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INVESTING
NUNTAWUN POLKUAMDEE
Kuwait's sovereign wealth fund has expressed interest in investing in Thailand, particularly in the country's food sector, according to Patareeya Benjapolchai, the president of the Stock Exchange of Thailand.
She said Kuwaiti investors had expressed interest in participating in the SET's matching fund programme, an initiative expected to be launched this month aimed at raising up to eight billion baht from institutional funds to invest in local stocks.
Kuwaiti and other investors from the Middle East, flush with funds from the sharp increase in global oil prices, have a number of large investments in Thailand, including in the health-care and property sectors.
''Up to now, investment from Kuwait in the Thai market has been made primarily though funds with an investment focus on the Asean market,'' Mrs Patareeya said.
''Now they have expressed interest in investing in the matching fund programme through local asset management companies. It will depend on what each asset manager will present as an attraction.''
A number of asset management companies have already expressed interest in establishing matching funds, which would each have different investment strategies, whether it be a focus on small-cap stocks, growth stocks or large, blue-chip stocks.
Ayudhya Fund Management has already proposed to the SET establishing one matching fund under its existing AYF Tuntawee Fund 5 (AYFTW5).
Chatrapee Tantixalerm, the AYF chief executive, said the fund's investment structure was in line with SET requirements that the fund must have at least one partner.
''[AYFTW5] was created in partnership with Kiatnakin Securities. We see using this fund as more convenient than simply establishing a new one,'' he said.
The AYFTW5 fund currently has net assets of 150 million baht with a focus on high-growth stocks.
Its portfolio ranges from 12 to 18 stocks at any time.
Mr Chatrapee said that if the fund was approved by authorities, AYF would have to raise additional capital of 300 million baht for the fund to meet SET requirements.
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