GST (LSE: GST), the global technology investment company, providing integrated information and communication technology infrastructure solutions, is pleased to announce that the Company has signed a Letter of Intent (“LOI”) with Siam Motors Co Ltd (“SIAM”) detailing the parties intention to enter into a joint venture to build, own and operate a tier three data centre facility in Pattaya and/or Chonburi Province in Thailand (the “Project”).
SIAM, established in 1952, is Thailand’s longest established automotive industry group and is now a diversified business covering interests in sectors as diverse as automotive, construction, education, hospitality and industrial. Further information on SIAM may be found at: https://www.siammotors.com/en/home/
It is the intention of the parties to form a new Thai joint venture company to progress the Project that will be initially owned 48% by SIAM, 4% by GST’s local partner and 48% by GST, in order to comply with legal regulations in Thailand. The parties will then work together to establish an appropriate funding structure for the Project, with GST maintaining an equity interest, together with providing technical and project management services. Upon completion, GST will become the operating partner for the data centre.
Tone Goh, Executive Chairman of GST, commented:
The Company is delighted to have signed this LOI with SIAM. SIAM are one of Thailand’s leading business groups and we look forward to working with them to progress this planned data centre project.
The establishment of data centres in South East Asia and in other locations globally is a core part of GST’s strategy, leveraging our existing strengths in IT infrastructure and mechanical and electrical services. We look forward to providing further updates as this Project progresses.
Through investing in high-growth technology businesses, GST provide optimal wireless, electronic cabling, security, and other solutions to clients operating in the infrastructure development space. GST builds on the profitable ICT business of its Singaporean subsidiary EMS Wiring Systems, which has been supplying governments and large private organisations with intelligent building solutions for the last 28 years. GST’s strategy is to develop solutions to meet the needs of the ICT industry, acting on the surging opportunities in the technology and innovation sectors – data Centres, intelligent buildings, smart cities and the Internet of Things – particularly targeting emerging markets where the demand for ICT infrastructure is increasing rapidly.