Dec. 19 -- The True Telecommunications Growth Infrastructure Fund (TRUEGIF) has received a good response from investors and is oversubscribed, says Siam Commercial Bank , its financial adviser. SCB executive vice-president Vorada Thangsurbkul said the fund will not extend its subscription period from noon today as was previously reported. The fund, which will invest in the telecom towers and fibre-optic network of True Corporation and its subsidiaries, had extended its subscription period to help investors who may have been inconvenienced by political protests. The fund size will not be increased, and True could cut its holding, Ms Vorada said. According to a filing with the Securities and Exchange Commission , TRUEGIF is raising 58.1 billion baht by issuing 5.81 billion initial public offering units at 10 baht each. True plans to own 18-33% of the fund. The fund's first day of trade remains on track for Dec 27 . Ms Vorada said a rights offering for the CPN Retail Growth Fund (CPNRF) will be made in January after being delayed from this month due to the political tensions. Given concerns over the US Federal Reserve's likely tapering and Thailand's political woes, the Ticon Industrial Growth Leasehold Property Fund (TGROWTH) fell 10.5% below its offering price of 10 baht to 8.95 baht in trade worth 213 million baht on its debut yesterday. Virapan Pulges , the managing director of Ticon Industrial Connection , said the company plans to sell assets worth 460 million baht to TGROWTH in next year's first quarter. It also plans to convert the property fund to a real estate investment trust around the third quarter next year to double the fund's capital to 12 billion baht . Meanwhile, the Stock Exchange of Thailand said foreign investors have sold Thai shares with a net aggregate amount of about 190 billion baht this year. Director Kiatipong Ariyapruchya said the Thai political situation and the Fed's retreat are major factors that spooked investors to unload Thai shares for US treasury bills offering higher returns than in the past. However, he believes that foreigners' sell-offs will not be as great as those in 2008 during the collapse of Lehman Brothers . Last month, foreign investors sold 48.6 billion baht worth of Thai shares, the biggest amount sold in Southeast Asia . ___ (c)2013 the Bangkok Post (Bangkok, Thailand) Visit the Bangkok Post (Bangkok, Thailand) at www.bangkokpost.com Distributed by MCT Information Services
Most Popular Stories
- Obama Administration Releases Proposal to Regulate For-Profit Colleges
- Some California Cities Seeking Water Independence
- Apple, HP, Intel May Take a Hit from Slowdown in Smartphone Sales Growth
- Chinese e-Commerce Giant Alibaba Gears for IPO in U.S.
- FDIC Files Lawsuit on Behalf of Banks Allegedly Hurt by Libor Scandal
- Motley Crue's Nikki Sixx Marries Model Courtney Bingham
- Will Missing Malaysian Jet Prompt Aviation System Change?
- SoCalGas Reaches Record Spend on Diversity Suppliers
- Keurig Adds Peet's coffee, Alters Starbucks deal
- Obama Seeks to Stay Neutral in CIA-Senate Conflict