Temasek-backed Sembcorp Industries on Monday (Aug 12) temporarily suspended operations at its Sembcorp Myingyan Independent Power Plant in Mandalay, Myanmar.
The decision came in response to escalating civil unrest in the region, including in the Myingyan township, where the 225-megawatt gas-fired power plant is located.
In July, media reports said Myanmar's military government had extended the state of emergency in the country by another six months.
The government continues to grapple with armed rebellion and a turbulent economy, while facing increasing resistance on multiple fronts.
"Sembcorp will look to resume operations at the plant as soon as reasonably practicable once conditions are safe," the Singapore-based company said in a statement.
The company is backed by investment firm Temasek, which is owned by the Singapore government.
Separately, Japan's Unicharm recently said it would discontinue the capital increase for its Myanmar unit, citing foreign currency remittance restrictions and other challenging business conditions in Myanmar.
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The decision came in response to escalating civil unrest in the region, including in the Myingyan township, where the 225-megawatt gas-fired power plant is located.
In July, media reports said Myanmar's military government had extended the state of emergency in the country by another six months.
The government continues to grapple with armed rebellion and a turbulent economy, while facing increasing resistance on multiple fronts.
"Sembcorp will look to resume operations at the plant as soon as reasonably practicable once conditions are safe," the Singapore-based company said in a statement.
The company is backed by investment firm Temasek, which is owned by the Singapore government.
Separately, Japan's Unicharm recently said it would discontinue the capital increase for its Myanmar unit, citing foreign currency remittance restrictions and other challenging business conditions in Myanmar.
Continue reading...