Thailand: New WHAUP unit targets CLMV market

Thailand: New WHAUP unit targets CLMV market

SET-listed WHA Utilities and Power Plc (WHAUP) has set up a subsidiary
company to invest and expand business abroad, particularly in the utility
business of the fast-growing economies of Cambodia, Laos, Myanmar and
Vietnam (CLMV).

Chief executive Wisate Chungwatana said the company's board of directors
agreed to establish the holding company, WHAUP International Co, with
registered capital of 45 million baht.

"We set up the company on Sept 4 and it is now conducting a feasibility
study to invest in the tap water business in Myanmar," said Mr Wisate.

The company is looking at processing 2,500-5,000 cubic metres of tap water a
day for household and industrial use in Myanmar. The company expects to
finalise the study by the end of this year.

WHA Group is due to decide on its business expansion overseas shortly, said
Mr Wisate.

WHAUP continued its domestic expansion with the operation of its Gulf TS2
power plant earlier this year on the Eastern Seaboard.

The Gulf TS2 is a 130-megawatt gas-fired power plant in which WHA holds a
25% stake through its subsidiary WHA Energy Co, with Gulf MP Co the
remaining 74.9%. This is the third power plant WHA jointly owns with Gulf
MP.

WHAUP has total power-generating capacity of 447MW from three power plants
via equity stakes. Other projects, with a combined 94.9MW, are under
construction and due to start commercial operations from late this year to
2019, he said.

WHAUP posted a net profit of 701 million baht in the second quarter of this
year, up 169% year-on-year. Net profit in the first half was 973 million
baht, up 200% year-on-year.

WHAUP shares closed yesterday on the SET at 6.50 baht, up 15 satang, in
trade worth 317 million baht.

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Link to Original Article:
http://www.bangkokpost.com/business/news/1319811/new-whaup-unit-targets-clmv
-market

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John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com