WHA Industrial Development Signs Double Deal with Chinese Investor GESAC for Land Purchase and Ready Built Factory Lease

Stocks and Financial Services Press Releases Friday August 23, 2019 15:11

Golden Egret Cement Carbide (Thailand) Co., Ltd. (GESAC) has signed a double agreement for the purchase of 56 rai of land and the 3-year lease of a 4,700 sq m Ready-Built-Factory (RBF) at WHA Eastern Seaboard Industrial Estate 1 (WHA ESIE 1).

WHA Industrial Development PLC, a subsidiary of WHA Group - Thailand's leader in fully-integrated Logistics, Industrial Estates, Utilities & Power and Digital Platform - announced today the signing of a double agreement with Golden Egret Cement Carbide (Thailand) Co., Ltd., a subsidiary of China-based and state-owned company Xiamen Golden Egret Special Alloy Co., Ltd. (GESAC). The agreement covers the purchase by GESAC of 56 rai of land and the 3-year lease of a 4,700 sq.m. Ready-Built-Factory (RBF) at WHA ESIE 1. GESAC will use WHA's RBF facility to start production during the construction period of its own plant on its newly acquired piece of land.

GESAC's total investment in the project represents THB 2.5 billion (USD 81,3 million) within the next 3-4 years. Established in 1989, GESAC is one of the core subsidiary corporations of the listed state-owned Xiamen Tungsten Group. GESAC specializes in the manufacture and sale of various kinds of tungsten powder, cemented carbide and cutting tools. As the world's largest tungsten powder and tungsten carbide powder supplier and exporter, GESAC is a major manufacturer of premium cemented carbide and cutting tools in the world.

"This double agreement is the perfect illustration of WHA Group's ability to offer a total solution package to local and international investors," declared Ms. Jareeporn Jarukornsakul, Chairman and Group Chief Executive Officer, WHA Corporation PCL. "This will enable our new customer, GESAC, to start their operations with no delay at the leased RBF, while constructing their own plant," she added.

"We are very pleased to welcome Chinese investor GESAC to the WHA community," said Mr. David Nardone, Group Executive - Industrial and International of WHA Industrial Development PLC. "WHA ESIE 1's world-class facilities, with excellent infrastructure, utilities and its strategic location make it the ideal choice for GESAC's operations in Thailand," he explained.

"Our collaboration with WHA Group is a significant step in our company's international development," said Mr. Jiang Tao, General Manager of GESAC. "WHA ID's valuable expertise in industrial management and operations, great customer service and reliability, coupled with WHA ESIE 1's excellent infrastructure with state-of-the-art utilities and power supply, were instrumental in our decision to establish our presence in Thailand. Being at the center of the Eastern Economic Corridor (EEC) makes it the perfect location for our operations."

WHA Eastern Seaboard Industrial Estate 1 (WHA ESIE 1) is located in, Chonburi and Rayong Provinces. Situated approximately 30 kilometers from the Laem Chabang deep seaport and Sri Racha city, it comprises an area of 8,003 rai (3,201 acres or 1,280 hectares) with easy access from Highway 3574. After starting operations in 2006, today WHA ESIE 1 counts over 103 customers representing 164 contracts for a total investment of over USD 6.5 billion. As one of EEC's industrial promotion zones, WHA ESIE 1's specialty covers Automotive, Plastics & Polymers, Metal Fabrication, Electronics, Building Materials, Agro & Consumer products, Logistics & Others.

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