Toyo-Thai to invests in renewable energy projects

Engineering contractor Toyo-Thai Corp. P.L.C. is linking with Japanese companies and other partners to invest about US$150 million in renewable energy projects in Thailand and abroad. Toyo-Thai, which plans to float its shares on the Stock Exchange of Thailand by June, posted 4 billion baht (US$117.06 million) in revenues in the first quarter, almost double its revenues for the same period last year, while its net profit rose 58% year-on-year to 140 million baht (US$4.09 million), said President and Chief Executive Hironobu Iriya. Toyo-Thai have made two or three investment proposals for renewable energy projects costing US$50 million each. In each project, Toyo-Thai holds a minority stake of 10 to 20% with other partners from Japan and elsewhere sharing the rest. (May 20, 2009)