Bangkok--Mar 9--SET
Executive Vice President of The Stock Exchange of Thailand (SET) Ms. Sopawadee Lertmanaschai disclosed that the Millionaire Property Fund, worth THB1,900 mln. (approx. USD47.5 mln.), has been granted permission to list on the Exchange in the Property & Construction Group, Property Development Sector, today (March 8, 2005). The Fund is comprised of 190,000,000 investment units, each with a par value of THB10.00. These units will use “MIPF” as their trading symbol.
“A property fund is an interesting investment alternative for people who want to be a part of the property business’ growth potential with as small an initial investment as only THB10,000. The SET, in conjunction with the various property funds, will communicate more with the public so that potential investors can have greater understanding about investing in property funds. We would like potential investors to be more familiar with this choice of investment as more property funds will be coming out to the market,” the SET EVP said.
The MIPF has been established and is being managed by One Asset Management Ltd. The Company sold the MIPF’s investment units to the public on January 14 — 24, 2005. The funds raised will be used to purchase or lease immovable property or leasehold rights of immovable property and to seek benefits from said property for the unit holders.
MIPF is a closed-end specified property fund with an indefinite life. Initially, it will be invested in the Maleenont Tower and the Production House Building.
The Fund’s investment rules state that funds will be invested to acquire and maintain possession of immovable property and leasehold rights of immovable property, totaling not less than 75 percent of the total net asset value of the Fund at the end of each annual accounting period. In any case where the Fund has a profit or retained earnings, One Asset Management may pay dividends to unit holders of not less than 90 percent of the net profit or not less than 90 percent of net profit less unrealized gain or loss.
For more information on MIPF, please browse One Asset Management’s website, www.one-asset.com, or the SET’s website, www.set.or.th
For more information, please contact the Corporate Communication Dept.:
Ladawan Kantawong Tel: 0-2229-2036 /
Kulvida Jintakawong Tel: 0-2229-2037 /
Nattaporn Boonprapa Tel: 0-2229-2049 /
Watsamon Saowakhonsathien Tel: 0-2229-2797 End.