PSG Corporation Public Company Limited (mai: PSGC) has officially completed its investment in Nam Tien Limited Liability Company (NT), marking a significant milestone in the Company’s strategic transformation beyond traditional construction contracting.
The transaction, finalized on February 12, 2026, follows the Board of Directors’ approval in November 2025. Upon completion, PSGC holds 64% of NT’s voting charter capital, with NT becoming a consolidated subsidiary of the Group effective in Q1-2026.
This acquisition builds upon PSGC’s earlier mining and resources initiative during 2025 as part of its new vision and reflects the Company’s long-term roadmap to expand into energy-related businesses across the region.
Positioning Along a Growing Regional Energy Corridor
As Vietnam continues to experience strong electricity demand growth, supported by industrial expansion and economic development. Coal remains a significant component of the country’s base-load power generation, ensuring power supply stability.
Through NT, PSGC participates in mining management, coal processing services, and commercial coal trading activities connected to this regional energy ecosystem. The investment enhances PSGC’s participation in businesses with operational continuity characteristics.
The acquisition of NT provides the exclusive operational and off-take rights connected to Xekong Power Plant Limited (XPPL), the largest coal mine concession in Lao PDR, with reserves of over 600 million tons. To ensure immediate value creation, NT has secured long-term Sale and Purchase Agreements (Off-take Agreements) with two major Vietnamese state-owned energy enterprises backed by a significant credit facility from a leading Vietnamese commercial bank.
These Vietnamese state-owned energy enterprises provide a guaranteed market of 4-5 million tons of annual coal exports and potential to increase to 10 million tons per year under 10-year long-term arrangements, ensuring high revenue visibility.
Vision for a “Recurring Revenue” Future
Mr. David Van Dau, CEO of PSGC, stated that the integration of NT represents a pivotal step in the Company’s transition from predominantly project-based construction revenues toward a business model with recurring operational income linked to regional energy demand. Financial consolidation from NT is scheduled to begin in Q1- 2026 and is expected to contribute as a major income for PSGC onward.
“We are progressively building an integrated energy value chain — from mining operations through to end-user delivery,” Mr. Dau remarked. “While coal is sometimes characterized as a legacy industry, it continues to play a significant role in base-load power generation for fast-growing economies such as Vietnam. We view coal as an important ‘energy bridge’ during the transition period, with the potential to generate sustained and relatively stable cash flows over time. This financial foundation will support our longer-term ambitions, including expansion into clean energy and future-oriented innovations.”
Financial Performance in 2025 and the Dividend Roadmap
For the year ended December 31, 2025, PSGC and its subsidiary reported total revenue of Baht 2,724.6 million and net profit of Baht 377.5 million, primarily generated from construction projects currently under execution.
Total revenue comprised Baht 2,656.9 million from construction services and Baht 67.7 million from other income. Total comprehensive income for the year amounted to Baht 358.8 million. With the consolidation of NT beginning in Q1-2026, PSGC expects its business profile to reflect a broader mix of construction and energy-linked activities moving forward.
“We are clearing the legacy issues of the past to ensure our financial statements reflect the strong fundamentals of the new PSGC,” Mr. Dau concluded. With unappropriated retained earnings already standing at Baht 2,025.6 million as of FY 2025 and new coal revenues arriving in Q1-2026, the Company will consider future dividend distributions subject to earnings improvement from NT’s contribution, taking into account the Company’s overall financial performance, liquidity position, and long-term investment requirements.
