Bangkok--Aug 11--TMB Asset Management
Jotika Savanananda, Managing Director of TMB Asset Management Company
Limited said that the company is very successful with its public offering during August 1st-9th of CPN Retail Growth Property Fund. The objective is to invest in the property leasehold right of Central Plaza Rama 2 and Rama 3 owned by Central Pattana Public Company Limited. The fund received an overwhelming response with the subscription over 16,500 million baht consist of the subscription by foreign investors of 7,000 million baht , domestic institution investors 8,000 million baht and retail investors of 1,500 million baht.
“The fund registered size 10,915 million baht which Central Pattana PLC
would invest 33% while the remaining will be allocated to the investors who made the subscription order by Small Lot First method i.e. the initial unit amount of 50,000 baht will be equally allocated to both institute and retail investors regardless of the subscription order. Then, the allocation will be increased by 1000 baht each time until the full amount of fund value.
The allocation result will be announced on August 11th , 2005”, said Jotika.
Jotika added that the company will register CPN Retail Growth Property Fund with the Stock Exchange of Thailand (SET) for trading on August 23rd . The
unit holders will trade in the secondary market via their brokerage account.
For those who do not have the account, their trading can be made through
all branches of Thai Military Bank.
The overwhelming success is a result of the investors’ confidence in CPN
Retail Growth Property Fund which invested in Central Plaza Rama 2 and Rama 3 with the strength in its successful management as well as the its road show to educate both local and overseas investors. At the same time, the fund has the policy to pay dividend not more than 4 times per year at least 90% of payout ratio. The return is expected at 7.3% and 7.56% per annum in 2005 and 2006 respectively. The fund revenue would be rental revenue from rental shops in the shopping center under rental agreement with the contract period of 1-3 years and over 3 years.
As a result of CPN Retail Growth Property Fund set-up, TMBAM has the 4th
largest market share in the industry excluding Vayupak Fund with the total asset under management of 65,000 million baht.
For more information, please contact
Lakana Khwan-ngam , Sujira Wirojana
PR Consultant
Tel. 0 2953-8633, 0 2954-2863,01-822-2363,01-629-1821 End.