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Home  >>   Daily News  >>   Thailand News  >> Capital Markets  >> Thai bourse lists Sri Panwa Property Fund on August 8
NEWS UPDATES Asean Affairs   7 August 2013  

Thai bourse lists Sri Panwa Property Fund on August 8   

The Stock Exchange of Thailand (SET) will list Sri Panwa Hotel Property Fund, managed by SCB Asset Management Co., Ltd., with a size of THB 2 billion (approx. USD 64.6 million), on its main board on August 8, under the ticker "SPWPF.”
 
"SPWPF is the fourth property fund listing on the Thai bourse this year. It sold 200.18 million units via an initial public offering (IPO) at THB 10 per unit, with a total worth of THB 2 billion between July 17 and 26," said SET Senior Vice President Paveena Sriphothong.

Jotika Savanananda, SCB Asset Management president, said: "SPWPF, a closed-end specific property fund, invests in the freehold rights in the Sri Panwa project, including 38 units of its hotel business and seven units of serviced apartments.  These consist of land, buildings, and related items, such as furniture, tools, and equipment, owned by Charn Issara Residence Co., Ltd. (CIR), with Sri panwa Management Co., Ltd., controlled by CIR, being tenant and asset manager. The fund’s assets have high potential, as they are in the country’s prime tourist areas.”

SPWPF will receive fixed rental fees for 15 years, with an annual guarantee of THB 151 million per year for the first five years. For the sixth year onwards, the fund will get fees rising by 10 percent every three years, and from the eleventh year on, it is able to receive variant rental fees as stated in the agreement. The fund also has the rights to invest in other projects that CIR is involved in. Therefore, this fund should be a good alternative for investors, Jotika concluded.    

SPWPF's dividend policy is to pay at least once a year, at no less than 90 percent of adjusted net profit of its financial year. The fund's top three unit holders after its IPO are Charn Issara Residence Co., Ltd., (20 percent), Social Security Office (the Office of Compensation Fund) (14.99 percent), and Charn Issara Development pcl (10 percent).

For more information, please see SPWPF property fund's prospectus at the Securities and Exchange Commission's website at www.sec.or.th and general information on SET's website at www.set.or.th
 
SET Group “Matching Your Right Financial Opportunities”



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ASEAN  ANALYSIS

This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

 


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