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EGCO GROUP ACQUIRES QUEZON POWER PLANT
Chanin Chaonirattisai, president of Electricity Generating (Egco), said the company had purchased 2 per cent indirect ownership in Quezon Power (Philippines), or QPL, from PMR Holding Corp.
Egco entered the sale and purchase agreement on Wednesday. The total purchase price was US$15.027 million (Bt550 million). The transaction was completed with a share transfer on Thursday, resulting in Egco’s 100-per-cent indirect ownership in QPL.
QPL owns and operates Quezon power plant, which is a 503-megawatt (gross) coal-fired plant, 31-kilometre transmission line and certain related facilities in Quezon province in the Philippines. The plant commenced commercial operation in May 2000 and sells its output to Manila Electric Company (Meralco) under a 25-year power sales agreement.
TCG REPORTS PROGRESS OF SME SCHEME
The Thai Credit Guarantee Corporation (TCG) has so far provided guarantees to 343 small and medium-sized enterprises via its new Portfolio Guarantee Scheme (PGS5), and the guarantee amount has reached Bt2.03 billion.
The corporation was instructed last month by the government to provide more loan guarantees to SMEs during tough economic times with a budget Bt100 billion, aiming to increase SMEs’ liquidity and investments. TCG chairman Yarnsak Manomaiphiboon said the corporation had so far approved guarantee requests from seven of the 19 commercial banks that signed memoranda of understating with the TCG on September 16.
SSI SUBMITS REHAB PLAN
Sahaviriya Steel Industries’ board of directors on Thursday approved the company’s plan to submit a business-rehabilitation plan to tackle the Bt50-billion debt it owes to Siam Commercial Bank, Krungthai Bank and Tisco Bank.
In a statement, SSI group CEO and president Win Viriyaprapaikit said the banks would provide further support and might provide additional working capital to keep the company afloat.
He said the plan would preserve and strengthen SSI’s hot-rolled coil steel production, which still yields a high profit margin. An expected rise in Asean’s annual steel consumption to 80 million tonnes in the next three years should benefit the company, while domestic demand should rise thanks to government projects.
