Thai state fund to raise $4.5B through public offering

The fund, which guarantees investors an annual return of at least 3% for 10 years, will issue 15 billion new units at a par value of THB10 each on Wednesday, it said in a statement as reported by Bloomberg.

The fund will use the money raised to invest in businesses that are necessary and beneficial to the country economically, and they usually need promotion from the government, according to the Bangkok Post.

The SET 100 Index, which is a basket of the 100 most valuable stocks in Thailand, was among the worst performers in Southeast Asia in the first seven months, plunging by 10%.

Foreigners sold $3.4 billion worth of shares in the period.

It has since been recovering to the highest in 12 months.

Finance Minister Pichai Chunhavajira last month told reporters that the expansion of Vayupak Fund should "restore confidence in the capital market."