Thai BTS fund off for a dazzling start

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BKK skytrainThe newly listed infrastructure fund of Bangkok’s Skytrain operator BTS received an overwhelming response when it listed on April 19 at the Stock Exchange of Thailand, just a few days after the long Sonkran holidays in the country ended.

The $1.2 billion BTS Rail Mass Transit Growth Infrastructure Fund (BTSGIF), the country’s first infrastructure fund, was priced at 10.80 baht a share for the IPO, but quickly rose to 12.50 baht on the biggest trade volume for an IPO on the Thai bourse. The stock closed at 12.20 baht on the first day, a more than 11 per cent gain. On Monday, April 22, the fund opened at 12 baht with some profit taking following.

BTS Group Holdings chairman Keeree Kanjanapas said investors had confidence in the fund as a long-term investment with potential for regular dividend payments in line with the projected growth in the Skytrain’s passenger volume, which currently stands at 75,000 a day.

The BTSGIF fund, traded in the transport and logistics sector, sold 5,788 million units via the IPO. Proceeds will be invested in the planned mass-transit extension routes. According to the government’s master plan, the fund will invest in 10 additional mass-transit rail routes and extend total rail coverage to about 508 kilometers across Bangkok and its vicinities by 2029.

BTS said it is considering paying an extra dividend to shareholders. The company expects to make a decision on higher Skytrain fares by May as fares have been unchanged since 2005.

 

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Reading Time: 1 minute

The newly listed infrastructure fund of Bangkok’s Skytrain operator BTS received an overwhelming response when it listed on April 19 at the Stock Exchange of Thailand, just a few days after the long Sonkran holidays in the country ended.

Reading Time: 1 minute

BKK skytrainThe newly listed infrastructure fund of Bangkok’s Skytrain operator BTS received an overwhelming response when it listed on April 19 at the Stock Exchange of Thailand, just a few days after the long Sonkran holidays in the country ended.

The $1.2 billion BTS Rail Mass Transit Growth Infrastructure Fund (BTSGIF), the country’s first infrastructure fund, was priced at 10.80 baht a share for the IPO, but quickly rose to 12.50 baht on the biggest trade volume for an IPO on the Thai bourse. The stock closed at 12.20 baht on the first day, a more than 11 per cent gain. On Monday, April 22, the fund opened at 12 baht with some profit taking following.

BTS Group Holdings chairman Keeree Kanjanapas said investors had confidence in the fund as a long-term investment with potential for regular dividend payments in line with the projected growth in the Skytrain’s passenger volume, which currently stands at 75,000 a day.

The BTSGIF fund, traded in the transport and logistics sector, sold 5,788 million units via the IPO. Proceeds will be invested in the planned mass-transit extension routes. According to the government’s master plan, the fund will invest in 10 additional mass-transit rail routes and extend total rail coverage to about 508 kilometers across Bangkok and its vicinities by 2029.

BTS said it is considering paying an extra dividend to shareholders. The company expects to make a decision on higher Skytrain fares by May as fares have been unchanged since 2005.

 

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