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NEWS UPDATES 5 August 2010

Power push by Thai company

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One of Thailand’s oldest companies that started out as a pharmacy is investing 20 billion baht in the power industry of Thailand.

B. Grimm Group recently committed to development of construction and financing of a 5.4-billion-baht, 132.5-megawatt power plant at Amata Nakorn in Chon Buri. Founded 132 years ago, B. Grimm holds 56 percent of the power venture with Japan's Sumitomo and Amata Corp, a SET-listed industrial estate developer, holding 30 and 10 percent, respectively. Three others with a similar investment are to be built at Amata City, Rayong, and Bangkadi Industrial Park. The company also hasa licence to operate an 8 megawatt solar farm in Chachoengsao and has also studied investment potential in wind energy in Thailand.

About 75 percent of the required capital outlay will be funded by bank loans. The company recently signed an agreement with Kasikornbank and Bangkok Bank for a 4.05-billion-baht loan with a maturity of 17 years.

B. Grimm hopes to increase its revenue from 16 billion baht last year to about 17 billion this year, half of which is contributed from the energy business. Other businesses include transport, health care through a partnership with Merck, real estate, and lifestyle products under the brand L'Occitane.

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