Bangkok--23 Jun--SET
The Stock Exchange of Thailand (SET) will list MFC Patong Heritage Property Fund, managed by MFC Asset Management pcl, worth THB 1.05 billion (approx. USD 32.4 million), on its main board on June 24, under the ticker "M-PAT.”
Paveena Sriphothong, SET senior vice president, said that M-PAT would list and start trading on the Thai bourse's Property Fund & REIT sector on June 24. The property fund sold 105 million units via an initial public offering (IPO) at THB 10 per unit, with total value of THB 1.05 billion during May 15 - June 6.
MFC Asset Management President Prapa Puranachote said that M-PAT invested in the freehold rights of 183 suites, formerly known as “Patong Night Plaza” building, under the current project name of “Patong Heritage Hotel” in Phuket. The freehold rights included land, buildings, machinery and equipment. Patong Heritage Hotel is located on prime area of Patong beach, a world-famous tourist spot. Its average occupancy rate was about 80 percent, comparatively higher than others in Phuket and nearby areas.
M-PAT would lease out its hotel properties to Patong Heritage Co., Ltd. under a five-year contract (renewable every three years). The tenant will pay M-PAT fixed rental rate of THB 430.5 million in the five year contract, plus THB 44.63 million in bank guarantees as collateral throughout the period.
M-PAT is a closed-end specific property fund with no maturity. Its dividend policy is to pay no less than four times a year at 90 percent of annual net profit of its financial year, excluding unrealized profits from evaluation and audit of property appraisal. The fund's top three unit holders after its IPOs are Asvasirayothin’s group (15 percent), Khon Kaen University (9.52 percent) and Mr.Panya Kuantrakul Private Fund by MFC Asset Management pcl (4.95 percent).For more information, please see M-PAT 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.