Smart Concrete submits paperwork ahead of listing on Market for Alternative Investment
Smart Concrete, a subsidiary of Chonburi Concrete Product, which holds 96.67 per cent of Smart Concrete's paid-up capital, is preparing to list on the Market for Alternative Investment.
Smart Concrete submitted its registration statement, filing and draft of the initial public offering prospectus to the Securities and Exchange Commission on Monday, said Pratheep Theeprasukasem, chairman of Chonburi Concrete Product.
Indian firms eye Mozambique
Oil and Natural Gas Corp and Oil India are the leading bidders for the stake in a Mozambique gas field being sold by Anadarko Petroleum Corp and Videocon Industries, three people with knowledge of the discussions said this week.
ONGC and Oil India, both controlled by India's government, are bidding together for the asset.
A successful bid by the Indian group would mark the third major deal in less than a year in Mozambique by a state-backed Asian energy company, following transactions by China National Petroleum Corp and Thailand's PTT Exploration and Production.
The acquisitions show Asian governments' determination to secure access to gas reserves to supply some of the world's fastest-growing economies.
Total, Europe's third-biggest oil company, studied a bid for the stake and decided not to make an offer, chief financial officer Patrick de la Chevardiere said last week, citing the risk of cost overruns and project delays. - Bloomberg
Toyo-Thai opens Yangon plant
The integrated engineering firm Toyo-Thai Corporation dedicated |its first gas-fired power plant's opening in Ahlone, Yangon, last |weekend.
Hironobu Iriya, president and CEO, said yesterday that after obtaining the memorandum of agreement from the Electric Power Ministry of Myanmar, the plant's construction commenced last November. It was now partially operating after five months of construction.
Upon completion of the first stage last month, the plant could generate 40 megawatts. The second stage next month will add 40MW. Construction is expected to be fully completed by the second half of next year, when the plant's full capacity would be 120MW.
The company has also been conducting a one-year feasibility study on developing an ultra-supercritical coal-fired power plant at the Thilawa Special Economic Zone in Yangon.
RHB chases top-8 ranking
RHB Capital, Malaysia's fourth-largest lender, plans to boost its ranking for handling mergers and acquisitions in Southeast Asia, managing director Kellee Kam said.
RHB, which bought the investment banking business of OSK Holdings last year, wants to be among the region's top eight banks for acquisitions in two years. The company was ranked 14th last year after managing US$8.8 billion (nearly Bt260 billion) worth of deals, according to data compiled by Bloomberg.
"We need a path to eventually get up to the leaders of the region," Kam said in Singapore. "One of the compelling logics of the OSK transaction was to make us more than just Malaysia."
RHB is expanding as bigger local rivals Malayan Banking and CIMB Group Holdings benefit from a surge in mergers and stock sales in Southeast Asia, a region spanning the Philippines to Thailand.
The two banks added headcount and acquired competitors with the ambition of creating regional investment-banking units able to compete in Asia with global players such as Goldman Sachs and Morgan Stanley. - Bloomberg