TICON TO ESTABLISH NEW PROPERTY FUND VALUED AT ABOUT 6.5B BAHT
(Following is a press release of Ticon Industrial Connection Pcl via an electronic mail. The statement was confirmed by the sender.)
TICON pushes ahead to Launch new Property Fund “TGROWTH” worth 6.5 billion baht The new property fund “TICON Industrial Growth Leasehold Property Fund” or “TGROWTH” will have a total investment of approximately 6.5 billion baht and IPO is expected by year end.
Mr. Virapan Pulges, Managing Director of TICON Industrial Connection PCL (TICON) discloses, “TICON has decided to issue a new Property Fund “TICON Industrial Growth Leasehold Property Fund” or “TGROWTH” as part of its fund raising policy for business expansion. The company has appointed Siam Commercial Bank PCL (SCB) as the Financial Advisor and also appointed SCB and CIMB Thai PCL as the Underwriters of the Fund. SCB Asset Management Co., Ltd. has been appointed as Fund Manager. A registration statement and a prospectus draft have been filed to the Office of the Securities and Exchange Commission, Thailand (SEC) for approval. The Initial Public Offering (IPO) of the Fund is expected to take place within the end of this year.”
“The objective of “TGROWTH” is to raise fund from retail and institutional investors both in Thailand and overseas to purchase, lease, and/or sublease properties which will provide continuous benefits to the fund in the forms of property rental. With a total investment value of approximately 6.5 billion baht, the fund will invest in the acquisition of land rental rights and ownership and/or leasehold rights of approximately 285,000 sq m. of TICON’s factories and warehouses of TPARK which is a subsidiary of TICON.”, said Mr. Virapan.