Bangkok--Aug 10--SET
Executive Vice President of The Stock Exchange of Thailand (SET) Ms. Sopawadee Lertmanaschai announced that the mutual fund project of MFC-Nichada Thani Property Fund has been approved for listing on the Exchange and will commence trading on August 11, 2005. The project is comprised of 71 mln. unit trusts with a par value of THB10.00 each, totaling THB710 mln. (Approx. USD17.75 mln.). These units will be listed in the Property & Construction Industry Group, Property Development Sector, using “MNIT” as their trading symbol.
“Investing in a property fund is an interesting choice for investors who wish to earn a stable stream of income from a property project while investing a comparatively small amount of money. Investors can decide on their own portfolio size plus earn regular dividends. For MNIT, investors will get no less than 90% of the fund’s net profit at least once a year.
“Another advantage is that the fund’s unit trusts can be traded on the exchange; hence investing in a property fund is more liquid than if one were to invest directly in a property project. Your capital gain tax will also be waived,” said Ms. Sopawadee.
MNIT is the sixth listed property fund on the SET. It is a close-ended fund with an indefinite project life.
MFC Asset Management Pcl. formed and manages the MNIT. The company sold MNIT unit trusts to the general public during June 13 — 29, 2005, at THB10.00 per unit. The Siam City Bank Pcl. will act as the Fund’s trustee.
MNIT’s investment policy is to invest in property or leasehold rights of apartments and/or service apartments. The Fund’s manager has acquired the land and buildings of Lakeshore-North Apartment (A2) and Lakeshore-West Apartment (A3) located on the lakeshore of the Nichada Thani Project in Nonthaburi province. These properties are leased to and managed by Nichada Property Co. Ltd.
The Fund will also consider purchasing or leasing properties to help generate regular returns for at least 75% of the total income in each annual accounting period, except for the first, last, or transferring/amortizing periods.
For more information on MNIT, please browse the SET’s website at 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.