TOA Paint (Thailand) becomes latest industrial group from Thailand to produce at Cambodia’s leading SEZ
Phnom Penh, 16.12.2017 - Phnom Penh SEZ Plc. signed a long-term land lease agreement with TOA Paint (Thailand) Public Company Limited on December 8th for a total land size of over 25.000 m2. The renown Thai firm is manufacturing and distributing paints and coatings used throughout Southeast Asia. Some of the leading products include decorative paints and coatings under the brand names SUPERSHIELD, 4 SEASONS, SUPERTECH, MANDARIN DUCK and HOMECOTE. In addition, TOA produces various types of specialized and texture paints.
TOA Paint (Thailand) Public Company Limited announced that its board of directors approved the establishment of a new subsidiary, TOA Coating (Cambodia) Co., Ltd., on 4th December 2017.
TOA Coating (Cambodia) will hold 100% of the registered capital of USD 7.63 million dollars and invest into a state-of-the-art factory at Phnom Penh SEZ. The production capacity will be at approximately 3.4 million gallons per year, a solid output target that will be reached with well-trained and qualified workers once operations launch in the fourth quarter of 2018.
In addition to its group funding, the subsidiary will be run with proceeds from an Initial Public Offering (IPO). The Company aims to expand its business in Cambodia via high quality products that are to be sold onto the fast-growing Cambodian construction and housing market.
“Phnom Penh SEZ fully supports TOA Paint (Thailand) in the preparations for the launch of its operations in Cambodia, and will ensure, as with all its tenants, that the company can conduct its manufacturing and distribution business successfully from within the SEZ. We wish the company success and prosperity for their Cambodian project, which will help create many qualified job opportunities for Cambodians and promote the development of the country,” says Hiroshi Uematsu, CEO of Phnom Penh SEZ.