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MarketScreener Homepage  >  Equities  >  Stock Exchange of Thailand  >  Bangkok Expressway and Metro    BEM   TH6999010007

BANGKOK EXPRESSWAY AND METRO

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Thailand's CP Group, BSR bid for $6.8 billion high-speed rail project

11/12/2018 | 06:04am EST
Buddhist monks ride a train in the direction of the ancient city of Ayutthaya outside Bangkok

BANGKOK (Reuters) - Thailand's Charoen Pokphand Group (CP Group) and its allies and BSR Joint Venture submitted bids on Monday for a $6.8 billion high-speed railway project that will link three main airports in the country, the State Railway of Thailand said.

The railway project comes at a time when a surge in tourist arrivals - more than half the population - has already strained the Thai infrastructure.

In March, the government approved the 225 billion baht ($6.80 billion) rail project that will connect two airports in Bangkok areas - Don Mueang International and Suvarnabhumi International - with U-Tapao, which was built during the Vietnam War in the eastern province of Rayong.

CP Group and its business allies that formed a consortium and expected strategic partners include Charoen Pokphand Holding and China Railway Construction Corp Ltd, Adiruth Thothaveesansuk, vice chairman, CP Group's Special Projects Development Office, said in a statement on Sunday.

According to the statement, the global consortium also includes China's CITIC Group Corp [CITIC.UL], Germany's Siemens, South Korea's Hyundai, Bangkok Expressway and Metro Pcl, Italian-Thai Development PCL, Thailand's CH Karnchang PCL, Japan Overseas Infrastructure Investment Corp for Transport & Urban Development, China Resources (Holdings) Co Ltd, Italy's Ferrovie dello Stato Italiane, China's CRRC-Sifang, and Japan Bank for International Cooperation (JBIC).

Thai conglomerate CP Group is controlled by billionaire Dhanin Chearavanont.

Another bidder, BSR Joint Venture, includes BTS Group Holdings, Sino-Thai Engineering and Construction and Ratchaburi Electricity Generating Holding.

The project is part of the government's larger transport infrastructure investment action plan covering rail, roads, airports and sea-ports.

The State Railway of Thailand (SRT) will take a month to consider the bids and is expected to propose the winner to the cabinet between January 28 and 31, acting governor Worawut Mala said in a statement.

Contract signing is expected in the first quarter of 2019, with construction taking five years, a source at the SRT said.

(Reporting by Satawasin Staporncharnchai; Writing by Orathai Sriring; Editing by Louise Heavens)


© Reuters 2018
Stocks mentioned in the article
ChangeLast1st jan.
BANGKOK EXPRESSWAY AND METRO -1.21% 8.15 End-of-day quote.-1.81%
BTS GROUP HOLDINGS 0.52% 9.7 End-of-day quote.4.30%
CH. KARNCHANG -1.26% 15.7 End-of-day quote.-5.42%
ELECTRICITY GENERATING -0.53% 186 End-of-day quote.-3.38%
ITALIAN-THAI DEVELOPMENT 0.00% 1.07 End-of-day quote.-3.60%
JUST GROUP PLC -1.46% 74.35 Delayed Quote.7.30%
LETS HOLDINGS GROUP CO., LTD. -5.09% 7.46 End-of-day quote.-4.11%
LINE CORPORATION 0.00% 5350 End-of-day quote.0.00%
LOOK HOLDINGS INCORPORATED 0.22% 920 End-of-day quote.-3.87%
METRO INC. -1.30% 56.2 Delayed Quote.-1.06%
SEA LIMITED -5.01% 217.22 Delayed Quote.9.13%
SIEMENS AG 1.79% 130.66 Delayed Quote.11.18%
SINO-THAI ENGINEERING AND CONSTRUCTION 0.00% 12.2 End-of-day quote.-3.94%
THE EASTERN COMPANY -2.32% 24.03 Delayed Quote.-0.29%
THE GLOBAL LTD. 2.02% 253 End-of-day quote.-2.69%
TRUE CORPORATION -0.60% 3.3 End-of-day quote.-4.07%
WILL GROUP, INC. 4.97% 1057 End-of-day quote.5.07%
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