Bangkok--7 Jul--SET
The Stock Exchange of Thailand (SET) will list Pinthong Industrial Park Property Fund, managed by SCB Asset Management Co., Ltd., worth THB 2.25 billion (approx. USD 69.0 million), on its main board on July 8, under the ticker "PPF".
Paveena Sriphothong, SET senior vice president, said that PPF would list and start trading on the Thai bourse's Property Fund & REITs sector on July 8. The property fund sold 224.51 million units via an initial public offering (IPO) at THB 10 per unit, with total value of THB 2.25 billion, during June 12 - 20.
PPF invests in freehold ownership on land and 90 units of factories and warehouses, as well as multipurpose areas and rental buildings located in Pinthong Industrial Estate, Pinthong Industrial Estate (Laem Chabang) and Pinthong Industrial Estate (Project 3), Si Racha district, Chonburi province. The property, transferred from Pinthong Inustrial Park Co., Ltd. and PIP Land and Factory Co., Ltd., are located in the land distribution center and its major tenants are automobile manufacturers. In addition, the property is managed by Pinthong Industrial Park Co., Ltd. with over 18-year experience in developing such specific properties as factory and warehouse.
Smith Banomyong, SCB Asset Management president, said Pinthong Industrial Park Co., Ltd. and PIP Land and Factory Co., Ltd. have agreed to guarantee the occupancy by paying rental fee for the vacant space for three years starting from the registration date of transfer, or until the space is occupied by any single tenant, in order to secure confidence for unit holders.
PPF is a closed-end specific property fund with no maturity. Its dividend policy is to pay no less than twice a year at 90 percent of adjusted net profit of its financial year. The fund's top three unit holders after its IPO are Pinthong Industrial Park Co., Ltd. (30 percent), Bangkok Life Assurance pcl (8.91 percent) and Social Security Office (8.91 percent).For more information, please see PPF'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.