Bangkok--17 Dec--SET
The Stock Exchange of Thailand (SET) will list TICON Industrial Growth Leasehold Property Fund, managed by SCB Asset Management Co., Ltd., with a size of THB 5.55 billion (approx. USD 173 million), on its main board on December 18, under the ticker "TGROWTH."
Paveena Sriphothong, SET senior vice president, said that TGROWTH was the seventh property fund to list on the Thai bourse in the Property Fund sector. It sold 555 million units via an initial public offering (IPO) at THB 10 per unit, with a total worth of THB 5.55 billion between November 26 and December 4.
Chotika Sawananon, SCB Asset Management President, said: "TGROWTH invests in 30-year leasehold rights of land and ready-built 38 factories of TICON Industrial Connection pcl (TICON) and 50 units of land and warehouses of TICON Logistics Park Co., Ltd. (TPARK) in seven industrial estates, industrial parks, and leading industrial promotion districts. All venues are in key manufacturing and distribution centers that have gained promotion from the Board of Investment (BOI). TGROWTH will also invest in two more leasehold rights of land and TICON factories by February 28, 2014 by using loan following criterions and procedures related in the securities law.
“As TICON and TPARK have more than 20 years of international-level expertise in developing and managing factories and warehouses, we believe TGROWTH will add value to the TICON’s factories and warehouses, for mutual benefit. In addition, TGROWTH is likely to gain from the coming of the ASEAN Economic Community in 2015. Thus, TGROWTH will be an alternative investment opportunity,” Chotika said.
TGROWTH is a closed-end specific property fund with no maturity. Its dividend policy is to pay at least twice 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 IPOs are TICON (20.00 percent), Asia Plus Securities pcl (10.70 percent), and Siam Commercial Bank pcl (6.50 percent).
For more information, please see TGROWTH 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