news

Toyo Ink signs MoA with Hau Giang DONRE, confirm Vietnam power plant project

KUALA LUMPUR: Toyo Ink Group Bhd yesterday inked a memorandum of agreement (MoA) with the Department of Natural Resources and Environment of Hau Giang Province (Hau Giang DONRE) in Vietnam.

With the signing of MoA, both parties have confirmed their agreement to the terms and conditions of the land lease agreement (LLA) on the lease of a project site for the development of Song Hau 2-2x1000MW coal-fired thermal power plant project in Hau Giang Province, Vietnam.

Toyo Ink said it would strive to reach agreements on all outstanding terms and issues relating to the build-operate-transfer (BOT) contract and the power purchase agreement on or before August 2017.

Meanwhile, Hau Giang DONRE will accommodate certain changes raised by international lenders on the LLA which are standard and usual for this type of non-recourse financing and are in accordance with the laws of Vietnam.

The MoA would be in effect for eight months or until the date of signing of the BOT contract, whichever date is earlier, Toyo Ink said in filing to Bursa Malaysia.

It added that it would make the necessary announcement on the progress of the power plant project to Bursa Securities in due course.

Most Popular
Related Article
Says Stories