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Thailand Property – Jasmine, Thai hotel fund plans IPO

Jasmine International Plc will offer an infrastructure fund worth 60-70 billion baht, while liquor tycoon Charoen Sirivadhanabhakdi’s property development arm will launch a property fund worth 25 billion baht to the public by the third quarter, says a source.  BBL Asset Management will be the fund manager of Jasmine’s fund, while Krung Thai Asset Management will act as fund manager of the Thai Hotel Investment Fund (THIF), said the source, who did not want to be named.  Both funds’ initial public offering (IPO) plans have been delayed due to the unfavourable sentiment from the protests.

Jasmine’s fund will be backed by 610,000 core kilometres of its broadband fibre-optic cable networks and 16,000 access nodes and other cables.  More than 10 hotels in Bangkok, Chiang Mai and Phuket will be the underlying assets of the property fund. Vorapol Socatiyanurak, secretary-general of the Securities and Exchange Commission (SEC), said eight property funds submitted their IPO filings last year, and seven have been approved.  Another four have sought SEC approval this year for IPOs, with two approved.  Any approved funds must start selling within one year.

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Nora has been in the Corporate Communications arena for a number of years. Nora's role is to communicate all newsworthy items that are of a PR nature.

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