Bangkok--Feb 26--SET
The Stock Exchange of Thailand (SET) has granted listing approval for the Vayupak Fund I's 7-billion unit trusts to commence trading on the bourse using VAYU1 as its trading symbol.
The Chairwoman of the Capital Market Opportunity Center (CMOC) and the Market for Alternative Investment (MAI), Ms. Sopawadee Lertmanaschai, disclosed that the SET Board of Governors has approved the listing on the bourse of Vayupak Fund I's 7-billion unit trusts with a par value of ten baht each, totaling THB 70 billion. The units will commence trading in the Unit Trusts Section starting 27 February 2004 using "VAYU1" as its trading symbol. These units were made available by public offering from 11 - 24 Nov. 2003 and are managed by Krung Thai Asset Management Pcl. and MFC Asset Management Pcl.
"The listing of Vayupak Fund I allows people who haven't subscribed to its unit trusts during the initial public offering to buy units and Fund holders can buy more units or trade them on the Exchange. VAYU1 can be traded through securities companies (brokers) just as common shares are, but with a minimal fee of 0.1% of the transaction's value," Ms. Sopawadee said.
Vayupak Fund I does not have a repurchasing policy for investment units from unit holders before its maturity period of ten years. The listed 7 billion investment units, called type A, are held by public and institutional investors, and account for two-thirds of the fund. The remaining 3 billion unit trusts are type B, and are held by the Ministry of Finance (MOF). As of 4 Dec. 03, Krung Thai Bank Pcl. is the Fund's major shareholder, holding 28.31% of the total Fund.
VAYU1 has a policy to guarantee a minimum yield and the principal investment amounts. Unit holders holding units from the first offering until the project end, in 10 years, will receive a refund. This is equivalent to either the unit value at the project's end or no less than the par value, plus a minimum average yield of 3% per annum throughout the project life. Therefore, type A unit holders, who have bought units from a secondary market and retained them until the project ends, will receive a total return equal to the unit value as at end of project plus a dividend during their holding period. They will be compensated, however, if their total returns are less than an average rate of 3% per annum. If the unit holders sell their unit trusts before the project ends, they will receive an amount equaling the unit value on the selling date (minus the trading fee).
Vayupak fund I is a flexible closed-end fund aiming to make investments in government securities: securities issued by financial institutions, state enterprises, corporations partially or totally owned by the MOF, state enterprises entering into the process of privatization, rights issue in respect of the rights earlier purchased by the Financial Institution Development Fund by virtue of the state's resolution, rights issue and other rights for which the MOF may be eligible in the future. The Fund may also choose to invest in government-backed financial instruments or other financial instruments issued by government agencies, state enterprises and financial institutions, as it thinks fit, including cash deposits with the financial institutions. The Fund has a dividend payment policy of at least once every year if it produces a net profit and/or retained profit and/or unrealized gain on investment and/or dividend reserves.
Investors can monitor VAYU1's value from the announcement of its net asset value (NAV) in the Monday issues of daily newspapers, the SET website (www.set.or.th), SETTRADE Dot Com's website (www.settrade.com), Krung Thai Asset Management's website (www.ktam.co.th), or MFC Asset Management's website (www.mfcfund.com). For inquiries and information, please contact the Krung Thai Asset Management Pcl. at Tel: 0-2670-4999 or MFC Asset Management Pcl. at Tel: 0-2661-9000 Ext. 555 or 0-2661-9090.
For more information, please contact the Corporate Communication Dept.:
Ladawan Kantawong Tel: 0-2229-2036 / Rungrachnee Ariyapinyo Tel: 0-2229-2659 /
Kulvida Jintakawong Tel: 0-2229-2037 / Nattaporn Boonprapa Tel: 0-2229-2049 End.
-RK-