Mitihoon – PSG Corporation Public Company Limited (“PSGC”), stock symbol “PSG”, a leading provider of integrated construction services, has announced a significant strategic shift—expanding beyond large-scale construction into two high-potential sectors: natural resources and energy. With a bold vision to become a regional leader in these industries, PSGC has set an ambitious target to grow its annual revenue to between THB 20 billion and THB 30 billion by 2035. The company is capitalizing on growth opportunities across the CLMV region while reinforcing its financial foundation through capital restructuring.
Mr. David Van Dau, Chief Executive Officer of PSGC, stated: “We are currently the lead contractor on two major construction projects in Lao PDR that serve as a foundation for our broader expansion plans:”
- XPPL Expansion Phase 1 – A USD 239.9 million (approx. THB 8,082 million) project that includes road construction, warehouse facilities, permanent camps, and other mining-related infrastructure in southern Laos. As of Q1/2025, progress is at 81%, with completion expected in 2026.
- Resettlement Development Site Project – A THB 5,000 million initiative to develop new communities and basic infrastructure for populations affected by a large-scale project in northern Laos. As of Q1/2025, 21% of the work has been completed, with full delivery expected by 2027.
“The successful delivery of these projects showcases PSGC’s proven ability to execute complex infrastructure at scale and provides a strong platform for diversification. With this momentum, we are pursuing a new vision: to become a top-tier regional developer of natural resource and energy-based projects. By leveraging our construction expertise, we are expanding into sectors critical to regional development,” added Mr. David.
He referenced a World Bank report noting that Laos’ economy grew by 4.1% in the past year, primarily driven by energy, mining, and agriculture. “Despite recent economic challenges in Laos, PSGC remains confident in the country’s long-term growth potential. We continue to prioritize investment in Lao PDR and see encouraging signs of reform. We believe the country is on track for a strong recovery under its current leadership,” he said.
In 2025, PSGC plans to expand its core construction portfolio with 1–2 new major projects, each on par in scale with its current contracts. The following projects in Lao PDR are currently under negotiation:
- Xekong Thermal Power Plant (XTPPL) – Civil Works and Equipment Installation for a 1,800 MW power plant in Kaleum, Xekong Province. The project also includes an integrated mine and a 253-kilometer, 500 kV transmission line connecting the power plant to the Laos–Cambodia border. A Power Purchase Agreement (PPA) has been signed with Electricité du Cambodge (EDC), Cambodia’s state-owned utility. Construction is scheduled to run from Q4/2025 to Q1/2030.
- Mineral and Ash Conveyor System – This project supports XTPPL by transporting power plant feedstock and managing ash by-products. Construction is also planned for Q4/2025 to Q1/2030.
“If secured, these projects will more than double PSGC’s construction backlog, reinforcing our growth pipeline,” said Mr. David.
At the same time, PSGC is piloting mine operations and management services in Lao PDR. This new business model is currently being tested at two active mining sites. Early results are promising, and PSGC expects to finalize the operational model by the end of 2025.
In 2024, the total value of mineral production in Lao PDR exceeded USD 3.2 billion, a 13% increase year-on-year, underscoring the size and attractiveness of the market.
PSGC’s strategic entry into the energy sector is centered around three key initiatives:
1) Pumped Storage Hydropower (PSH) – PSGC has signed an MOU with Electricité du Laos (EDL) to convert existing hydropower plants into PSH facilities. The company is also exploring integration of solar and wind energy to enhance national grid stability.
2) Hybrid Renewable Energy Systems – PSGC is evaluating investments in hybrid facilities that combine PSH with solar and other renewables. A preliminary feasibility study on a 7,000-hectare site in Attapeu indicates the potential for a 10,000 MW solar farm, which could be used as pumping power for PSH systems.
3) Cross-Border Partnerships and Markets – The company has signed MOUs with regional energy authorities to explore electricity exports from Laos to Cambodia, Singapore, and China.
“Our long-term vision is to establish PSGC as a regional leader across natural resources, energy, and construction by 2035,” said Mr. David. “We’re beginning in Lao PDR, but our sights are firmly set on regional expansion.”
Ms. Somruedee Halilamien, Chief Financial Officer of PSGC added “In 2025, we expect to maintain revenue levels comparable to the previous year. For Q1/2025, PSGC reported revenue of over THB 642 million and a net profit of THB 98.8 million, with a backlog exceeding THB 5 billion scheduled for recognition through 2027. These figures do not yet include the two large projects currently under negotiation.”
To support growth and improve financial transparency, PSGC is undergoing a capital reduction and share consolidation, aimed at eliminating share discount balances and optimizing its capital structure. The first phase will conclude in July 2025, reducing the total number of shares to 16,248,109,539. The revised share price became effective on May 13, 2025.
“Once the process is complete, our financial statements will more clearly reflect the company’s value and position, helping to attract institutional and fund investors,” Ms. Somruedee said.
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