On Monday, the share price of Unique Engineering and Construction Public Company Limited (SET: UNIQ) at the time of 11.10 a.m. was at THB 2.90, a THB 0.66 or 29.46% increase with a total trading value of THB 10.56 million.
Meanwhile, the share price of STECON Group Public Company Limited (SET: STECON) at the same time was at THB 6.20, a THB 0.30 or 5.08% increase with a total trading value of THB 22.92 million.
The rally was in response to the news of UNIQ informing the Stock Exchange of Thailand that on 27 June 2025, UNIQ, as a member of the S U Joint Venture, received a payment under the Contract for The Construction of Mass Transit System Project in Bangkok (Red Line) Bang Sue – Rang Sit Section Contract 1 : Civil Works for Bang Sue Grand Station and Depots for an amount of THB 7,394,837,717.95.
Meanwhile, the State Railway of Thailand (SRT) revealed that the payment to the TA-SU Joint Venture—comprising STECON Group (formerly Sino-Thai Engineering & Construction) and UNIQ—an installment of THB 7.32 billion was made following a long-standing contract dispute.
The conflict between SRT and the joint venture arose from contractual issues in the construction of the Red Line project, ultimately leading to arbitration and proceedings at the Administrative Court.
The Administrative Court of Thailand had upheld earlier rulings that SRT must pay the contract sum and variation orders, including interest and taxes, in accordance with the arbitral award dated November 21, 2022.
The SRT’s petition to overturn the arbitration result was rejected by the court, leading the Administrative Court to uphold the payment directive. As a result, this recent installment payment is in compliance with both the court’s decisions and the relevant contract terms.
This outcome directly benefits STECON and UNIQ, as they are the shareholders in the TA-SU Joint Venture, holding 60% and 40% stakes, respectively. Both companies were key contractors for SRT on the Red Line (Bang Sue–Rangsit) project, particularly Contract 1, which encompasses the construction of Bang Sue Grand Station and a maintenance depot.
The original contract, signed on January 18, 2013, was valued at THB 29.827 billion (including VAT). STECON’s portion, corresponding to its 60% stake, amounted to THB 17.8962 billion (including VAT).
