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KOMSCO lands W32b supply deal in Thailand

PUBLISHED : September 12, 2017 - 17:35

UPDATED : September 12, 2017 - 17:35

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[THE INVESTOR] Korea Minting and Security Printing Corporation (KOMSCO) announced on Sept. 12 that it has won an international bid to produce two coins -- the 5 baht and 10 baht -- for the Thailand government.
KOMSCO will manufacture and supply 370 million coins, for which the company will receive 32 billion won (US$ 28.30 million). The supply deal, set to be completed in October 2018, has been noted as the largest contract for KOMSCO since its foundation.

The tender was floated in July as the Thai government sought to replace coins in circulation following the death of King Bhumibol Adulyadej and the succession of King Vajiralongkorn. 

“We see this deal as another opportunity to become a global minting organization,” said KOMSCO President Kim Hwa-dong. 

“We have built up our reputation working closely with external raw material procurement companies for cost competitiveness and developed international capabilities by utilizing our global network.”

KOMSCO is a Korean government-owned corporation responsible for printing and minting banknotes, coins, and other government documents.

By Alex Lee (alexlee@heraldcorp.com)

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