Bangkok--24 Nov--SET
Samui Airport Property Fund’s securities will commence trading on The Stock Exchange of Thailand (SET) on November 24, using “SPF” as their symbol, SET Executive Vice President Mr. Vichate Tantiwanich announced.
SPF is a mutual fund project of Siam City Asset Management (SCI-Asset) and will be listed in the Property Development Sector, Property & Construction Industry Group. The fund has THB 9.5 billion in registered capital, composed of 950 million investment units with a par value of THB 10.00 each. SCI-Asset offered SPF investment units to the general public on November 9 — 17, at par.
The company is a closed-end fund involved in specific property investments. Its initial venture is the long-term leasehold rights of Bangkok Airways’ assets, including the land, runway, parking apron and construction on the leased property currently being used for Samui Airport. SPF policy is to pay dividends to unit-holders not more than four times a year. When it has an annual net profit, the company shall pay dividends to unit-holders at not less than 90% of that profit.
The firm will invest in capital leasehold and register with Department of Land on November 24. SCI-Asset and Bangkok Airways have agreed that SCI-Asset will record its leases within seven days of registering with Securities and Exchange Commission (SEC) and SET. The fund was approved by SEC on November 22.
SPF plans to let, sublet, transfer or dispose of the fixed properties which it currently owns or has interests in, and to broaden its investment to other properties and securities.
Specifically, the fund seeks an interest in the Samui airport agreements, including subleasing the leased assets for a three-year term (with an option to renew for a further nine three-year terms) and contracting for the utilities system service agreement, which has a term of 30 years.
Principal unit holders of SPF are Bangkok Airways Co., Ltd. and Ayudhya Allianz C.P., who hold 33% and 6.27% respectively.
For more information on Samui Airport Property Fund, please visit Siam City Asset Management website at www.sci-asset.com and SET’s website at www.set.or.th
For more information, please contact the Corporate Communications 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