• Resources
  • Blog
  • Journalists
  • Log In
  • Sign Up
  • Data Privacy
  • Send a Release
Cision PR Newswire: news distribution, targeting and monitoring home
  • News
  • Products
    • Overview
    • Distribution by PR Newswire
    • Cision Communications Cloud®
    • Cision IR
    • Sponsored Placement
    • All Products
  • Contact
    • General Inquiries
    • Request a Demo
    • Editorial Bureaus
    • Partnerships
    • Media Inquiries
    • Worldwide Offices

 

When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • English-only
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business & Money
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

      • In-Language News

      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • Sponsored Placement
  • All Products
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO
    • Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR

The Singapore Fund, Inc. Announces Final Results of In-kind Tender Offer and Releases Schedule of Investments


News provided by

The Singapore Fund, Inc.

Mar 20, 2012, 08:29 ET

Share this article

Share this article


PHILADELPHIA, March 20, 2012 /PRNewswire/ -- The Board of Directors of The Singapore Fund, Inc. (NYSE: SGF) (the "Fund") announced today that in accordance with its tender offer (the "Offer") to purchase up to 25% of the Fund's outstanding shares of common stock ("Shares"), which expired at 11:59 p.m. New York City time, on Wednesday, March 14, 2012 (the "Expiration Date"), the Fund has accepted 2,499,192 properly tendered Shares, representing 25% of the Fund's outstanding Shares, at a price per share of $14.07 (the "Purchase Price").  The Purchase Price is equal to 99% of the Fund's net asset value ("NAV") per Share as of the close of regular trading on the New York Stock Exchange on March 15, 2012.  The total value of the assets of the Fund to be distributed in payment for such properly tendered shares accepted in the Offer based on the Purchase Price is $35.2 million.   

In the Offer, 4,841,506 Shares, or 48.4% of the Fund's outstanding Shares, were validly tendered and not withdrawn prior to the Expiration Date.  In accordance with the terms of the Offer, the Fund accepted Shares on a pro-rata basis from all tendering stockholders, except that the Fund accepted all Shares tendered by stockholders who own fewer than 100 Shares and tendered all their Shares for purchase in the Offer before pro-rating the Shares tendered by other stockholders.  Accordingly, on a pro-rata basis, the Fund has accepted for payment approximately 51.3% of the Shares validly tendered in the Offer. 

The Fund released today its Schedule of Investments at March 15, 2012, comprising the proceeds (excluding cash) to be distributed in connection with the Offer.  The market value of each of these portfolio securities may increase or decrease before the actual receipt by stockholders of such portfolio securities.  In order to avoid the potential burden on the Fund's stockholders resulting from receiving an amount of portfolio securities below conventional minimum trading thresholds in Singapore, the Fund will pay cash with respect to each portfolio security as to which a stockholder would receive a distribution of fewer than 1,000 shares (an "Odd Lot") of that portfolio security.  Due to the large size of the conventional minimum trading threshold in Singapore, any stockholder that tendered fewer than 5,621 Shares in the Offer will be allocated fewer than 1,000 shares with respect to each of the portfolio securities and will therefore receive solely cash in exchange for their Shares in the Offer. 

The cash portion of the purchase price will be paid to participating stockholders and the pro-rata portion of the Fund's portfolio securities will be transferred to participating stockholders' Singaporean Accounts (as defined below) as soon as practicable after the Expiration Date.  However, as set forth in the Fund's Offer to Repurchase dated February 14, 2012 and related documents (the "Offer Documents"), certain factors could cause delays in the physical delivery and/or settlement of the portfolio securities in the Singaporean Accounts, and these delays could extend for a month or more.  Participating stockholders were reminded in past press releases and in the Offer Documents that in order to receive portfolio securities as a result of participating in the Offer, they must directly or indirectly (through a broker, custodian or depository agent) maintain or establish a securities account capable of receiving and holding the Portfolio Securities with the Central Depository in Singapore, the Central Depository (Pte) Limited (the "CDP") (a "Singapore Account").Participating stockholders were advised to consult with their Singaporean securities broker or custodian and to submit any additional instructions or confirmations before the Expiration Date or as quickly as possible thereafter to avoid any delay in payment. The Fund is neither responsible nor liable in any manner for any delay participating stockholders may experience (as well as any possible fluctuations in the value of the proceeds) in the receipt of their Offer proceeds as a result of these additional requirements imposed by certain Singaporean securities brokers or custodians. Participating stockholders who tendered 5,621 or more Shares in the Offer and whose shares were accepted for purchase by the Fund are urged to confirm with their Singaporean securities broker or custodian the receipt of their Offer proceeds.

The Offer was not part of a plan to liquidate the Fund. Stockholder participation was not mandatory as stockholders can continue to purchase and sell Fund shares in cash transactions on the New York Stock Exchange.

The Offer was not extended to (nor were tendered Shares accepted from or on behalf of) stockholders residing in any jurisdiction in which the offering of the Offer or its acceptance would not be in compliance with the laws of such jurisdiction. The manner of payment of proceeds may be adjusted to accommodate restrictions in certain jurisdictions. To the extent that the securities laws of any jurisdiction required the Offer to be made by a licensed broker or dealer, the Offer shall be deemed to have been made on the Fund's behalf by one or more registered brokers or dealers licensed under the laws of such jurisdiction.

The terms and conditions of the Offer were set forth in the Offer Documents which were mailed to record holders on or about February 14, 2012. The Offer will generally be a taxable transaction for participating stockholders and participating stockholders are encouraged to consult their own tax advisers regarding the consequences of participation in the Offer.  For further information, contact the Fund's Investor Relations office at 1-866-839-5205, or email [email protected].

Additional information regarding the Fund can be obtained on the Fund's website at www.aberdeensgf.com.

The Singapore Fund, Inc.

Schedule of Investments as of March 15, 2012 (Unaudited)

Security Name

Shares Held

Market Value

DBS Group Holdings, Ltd.

510,000

$

5,791,607

Oversea-Chinese Banking Corp. Ltd.

1,834,641

12,961,665

United Overseas Bank, Ltd.

855,397

12,505,804

Singapore Press Holdings Ltd.

422,000

1,280,607

Jardine Matheson Holdings Ltd.

164,400

8,704,980

F J Benjamin Holdings Ltd.

2,500,000

671,724

Jardine Cycle & Carriage Ltd.

62,000

2,395,922

Jardine Strategic Holdings Ltd.

70,000

2,284,100

WBL Corporation Ltd.

1,037,000

2,901,043

Hong Leong Finance Ltd.

1,034,000

1,993,804

CSE Global Ltd.

1,407,000

928,438

Venture Corp.

700,000

4,923,344

Singapore Exchange Ltd.

857,000

4,794,974

BreadTalk Group Ltd.

1,000,000

446,499

Fraser & Neave Ltd.

1,680,000

8,961,593

Eu Yan Sang International Ltd.

3,500,000

1,936,147

Raffles Medical Group Ltd.

1,150,000

2,135,688

Singapore Technologies Engineering Ltd.

2,200,000

5,459,143

Bukit Sembawang Estates Ltd.

1,169,000

4,452,805

City Developments Ltd.

948,000

8,405,690

Hongkong Land Holdings Ltd.

669,000

3,853,440

Wheelock Properties Ltd.

2,700,000

3,456,615

CDL Hospitality Trusts

3,260,000

4,469,812

Keppel Corp. Ltd.

1,208,500

10,486,273

Sembcorp Marine Ltd.

1,456,000

6,144,334

Singapore Telecommunications Ltd.

2,500,000

6,183,815

SATS Ltd.

1,200,000

2,294,927

Singapore Airlines Ltd.

520,000

4,520,310

Comfortdelgro Corp. Ltd.

2,470,000

2,927,928

Singapore Post Ltd.

2,440,000

1,880,038

Important Information

The Fund is a closed-end management investment company that seeks long-term capital appreciation by investing primarily in Singapore equity securities. The Fund Shares are traded on the New York Stock Exchange under the trading symbol "SGF".

The investment return and principal value of the Fund's Shares 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 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.

International investing entails special risk considerations, including currency fluctuations, lower liquidity, economic and political risks, and differences in accounting methods; these risks are generally heightened for single country funds.

Aberdeen Asset Management is the marketing name in the U.S. for the following affiliated, registered investment advisers: Aberdeen Asset Management Inc., Aberdeen Asset Managers Limited, Aberdeen Asset Management Ltd. and Aberdeen Asset Management Asia Ltd. (collectively, the 'Aberdeen Advisers'). Each of the Aberdeen Advisers is wholly owned by Aberdeen Asset Management PLC. "Aberdeen" is a U.S. registered service mark of Aberdeen Asset Management PLC.

If you wish to receive this information electronically, please contact: [email protected]

SOURCE The Singapore Fund, Inc.

Modal title

Contact Cision

  • Cision Distribution 888-776-0942
    from 8 AM - 9 PM ET

  • Chat with an Expert
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices

Products

  • Cision Communication Cloud®
  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • For Small Business
  • All Products

About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • COVID-19 Resources
  • Accessibility Statement
  • Asia
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Israel
  • Italy
  • Mexico
  • Middle East
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United Kingdom

My Services

  • All New Releases
  • Online Member Center
  • ProfNet

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Center
  • ProfNet
Cision Distribution Helpline
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2022 Cision US Inc.