The shareholding structure of a special purpose vehicle (SPV) to manage Myanmar's massive deep-sea port and special economic zone project in Dawei is expected to be wrapped up in May.
The two governments are deciding on a structure in which they equally own the SPV, said PM's Office Minister Niwatthamrong Bunsongphaisan, who chaired the Joint Coordinating Committee (JCC) meeting between Thailand and Myanmar.
The Neighbouring Countries Economic Development Cooperation Agency (NEDA) will represent the Thai side in the SPV, whose registered capital is estimated at less than 100 million baht.
Mr Niwatthamrong said the SPV does not need a high level of capital as its role is only to manage the Dawei project.
The Myanmar-Thailand JCC agreed to invite Japan as a partner in the project, both for the SPV and special purpose companies (SPCs) that would be set up to manage individual projects from the deep-sea port, road and rail links, power plants, water facilities, industrial estates, a telecom network and the township.
Another partner may be invited later to join the development, he said.
The SPV will be established and a contract signed with the Myanmar government to handle the Dawei concession, replacing the earlier one signed by Italian-Thai Development Plc (ITD).
He said the JCC agreed to allow the SPV to hire consultants to conduct due diligence for projects ITD already invested in through Dawei Development (DDC), which was set up by ITD to manage the project. DDC will then be transformed into an SPC.
ITD invested US$200 million in the Dawei project over the past two years and will convert those investments into equity for each infrastructure.
"A working group is evaluating the economies of scale for each development project, with the result to be proposed to the next meeting of the Joint High-Level Committee (JHC) in May," he said.