Finance Min inches closer to transform Vayupak Fund
Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong has given a greenlight to the proposed transformation of the Vayupak Fund, in the government's bid to raise project financing funds.
Prasong Poontaneat, director-general of the State Enterprise Policy Office, said on Thursday that the fund would be transformed from a closed-ended fund to an open-ended fund.
The fund's size should exceed Bt300 billion after the transformation, he said. The fund now owns shares which are valued at Bt200 billion, as well as about Bt40 billion in bonds and deposits. It would then sell unit trusts to other investors.
The fund was established in 2003 with seed money of Bt100 billion, to invest in key state enterprises like PTT and Krung Thai Bank. It was originally planned to mature late 2013.
Once it is changed to an open-ended fund, Vayupak would buy into bonds to be issued by key state enterprises like PTT Exploration and Production, Electricity Generating Authority of Thailand and Provincial Electricity Authority which are embarking on new investment projects in preparation for the AEC. It would also support industrial estates' water-management projects as well as promote hydropower and solar power investment projects.
According to Prasong, the fund should be closed sooner than planned, presumably around September this year.
The fund's board of directors convene today to consider the process, as all investors must be informed of the decision.
