Dec 27, 2011

ITD eyes $12.5bn in Dawei loans

Italian-Thai Development Plc (ITD), Thailand's largest contractor by market value, plans to secure at least US$12.5 billion worth of loan deals next year to develop key infrastructures for its Dawei project in Myanmar.

Chairman Premchai Karnasuta yesterday said $3.5 billion will be for port and road construction, $2 billion for a rail project and $7 billion for coal-fired power plants with combined capacity of 4,000 megawatts.

SET-listed ITD was awarded a 75-year concession last year from the Myanmar government on 160,000 rai in Dawei.

Mr Premchai said the firm has been in talks with the Japan Bank for International Cooperation for the latter to grant loans for port and road development, while Chinese lenders are keen to provide funding for the rail project.

Financing for an integrated steel mill, oil and gas facilities, a petrochemical complex and fertiliser plant projects have yet to be finalised. The company hopes to conclude financial agreements and select strategic partners for these projects by 2012, he noted.

ITD expects to sell 50,000 rai or 30% of the total area in Dawei next year. Proceeds will be allocated to finance the six priority projects.

Under the master plan, a deep-sea port will be developed on 6,100 rai, power plants will take up 2,300 rai, 13,750 rai will go to an integrated steel mill, 8,700 rai is slated for oil and gas projects, 17,220 rai is needed for a petrochemical complex, and 2,400 rai is allocated for a fertiliser plant.

Two potential partners from Japan and another from China are discussing investment in the steel mill. SET-listed Ratchaburi Electricity Generating Holding will hold a 30% stake in the power plants with another strategic partner owning 30%, while the rest belongs to Dawei Development Co (DDC).

DDC is wholly owned by ITD, set up to manage the Dawei project. The Thai contractor aims to maintain at least 51% of DDC, while partners from Thailand and abroad will be sought including Myanmar companies, Mr Premchai said.

DDC will split into separate entities to manage each of the six projects, with the Myanmar government owning some shares.

He added ITD has requested the Myanmar government offer greater tax incentives for investment projects in Dawei. Corporate income tax is waived for the first five years, rising to 15% for years six to 10.

"As the Thai government is going to lower corporate income tax [from 30% to 23% next year], Dawei should offer a competitive tax rate," he said.

Thailand's ministers of finance, transport and energy will travel to Dawei next year to discuss development of ITD's project.

ITD expects its backlog orders will jump to a record high of 400 billion baht in 2012, up from 170 billion this year excluding projects in Dawei.

The contractor just signed a contract worth 30 billion baht for the Hongsa Lignite power plant, while it is bidding for the second and third contract for the Red mass transit rail line in Greater Bangkok.

Shares of ITD closed today on the Stock Exchange of Thailand at 3.74 baht, up 4 satang, in trade worth 253 million baht.

Source: Bangkok Post


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