The Stock Exchange of Thailand (SET) will list Thai Retail Investment property fund, worth THB 2.49 billion (approx.USD 83 million), on the mainboard, under the ticker symbol “TRIF,” on July 27.
TRIF, a closed-end specific property fund with an unspecified project life, has invested in rights on land and shopping plaza building, Pantip Plaza Ngamwongwan, including equipment and systems involved.
“The launch of TRIF marks it the fifth property fund listing on the Thai bourse this year. Property fund is still a significant financial instrument for the property industry and also an option that can offer sound returns for investors,” SET Group Head of Issuer & Listing Chanitr Charnchainarong said.
“TRIF is the first freehold property fund investing in shopping plaza; Pantip Plaza Ngamwongwan, is located among residential area with easy access to mass transportation,” KTAM CEO Somchai Boonnamsiri noted. He continued, “It is administrated by TCC Land Retail Co., Ltd. and Tippattana Arcade Co., Ltd., both of which have managed IT shopping center for more than 20 years. Thus, we are strongly confident that this should be a good alternative investment for investors.”
TRIF held its initial public offering (IPO) at THB 10 each for 249 million investment units, worth THB 2.49 billion during June 20-27, with Krung Thai Asset Management Pcl (KTAM) as fund manager. Its annual dividend policy is to pay no less than 90 percent of net profits, excluding unrealized gains from auditing of property appraisals or leases during the related accounting period.
The fund’s top three shareholders after its IPO are TCC Land R I Co.,Ltd. (30.03 percent), UOB Kay Hian Private Limited (22.50 percent) and Ratanasuit Co.,Ltd. (20.96 percent).
For more information, please see the TRIF’s prospectus at the Securities and Exchange Commission’s website at www.sec.or.th and general information on the SET’s website at www.set.or.th.