SEC THE OFFICE OF SECURITIES AND EXCHANGE COMMISSION
15th July 1999
To Managing Director
ING (Thailand) Mutual Fund Management Securities Co., Ltd.
No. Kor Lor Tor. Nor. 1089/2542 Re: Application for approval to
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establish and manage Mutual Fund Immovable Asset Bangkok RE Fund
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Pursuant to the letter of your company No. ING. 044/2542, dated 20th
May 1999, No. ING. 059/2542, dated 27th May 1999, No. ING. 088/2542, dated 18th
June 1999, No. ING. 106/2542, dated 9th July 1999 and No. ING 107/2542, dated
12th July 1999, applying for approval to establish and manage the Mutual fund
Immovable Asset Bangkok RE Fund, which is a mutual fund of immovable asset to
solve the problem in the financial institute, the type no repurchase of the
investment unit, the amount of capital of the project is 1,000 Million Baht and
not prescribing the ending period of the project, as per details already stated:
The Office has considered and would like to state as follows:
1.It is approved that your company may establish and manage the Mutual
Fund Immovable Asset Bangkok RE Fund, which is a mutual fund of immovable asset
to solve the problem in the financial institute, the type no repurchase of the
investment unit, the amount of capital of the project is 1,000 Million Baht and
not prescribing the ending period of the project, as per details already stated,
as applied for;
2. It is permitted that Asia Properties Inc. may hold the investment
unit of the Mutual Fund Immovable Asset Bangkok RE Fund for not more than 99% of
the total units sold of the Mutual Fund. This is with the condition that this
Mutual Fund will invest in the immovable asset, which Asia Properties Inc. or
associate company is the owner, by not more than One-third of net asset of the
mutual fund, and said Mutual Fund shall have holders of the investment unit as
the institute investors according to the Notification of the SET and Securities
Commission, No. Gor Jor. 13/2539; Re: Submission and exemption of the submission
of the particulars and information on the offer to sell securities, dated 12th
September, B.E. 2539, for not less than 10 institutes.
For your information
Yours faithfully,
Signature
(Mr. Pakorn Malahul Ayudhaya)
Secretary-General
Investment Management Supervision Department
Tel. 252-3223 ext. 2734
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