A Singaporean engineering firm, TEE International Ltd, announced on Friday, November 9, that its subsidiary company, TEE Resources Pte Ltd (TEER), had signed a memorandum of understanding with Ayeyarwaddy Cement Co Ltd (AYWD) to develop and operate a cement plant in Burma, according to Singapore’s Business Times.
AYWD is a subsidiary of A1 Group of Companies, one of Burma’s leading conglomerates with interests in construction, garment manufacturing, mining and trading.
TEER and AYWD plan to set up a joint venture company to invest in a 3,000-tonne integrated cement plant, and TEE intends to take a controlling stake in the proposed tie-up, the Business Times reported.
Project costs are estimated to be between S$250 million to S$300 million (US $200m to $300m), pending the completion of technical studies, the report said.
