At the same time, the fund's registered capital will be increased. Total not more than 24,629 million baht and request loans from financial institutions in the total not over 18,160 million baht to use as part of the funds to buy the ownership of the new property and to pay the VAT from this asset purchase. After receiving approval from the extraordinary meeting of the fund unit holder Completed
The Fund will make additional investment No. 1 in the amount of not more than 700,000 core kilometers of fiber-optic assets which are on the additional route from the Fund's assets. Current ownership The new property is an optical fiber, which is built on average only 1-3 years with a long service life of approximately 35 years and will increase to more than 40 years if good maintenance
After the 1st additional investment, the fund will The fiber optic property size has increased to no more than 1,680,500 core kilometers from the current 980,500 core kilometers and covers an area of 925 districts in 77 provinces nationwide. Able to meet the increasing demand for broadband internet And increase the opportunity to generate income and better return for unit holders in the long term.
Mr Pornchalle continued that the source of funds from the fund The 1st additional investment will come from an increase in the registered capital of the Fund in an amount not exceeding 24,629 million baht from the previous registered capital of 54,183.8 million baht, will increase to not more than 78,812.8 million baht by issuing and offering new investment units in an amount not exceeding 2,500 million units to existing unit holders whose names appear in the unitholders' register book in proportion to their holding And will borrow from financial institutions no more than 15,500 million baht to use as part of the funds to buy the ownership of the additional assets And borrowing from local financial institutions no more than 2,660 million baht in order to pay VAT from the purchase of this additional asset ownership
At the same time, Jasmine International Company Enter into an agreement not to transfer investment units from JASIF that will result in a lower proportion of investment units than specified in order to give confidence to unitholders. (Depending on the result of the subscription of the original unit holders for this capital increase). In addition, TTTBB will be responsible for the cost of moving and bringing the fiber-optic cables into the underground that the Fund invests in the first time. Too
In addition, after the 1st additional investment has been completed, the Fund has the right to extend the lease term for the original fiber-optic assets of 784,400 core kilometers with TTTBB as the contract party on 29 January 2032 from the end of the contract. Rental on February 22, 2026, the Fund has a stable income stream from the rental of some assets that the Fund. Can invest in the present for longer Which will benefit the Fund And unit holders
"TTTBB, who is the sole proprietor of fiber optic and is a party to lease back assets from the Fund Considered to be one of the largest broadband internet service providers in Thailand under the brand 3BB. From 2015-2018, TTTBB's revenue from sales and services increased from 12,749 million baht to 19,409 million baht, an average annual growth. 15% "Mr. Porn Chalit said
Mr. Pichet Sithi-Amnuai President Bualuang Securities, a financial advisor, said that when preparing to sell not more than 2,500 million new investment units of the Fund for additional investment in additional assets, the Fund will post an XB sign. On October 11, those who wish to receive the right to subscribe for new investment units Will have to hold the same investment units as of the end of October 10 and will specify the list of existing unit holders who are eligible to subscribe for new investment units on 15 Oct 62
At the same time, determined the exercise ratio of subscription rights To existing unit holders who have the right to subscribe as shown in the registration book at the rate of 2.2 old investment units per 1 new investment unit And the offering price at 9 baht per unit. The subscription date for additional investment units is on 7 – 13 November 19
DBS Vickers (Thailand) Securities Company (JASIF) stated that the JASIF capital increase price was lower than the estimate by the analysis department at 10.30 baht. Therefore, the model and base price were adjusted to reflect the capital increase. This time The new base price is 11.40 baht (previously 11.80 baht). We maintain JASIF and offer investors with shares to exercise their rights to increase capital. Expect Dividend Yield in 2020 to be 9.5%
Kasikorn Securities said in the analysis that Feeling disappointed with the offering price of the newly issued ordinary shares to the existing shareholders of JASIF, which is lower than expected at 9 baht (forecast at 9.8 baht), therefore, the likelihood that the price of the shares will increase from this point Little On the other hand, the above issues can cause market concerns in various aspects, including 1) property quality, 2) ongoing business concerns, and 3) low demand for RO.
Therefore, JASIF's EPU for the 2019-2021 earnings will be reduced by 0.1-3.1% and the target price will be reduced by 2020 (DCF) by 10.8% from 12.82 baht to 11.43 baht but still Recommendation "Buy" because this agreement will make the value accelerated, not the dilution effect of holding. Have a high chance of success While there is a limited risk from the short-term sale of shares by JAS.
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