COMPANY BACKGROUND
SPF is one of Thailand's leading property funds. The Fund
invests in leasehold rights to operate Samui Airport for 30
years (2006-2036). Bangkok Airways, the sponsor, has
voluntarily agreed to retain at least 25% stake in the fund
for 20 years in order to align its interests with the fund. BA
has 25.1% stake in the fund.
SPF’s revenues correlate with the number of passengers and
flights flying from and to Samui Airport, based on the
following formula. All operating expenses and capital
expenditure are borne by the operator, Bangkok Airways.
This eliminates operating cost risks at the fund.