Thai bourse lists infrastructure fund ABPIF on September 27

Stocks and Financial Services Press Releases Thursday September 26, 2013 13:18
Bangkok--26 Sep--SET

The Stock Exchange of Thailand (SET) will list Amata B. Grimm Power—Power Plant Infrastructure Fund, with market capitalization of THB 6.3 billion (approx. USD 203 million), on its main board on September 27, under the ticker symbol "ABPIF.” The fund is the country’s first power plant infrastructure fund and the second infrastructure fund listing on SET.

Paveena Sriphothong, SET Senior Vice President, said: “ABPIF will list in the Energy and Utilities sector. It sold 600 million units via an initial public offering (IPO) at THB 10.5 per unit for a total worth of THB 6.3 billion between September 9 and 13. Kasikorn Asset Management Co.,Ltd. is the fund manager, and Kasikornbank pcl is the financial advisor.

ABPIF reaps benefits from the future revenue streams of Amata B. Grimm Power Plant 1 and 2 in Amata Nakorn Industrial Park, Chonburi. Both plants use cogeneration systems, mainly natural gas, to produce electricity units under the Small Power Producer program. ABPIF’s agreements with the two power plants will expire in 2019 and 2022, respectively.

Chongrak Rattanapian, Executive Chairman of Kasikorn Asset Management Co., Ltd, said that these two power plants have a combined production capacity of 353.84 megawatts and steam capacity of 60 tons per hour. The two power plants have long-term contracts to sell electricity units to the Electricity Generating Authority of Thailand and to sell both electricity units and steam to customers in Amata Nakorn Industrial Park. These clients have increasing demand for power. In addition, both of these power plants have long-term natural gas purchase contracts with PTT pcl. Thus, these plants have ensured their operations by procuring materials for power and steam production.

The fund's top three unit-holders after its IPO are Amata B. Grimm Power Co., Ltd. (28.57 percent), Land and Houses Bank pcl (9.4 percent), and Krungthai-AXA Life Insurance pcl (4.6 percent). ABPIF’s dividend policy is to pay no more than twice a year at no less than 90 percent of its adjusted net profit and has policy to return yields stated in the fund’s conditions.

For more information, please see ABPIF's prospectus at the Securities and Exchange Commission's website at www.sec.or.th and SET's website at www.set.or.th

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