Jan 9, 2013

Mudajaya ventures into power plants business in Myanmar

Mudajaya Group Bhd is making its foray into the independent power business in Myanmar. Mudajaya said on Wednesday its unit had signed a memorandum of understanding (MoU) with the government of Mandalay and IJM Corp Bhd co-founder Datuk Koon Yew Yin for the proposed IPPs.

Mudaya and Koon plan to set up a special purpose vehicle (SPV) -- wherein it would hold a 70% stake and 30% by Koon - to undertake the projecty.

The first IPP would be a coal-fired plant and the second, a solar-powered IPP in the Mandalay region and other suitable areas.

"Mudajaya will prepare a feasibility report/proposal and submit to government of Mandalay within nine months from the date of signing of this MoU. The MoU will expire at the end of 12 months from the date of the MoU unless an extension period is agreed by all the parties," it said.

Source: The Star Online