Announcement of Investment in Concrete Products and Aggregate Co., Ltd. in Thailand on July 20, 1959

;INTERNATIONAL FINANCE C O R PO RA Tel ON ___ ___ _____________________________~.- 1818 1 "H STREET, __.;. ....;;._ N.W., WASHINGTON 25, D. C. TELEPHONE: EXECUTIV.~3~6360 PRF,SS RELEASE NO. 28 SUBJ&:T: FOR RELEASE InvestmGnt in 0 A.M. News~o.pers CONCRETE PRODUCTS &,: AGGREGATE CO., LTD. Mond~y, July 20, 1959 (CPAC) in Thailand 'IIII . \\ The International Finance Corporation (IFC) ~ounced today a commit- /; 1 ment to ~nvest u.s. $300,000 in the q~norete Products & Aggregate Co.~ Ltd. (CPAC) for a program to expand r-~ ~d di~ersify its operations:;'., CPAC is a Thai corporation affiliated with the Siam Cement Company Ltd; Mcui Daviwongse 71lavalayasakdi is Chairman of the Board of CPAC, and c. Friis Jespersen is I 1'\ a Managing Director. CPAC started operations in 1952 by selling sand, conoret.e aggregates ~ and electric power. In 1956 CPAC introduced the manufacture or prestressed concrete products in Thailand. Prestressed concrete is an entirely different and improved buildii)g material compared with reinforced concrete. It adapts itself well to the ir' production of factory-made elements and thus el~nates much risk of in- f.~rior workmanship at scattered working sites. Prestre.ssed concrete ele- ments delivered from a factory yard speed housebuilding as prefabricated r)J steel elements do in the constniction of,buildings " ,. in ste&l producing \•, countries. ,, CPAC 's expansion and diversification program will increase the'· annual production capacity or pre.stres'sed conc~ete products from about 7,000 to 15,000 tons a year. • lFC's investment will help finance new equipment and provide working capital.. Total cost of the project is about $730,000. IFC 1s investment  -2- ot $3001 000 will be in U.S. dollar Hotes maturing by 1969, andbee.ring, interest payable in dollars at 6'1,. In addition, IFC will receive the • right to participate in profits. The IFC camnitment is subject ~o completion of the necessary legal formalities. •