Bangkok--8 Dec--SET
Quality Houses Property Fund’s securities will commence trading on The Stock Exchange of Thailand (SET) on December 12, using “QHPF” as their symbol, SET Executive Vice President Mr. Vichate Tantiwanich announced.
QHPF is a mutual fund project of SCB Asset Management (SCBAM) and will be listed in the Property Development Sector, Property & Construction Industry Group. The fund has THB 7.97 billion in registered capital, composed of 797 million investment units with a par value of THB 10.00 each. SCB Asset Management offered QHPF investment units to the general public on November 22 - 30, at par.
QHPF is a non-redeemable and specific property fund, with unspecified project life. Its investment units are tradable on the Exchange. The fund will focus on investing in real estate properties for commercial purposes operated by Quality Houses PCL. It will acquire the initial properties by purchasing, leasing and/or accepting of transfer of leasehold rights, beginning with three properties located in the central business district, and with good public transport available: Q. House Ploenchit, Q. House Lumpini, and Wave Place.
As of 30 June 2006, these properties have an aggregate net rentable area of 103,983 square meters. Since end-2005, these assets have maintained an occupancy rate of more than 80%.
QHPF’s policy is to pay dividends to unit holders at least four times a year, at no less than 90% of its annual net profits. Dividends will be paid within 30 days after the book-closing date, or within 90 days of the end of the accounting period.
The company’s principal shareholder is Quality Houses PCL which holds a 74.34% stake. Those holding QHPF’s investment units will share ownership of the properties that the firm has invested in.
For more information on Future Park Property Fund, please visit SCBAM website at www.scbam.com and SET’s website at www.set.or.th