Bangkok--13 Feb--SET
The Stock Exchange of Thailand (SET) will list Jasmine Broadband Internet Infrastructure Fund on February 16, 2015, with market capitalization at its initial public offering (IPO) of THB 55 billion (approximately USD 1.67 billion), the first infrastructure fund listed on SET this year.
SET Executive Vice President Chanitr Charnchainarong said that JASIF would list and start trading in the Information & Communication Technology sector. It sold 5.5 billion units via an IPO at THB 10 per unit for a total of THB 55 billion, during January 28 - February 3, 2015. BBL Asset Management Co., Ltd. is its fund manager and Bualuang Securities pcl is its financial advisor.
JASIF has invested in the ownership of 980,000 core-kilometers of optical fiber cables for broadband internet of Triple T Broadband pcl (TTTBB), a subsidiary of Jasmine International pcl. The 800,000 core-kilometers were delivered to JASIF on the closing date and the additional 180,000 core-kilometers will be gradually transferred to JASIF within two years since the closing date. According to the asset sale and transfer agreement, TTTBB agrees to lease 80 percent of the total optical fiber cables from JASIF via 11-year main lease agreement (ending February 22, 2026). Also, TTTBB agrees to lease the remaining 20 percent of optical fiber cables in order to guarantee JASIF’s lease revenue via 3-year rental assurance agreement, which is renewable at JASIF’s option for additional 3-year periods until expiration of the main lease agreement.
BBL Asset Management's CEO Voravan Tarapoom said that JASIF would provide opportunities for investors to invest in broadband internet infrastructure assets covering 77 provinces nationwide. It could potentially deliver continuously returns generated via TTTBB on the lease agreements to operating, maintaining and managing on behalf of the fund for the period of 11 years. In addition, there would be growth potential in the internet broadband business which played an important role for businesses during this global digital economy era, in line with the Thai government’s policy. As such, JASIF could be an alternative investment with stable return from dividend yield, as well as offering profit for long-term investment.
JASIF has dividend and capital reduction policy and refund to the unitholders as stated in the fund scheme. The fund’s dividend policy is to pay at least twice a year if the fund has sufficient retained profits, at each accounting period, at no less than 90 percent of the adjusted net profit. The fund's top three unit holders after its IPO are Jasmine International pcl 33.33%, Morgan Stanley & Co. International plc 33.31% and Bangkok Bank pcl 9.09%.
For more information, please see JASIF's prospectus at the Securities and Exchange Commission's website at www.sec.or.th and general information at www.jas-if.com , as well as SET's website at www.set.or.th .
Members of the media please contact the Public Relations Unit, Corporate Communications Dept.:Arada Kultawanich tel: +66 (0) 2229 2796 / Darawan Maleesri tel: +66 (0) 2229 2798 / Kanokwan Khemmalai tel: +66 (0) 2229 2048.