Bangkok--27 Nov--SET
The Stock Exchange of Thailand (SET) will list Thailand Hospitality Property Fund, a property fund invested in land and building of PP Holiday Inn Resort, located on PP Island, Krabi, in the southern province of Thailand, with market capitalization of THB 1.72 billion (approx. USD 47.8 million), on its main board on November 27, under the ticker symbol "TLHPF".
SET Executive Vice President Santi Kiranand said that TLHPF would be listed and start trading on SET in the Property Fund & REIT sector of the Property & Construction industry on November 27, being the last property fund to be listed on SET following the SEC's regulation to substitute "property fund" in Thailand with Real Estate Investment Trust.
TLHPF sold 172 million units to the general public at THB 10 per unit, a total worth 1.72 billion, during October 9-27, having One Asset Management Limited as fund manager.
TLHPF has invested in freehold rights of land and building of PP Holiday Inn Resort in Krabi, consisting of 85 villas (128 rooms), utilities including related facilities and services. PP Holiday Inn Resort Krabi, under the management of Holiday Inns (Thailand) Ltd., a subsidiary of the InterContinental Hotels Group (IHG), has an average occupancy of more than 80 percent per year.
One Asset Management Chief Executive Officer Win Udomrachtavanich said that TLHPF's investment in PP Holiday Inn Resort Krabi, a popular four-star hotel, could generate stable income from its long-term rental contracts by its clients, with a fixed rental rate at THB 136 million in the first three years, with renewable 3-year contract for 4 times , totaling 15 years. The rental fees would be raised every three years, and the asset value was expected to grow in the future, as such providing good returns for the trust unit holders in the long run.
TLHPF is a specific closed-ended fund with no maturity. Its dividend policy is to pay at least once 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 Phi Phi Holiday Co., Ltd. (25.00 percent), Social Security Office (25.00 percent) and Muang Thai Life Assurance pcl for Takaful PSA 1 (8.72 percent).
For more information, please see the fund's prospectus at the Securities and Exchange Commission's website at www.sec.or.th and general information on www.one-asset.com , or SET's website at www.set.or.th .
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