Pestech plans to list Cambodian subsidiary next year

Malaysian power infrastructure provider Pestech International plans to list its wholly-owned Cambodian subsidiary by the second quarter of 2018 in a bid to raise $18mn to expand its presence in the Indo-China region, according to Nikkei Asian Review. Pestech CEO Paul Lim Pay Chuan said the company would put a 40% stake of Pestech (Cambodia) Ltd (PCL) up for grabs on a yet-to-be-disclosed stock exchange, with the parent company retaining the remaining ownership. The initial public offering of PCL is expected to bolster the company’s presence in the region, Lim said, citing huge growth potential in nearby Laos and Myanmar as the frontier economies ramp up power generation capacities to keep up with industrialization. PCL completed its first electrical transmission line project in June 2013. The company is currently working on a $92mn contract to develop a 230-kilovolt transmission line between Kratie and Kampong Cham, as well as a $100mn contract to build a 230-kilovolt transmission line that connects Koh Kong province’s Stung Tatai hydropower dam to Phnom Penh. (Source: Phnom Penh Post)