Subscription of SC Asset Corporation Plc (SC)’s debentures far exceeded the set target, clearly indicating investors’ confidence in the property developer despite the economic fallout from the COVID-19 outbreak.
Mr. Attapol Sariddipuntawat, SC’s chief corporate officer, said the company issued three-year debentures at a fixed interest rate of 3 per cent per year. This is the third time that SC Asset, a leading property developer in Thailand that offers “living solutions”, has issued debentures this year.
“The fact that subscription has exceeded the target shows that investors, especially institutional ones, have strong confidence in the company. SC Asset initially planned to issue debentures worth 600 million baht, but after the interest shown was six times more than expected, the company increased the debenture value to 1.2 billion baht,” he said.
Attapol added that though the country is still struggling with the COVID-19 epidemic and has imposed lockdown measures in Bangkok and other dark-red zone provinces, investors have continued showing interest in subscribing to SC’s debentures. He added that the company thanks investors who have faith in SC’s financial results as well as financial institutes, advisors and underwriters who have made this issue a success. The debentures are being sold by Kasikorn Bank, CIMB Thai Bank and TMB Thanachart Bank.
“SC plans to spend some of the funds to roll over debentures that will expire in August and some on purchasing land for the development of new projects in 2021-2022. This is part of SC’s business growth plan with the aim of becoming a market leader,” he said.
He added that the company is planning to issue debentures worth 3 billion baht in total this year. Funds raised will be spent on the company’s operations and to repay loans taken to develop projects.