Bangkok--13 Jul--Penettrate
? Backlog jumps 100% to 12,000 Million baht
? High confident of achieving 40% Growth this year
Toyo-Thai Corporation Plc. (TTCL) wins a large new EPC Construction Project worth 6,000 million baht to build a Rare Earth Separation plant in Malaysia. Its backlog jumps 1 fold to 12,000 million baht.
Khun Suvit Manomaiyanon, Senior Vice President and Director, Sales & Contract Division of Toyo-Thai Corporation Plc, Thailand’s Largest EPC Contractor reveals that “ TTCL has been awarded a Contract for Engineering, Procurement, Construction and Commissioning Assistance of the Expansion of the Lynas Advanced Materials Plant in Kuantan province, in Pahang region of Malaysia. The project owner is Lynas Sdn Bhd, a subsidiary of Lynas Corporation Plc. or LYC; one of the largest listed companies in Australian Stock market-ASX100.
“We are pleased to being awarded this project to provide the EPC construction service covering Engineering Design, Procurement of Machinery and Construction of a rare earths separation expansion plant, which is the world’s first plant of its kind, outside of China. The project value is around 5,400-6,300 million baht (US$180-210 Million). Rare Earths, also known as Lanthanides play a key role in green environmental products, from energy efficient compact fluorescent light bulbs (CFLs) to hybrid cars, automotive catalytic converters and wind turbine generators. They are also essential in the development and manufacturing of many modern technological products, from hard disc drives to flat panel displays, iPods and magnetic resonance imaging (MRI) scans. Lynas Corporations Plc. owns one of the richest known deposits of rare earths from the Lynas Mount Weld Mine, Western Australia.
“By winning this 6,000 million-baht project, TTCL backlog has jumped 100% to over 12,000 million baht. The company will start operation in August 2011 and start to realize the revenue from this project immediately in 3rd quarter this year. The project is scheduled to be completed in late 2012” Khun Suvit adds.
“This project is one of the important overseas projects this year in which the company expects to achieve a 40% growth. TTCL will use the Two-hat Strategy to expand the business. The company will not only undertake an integrated EPC construction work but also jointly-invest in the interesting projects such as NNE power plant which TTCL holds 71% of preferred shares in the company. This revenue stream will strengthen the company business result further. With the strong financial status with large cash on hand, experienced management teams and engineering teams, the company also benefits from having 3 large shareholders groups: Toyo-Engineering and Chiyoda Corporation being the 3rd and 2nd Largest EPC Contractors in Japan and Italian-Thai Development Plc., as Thailand’s Largest Contractor. Currently, TTCL has been in bidding process for various large projects with combined value over 70,000 million baht” Khun Suvit explains.
Founded in 1985, by Toyo Engineering (JAPAN), a leading Japanese EPC Contractor and Italian-Thai Development Plc., Thailand’s largest general contractor, Toyo-Thai Corporation Plc. has a registered capital of 480 million baht. Recently, Chiyoda Group, Japan’s 2nd largest EPC contractor has invested and holds 7% shares in TTCL. TTCL is the only Thai Contractor which has achieved Net profits for 25 years, consecutively. The company’s track records cover over 160 projects in 24 years, with combined project value of 60,000 million baht. With its 1,335 Million baht cash on hand, the company has no interest-bearing debt. Its local customers include many large listed conglomerates such as PTT Group, SCG Group, Vinythai Group, Kao Group from Japan and German’s Bayer Group. Its main markets are Vietnam, where it has an operating subsidiary, China, Asian Countries, Middle East Countries, Africa and USA.
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