Companies
Thailand QTC Energy acquires 15% in solar farm developer
QTC Energy diversifies into solar farm business by acquiring 15 per cent in Green Earth Power.
QTC Energy Plc, a MAI-listed transformer manufacturer, is to acquire a 15 per cent stake in Green Earth Power through its subsidiary QTC Global Power for 267 million baht ($7.7 million), the company said on Monday.
Green Earth Power is working on a 220-megawatt solar farm project in Myanmar. The project is scheduled to start commercial operations in the first quarter of next year.
Poonphiphat Tantanasin, CEO of QTC, said that it planned to diversify into renewable energy business in a bid to generate more income and reduce risk from solely depending on transformer manufacturing business.
Green Earth Power has been granted a build-operate-transfer contract by Myanmar’s Electric Power Enterprise with a power purchase agreement for 30 years. This will help secure the company’s revenue in the long run, he said.
QTC reported a net loss of 18 million baht in the first quarter of this year, improving from a net loss of 24 million baht in the same quarter in 2016.
Business
Thailand Approves Latest Economic Relief Package for Businesses
Some 250 billion baht (US$8 billion) was allocated for soft loans while the remaining 100 billion baht (US$3.2 billion) will go towards an ‘asset warehousing’ program whereby debtors can use their assets as loan collateral but will have the right to redeem their assets under a specific time frame.
On March 23, 2021, Thailand’s government approved its latest economic relief package, valued at 350 billion baht (US$11.2 billion), to support businesses in the country.
The Asia-Pacific (APAC) region saw a 3.9% month-on-month growth in deal activity (mergers & acquisitions, private equity and venture financing deals) from 1,126 deals to 1,170 deals in February 2021, according to GlobalData, a leading data and analytics company.
Banking
Thai cabinet approves 350 billion baht Aid for COVID-hit Businesses
Thailand unveiled new measures to help small and medium COVID-hit businesses in the tourism industry hit by a liquidity crunch.
The Thai cabinet has approved assistance worth 350 billion baht($11 Billion) to help businesses affected by COVID-19 with soft loans and asset warehousing.
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