MAI-listed Vintage Engineering Plc (VTE), an engineering services provider for the property market, is poised to switch to the energy business.
Chief executive Soraj Rojanabenjakul said the move was aimed at acquiring Asean energy companies.
Vintage has the financial capability for loans, debenture issues, registered capital increases and cash totalling 2.2 billion baht to acquire renewable and fossil energy projects in Asia, he said.
Mr Soraj said his company planned big investments this year and next including a renewable energy project in Thailand and a coal mine and coal-fired power plant in Indonesia.
Starting from next year, the company is playing down its property development and construction business, which generated unstable revenue recently. It plans to venture aggressively into the energy business and have it generate two-thirds of revenue.
Mr Sotaj said the company planned to list on the Stock Exchange of Thailand eventually.
Recently VTE bought shares in Green Earth Power (Thailand) or GEP, a licence-holder for the first solar farm development in Myanmar. Mr Soraj said VTE's executive board approved a plan to acquire 12% of GEP's shares or 30,908 shares worth 666 million baht.
The US$350-million solar farm project in Myanmar is expected to start development by July, with the fourth and final phase slated for 2017.
The 220-megawatt solar farm is located on 850 acres in Minbu, 200 kilometres west of Nay Pyi Taw.
GEP is discussing the details of a power purchase agreement and investment privileges with Myanmar's government.
Last year VTE spent 600 million baht to acquire 25% ownership in Indonesian coal miner SMI, which holds seven coal mine licences.
VTE shares closed yesterday on the MAI at 2.86 baht, up two satang, in trade worth 21.1 million baht.