Thai bourse lists KPNPF property fund on May 3
BANGKOK, April 30, 2013 – The Stock Exchange of Thailand (SET) will list KPN Property Fund, managed by Kasikorn Asset Management Co., Ltd., with a size of THB 1.8 billion (approx. USD 62 million), on its main board on May 3, under the ticker “KPNPF”.
“KPNPF is the second property fund listing on the Thai bourse this year, and will be in the Property & Construction Industry’s Property Fund Sector. It sold 180 million units via initial public offering (IPO) at THB 10.00 per unit, with total worth of THB 1.8 billion (approx. USD 62 million), between March 28 and April 11. Kasikorn Asset Management Co., Ltd. (KAsset) is the fund manager,” said SET Senior Vice President Paveena Sriphothong.
Chongrak Rattanapian, Kasikorn Asset Management Executive
Chairman, said: “KPNPF, a closed-end property fund, invests in the freehold rights of land including utilities, equipment, and the building of KPN Tower, located on the prime location of Rama IX Road, a junction connecting present and future transportation networks of the upcoming MRT Orange Line (Talingchan-Minburi)’s Pradit Manutham station. During 2010-2012, an occupancy rate was over 90 percent. Investors will have opportunities to gain consistent revenues from office rents, and rental fees of outdoor media as well as an LED screen on the building. With KPN Group Corporation Co., Ltd.’s professionalism in property management, KAsset is confident that the listing of KPNPF will be a good investment choice for investors.”
KPNPF’s dividend policy is to pay no more than 4 times a year, at no less than 90 percent of net profit, excluding unrealized gains from auditing property reappraisals of lease during the related accounting period.
KPNPF’s top three unitholders after its IPO are Mr. Kris Narongdej (29.17 percent), Muang Thai Life Assurance Public Company Limited (8.33 percent), and Muang Thai Insurance Public Company Limited (1.11 percent).