SET-listed WHA Utilities and Power Plc (WHAUP) has set up a subsidiary company to invest and expand business abroad, particularly in the utility business of the fast-growing economies of Cambodia, Laos, Myanmar and Vietnam (CLMV).
Chief executive Wisate Chungwatana said the company's board of directors agreed to establish the holding company, WHAUP International Co, with registered capital of 45 million baht.
"We set up the company on Sept 4 and it is now conducting a feasibility study to invest in the tap water business in Myanmar," said Mr Wisate.
The company is looking at processing 2,500-5,000 cubic metres of tap water a day for household and industrial use in Myanmar. The company expects to finalise the study by the end of this year.
WHA Group is due to decide on its business expansion overseas shortly, said Mr Wisate.
WHAUP continued its domestic expansion with the operation of its Gulf TS2 power plant earlier this year on the Eastern Seaboard.
The Gulf TS2 is a 130-megawatt gas-fired power plant in which WHA holds a 25% stake through its subsidiary WHA Energy Co, with Gulf MP Co the remaining 74.9%. This is the third power plant WHA jointly owns with Gulf MP.
WHAUP has total power-generating capacity of 447MW from three power plants via equity stakes. Other projects, with a combined 94.9MW, are under construction and due to start commercial operations from late this year to 2019, he said.
WHAUP posted a net profit of 701 million baht in the second quarter of this year, up 169% year-on-year. Net profit in the first half was 973 million baht, up 200% year-on-year.
WHAUP shares closed yesterday on the SET at 6.50 baht, up 15 satang, in trade worth 317 million baht.