per cent from Bt824.92 million last year. Ascon posted a net profit of Bt72.15 million last year.
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