Baker & McKenzie has advised True Corporation Public Company Limited (True), and its subsidiaries, known collectively as True Group, on the establishment of the True Telecommunications Growth Infrastructure Fund (TRUEGIF). The total fund value of over THB 58 billion makes it the second largest infrastructure fund in Thailand, and the fourth largest fund established in Southeast Asia in 2013.

TRUEGIF is a closed-end retail infrastructure fund which offers investment units to the general and institutional investors. Baker & McKenzie also advised SCB Asset Management Company Limited to facilitate the offering of these units. With 5,808 million investment units, the offering is comprised of both domestic and international offerings under Rule 144A and Regulation S.

The initial offering of the fund will allow TRUEGIF to invest in a variety of infrastructure assets. Among these are several telecommunication towers and other related passive telecommunications infrastructure assets, a core fiber optic cable grid and related transmission equipment, and an upcountry broadband system. TRUEGIF holds the rights to any revenue generated by the assets. True remains a major unit holder of TRUEGIF, holding approximately 33% of outstanding investment units upon the closing of the offering. After being approved by the Stock Exchange of Thailand in early December 2013, trading of the fund began on 27 December 2013.

The Baker & McKenzie team was led by the Bangkok office’s Managing Partner and co-head of the Firm's Financial Services Practice Group in Bangkok, Thinawat Bukhamana, as well as Bangkok-based partners Chaveewan Likhitwattanachai and Theppachol Kosol.

“It has been an honor to assist True, True Group and SCB Asset Management Company Limited on the establishment of this infrastructure fund,” commented  Chaveewan Likhitwattanachai.  “As Thailand seeks to expand its telecommunications infrastructure, TRUEGIF will play a major role in being able to meet customer demands across the entire nation.”

True has been listed on the Stock Exchange of Thailand since December 1993.  Its largest shareholder, Charoen Pokphand Group Company Limited and its affiliates, together hold approximately 63.33% of True Group’s total registered and paid-up capital. True Group is Thailand’s only fully-integrated, nationwide telecom operator and provides services to approximately 28 million subscribers.