News Detail

Date/Time
17 Dec 2014 17:19:00
Headline
Clarification of Appraised Value / Reviewed Appraised Values of Fund's Initial Assets
Symbol
DIF
Source
DIF
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                JorTor. 11-570518                            December 17, 2014

To:    The President
The Stock Exchange of Thailand

Re:    Clarification of Appraised Value / Reviewed Appraised Values of Fund's 
Initial Assets
TRUE Telecommunications Growth Infrastructure Fund (TRUEIF)

SCB Asset Management Co., Ltd., the Management Company of TRUE 
Telecommunications Growth Infrastructure Fund ("the Fund"), would like to
clarify the appraised values / reviewed appraised values of the Fund's Initial
Assets as follows;
During the Fund's establishment process, the Management Company has managed to 
procure appraisal of the Fund's Initial Assets in accordance with rules and
regulations as stipulated by the Office of the Securities and Exchange
Commission. The Management Company has appointed 2 appraisers as the Independent
Appraisers, namely Capital Plus Advisory Company Limited and Silom Advisory
Company Limited who have provided that the fair values of the Fund's Initial
Assets should be THB 67,313 - 76,804 million and THB 67,523 - 73,347 million
respectively (based on appraisal reports dated on September  18, 2013).
However, on December 25, 2013, the Fund has invested in the Initial Assets with 
investment value totaling THB 58,080 million which is lower than the fair values
provided by Capital Plus Advisory Company Limited and Silom Advisory Company
Limited by 12% to 24% and by 14% to 21% respectively.
Subsequently, the Management Company has engaged Silom Advisory Company Limited 
as the Independent Appraiser to perform quarterly review of appraisal value for
the period from 1st quarter 2014 to 3rd quarter 2014 in order to provide
supporting information to the Fund's auditor in reviewing the Fund's interim
financial information.
As a result, Silom Advisory Company Limited has provided the fair values of the 
Fund's Initial Assets as follows;
             unit: THB million
Reviewed appraisal report for the quarter    1/2014    2/2014    3/2014
Fair value    72,491    72,839    72,168
Net unrealized gain (loss) from investments      14,727    348    (671)
In order to determine the fair values of Initial Assets, the Independent 
Appraiser used Income Approach which calculates present value by discounting
future cash flows using appropriate discount rate. Consequently, fair values of
appraised assets depended on such factors.
The Independent Appraiser has calculated the discount rate based on Capital 
Asset Pricing Model (CAPM) which relies on subjective factors that may change
over time, such as, return on government bond, return on SET Index, and return
on assets the Independent Appraiser deems comparable to the appraised assets.
Therefore, fair values may change over time depending on the said factors.
(Investors may study additional details regarding discount rate assumption from
appraisal reports and reviewed appraisal reports.
Nevertheless, change in fair values of the Fund's Initial Assets resulting from 
the change in discount rate will only cause net unrealized gain or loss from
investments on financial statements and/or interim financial information but
will not affect cash flows on which consideration regarding dividend
distribution and/or capital reduction is based.
Investors may request for appraisal reports and reviewed appraisal reports at 
the Management Company via telephone no. +66-2-777-7777 press 0 and, then, press
6, during 8.30 - 17.00 hours of every business day or via email
prop.scbam@scb.co.th

Please be informed accordingly.

Yours Faithfully,
TRUE Telecommunications Growth Infrastructure Fund
By SCB Asset Management Company

(Mr. Sarnthor Mudhasakul)
Vice President, Property and Infrastructure Investment Group
______________________________________________________________________
This announcement was prepared and disseminated by listed company or issuer 
through the electronic system which is provided for the purpose of dissemination
of the information and related documents of listed company or issuer to the
Stock Exchange of Thailand only.  The Stock Exchange of Thailand has   no
responsibility for the correctness and completeness of any statements, figures,
reports or opinions contained in this announcement, and has no liability for any
losses and damages in any cases.  In case you have any inquiries or
clarification regarding this announcement, please directly contact listed
company or issuer who made this announcement.