Bangkok--20 Sep--SET
The Stock Exchange of Thailand (SET) will list CPN Commercial Growth Leasehold Property Fund (CPNCG), managed by SCB Asset Management Co.,Ltd., with a size of THB 4.39 billion (approx. USD 142 million) on its main board, under the ticker symbol “CPNCG,” on September 21.
CPNCG, a closed-end specific property fund, invests in the leasehold rights of The Office@Central World, subleases on land, leases on buildings, utilities and control systems as well as car parking rights.
“CPNCG is the fifth property fund listing on the Thai bourse this year. It sold 426.64 million shares via initial public offering (IPO) at THB 10.30 each for THB 4.39 billion between September 4 and 10," said SET Executive Vice President Chanitr Charnchainarong.
Jotika Savanananda, President of SCB Asset Management Co., Ltd. said that with its prime area located in the business center of Bangkok and convenient access, CPNCG gained a warm welcome from both institutional and retail investors during its unit sale. There are two phases of the fund investment: the first phase, the fund invests in leases on the two-rai land of the office building, the 74,605 square meters rental space of the office, utilities and control systems, as well as 1,218 car parking rights.
The second phase will start after phase one completes by investing in leases on rearranging rental floor plans with space of 5,961 square meters and parking rights, expected to be completed by December 31. Funding of the second phase is from loans complying with rules and processes of securities laws.
CPNCG’s dividend policy is to pay at least twice a year, at no less than 90 percent of net profit, excluding unrealized gains from auditing property reappraisals of leases during the related accounting period. The fund's top three shareholders after its IPO are Central Pattana pcl (25 percent), SCB Life Assurance pcl (5.70 percent), and Alliance Ayudhya Insurance Co.,Ltd. (4.27 percent).
For more information, please see CPNCG'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”
For more information, please contact S-E-T Call Center +66 (0) 2229 2222