Baker & McKenzie has advised True Corporation Public Company Limited (True), and its subsidiaries, known collectively as True Group, on the establishment of the True Telecommunications Growth Infrastructure Fund (TRUEGIF). Baker & McKenzie also advised SCB Asset Management Company Limited to facilitate the offering of these units. With 5,808m investment units, the offering is comprised of both domestic and international offerings under Rule 144A and Regulation S.
The Baker & McKenzie team was led by the Bangkok office’s Thinawat Bukhamana, as well as Chaveewan Likhitwattanachai and Theppachol Kosol.
“It has been an honor to assist True, True Group and SCB Asset Management Company Limited on the establishment of this infrastructure fund,” commented Chaveewan Likhitwattanachai. “As Thailand seeks to expand its telecommunications infrastructure, TRUEGIF will play a major role in being able to meet customer demands across the entire nation.”
TRUEGIF is a closed-end retail infrastructure fund which offers investment units to the general and institutional investors. The total fund value of over THB 58b makes it the second largest infrastructure fund in Thailand, and the fourth largest fund established in Southeast Asia in 2013. TRUEGIF holds the rights to any revenue generated by the assets. True remains a major unit holder of TRUEGIF, holding approximately 33% of outstanding investment units upon the closing of the offering.
After being approved by the Stock Exchange of Thailand in early December 2013, trading of the fund began on 27 December 2013.
Other law firms acting in the deal were Linklaters (Thailand) Limited and Davis Polk & Wardwell.
