Bangkok--11 Nov--SET
The Stock Exchange of Thailand (SET) will list MFC Amazing A-la Andaman Property Fund, managed by MFC Asset Management plc, with a size of THB 2.12 billion (approx. USD 68.8 million) on its main board, under the ticker symbol “M-AAA,” on November 15, 2011.
M-AAA, a closed-end specific property fund, invests in the freehold land, building, and equipment of Phi Phi Island Village Beach Resort & Spa, a luxury resort hotel on Phi Phi Island in Krabi.
“The fund is the sixth property fund listing on the Thai bourse this year. It sold its initial public offering (IPO) at THB 10 each for 212 million investment units with a total worth of THB 2.12 billion during October 12-28, with MFC Asset Management plc as fund manager,” said SET Chief Issuer & Listing Officer Chanitr Charnchainarong.
Prapa Puranachote, President of MFC Asset Management plc, said: “M-AAA invests in the Phi Phi Island Village Beach Resort & Spa. The luxury hotel is comprised of 112 rooms surrounded with buildings and facilities. The fund’s strength is its freehold asset, the 4.5-star luxury resort hotel on Phi Phi Island in Krabi, an island which is one of the world’s top ten tourist attractions. In addition, the tenant, Phi Phi Village Asset Management Company Limited, has hired Outrigger Enterprises Group, a reputable hotel operator with over six decades of experience in managing hotels globally. Thus, MFC is confident that the listing of M-AAA is a good investment option and will help boost liquidity of M-AAA fund units as well.”
M-AAA’s dividend policy is to pay no less than 90 percent of net profits, excluding unrealized gains from auditing of property appraisals of leases during the related accounting period. The fund’s top three shareholders after its IPO are the Islamic Bank of Thailand (30 percent), Country Group Securities plc (7.08 percent), and Sompong Rungruang-naowarat (4.72 percent).
For more information, please see M-AAA’s prospectus at the Securities and Exchange Commission’s website at www.sec.or.th and general information on the SET’s website at www.set.or.th.
For more information, please contact S-E-T Call Center 0 2229 2222