CPN FUND SETS PRICES OF UNIT TRUSTS AT BT8.90 FOR CENTRAL PINKLAO INVESTMENT

       CPN Retail Growth Leasehold Rpoperty Fund (CPNRF) has priced 544.83 million new unit trusts at Bt8.90 per unit as part of its plan to invest Bt5.68 billion of fresh funds in Central Plaza Pinklao.
       "The offering price was based on the book-building process hile the investment in Central Plaza Pinklao seems to be appropriate with the asset quality," Jotika Savananada, president of SCB Asset Management, said yesterday.
       The offering price is below the peoperty fund's market price of Bt9.15.
       To raise Bt4.85 billion, at least a half of the new units will be sold to existing holders at the ratio of 0.2505 of a new unit to each existing unit, while the rest will be sold throuht private placement and public offering.
       Subscriptions, starting at 5,000 uints, will be acceptedfrom
       "The offering price was based on the book-building process while the investment in Central Plaza Pinklao seems to be apporopriate with the aset quality." October 16-27 at Siam Commercial Bank branches nationwide.
       SCB last week extended a Bt1 billion credit facility to the property fund to finance the investment in Central Plaza Pinklao by partially letting the shopping plaza, two office buildings, and in-building parking spaces totalling 58,303 square metres, for a term of 15 years.
       Following the fund-raising, CPNRF's assets will increase to as much as Bt17 billin from Bt10.92 billion, making it the largest property fund in the country.
       The investment in Central Pinklao allows CPNRF, which currently is invested in Central Plaza Rama II and Central Plaza Rama III, to diversify its income risk, she said.
       The property fund is expected to produce a return of 10.7-11.1 per cent next year.