News Clippings

19 October 2006

PLE clarifies Ua Athorn role

Power Line Engineering (PLE) yesterday said the company was involved in the Ua Athorn housing project as a contract party with the National Housing Authority (NHA) to acquire land and construct 40,000 residential units.

          The company holds a 50-per-cent stake in Techner, which is handling the acquisition of land and construction of another 6,824 residential units for the project.

         PLE's clarification came after the government's assets-scrutiny panel launched a probe into the low-cost housing scheme initiated by the Thaksin administration amid reports that the NHA had bought land at prices higher than market value. There have also been allegations that some contractors had political connections.

          The company said in a filing that construction started on 40,000 residential units on January 16. The units, which should be completed by December 2009, have a contract value of Bt16.8 billion. PLE has used working capital for funding and advance payments from the NHA to finance construction.

          The company said another shareholder in Techner - Apex Concrete Tech - was responsible for acquiring land, pre-sales and preparing land for the construction of the 6,824 units. Techner is only in charge of construction, it added.

 

Source : The Nation, Thursday, October 19, 2006

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