NEW YORK, July 19, 2013 /PRNewswire/ -- The Thai Capital
Fund, Inc. (NYSE MKT:TF) (the "Fund") today announced that in
connection with the liquidation and dissolution of the Fund, the
Fund has appointed SCB Asset Management Co. Ltd. ("SCBAM"), the
Fund's investment manager, as liquidator of the Fund's investment
plan ("Investment Plan") which was established in conformity with
Thai law, through which the Fund invests in Thai securities.
The Fund will apply for liquidation of the Investment Plan with the
Thai Securities and Exchange Commission by August 31, 2013. Following liquidation of the
Investment Plan, the Fund anticipates dissolution of the Fund to
occur by September 30, 2013.
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SCBAM intends to liquidate the Fund's portfolio during July and
the Fund anticipates paying an initial liquidating distribution, in
an amount equal to approximately 90% of the proceeds of the
liquidation of the Fund's portfolio, to stockholders on or about
August 15, 2013. Following the
distribution to stockholders, the Fund will pay unpaid liabilities
and obligations of the Fund. It is anticipated that an additional
liquidating distribution will be made prior to the dissolution of
the Fund in September 2013. It should
be noted that the foregoing dates are contingent on timely receipt
of Thai regulatory approvals.
In connection with the liquidation of the Fund, the Fund
announced that the Fund's shares will continue to trade on the NYSE
MKT at least through the date of the initial liquidating
distribution and will be suspended from trading prior to the
dissolution of the Fund.
About the Fund: The Thai Capital Fund, Inc. is a
non-diversified, closed-end fund with $44.1
million in net assets as of July 18,
2013. The Fund seeks long-term capital appreciation which it
seeks through investment primarily in equity securities of Thai
companies.
Closed-end funds are traded on the secondary market through one
of the stock exchanges. The Fund's investment return and principal
value will fluctuate so that an investor's shares may be worth more
or less than the original cost. Shares of closed-end funds may
trade above (a premium) or below (a discount) the net asset value
(NAV) of the fund's portfolio. There is no assurance that the Fund
will achieve its investment objective. Past performance does not
guarantee future results.
SOURCE The Thai Capital Fund, Inc.