Thailand News with a Business Perspective

Centara to manage Maldives resort

Thai hospitality group Centara has got into an agreement to manage a five-star resort in Maldives, while Energy Absolute Plc will form a joint venture with China’s Shenzen Growatt New Energy Technology and Amita Technologies to set up a plant for making batteries for renewable power systems and electric vehicles.

Centara to manage a beach resort in Maldives

Centara Hotels & Resorts, a leading Thai hospitality group, has signed an agreement to manage the five-star property Centara Grand Muthaafushi Resort & Spa Maldives, making it the fourth beach resort under Centara’s umbrella, the company announced on April 5.

The agreement was signed with Muthaafushi Orient Investment Ltd, in which China Orient Asset Management (International) Holding Limited has an investment, and Well Land Investment PVT Ltd.

Located in Baa Atoll, Maldives, the resort will include 24 land villas, 77 water villas, international restaurants, an underwater restaurant, a floating cinema, a Thai spa, among other facilities.

The new resort is expected to have a soft opening in the fourth quarter of 2018 and the grand opening in 2019.

Energy Absolute to form JV to produce batteries

SET–listed Energy Absolute Plc (EA) has signed a joint venture agreement with China’s Shenzen Growatt New Energy Technology and Taiwanese subsidiary of Amita Technologies to set up a plant for making batteries for renewable power systems and electric vehicles, according to a report in the Bangkok Post.

The total investment in the JV could go up to 100 billion baht, the report said. It added that the share split between the three companies is yet to be finalized.

Somphote Ahunai, chief executive of EA, said in the report that the plant will be located in the Eastern Economic Corridor and that 80 per cent of the power storage products will be exported.

EA currently holds a 40 percent stake in Growatt, which focuses on photovoltaic inverters, and a 35 percent stake in Amita Technologies which mainly handles manufacturing of battery related products.

The work on the JV will start this year, and the first lot of batteries will be available in the market in 2018, the report added.

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