On July 10 JAS, the major unitholder of JASIF at 19% delivered a letter to JASMIN Infrastructure Fund (JASIF) in requesting to amend a number of agreements formerly made with JASIF.
First, JAS pledges to defer their “revenue assurance payment” valued at THB 288.69 million starting on July 1. The deferral period is set to be until a resolution of an EGM will be made. They also reiterated that the payment will be paid monthly, beginning in January 2024 until June 2024. In the meantime, there shall be no penalty impositions.
Besides deferring payment, JAS also requested the fund manager to terminate the “revenue assurance contract.”
In addition, the contract duration for the “main lease agreement” has also been requested to be extended until December 31, 2038 from January 29, 2032. Prolonged to another for 6 years.
Finally, JAS proposed lowering their “main lease agreement” payment rate from THB 454.90 to THB 402.37.
According to sources familiar with the situation, the voting for the amendment that will take place by JASIF should go well. Due to recently, the Gulf Group (SET: GULF) has continuously collected JASIF investment units at an average price of 7.00 baht, raising its stake to over 4%. Nonetheless, the vote will demand three-forth of unitholders who attends the meeting to pass the resolution for the proposal to come into effect.
