Shikoku Electric Power Co. and Chugoku Electric Power Co. said Thursday they will buy a 28.5 percent stake each in Toyo Thai Power Myanmar Co. as they seek to bolster their overseas operations, state media reported.

The two electric power companies declined to provide the value of their stake in the company, which runs a gas-fired power plant in Yangon. But a Shikoku Electric spokesman said it will cost 4 billion yen to 5 billion yen ($36.4 million to $45.7 million).

The electricity produced at the plant will be supplied to Myanmar’s Electric Power Generation Enterprise until May 2043.