Bangkok, 29 March 2024 – The Securities and Exchange Commission (SEC) advises the unitholders of Urbana Property Fund (Leasehold) (URBNPF) to participate in the unitholders’ meeting to be held on 17 April 2024 to get updates on the situation and operational directions of the Fund, inquire about relevant information and closely monitor the Fund’s financial liquidity. This is because it could lead to the termination of the lease agreement and the dissolution of the Fund.  

Kiatnakin Phatra Asset Management Co., Ltd., the management company of URBNPF, will hold the annual unitholders’ meeting on 17 April 2024 at 10.00 a.m. – 12.00 p.m. to present the reporting of the information for the year 2023, and to allow investors to inquire about relevant information. The meeting will be held online via Microsoft Team*. 

Meanwhile, Kiatnakin Phatra has notified the Stock Exchange of Thailand (SET) of the Fund’s lack of financial liquidity because Urbana Estate Co., Ltd., the sub-lessee, failed to pay rent to the Fund. This has resulted in the Fund’s potential inability to pay rent to the Crown Property Bureau (CPB), the lessor, due on 31 March 2024. Such circumstances may lead to the Fund’s breach of the lease agreement with the lessor. Subsequently, the lessor may terminate the lease agreement with the Fund. Additionally, the Fund’s inability to invest in the aforementioned lease may trigger the termination of the Fund as stipulated in the Fund Scheme. 

The SEC therefore recommends that the URBNPF unitholders participate in the annual unitholders’ meeting to be informed of the progress of the current situations and the Fund’s operating strategies and make further inquiries with the management company to gather comprehensive and adequate information for making investment decisions and to closely monitor the Fund’s situations, including information regarding rental payments to the lessor on 31 March 2024.   

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Remark: * Annual Report 2023 and the annual unitholders’ meeting 2024 of Urbana Property Fund (Leasehold): https://am.kkpfg.com/th/news/2024032665811