Jasmine presses ahead with fund listing plan to support Triple T expansion

14 Nov 2014

Reuters reports that Thai telecoms group Jasmine International said in a stock market filing today it plans to raise up to THB65 billion (USD1.98 billion) through the initial public offering (IPO) of an infrastructure fund. The listing, advised by Bualuan Securities, a brokerage arm of Bangkok Bank, is pending approval from the Thai Securities and Exchange Commission (SEC). Jasmine will transfer its fibre-optic broadband transmission/access network assets to the fund and use the proceeds of the IPO to expand its broadband business further. The launch of the Jasmine Broadband Internet Infrastructure Fund was previously put on hold due to political upheaval and legal tangles with provincial Thai telco TT&T, Jasmine’s former subsidiary and estranged partner in high speed network operator Triple T Broadband. Jasmine plans to invest about THB10 billion in 2015-2017 to expand its networks and aims to have two million broadband subscribers in 2015, according to the SEC filing. TeleGeography’s GlobalComms Database notes that Triple T Broadband reached 1.54 million broadband subscribers at the end of June 2014 (according to Jasmine’s Q2 2014 financial report), having grown the business from half a million subscribers at end-2009.

Thailand, Jasmine International Group, Triple T Broadband (3BB)