Thai ISP Jasmine International plans to launch an infrastructure fund worth between Bt50bn (US$1.5bn) and Bt70bn (US$2.2bn).
In a filing with the local bourse Jasmine said the fund, which would be listed by the year’s end, would allow it to sell or…
Thai ISP Jasmine International plans to launch an infrastructure fund worth between Bt50bn (US$1.5bn) and Bt70bn (US$2.2bn).
In a filing with the local bourse Jasmine said the fund, which would be listed by the year’s end, would allow it to sell or lease its broadband networks.
This would include its 610,000km fibre network and its 16,000 nodes.
The proceeds from the offering would be used to expand Jasmine’s broadband business. Jasmine will hold a third of the infrastructure fund, which could amount to US$713m.
The board has given Jasmine’s CEO the power to appoint financial and legal advisers to manage the planned float.
An EGM will be scheduled so that shareholders can approve the proposal.
True gets regulatory OK for its fund
Jasmine’s fund plan follows that of wireless operator True Corp, which has this week settled regulatory issues with the National Broadcasting and Telecommunications Commission (NBTC) to list its infrastructure.
True, which controls the country’s third largest mobile operator, plans to spin off assets including towers and fibre optic cable networks into the fund and then lease them back.
The NBTC will regulate those which used True’s infrastructure assets via the fund, while the local SEC will oversee the management and listing of the fund, Thai newspaper The Nation reported.
The telco is looking to raise at least Bt70bn (US$2.2bn) to tackle its Bt100bn (US$3.2bn) debt pile.
True had arranged an EGM for next month to get investor approval for the offering but that has been delayed as an independent adviser studies the proposal. Credit Suisse is reportedly advising True on the float.
