Bangkok--20 Oct--SET
The Stock Exchange of Thailand (SET), in cooperation with the Islamic Bank of Thailand (I-Bank), MFC Asset Management PCL (MFC), and One Asset Management Ltd. (ONEAM), held a roadshow in Dubai and Abu Dhabi, United Arab Emirates; Doha, Qatar; and Kuwait City, Kuwait during October 10-16. The roadshow achieved its objectives and received great attention from 18 institutional investors, which had total assets under management of over USD500 billion.
“During the roadshow, we had an opportunity to meet with three Islamic banks, five commercial banks, and two sovereign wealth funds. SET provided information on the Thai economy at present, future economic direction, and investment opportunities. Such opportunities included products that conform to Islamic principles as well as general financial tools,” SET Group Head, Market Development, Santi Kiranand said.
“This roadshow received more positive response than we expected, and is the beginning of the institutional investor base expansion in the Middle East. These investors are prudent, and gave importance to transparency, investor protection, and taxes. Therefore, SET has to consistently provide information on these matters to them,” he continued.
“This roadshow was a good opportunity to meet potential investors, who were interested in both equity and fixed income products. The investors we met knew about countries in South East Asia, particularly Thailand, but did not have enough information about the Thai capital market. Therefore, we must provide them with more information on equity and fixed income products, mutual funds and property funds. Moreover, in marketing to this new group of clients, we have to work with the public sector in terms of policies and taxes, e.g., tax treaties, in order to maintain our competitiveness relative to other capital markets,” noted MFC First Executive Vice President and Chief Investment Officer Supakorn Soontornkit.
“Joining this roadshow was very beneficial, since we met many institutional investors with strong potential. ONEAM presented its exchange traded fund (ETFs); TDEX and TFTSE, as well as mutual funds. We presented ETFs because that it provided easy access to the Thai stock market, and gave the ability to manage risks on securities included in SET Index without having to invest in each stock. Moreover, investors can choose to invest according to the underlying index,” said ONEAM Director & Executive Vice President Suripol Khemjinda.
“Institutional investors and banks are interested in sukuk (Islamic bonds), particularly those launched by the Thai government (sovereign sukuks). Besides, investors are very interested in Islamic finance in Thailand, which would result in increasing opportunities for businesses cooperation between Thailand and the Middle East. I-Bank will launch sukuk in the beginning of 2010, and we will present this product to Middle East investors,” said I-Bank Advisor Suwan Damnernthong,
Moreover, the roadshow team met with financial organizations in Qatar and the Royal Thai Embassies in Doha, Qatar and in Kuwait. The Royal Thai Embassies helped coordinate with sovereign wealth funds and facilitate arrangements for the group, including advising on following through with contacts made.
The roadshow was supported by Citibank (in Thailand, UAE, Qatar and Kuwait), HSBC (in Thailand & Kuwait), and Yasaar Limited (in UAE) for introducing roadshow delegates to institutional investors and facilitating arrangement for the group.
For more information, please contact S-E-T Call Center 0 2229 2222
Press office, please contact Public Relations Unit, the Corporate Communications Dept.: Ladawan Kantawong Tel: 0-2229-2036 / Kanokwan Khemmalai Tel: 0-2229-2048 / Panitee Chatpolarak Tel: 0-2229-2792