Bangkok--17 Aug--SET
Mercure Samui Property Fund will list on The Stock Exchange of Thailand (SET) on August 18, 2010 in the Property Fund Sector, Property and Construction Industry Group, after raising THB828 million (approx. USD25.88 million) by offering its investment units to the general public. The fund will use “MSPF” as its trading symbol and will be the second property fund to list on SET this year, revealed SET Chief Marketing Officer Vichate Tantiwanich.
“MSPF is a closed-end specific property fund with an unspecified project life. MSPF is a freehold property fund, investing in land, buildings and equipment of Mercure Samui Buri Resort, a 4-5-star hotel with 88 rooms located on Maenam Beach, Samui, Surat Thani under the management of the Accor Group. MSPF’s strong point is the resort’s attractive destination for worldwide tourists. The fund will also have a rent guarantee for the next five years, according to the contract with the resort’s leasee. (According to MSPF’s prospectus)
MSPF raised its funds by offering 82.8 million investment units to the general public at THB10 per unit during July 5-19, 2010. CIMB-Principal Asset Management Co., Ltd. was the fund manager. MSPF’s dividend payment policy is to pay no more than twice a year, and not less than 90% of net profits, excluding unrealized profits from the appraisal or verification of the appraisal of immovable property.
MSPF’s major unitholders after the IPO are Government Savings Bank, Samui Buri Beach Resort Co., Ltd., and Krung Thai Panich Insurance Co., Ltd., who hold 24.15%, 8.45% and 1.21%, respectively.
For more information about Mercure Samui Property Fund, please see the fund’s prospectus at the Securities and Exchange Commission's website, www.sec.or.th or for general information, please visit SET's website at www.set.or.th.
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 Khemmala Tel: 0-2229-2048 / Nattaya Muangman Tel: 0-2229-2043