TFF IPO delayed to early 2018
The Thailand Future Fund (TFF) initial public offering (IPO) is expected to be put off to early next year from the final quarter of this year due to a glitch in the amendment of the Expressway Authority of Thailand’s (Exat) revenue contract to transfer revenue to the government’s infrastructure fund.
A small problem with the contract’s amendment has caused a delay in the TFF listing plan on the Stock Exchange of Thailand (SET), said Santi Kiranand, SET senior executive vice-president.
The cabinet in May approved a proposal to use two expressways as underlying assets for the TFF. Under the proposal, 45% of future revenue from the Chalong Rat Expressway (Ram Intra-At Narong) and Burapha Withi Expressway (Bang Na-Chon Buri), owned by the Exat, will be backed by TFF units.
Proceeds from the TFF’s IPO will be used to finance construction of the expressway linking Rama III Road-Dao Khanong and the Western Outer Ring Road, worth 30.4 billion baht, and the third stage of the long-delayed northern expressway linking the Kasetsart intersection and Nawamin Road, also known as the N2 section, valued at 14.4 billion.
The SET plans to roll out the “LIVE” platform to provide startups access to funding sources from the capital market at an upcoming Startup Thailand event will be
held late this quarter.
The platform will be operated by LiveFIN Corp, which is 99.99% held by the SET.
Mr Santi said LIVE is under construction and awaiting the Securities and Exchange Commission’s approval.
SET president Kesara Manchusree said that this platform will boost trading liquidity and strengthen future business growth.
“A new generation of entrepreneurs are keen to form startups. Bright ideas and innovations, both tech and non-tech, have more impact on the business environment than ever before,” she said.