Siamgas to acquire 30% share in Mon State gas-fired power plant
Siamgas to acquire 30% share in Mon State gas-fired power plant
On 18 July 2016 Siamgas and Petrochemicals Public Company Ltd (Siamgas) announced to the Stock Exchange of Thailand that it will acquire a stake in a 230 MW gas-fired power plant in Moulmein, the capital of Mon State, through its Singaporean subsidiary Siam Gas Power Pte Ltd (SPW). SPW will acquire a 30% share in the project for approximately US$48 million from three existing shareholders of the project, MSN International Ltd., Asiatech Energy Pte Ltd. and Myanmar Lighting Co., Ltd. Siamgas sees the project as an opportunity to diversify its business, which to date has been focused on liquefied petroleum gas trading. According to Mrs. Jintana Kingkaew, Siamgas’ Deputy Managing Director and Chief Financial Officer, “demand for electricity in Myanmar has drastically risen thanks to the rapid economic growth and infrastructural development. Therefore, this investment is an opportunity not only to expand into other energy business but also create sustainable income and more value to our shareholders.” Read more…