On 13 August 2024, the
Cabinet passed a resolution acknowledging the offering for sale of Vayupak Fund
to the general public as proposed by the Ministry of Finance. The initiative
aims to promote long-term savings and investments among the public and to support
the development of the Thai capital market by mobilizing funds into the Stock
Exchange of Thailand (SET), which would in turn reduce reliance on foreign
investment funds.
Vayupak Fund plans
to issue investment units totaling approximately 100 – 150 billion baht to the
general public (referred to as Type A unitholders), and have them listed on the
SET. Type A unitholders will receive returns in the form of dividends, within a
range not lower than the specified minimum rate and not higher than the maximum
rate, throughout the 10-year term. In addition, if the net asset value (NAV)
declines, Type A unitholders will have the right to receive returns before Type
B unitholders (the Ministry of Finance and government sector investors).
The SEC has therefore amended the relevant regulations for Vayupak
Fund, as requested by the Vayupak Fund Office and the responsible asset
management company, with the key points as follows:
(1) Allowing the sale price of
Type A investment units to be set at par value (10 baht per unit), in addition
to sales based on the NAV per unit;
(2) Establishing specific
investment limit for Vayupak Fund and extending the exemption period for
exceeding the investment limit that does not result from additional investments
to 10 years, starting from the first trading day of Type A units on the SET;
and
(3) Allowing the Ministry of
Finance to make payments for the purchase of investment units in the form of
securities or other assets (pay-in-kind).
The Notifications related to the amendments to the Vayupak Fund
regulations have taken effect since 5 September 2024.
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Remark:
The two relevant Notifications are:
(1) Notification of
the Capital Market Supervisory Market No. Tor Nor. 27/2024 Re: Investment of
Funds (No. 28), dated 5 September 2024.
(2)
Notification
of the Capital Market Supervisory Board No. Tor Nor. 28/2024 Re: Rules for
Management of Vayupak Fund (No. 3), dated 5 September 2024.