FIDF to pay off bondholders to tune of Bt16 bn
The Financial Institutions Development Fund plans to pay back Bt16 billion in principal to bondholders as soon as possible after the finance minister approves the plan.
“The source of funds used to pay back debt is dividends the FIDF got from our major stakes in some companies and the sale of some assets earlier this year,” Povongtip Poramapojn, senior director for FIDF management, said last week.
Since the FIDF has already returned Bt4.5 billion to bondholders earlier this year, the FIDF will have succeeded in paying back Bt20.5 billion out of total debt of Bt1.12 trillion as of last month if the Bt16 billion instalment gets the green light, she said.
Of the total debt, Bt458 billion is from FIDF1 and Bt669 billion from FIDF 2.
Land sale
One of the asset sales was land in Phuket worth Bt235 million that was bought by Siralai Co to develop a hotel. The deal was approved by the FIDF’s board and has already been closed.
According to www.isranews.org, Siralai Co has registered capital of Bt2.2 billion. Its major shareholders are Kinkaew Limpisuk, Soravis Chansakulporn and Thanyaporn Chansakulporn.
Kinkaew was once a director of President Agri Trading Co, while Soravis and Thanyaporn’s family name is identical to Apichart Chansakulporn, a former director and major shareholder of President Agri Trading Co.
President Agri Trading went bankrupt after winning the bidding for government rice in 2004-05 then could not pay the government for the rice.
The FIDF is also preparing to list Bangkok Commercial Asset Management Plc on the Stock Exchange of Thailand this year.
“We already have seven firms that have been qualified and are going through the process to decide which will be our financial adviser,” she added.
