Toyo Venture Holdings to raise $11.44m for Vietnam power plant

  • Feb 23, 2021
  • Asian Power

The plant will house two electricity generation facilities at 1,060 MW each.

Investment holding company Toyo Ventures Holdings has revealed plans to raise RM46.22m (US$11.44m) through a private placement to fund its power plant project in Vietnam, according to a bourse filing.

Toyo Venture’s wholly owned subsidiary, ink manufacturer and printing materials distributor Toyo Ink as well as its unit Song Hau Power executed the contract with the Vietnamese government in December 2020.

The Song Hau 2 thermal power plant would involve two electricity generation facilities with a capacity of 1,060 MW apiece and to be erected on 117.39 ha of land. It would cost RM13.15b (US$3.23b).

According to the announcement, the company would issue up to 16.05 million new shares to third-party investors. The issue price would be determined later.

The indicative price of the placement shares was assumed to be at RM2.88 (US$0.71), and the exercise was anticipated to raise RM30.82m (US$7.63m) under the minimum scenario and RM46.24m (US$11.45m) under the maximum scenario.

KAF Investment bank would be the adviser and sole placement agent for the private placement.