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INVESTING
DARANA CHUDASRI
A new venture capital fund sponsored by the Market for Alternative Investment could be delayed until the first quarter of 2009 due to poor market sentiment, says Prapan Charoenprawatt, an MAI vice-president.
The Stock Exchange of Thailand last December approved a one-billion-baht venture capital fund to invest in small and medium-sized enterprises seeking to list on the MAI.
Mr Prapan said the fund had a long-term investment horizon, as it would take at least three years before any company listed on the exchange.
Even after a listing, the fund would be subject to a one-year silent period before it could sell off its holdings and book capital gains for investors.
To qualify for tax privileges, he said, the fund would have to be at least 200 million baht in size.
The SET plans to initially invest 100 million baht in the fund, with another 100 million from institutional investors.
Professional fund managers would oversee the fund.
Three companies are currently licensed by the Securities and Exchange Commission to provide venture capital services: BVP Venture Capital Management, VNET Venture Capital Management and Khao Kla Venture Capital Management.
Patamaporn Chaiyakool, the managing director of Khao Kla Venture Capital, a subsidiary of Kasikornbank, said the company was interested in bidding for the matching fund mandate.
She said she believed institutional investors could be found to co-invest in the fund, but that finalising a deal would likely take until the fourth quarter or early 2009. Khao Kla currently has outstanding investments of 53 million baht in four SMEs.
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