All Asia Asset Capital acquires additional stake in power generation group

These projects are to help Myanmar.

All Asia Asset Capital, an investment company focused on investing in the Asia Pacific region, has announced that through a special purpose wholly owned subsidiary it has entered into a share purchase agreement to acquire a further 4.5 per cent. of Andaman Power and Utility Company Limited (APU).

According to a release from All Asia Asset Capital, APU is a privately held company based in Myanmar and Thailand which operates in the development of utility plants and the provision of electricity.

The release noted that APU has signed a Memorandum of Understanding with the Government of the Republic of the Union of Myanmar to act as an electricity and utility provider of Dawei and its surrounding cities.

All Asia Asset Capital also said that APU has signed an agreement with the Government of Myanmar for a 20 MW Gas Engine Rental project.

On 7 July 2014, a binding agreement was signed between APU and Aggreko as the solution provider for the 20 MW project in the presence of the Minister of Electric Power of the Government of Myanmar at the office of the Foreign and Commonwealth Office of United Kingdom in London.

Here's more from All Asia Asset Capital:

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 (the “Power Plant”), which is expected to be fully operational by Q1 2017.

The Power Plant is expected to provide electricity for the Region and is expected to be a major driver in the revitalisation of the local economy, helping to unlock both the Region and the Country’s potential as it opens up to Foreign Direct Investment by creating a solid foundation to facilitate further investment opportunities in the area, enable local job creation and attain better and more sustainable livelihoods for the local people.

It is expected that the Power Plant agreement will be signed by the third week of July 2014.

As at 31 December 2013, APU’s total assets were Thai Baht 73.98 million (approximately £1.33 million) and for the year ended 31 December 2013, APU incurred a loss after tax of Thai Baht 48.59 million (approximately £0.88 million).