Thai tycoons plan to raise $891 million from property funds
BANGKOK (Reuters) - Thai real estate companies controlled by Charoen Pokphand Group (CP) and TCC Group plan to raise a combined 28 billion baht ($891 million) from selling separate property funds to the public, fund manager Krung Thai Asset Management said.
CP Land Co Ltd, controlled by the country's richest man, Dhanin Chearavanont, aims to raise up to 10 billion baht from transferring several office buildings to the leasehold fund, Krung Thai's chief executive officer, Somchai Boonnamrisi, told reporters on Monday.
TCC Land Co Ltd, which is part of the property business of TCC Group, controlled by billionaire Charoen Sirivadhanabhakdi, also plans to raise the size of its 2.5 billion baht Thai Retail Investment fund TRIFu.BK to around 20 billion baht, Somchai said.
The IPO process of the two funds is expected to be completed by the end of this year, the fund manager said.
Earlier this year, TCC Land raised the size of its Thai Commercial Investment fund TCIFu.BK to 27 billion baht from almost 2 billion baht.
CP and TCC are among leading Thai firms that have bought up overseas assets in the past few years, adding debt to their balance sheets.
Last year, CP Group agreed to buy Ping An Insurance (2318.HK: Quote) from HSBC (HSBA.L: Quote) for $9.4 billion, while Charoen's TCC Group and its flagship company, Thai Beverage (TBEV.SI: Quote), bought Singapore's Fraser & Neave (FRNM.SI: Quote) for $11 billion in January.
($1 = 31.41 Thai baht)
(Reporting by Saranya Suksomkij; Writing by Khettiya Jittapong; Editing by Matt Driskill)
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