Bangkok--25 Dec--SET
The Stock Exchange of Thailand (SET) will list MFC Industrial Investment Property and Leasehold Fund, managed by MFC Asset Management pcl, with a size of THB 970 million (approx. USD 31.3 million), on its main board, under the ticker symbol “M-II”, on December 27.
M-II, a closed-end specific property fund, invests in 14 rental factories owned by Thai Factory Development pcl (TFD) and 18 rental factories owned by Total Industrial Services Co., Ltd, which is a subsidiary of Thai Factory Development Pcl.
"M-II is the sixth property fund listing on the Thai bourse this year. It sold its initial public offering (IPO) at THB 10 per investment unit, with a total worth of THB 970 million, between November 26 and December 4," said SET Executive Vice President Chanitr Charnchainarong.
Prapa Puranachote, President of MFC Asset Management pcl, said: "The strength of this property fund is the location of its sites, all of which are in high-potential areas and in industrial estates gaining privileges from government support, which are the TFD industrial estate, Navanakorn and Leam Chabang industrial estates. In addition, TFD, the property manager, has long experience and skill in managing rental factories. Then, we believe that M-II is a good choice for investors.”
M-II’s dividend policy is to pay up to four times 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 Total Industrial Services Co.,Ltd. (15.46 percent), Sino-Thai Engineering & Construction pcl’s private fund (11.86 percent), and Mrs. Sida Sethisuwan (5.15 percent).
For more information, please see M-II'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