United Overseas Bank Ltd is stepping up its business in Myanmar, focusing on financing infrastructural projects.
On Monday, UOB signed a financing agreement with Singapore company Asiatech Energy to build a combined-cycle gas-fired power plant in Mon state in Myanmar.
The project is worth $170 million, though UOB did not disclose the loan amount to Asiatech Energy, which was commissioned to build the power plant in Mawlamyaing township by Myanmar Lighting IPP Co Ltd (MLC). (link.reuters.com/hyg27v)
NOTE: Reuters has not verified this story and does not vouch for its accuracy. (Compiled by Singapore Newsroom; Editing by Anand Basu)