PETALING JAYA: Toyo Ventures Holdings Bhd has formed a wholly-owned unit in Vietnam for its thermal power generation project in the country.
Toyo Ventures said in a filing with Bursa Malaysia that the new unit, Song Hau 2 Power Co Ltd, has been incorporated under its wholly-owned subsidiary Toyo Ink Group Bhd (TIGB) on Dec 1 with a charter capital of US$1mil.
“The build-operate-transfer (BOT) company is established on the basis of the BOT contract to be entered into by and among the Ministry of Industry and Trade of Vietnam, TIGB and Song Hau 2 Power Co Ltd for the implementation of the Song Hau Thermal Power Plant Project (2x1,060 MW) in Chau Thanh District, Hau Giang Province, ” it said.
For perspective, Song Hau 2 Power Co Ltd is licensed to implement the project.
“The incorporation will not have any material effect on the earnings per share, net assets per share, gearing, share capital and substantial shareholders’ shareholding of Toyo Ventures for the financial year ending June 30,2021, ” it said.
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