SET Senior Executive Vice President Santi Kiranand said that TPRIME would list and start trading on the Thai bourse in Property & Construction industry group, Property Fund & REITs sector, on October 31.
TPRIME offered 547.50 million units via an initial public offering (IPO) at THB 10.00 per unit during October 4-7, with a total value of THB 5.48 billion. TPRIME is managed by SCCP REIT Co., Ltd. Its trustee is Kasikorn Asset Management Co., Ltd., having Grant Thornton Services Co., Ltd. as its financial advisor, while having Kasikornbank pcl as its underwriter.
TPRIME has invested in freehold rights of Exchange Tower, by holding no less than 99.99 percent of Exchange Tower Co., Ltd.'s issued shares, and in the leasehold rights in the land and office building of Mercury Tower for 19 years (until end of November 2035). With a combined space of 67,653 sq. metres for office buildings and shops, the two projects have been rented by local and multi-national companies in various businesses with more than 97 percent occupancy rate.
Suchad Chiaranussati, Director, SCCP REIT Co., Ltd said TPRIME's unique feature is the combination of freehold and leasehold rights. TPRIME has invested in Mercury Tower and Exchange Tower, forefront office buildings with prime location in central business district in Bangkok, conveniently located near the BTS skytrain and the MRT subway stations, resulting to high growth opportunities on the occupancy rate. With superior quality buildings and great locations, managed by SCCP REIT Co., Ltd.'s professional team, TPRIME could provide good opportunity for returns for the trust unit holders in the long run.
TPRIME 's three major unit holders after its IPO are Muang Thai Life Assurance pcl (21.00 percent), Thai Life Insurance pcl (9.13 percent) and Bangkok Life Assurance pcl Krungthai-AXA Life Insurance pcl and FWD Life Insurance pcl (7.31 percent) each. TPRIME 's dividend policy is to pay no more than four times a year at no less than 90 percent of the adjusted net profit of its financial year.
For more information, please see TPRIME's prospectus at the Securities and Exchange Commission's website atwww.sec.or.th, and www.tprimereit.com, as well as general information on SET's website at www.set.or.th .