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The company has also set aside an investment budget of Bt1 billion to buy two unfinished condominium projects for residential development. Sales of these projects should start in the final quarter of the year.

CEO Pattanapong Tanumathaya yesterday said a Dubai investor planning to buy a stake in the contractor had appointed Al Brooge Shares and Bonds to value Ascon's assets and shares before making a final decision on the purchase.

"We have to find new strategic partners who have strong finances to support our business expansion in the future, especially when we plan to bid for construction of the government's mega-projects," he said.

To support its business plan, the company will issue 60 million new shares for sale under private placement to foreign investors next month.

The move to sell shares to foreign investors will start after the company signs a contract next month to construction a residential project worth Bt16 billion in Dubai.

The project will comprise 20 buildings, each with 12 storeys. Construction will start in the next quarter and will be complete in 2011.

Ascon expects a gross margin of 20 per cent from the project, generating net profit of 5-10 per cent.

The company earlier joined with Power Line and Rom Nakorn Construcion to bid for Bt6.5 billion of construction work for the Purple Line mass-transit project in Bangkok.

Under its business expansion policy, the company targets revenue growth of between 20 and 30 per cent a year.

Ascon estimates revenue of Bt3 billion for this year, Bt2 billion of it from construction and the rest from its Bangkok residential project, Inspire Place on Rama IX. Eighty per cent of Inspire Place's project value of Bt1.6 billion has been sold, with Bt1 billion to be booked to the company's revenue this year, said Pattanapong.

The company recorded revenue of Bt869.85 million and a net loss of Bt157.48 million in the first half of the year.