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.
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.