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Listing Information

 

Listing on SET
Equity
 
IFF
 
REITs
 
Infra Trust

Thai Company

   Foreign Company            

Operating Company

  Primary Listing            

Holding Co.

   Secondary Listing            

Infrastructure Business

                

 

Infrastructure Trust

 

 

 General listing criteria
 Listing Procedures
 Procedure of listing and relevant parties
 Documents

 

 

 

Infrastructure Trust is an alternative financial tool for both public and private organizations to raise fund from capital market on top of listing on the stock exchange or borrowing from banks. The company can raise fund from the infrastructure project and utilize that capital to expand business at a favorable cost. Another advantage is that the trust can invest in infrastructure assets of greenfield and / or brownfield projects.

 

Infrastructure Trust is a trust investing in infrastructure projects that provide benefits to the public either in Thailand or overseas. The infrastructure projects cover the followings:

 

  • Railroad
  • Electrical power generating system
  • Waterworks 
  • Road or expressway or concession way
  • Airport
  • Deep sea port
  • Telecommunications system
  • Alternative energy
  • Irrigation system
  • Natural disaster prevention system
  • Pipeline transportation system
 
  • Multi-infrastructure projectwith joint benefits
    to the community or interconnected communities
  

 

 

General listing criteria

 

 

Minimum size
  • Paid-up capital > THB 10,000 million 
  • At least THB 3,000 million per project
Units transaction Infrastructure Trust may be either listed or not listed on SET
Investment
  • No restriction on asset’s location
  • Direct investment by acquiring or obtaining the ownership of infrastructure assets / leasehold / concession / future cash flow / claim on purchase agreement or construction contract of the infrastructure project
  • Indirect investment by  holding shares at least at the supermajority proportion required by that nation (but not less than 40%) in the company that invests in the infrastructure assets > 75% of the total company’s assets, or generates income from the infrastructure assets  > 75% of the total revenue
Distribution and allocation of units
  • In case of the allocation through high net worth investors (HNW) (1)
    • A minimum of 2 unit holders

  • In case of public offering
    • Allot the shares to general public through underwriter
    • Have a minimum of 250 unit holders
    • List on SET with the free float > 20% of each tranche and maintain free float >15% of each tranche after listing

Development of the infrastructure project (green-field project)

  • Greenfield project >30% of the NAV: the trust can allot the units only through HNW
  • Greenfield project <30% of the NAV: the trust can allot the units through either HNW or general public
Holding restriction for any person or group of persons Not more than 50% of the total number of the trust units and of each tranche (if any)

Leverage limit
  • No  limitation for the trust that offers to HNW
  • Maximum  3 times of equity for the trust that offers to public
Dividend policy > 90% of adjusted net profit
Financial Statement Audited by a qualified auditor on the approval list of the SEC
Accounting Standard Thai GAAP

 

(1) HNW = High Net Worth investor who individually purchases unit trust at minimum of THB 10 million or accumulated THB 10 million.

 

 

Reference :

 

 

 

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+662 009 9999