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The Stock Exchange of Thailand (SET) Board of Governors (BoG) resolved today (Dec. 26) to establish the mai Matching Fund Co., Ltd. as a subsidiary, operating as a venture capitalist with an initial fund of THB 10 million, derived from the initial budget of THB1,000 million (approx. USD 29.58 million) approved in 2006. The mai Matching Fund will establish an investment committee to choose which businesses to invest in. The new firm will be set up by Q1/2008 and begin investing in Q2/2008, SET Executive Vice President and Board Secretary Mr. Suthichai Chitvanich said.
mai Matching Fund Co., Ltd. will invest via venture capital (VC) funds, whose investment policy will be subject to approval by the Securities and Exchange Commission (SEC). There will be an opportunity for a VC partner to participate in investments. The fund may invest in a specific company at no more than 50% of each VC fund’s capital base and the investment will take the form of non-voting preferred shares.
The VC fund will target innovation, science and IT-related companies which are important for Thailand’s competitiveness. These include industries, such as food, automotive, software, microchips, textiles, tourism, healthcare and biotechnology.
In 2006, the SET BoG approved THB 1,000 million to establish the mai Matching Fund to support projects and firms which have the potential to grow and list on the Market for Alternative Investment (mai). This fund has now been changed into a juristic person, the mai Matching Fund Co. Ltd., and approved by the SEC.
