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Toyo-Thai aims for US$300m IPO of subsidiary in Singapore bourse
[BANGKOK] Thai construction firm Toyo-Thai Corp said on Tuesday it aimed to raise about US$300 million from listing its subsidiary Toyo Thai Power Holdings PTE Ltd on Singapore's stock exchange by the end of 2016.
The proceeds from the IPO will be used to partly finance its US$2.8 billion coal-fired power plant project in Myanmar, Kobchai Thanasukarn, senior executive for finance told a news conference.
Earlier this month, the Thai firm signed an agreement with Myanmar's government to build and operate a 1,280 megawatt power plant.