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Subscription for True fund extended

The subscription period for the True Telecommunications Growth Infrastructure Fund (TRUEGIF), which started on Monday, has been extended by three days to noon on December 19, according to the fund manager, SCB Asset Management Co.

SCBAM said the extension would give interested players more time to subscribe to investment units. It would also provide SCBAM more time to promote distribution of units to the general public after it observed strong interest from investors during public roadshows in Bangkok and major provinces.

"The subscription period for TRUEGIF investment units, previously set from December 9 until noon on December 16, coincides with several public holidays," said SCBAM president Jotika Savanananda. "The current political situation and road closures may also be obstacles for many wanting to subscribe to the investment units during the initial subscription period.

"To facilitate investors' demands better and allow for more convenience and further promote the distribution of the units to the general public, we have decided to extend the subscription period."

The extension will not affect investors who have already subscribed as the fund units still are expected to be traded on the Stock Exchange of Thailand on December 27 as previously scheduled.

True Corp said SCBAM had informed it that the Office of the Securities and Exchange Commission had approved the extension of the subscription period.

Jotika said that after the establishment and management of TRUEGIF received approval by the SEC on December 4, it went on public roadshows in Bangkok and major provinces like Songkhla, Khon Kaen and Chiang Mai. TRUEGIF received strong interest from investors, which SCBAM believes is due to the attributes of the fund.

TRUEGIF is the first telecommunications infrastructure fund in Thailand, with an estimated offering size of Bt58.08 billion. The offer price is B10 per unit. General subscribers have to subscribe for a minimum of 5,000 units and in multiples of 1,000 units.

In a separate matter, the CP Tower Growth Leasehold Property Fund (CPTGF) will start trading on the SET on December 16, said Paveena Sriphothong, senior vice president of the bourse.

Sunthorn Arunanondchai, president and chief executive officer of CP Land, a property arm of Charoen Pokphand Group, said that next year the company planned to develop more projects on a budget of Bt15 billion. About Bt10 billion of that will be raised from CPTGF and the rest from revolving revenue of between Bt4 billion to Bt5 billion from existing project developments. The company expects at least Bt1 billion in profit next year.

The company will focus on developing condominiums in the provinces, at least four office buildings, and the takeover of at least four hotels.

CPTGF, which is managed by Krungthai Asset Management, offered 967 million units to investors from November 18-26 at Bt10.15 per unit, totalling Bt9.81 billion.

CPTGF will invest in leasehold interests in three locations in Bangkok's central business district: CP Tower I (Silom), CP Tower II (Fortune Town) and CP Tower III (Phya Thai).


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