Bangkok--25 May--124 Communications
SEAFCO Plc, the Thai market leader in deep foundation and piling work, has linked up with RYOBI-KISO (S) PTE LTD of Singapore, the specialists in ground engineering works, in establishing a new company called “SEAFCO-RYOBI Ltd.” to undertake diaphragm wall business in Singapore being prepared for major projects throughout this year. RYOBI-KISO is a 50 years old Brand Name specializing in geotechnical works and was originally founded in 1956 in Osaka, Japan.
Narong Thasnanipan, President of SEAFCO Plc, said his company has formed a joint venture and RYOBI-KISO Ltd with the new company, SEAFCO-RYOBI Ltd., to have registered capital of 300,000 Singapore dollars. SEAFCO will hold 47.5% stake in the new firm which will be officially registered in Singapore sometime in June this year after the contract is signed.
“This joint venture is a great opportunity for our company to work with a prominent partner like RYOBI-KISO which has over 50 years of distinguished track record in deep foundation work while SEAFCO itself is highly regarded and has years long experience in diaphragm wall technique. This partnership will therefore strengthen the two companies, allow for exchange of information and help reach more overseas customers in future,” Mr. Narong said.
SEAFCO-RYOBI Ltd. will be established to undertake diaphragm wall work, which is a crucial part of underground engineering, in Singapore. Aside from acceleration of underground construction, the island republic’s real estate market is also expected to grow by over 40% through the construction of Casino City, Integrated Resort and many other property projects.
“Singapore poses very high economic growth with this likely to continue. However, due to the country’s limited space, every square meter has to be fully utilized which makes designing and constructing underground structures and basement floors very important. This factor along with continuous expansion of Singapore’s real estate market and upcoming MRT Subway project make the country interesting to invest in,” Mr. Narong added.
In the first quarter of this year SEAFCO’s revenues totaled 712.3 million baht with net profit amounting to 60.44 million baht, up 75.48% and 90.5% respectively year-on-year. Earnings jumped substantially because the company obtained more work and is able to efficiently meet deadlines.
The company has set a target to increase its revenues by 15% in 2007 by focusing on deep foundation and diaphragm wall work as well as soil-improvement work, which now plays a key role in foundation engineering. SEAFCO expects to obtain 80% of its total revenues from the private sector with the remaining 20% to come from the public sector.
SEAFCO Plc is the Thai market leader in foundation and piling work, offering bored pile and diaphragm wall services, with these being key elements in the construction of buildings and laying the foundation. Over 80% of SEAFCO’s of total business is from the private sector, for example, deep foundation work for office buildings, condominiums, hotels and department stores, with the remaining 20% being from the public sector with these projects including expressways, underground tunnels, roads and bridges.
For more information, pls contact:
Chaiwat Simawattana
Pornpan Chaviwan
Kachaphob Sangwuanwong
124 Communications Plc.
Tel: 02-662-2266
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