TTCL Plunges 12% in Concern of Impact to the Project in Myanmar after Military Takeover

The share price of Public Company Limited (TTCL) dropped 11.76% in the morning session on Monday in concerns of the unrest in Myanmar to impact its projects after the Myanmar military television said Monday that the military was taking control of the country for one year.

 

TTCL fell ฿0.70/share or 11.76% to ฿5.25/share as of 10:32 local time in Thailand. On January 19, 2021, the company announced that TTCL Power Myanmar Company Limited (TPMC), a subsidiary of TTCL, has signed the 25-year Power Purchase Agreement (PPA) with Electric Power Generation Enterprise (EPGE), under the Ministry of Electricity and Energy (MOEE), the Government of the Republic of the Union of Myanmar for Ahlone LNG to Power Project, a total installed capacity of 388 MW Combined Cycle Power Plant (2 units of Gas Turbine 128.5 MW each and 1 unit of Steam Turbine Generator 131 MW), with the project value of approx. USD685 million equivalent to approx. THB20,550 million, in order to meet urgent power demands.

 

On Monday, February 1, 2021, the Myanmar military television said Monday that the military was taking control of the country for one year by announcing a state of emergency after detaining Aung San Suu Kyi and other leaders of her National League for Democracy (NLD) party, claiming that the detention was in response to election fraud.