Bangkok--21 Oct--SET
Thailand’s capital market, led by The Stock Exchange of Thailand (SET), will set up a fund called “Capital market unites to help flood victims” worth about THB 500 million (approx. USD 16 million) to raise funds for flood relief and support victims of recent flooding in provinces throughout Thailand.
The fund is a result of a joint meeting chaired by Deputy Prime Minister Kittirat Na Ranong, who is in charge of the economy, and Finance Minister Thirachai Phuvanatnaranubala, together with the Association of Investment Management Companies, Association of Securities Companies (ASCO), mai-listed Companies Association (maiA), Thai Listed Companies Association (TLCA), The Thai Bond Market Association, Securities and Exchange Commission (SEC), and SET.
Thirachai said: “This is the first time that the private sector has set up and managed a fund for flood relief, and the government is delighted at this initiative. The finance ministry will also encourage utilizing capital market mechanisms, such as infrastructure funds, for the relief. We believe that if the government and private sectors closely cooperate, the country will certainly be able to revive from this crisis rapidly.”
SET Chairman Sompol Kiatphaibool said: “SET and six partners have set up this fund and the SET is considering contributing half, or THB 250 million. The fund aims to help support and restore the confidence of domestic and overseas investors, as well as to build the morale of people. This underlines the private sector’s commitment to quickly aid society. Initially, the SET’s contribution will be reserved for machinery procurement and brining industrial estates back to normal as soon as possible.”
TLCA Chairman Chanin Vongkusolkit said: “Many listed companies have been providing huge support to sufferers from this crisis. In addition, listed companies from the SET and the Market for Alternative Investment (mai) have donated to the fund. This integrated coordination will benefit flood victims quickly and this shows the strength of listed companies in helping society.”
ASCO Chairman Pattera Dilokrungthirapop said: “The ASCO has agreed with its members, including gold brokers, to donate their commission revenues for the one day next week (October 25-28) which has the highest trading volume to the fund. Meanwhile, we will communicate with domestic and overseas investors to build up their confidence and support brokerages in cooperating with the SET and listed firms to rehabilitate damaged areas.”
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