Thai govt woos Omanis to invest in Thailand Future Fund’s IPO

The Thai government has made an effort to attract Omani investors for the Thailand Future Fund (TFF), which is expected to raise 100 billion baht ($2.8 billion) from an initial public offering (IPO) in the second quarter.

Deputy Prime Minister Somkid Jatusripitak met the chairman of the Oman Chamber of Commerce and Industry, Saeed Saleh Saeed Al Klyumi, on Monday to discuss the possible investments.

Jatusripitak told local media that Omanis have been seeking good opportunities to diversify their investment after the oil prices dropped.

“They own the largest sovereign wealth fund, which has the policy to invest in the infrastructure projects as same as the TFF does,” he said.

The cabinet approved the launch of the TFF in December last year and the Finance Ministry has recently submitted an IPO filing for the TFF to the Securities and Exchange Commission.

The proceeds from the sales of TFF’s units will be used to fund the construction of the government’s infrastructural projects.

The underlying assets for the TFF will comprise two brownfield projects – the N7 motorway and the N9 motorway – and one greenfield, which is the Rama 3-Dao Khanong Expressway.

Finance Minister Apisak Tantivorawong previously said that the TFF should give a return rate of 7-8 per cent, which is quite attractive for investors.

The Thai government has 20 large infrastructure projects in pipeline, requiring total investment of 1.7 trillion baht. Around 60 per cent of total investment will come from borrowing, 20 per cent from the public-private partnership scheme, 10 per cent from the government’s budget expenditure and around 2 per cent from the TFF.

Also read:

Cabinet okays setting up $2.7b Thailand Future Fund to pour into infra projects

Thailand’s $2.8b Future Fund may increase corpus. China’s CIC among potential investors

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.