BANGKOK: Hundreds of people are missing and an unknown number believed dead after the collapse of a hydropower dam under construction in southeast Laos, state media reported Tuesday.
Several dams are being built or are planned in Laos, an impoverished and landlocked communist country that exports most of its hydropower energy to neighboring countries like Thailand.
Laos News Agency said the accident happened at a hydropower dam in southeastern Attapeu province’s Sanamxay district late Monday, releasing five billion cubic meters of water — more than two million Olympic swimming pools.
The report added that there were “several human lives claimed, and several hundreds of people missing.”
Several houses in the southern part of the district were also swept away, the report said, and officials in the province put out a call for relief aid for flood victims.
The $1.2 billion dam is part of a project by Vientiane-based Xe Pian Xe Namnoy Power Company, or PNPC, a joint venture formed in 2012.
Among the companies involved in the project according to the Laos News Agency are Thailand’s Ratchaburi Electricity Generating Holding, South Korea’s Korea Western Power and the state-run Lao Holding State Enterprise.
The 410-megawatt capacity dam was supposed to start commercial operations by 2019, according to the venture’s website.
The project planned to export 90 percent of its electricity to energy hungry Thailand and the remaining amount was to be offered up on the local grid.
Hundreds missing in Laos after hydropower dam collapse
Hundreds missing in Laos after hydropower dam collapse
- The $1.2 billion dam is part of a project by Vientiane-based Xe Pian Xe Namnoy Power Company
- The 410-megawatt capacity dam was supposed to start commercial operations by 2019
Closing Bell: Saudi main index closes in red at 10,818
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 126.83 points, or 1.16 percent, to close at 10,818.32.
The total trading turnover of the benchmark index was SR4.5 billion ($1.2 billion), as 26 of the listed stocks advanced, while 233 retreated.
The MSCI Tadawul Index decreased, down 15.78 points, or 1.07 percent, to close at 1,457.04.
The Kingdom’s parallel market Nomu lost 137.69 points, or 0.58 percent, to close at 23,413.78. This comes as 26 of the listed stocks advanced, while 40 retreated.
The best-performing stock was Alistithmar AREIC Diversified REIT Fund, with its share price surging by 3.81 percent to SR7.36.
Other top performers included Etihad GO Telecom Co., which saw its share price rise by 3.08 percent to SR91.90, and Consolidated Grunenfelder Saady Holding Co., which saw a 2.55 percent increase to SR9.65.
On the downside, Thimar Development Holding Co. was among the weaker performers, with its share price falling 6.52 percent to SR33.
Baazeem Trading Co. fell 4.94 percent to SR6.35, while Fawaz Abdulaziz Alhokair Co. slipped 4.05 percent to SR18.02.
On the announcements front, Saudi Electricity Co. has officially commenced the offering of a US dollar-denominated senior unsecured sukuk, following its earlier announcement.
The two-day offering, running from Jan. 15 to Jan. 16, will be carried out through a special purpose vehicle and is open to eligible local and international investors.
According to a Tadawul statement, the final amount, pricing, and maturity terms of the sukuk will be determined based on prevailing market conditions, with a minimum subscription set at $200,000.
SEC has mandated a consortium of sixteen global and regional financial institutions, including J.P. Morgan, HSBC, and Standard Chartered Bank, as Joint Lead Managers for the issuance. Upon completion, the sukuk are expected to be listed on the London Stock Exchange’s International Securities Market.
This issuance falls under SEC’s international sukuk program and is being offered in reliance on Regulation S, meaning it will be sold exclusively outside the US to non-US persons.
SEC’s shares traded 0.07 percent higher on the main market to reach SR14.08.
