The final offering price announcement of BTS Rail Mass Transit Growth Infrastructure Fund is set at THB 10.80 per unit which is on the top-end of the initial offering price range as a result of strong response from retail investors in Thailand and institutional investors globally
BTS Group Holdings PCL (BTS), BBL Asset Management Co., Ltd. (BBLAM), Phatra Securities PCL, Morgan Stanley & Co. International plc and UBS AG, Hong Kong Branch are pleased to announce the final offering price of the newly issued investment units at THB 10.80 per unit, which is the highest end of the initial offering price range of Bt 10.40 to Bt 10.80 per unit. The initial public offering received strong interest from both local individual investors and institutional investors worldwide.
With an offering size of THB 62,510.4 million, BTSGIF is one of Thailand’s biggest IPOs ever and is the third largest IPO globally in 2013. The distribution yield for the first year ending March 2014 is forecast to be approximately 5.8% as disclosed in the prospectus.
The offering of BTSGIF received a strong response from General Subscribers (retail investors) in Thailand and institutional investors around the world. Despite the current economic and capital markets environment, BTSGIF received almost 56,900 subscription applications from General Subscribers (retail investors) totaling approximately THB 16,000 million, which is considered to be the highest number of subscription applications in an initial equity public offering to retail investors in Thailand. This stems from the unique characteristics and attractive investment highlights of BTSGIF, such as being the first infrastructure fund in Thailand that provides investors with an opportunity to benefit from the growth in net farebox revenues of BTS’ core Green Lines - from Mo Chit to On Nut and from Taksin Bridge to the National Stadium (until 4 December 2029), which have enjoyed a healthy annual growth in ridership over the past 13 years of operation. Individual investors investing in BTSGIF will enjoy personal income tax exemption on dividends for 10 years from the fund establishment date, subject to certain conditions prescribed pursuant to the Revenue Code.
Post IPO, Thai investors will hold approximately 57% of Units in BTSGIF and the remaining 43% will be held by foreign investors. BTS will hold 33% of the total investment units, local retail and institutional investors will hold approximately 24% of the total investment units.
“The success of BTSGIF IPO mirrors the confidence that local and international investors have toward Thai infrastructure development, especially in the BTS SkyTrain which is the backbone of central Bangkok’s mass transit system. The SkyTrain business offers attractive investment characteristics to investors”, Chairman of BTS, Mr. Keeree Kanjanapas expresses his gratitude to all investors for their confidence in the Company, which has seen strong subscription results. “From now on, investors will be part of the national infrastructure development, which is supported by the government policies”, Mr. Keeree added.
Chief Executive Officer of BBLAM, Mrs. Voravan Tarapoom, said:
“BBLAM would like to thank all investors that have shown confidence and trust in the fund. We are confident that BTSGIF will be a solution for those who seek an opportunity to reap consistent investment returns and benefit from growing farebox revenue in the future due to continued growth rate in ridership. As published in the prospectus, the forecast distribution of the first year ending 31 March 2014 is expected to be 5.8%”.
General Subscribers (retail investors) can check their allocation results from 12.00 pm on 6 April 2013 onwards. Phatra’s clients and Kiatnakin Bank PCL’s private banking clients can check the allocation results at Phatra. Other retail subscribers can check the results at
www.settrade.com and at the call centers of all 5 following selling agent banks namely Bangkok Bank PCL (
www.bangkokbank.com or 1333), Krung Thai Bank PCL (
www.ktb.co.th or 1551), Bank of Ayudhya PCL (
www.krungsri.com or 1572), KASIKORN BANK PCL (
www.kasikornbank.com or 0 2888 8888), and CIMB Thai Bank PCL (
www.cimbthai.com or 0 2626 7777). General Subscribers (retail investors) who do not receive any allocation or full allocation will be refunded within 14 days after the last subscription date.
BTSGIF is expected to commence trading on the Stock Exchange of Thailand on 19 April 2013 under the industry group, transport and logistics business, with the ticker “BTSGIF”.
All investments involve risk. An investor should read the prospectus carefully before investing.
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For further information, please contact Corporate Communications Department,
Bangkok Mass Transit System PCL,
Patchaneeya Pootme, Tel: 02-617-7133, Email:
patchaneeyap@bts.co.thOr PR consultant
Ogilvy Public Relations, Co., Ltd.
Tatsanun Agornchee, Tel: 02-205-6607, Email:
tatsanun.agornchee@ogilvy.comThis announcement is not for publication or distribution, directly or indirectly, in or into the United States (including its territories and possessions, any state of the United States and the District of Columbia). This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering is being made in the United States.
