Thailand’s Jasmine International Pcl said on Monday it plans to raise about 50-70 billion baht ($1.6-2.2 billion) by listing an infrastructure fund for its broadband Internet business.

The initial public offering of the fund is scheduled to be competed by the end of this year and the proceeds will be used to expand its broadband Internet business and fibre optic network, the company said in a statement to the stock exchange.

The telecoms group plans to hold about one-third of the fund with an estimated investment of 16.7-23.3 billion baht.

 

Jasmine is the latest Thai firm to announce plans to raise money by transferring assets to an infrastructure fund.

Telecoms group True Corp, majority-owned by Thai billionaire Dhanin Chearavanont’s CP Group, said in July it aims to raise at least $2.25 billion by listing an infrastructure fund.

Source: Reuters (Reporting by Khettiya Jittapong)