Tue, 08/07/2014 - 13:00
All Asia Asset Capital (AAA), through a special purpose wholly owned subsidiary, is to acquire a further 4.5 per cent of Andaman Power and Utility Company (APU) from existing shareholder Chakris Kajkumjohndej.
APU is a privately held company based in Myanmar and Thailand which operates in the development of utility plants and the provision of electricity.
APU has signed a memorandum of understanding (MOU) with the Government of Myanmar to act as an electricity and utility provider of Dawei (the capital city of the Tanintharyi region in Myanmar) and its surrounding cities.
APU has also signed an agreement with the Government of Myanmar for a 20 MW Gas Engine Rental project.
APU is also in the final stage of signing an agreement with the Government of Myanmar for the development of a 200 MW Combined Cycle Power Plant, which is expected to be fully operational by Q1 2017. It is expected that the power plant agreement will be signed by the third week of July 2014.
The consideration for the transaction is to be satisfied by issuing 11,000,000 new ordinary shares in the company and a payment of USD550,000 in cash.
Completion of the transaction is conditional on admission of the consideration shares to trading on AIM and signing of the power plant agreement. Application for admission will be made to London Stock Exchange once the power plant agreement has been signed and admission is expected to take place at the end of July 2014. On admission the consideration shares will represent 5.24 per cent of the enlarged share capital of the company.
Dr Sri Hartati Kurniawan, chief executive of AAA, says: “We are delighted that APU has managed to close these deals that will be transformative for the Myanmese people and economy. I expect APU and its partners in Myanmar and the UK to genuinely help transform Myanmar for the benefit of its people and provide value to those who are willing to invest in Myanmar during this transformational time. The Republic of the Union of Myanmar is one of the few almost untapped markets with multiple investment opportunities, and I am confident that this project will be instrumental to facilitating further investment in the country.”
Upakit Pachariyangkun, chairman of APU, says: “We are delighted to have confirmed the transaction today in such an impressive and globally significant setting as the Foreign and Commonwealth Office. We look forward to working in partnership with Aggreko and our investors such as All Asia Asset Capital to help provide vital infrastructure to Myanmar that will in turn both help drive the local economy and genuinely enhance the lives hundreds of thousands of people.”
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