Bangkok--22 Jan--SET
The Stock Exchange of Thailand (SET) will list S Prime Growth Leasehold Real Estate Investment Trust worth THB 5.72 billion (approx. USD 173.26 million) on January 23, 2019, under the ticker symbol "SPRIME ".
SET Senior Executive Vice President Manpong Senanarong said that SPRIME would list and start trading under Property & Construction industry, Property Fund & REITs sector, on January 23, 2019.
SPRIME will invest in the right to lease certain land plots and office spaces, conference spaces, fitness centres and common areas, parking areas and building systems of Suntowers Complex for a term of 30 years. The Suntowers Complex has 93.8 percent occupancy rate (as of September 31, 2018)by Thai and multinational corporations from various businesses.
SPRIME offered 446.75 million units at THB 10.00 each, for a total of THB 4.47 billion to general public during January 9-16, 2019. The fund raised combining with long-term loan will be used to invest in Suntowers Complex's leasehold right at not exceeding 5.72 billion. S REIT Management Co., Ltd., a subsidiary of Singha Estate pcl is its REIT Manager. SCB Asset Management Co., Ltd. is its trustee. Krungthai Bank pcl is its financial advisor and underwriter.
S REIT Management Managing Director Ketkorn Kematorn said SPRIME has initially invested in the leasehold right of the Suntowers Complex which is conveniently located near the subway and skytrain interchange, expressway entrances, and the transportation hub in northern Bangkok area. SPRIME's projected to generate return at approx. 7 percent in the first year. Managed by Max Future Co., Ltd. with experience and capability in property management, the REIT could provide opportunity of good returns for unit holders in the long run.
SPRIME's dividend policy is to pay at least twice a year at no less than 90 percent of the adjusted net profit of its financial year after the offer. SPRIME's major unit holders after its IPO are Singha Estate pcl (20 percent), Social Security Office (2 cases) (5.26 percent), and Muang Thai Life Assurance pcl (4.79 percent).
For more information on SPRIME, please see the company's prospectus at the Securities and Exchange Commission's website at www.sec.or.th; and for general information, please visit www.sprimegrowth.com, as well as www.set.or.th.