SPV77 plans to raise $76.48 million in Thailand’s first initial coin offering (ICO); Vietnam’s FiinGroup will receive technical assistance from S&P Global Ratings.
SPV77 plans Thailand’s first initial coin offering
SPV77 Co Ltd has announced plans to raise 2.4 billion baht ($76.48 million) from the launch of 240 million real estate-backed digital tokens, in Thailand’s first initial coin offering (ICO).
SPV77 has filed for approval of the ICO with the country’s Securities and Exchange Commission (SEC), reported the Bangkok Post on Saturday (May 22). “SPV77, a special purpose entity set up to issue and offer Siri Hub Investment Digital Tokens (SIRIHUB) with a four-year maturity to investors, will serve as the token issuer, while SE Digital Co will be the main ICO portal,” the report stated.
The digital tokens are priced at 10 baht ($0.318) each. SPV77 plans to channel 1.568 billion baht ($49.96 million) into revenue sales and transfer agreements owned by property firm Siripat Four Co, while 832 million baht ($26.51 million) is allocated to buy a 100% stake in Siripat Four.
Siripat Four, 40% owned by Thailand property group Sansiri Group, owns the rights to Siri Campus office buildings, the underlying assets used to back the SIRIHUB tokens. After the ICO, all shares of Siripat Four are slated to be transferred to MFC Asset Management Plc, the potential trustee, to protect investors’ rights.
The tokens are slated to be listed on ERX Thailand, a digital asset exchange set up for the trading of digital assets and tokens excluding cryptocurrencies.
Vietnam’s FiinGroup receives technical assistance from S&P
Vietnam’s financial information and data analytics provider FiinGroup announced that it has entered into an agreement with S&P Global Ratings to receive technical training for its credit rating business, FiinRatings.
The assistance is provided under a technical assistance project of the Asian Development Bank and funded by Australia’s Department of Foreign Affairs and Trade.
Under the agreement, S&P Global Ratings is the technical training service provider in various aspects of Credit Rating Agency (CRA) practice and development, including analytics, compliance best practice and commercial elements.
“FiinRatings is already working closely with a number of prominent Vietnamese issuers. The technical support from ADB and S&P Global Ratings will ensure that our rating business is built with global best practices in mind from the very beginning and is critical to enhancing our capability with our local data and the Vietnamese business environment. We believe the programme will solidify our ability to bring high-quality ratings to Vietnam’s market in a way that benefits issuers and investors alike,” said Mr. Nguyen Quang Thuan, FiinGroup’s CEO.
FiinRatings, a brand and part of FiinGroup, was licensed by the Ministry of Finance to operate as a Credit Rating Agency for Vietnam. The license was awarded on 20 March 2020 to FiinGroup.
FiinRatings is the second licensed CRA business in Vietnam, with a focus on credit ratings for issuers and its instruments such as bonds.