Thailand's Tipco Asphalt Pcl plans to acquire five companies in Vietnam and Indonesia for $61.8 million. Photo credit: tbelco
Tipco Asphalt Pcl, or Tasco, a major asphalt manufacturer in Thailand, plans to acquire five companies in Vietnam and Indonesia for a total of $61.8 million, news website Deal Street Asia reported this week.
The acquisitions, which are now awaiting shareholders' approval, are expected to be completed in the first quarter of next year, it said. They are part of Tasco's plans to become a big player in the world's asphalt and petroleum-related products market over the next five years, according to the report.
The targeted companies, including two in Vietnam, are subsidiaries of French civil engineering company Colas S.A.
Tasco expects to triple its sales in 2020 from 2.2 million tons a year now to supply for both local and overseas markets.
The Thai company also plans to earmark $100 million for expansion in Malaysia in 2017, managing director Chaiwat Srivalwat said in a recent interview with The Nation.