LV Technology to raise funds for cement project in Myanmar

LV Technology (LVT) will issue 396.69 million new shares to raise funds to invest in a cement business in Myanmar through a unit of the Max Myanmar Group of Companies, according to reports in the Bangkok Post.

LVT is an engineering consulting firm that mainly provides equipment and expertise to the cement market.

Hans-Jorgen Nielsen, LVT's founder and managing director, said setting up the new entity will give the company a 15 per cent stake in Max Manufacturing Co.

"This investment is an important turning point that will put the company on a more solid footing and provide stable revenue in the long term," he said.

Mr Nielsen said the company will renovate two present cement factories located close to Myanmar's new capital of Nay Pyi Taw.

Max Manufacturing's daily cement production capacity will increase from 500tpd now to 2,600tpd by the end of next year and 4200tpd in 2014.