PPS plans to raise Bt500m through coin offering

The company said it would abide by the Securities and Exchange Commission’s (SEC) requirements on ICOs once the watchdog’s regulations were released.
Phongthon Tharachai, chief executive officer of PPS, said the company has joined with partners in studying the ICO route for fundraising.

“Initially, we will offer about 500 million tokens of ProfinCoin, or about Bt500 million. Our objective is to use the proceeds to finance our construction factoring extension to a customer who is also our partner,” Phongthon said.
He said PPS foresees business opportunities for construction factoring, as the construction of mega-projects previously has faced delays and some contractors suffered from a lack of liquidity.
Now, Thailand’s factoring market is worth about Bt200 billion with an average interest-based return of 8 per cent per year.
PPS expects to set up a joint venture by March 7, with pre-sales from March 15-31 ahead of the company raising capital from April 5-30. The first project’s investment is estimated on May 1.
The company aimed to follow the SEC’s rules and regulations, which are due to be introduced in the near future, for this fund mobilisation through the ICO, and once these regulations are launched, the company is ready to follow them, Phongthon said.
Chonladet Khemarattana, chief executive officer of Fintech (Thailand) Co Ltd, said that its ProfinCoin is an asset-backed token, which may be defined by the SEC as being similar to securities. 
As discussed earlier with the SEC on the fund-raising direction, he said that the regulator told the company that it could mobilise funds instantly and make any adjustments when the ICO regulations are released.
One token is equivalent to Bt1 and is asset backed in the form of cash, he said.