Toyo-Thai explores power business in Myanmar
Toyo-Thai Corp Plc (TTCL), an integrated Thai contractor, is seeking opportunities in Myanmar's power business, through the establishment of two joint ventures in the country.
One of them will have Thai Summit Group as a partner.
In the filing to the Stock Exchange of Thailand, TTCL said that the board of directors approved the establishment of Toyo Thai Power Corporation in Singapore (TTPSG), as a 60:20:20 joint venture with 8 Coins Capital and Pacific New Power. The joint venture will be capitalised at US$42.5 million or Bt1.32 billion.
Through TTPSG, it will set up a 50:50 joint venture in Myanmar to operate a power plant. The company will be capitalised at $500,000 or about Bt155 million.
Another 40:60 joint venture will be established in Myanmar to invest in power business. With Thai Summuit Group holding 60 per cent, Thai Summit-TTCL Power Co Ltd will be capitalised at Bt1 million.
Incorporated in 1985, Toyo-Thai is a joint venture of Italian-Thai Development Plc and Toyo Engineering Corporation, a leading international engineering company in Japan.
In the third quarter, Toyo-Thai showed the net profit of Bt151.4 million, 16.6 per cent higher than the same period last year. In the first nine months, its net profit reached Bt341 million.