Bangkok--13 Nov--SET
The Stock Exchange of Thailand (SET) will list WHA Business Complex Freehold and Leasehold Real Estate Investment Trust, the first REIT in the Thai capital market invested in office space for rent, worth THB 2.02 billion (approx. USD 56.11 million) on its main board on November 16, under the ticker symbol "WHABT".
SET Executive Vice President Santi Kiranand said that WHABT would list and start trading in the Thai bourse's Property & Construction industry group, Property Fund & REITs sector on November 16.
WHABT offered 202 million units via an initial public offering (IPO) at THB 10 per unit during October 26-30, with total value of THB 2.02 billion. WHABT is managed by WHA Real Estate Management Co., Ltd., a subsidiary of WHA Corporation pcl. (WHA) Krung Thai Asset Management pcl is the trustee. CIMB Thai Bank pcl is its financial advisor; while also being its underwriter, jointly with Krungthai Bank pcl.
WHABT has invested in freehold and 30-year leasehold rights of land and office building, consisting of SJ Infinite 1 Business Complex located on Vibhavadi-Rangsit road, Bangkok and Bangna Business Complex on Bangna-Trad road, both in Bangkok, with a total area of 30,250 square meters. The main tenants of these properties are leading Thai and foreign companies.
WHA Real Estate Management Managing Director Piyapong Pintuprapa said that WHABT has invested in the new office building in prime business locations and good accessibility, managed by the SET-listed professional management of WHA and CB Richard Ellis (Thailand) Co., Ltd. The trust's return would be guaranteed by its stable rental income, so that it could provide good returns for the trust unit holders in the long run.
WHABT's dividend policy is to pay up to four times a year at no less than 90 percent of adjusted net profit of its financial year. WHABT's three major unit holders after its IPO are WHA (15.00 percent), Muang Thai Life pcl (9.75 percent) and Social Security Office (4.95 percent).
For more information, please see WHABT's prospectus at the Securities and Exchange Commission's website atwww.sec.or.th, and www.whabt.com, as well as general information on SET's website at www.set.or.th.