AIM Commercial Growth launches on Thai stock exchange

SET Senior Executive Vice President Manpong Senanarong said that AIMCG would list and start trading in the Property & Construction industry, Property Fund & REITs sector.
AIMCG will invest in the leasehold rights of land and building of initial assets of three projects, namely 1) UD Town project, Udon Thani province for a period of approximately 21 years; 2) The 72 Courtyard, Bangkok, for a period of approximately 13 years; 3) Porto Chino project, Samut Sakhon Province, for a period of 30 years. AIMCG projects have unique advantages in quality and distinctive characteristics, and will be managed by experienced property managers with an understanding of the market, namely Udon Plaza Co Ltd, Chetchot Co Ltd, and D-Land Property Co Ltd respectively.
AIMCG offered 288 million units at Bt10 each, for a total of Bt2.88 billion to the general public between June 25 and 28. AIM Real Estate Management is its REIT Manager; SCB Asset Management is its trustee; Bank of Ayudhya and Discover Management are its joint financial advisers while Krungsri Securities is its underwriter.
AIMCG Chief Executive Officer Amorn Chulaluksananukul said AIMCG's initial assets are of high quality with unique locations. He described the UD Town project as the biggest lifestyle mall in northeastern Thailand and one of the most popular landmarks of the province among both local residents and tourists from neighboring countries. The 72 Courtyard is a lifestyle mall located on Sukhumvit 55 (Thonglor) and in high demand among high-end consumers while The Porto Chino is the first and biggest lifestyle mall in Samut Sakhon province with multiple restaurants and shops serving local residents from large communities nearby. 
AIMCG's dividend policy is to pay no less than 90 per cent of the adjusted net profit of its financial year. Major unit holders after its IPO are Allianz Ayudhya (15.63 per cent), Udon Plaza (5.03 per cent), and Muang Thai Insurance (2.78 per cent).