AIF divests stake in tollway firm to FPM Infrastrcture
The Asia Infrastructure Fund LP (AIF), advised and managed by Capital Advisors Partners Asia Pte Ltd (CapAsia), announced yesterday that following a competitive tendering process, it has divested its 29.45 per cent equity interest in Don Muang Tollway Pub
Established in November 2007, AIF is a private equity infrastructure fund focusing on the investment grade rated countries of Asia. The South East Asian Strategic Asset Fund (SEASAF), also advised and managed by CapAsia and established in 2006, holds a 50 per cent limited partnership interest in AIF with the Bank of Tokyo–Mitsubishi UFJ Ltd (BTMU) holding the remainder. AIF acquired its equity stake in DMT in December 2007.
Founded in 1988, DMT is one of only two private toll road companies in Thailand.
It operates a 21-kilometre six-lane elevated toll way that was completed in 1994 and connects the centre of Bangkok with Rangsit, a densely populated area in the north of the city.
The toll way also passes through Don Muang International Airport.
Since the acquisition of SEASAF’s interest in AIF in September 2009, CapAsia has made important contributions to help further DMT’s growth, improve its operational efficiency and corporate governance and optimise its capital structure. It has worked closely with the toll road company’s management and Board of Directors in strengthening its financial and operational performance.
Dr Johan Bastin, Chief Executive Officer of CapAsia, said: “We have been privileged to have forged a strong partnership with DMT’s shareholders and management and have closely cooperated in the continuous improvement of the company’s development and performance. We are proud of what we have achieved together.”
CapAsia, through funds that it manages, has made four private infrastructure investments in Southeast Asia this year and is in the final stages of making a fifth.
CapAsia is an infrastructure fund manager that invests in mid-market infrastructure assets and companies in Southeast Asia as its core market.
The firm was founded in March 2006 and is majority-owned by The Rohatyn Group, a private investment firm focused on emerging markets, with Malaysian-based CIMB Group (CIMB), among Southeast Asia's largest banks by market capitalisation, as minority shareholder.
