Toyo-Thai aims to raise Bt6.5 billion from subsidiary's SGX listing
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Toyo-Thai Corporation plans to raise at least Bt6.5 billion in capital before the end of the year by listing its subsidiary Toyo Thai Power Holdings on the Singapore Exchange.
Toyo-Thai Corp, an engineering design and manufacturing construction business, holds 60 per cent of Singapore-based Toyo Thai Power Holdings.
The company plans to use the new capital to expand its power-generation business. This includes a coal-fired plant in Myanmar with production capacity of about 1,000 megawatts, and three solar-power plants, two in Thailand and one in Japan. The next project is a 120MW power plant in Myanmar.
Expansion
All of that will cost more than Bt10 billion, part of which will come from the capital raised on the Singapore Exchange, and the rest from bank loans.
The company also plans to bid on Bt70 billion worth of projects in the current second half of the year, aiming to win up to Bt20 billion worth.
Under its expansion programme, Toyo-Thai Corp is confident of achieving revenue of Bt16 billion this year, up 30 per cent from Bt11 billion last year, said Kobchai Thanasukarn, general manager for financing and investor relations.
The company recorded revenue of Bt6.7 billion and net profit of Bt368 million in the first half.
As of the end of the second quarter, it had a backlog of projects on hand worth Bt32 billion. About a third of that, Bt10 billion, will be booked as 2013 revenue, and the rest as revenue for 2014-15.
