The Singapore Fund, Inc. is a non-diversified, closed-end management investment company, whose shares are listed on the New York Stock Exchange (symbol:SGF). Its primary investment objective is capital appreciation, which it seeks through investment primarily in Singapore equity securities and to a lesser degree, investment in equity securities issued by companies in ASEAN Group countries. The ASEAN Group currently is composed of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar (formerly Burma), the Philippines, Singapore, Thailand and Vietnam.
Address : The principal office of The Singapore Fund, Inc. (the "Fund") is:
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The Singapore Fund, Inc.
c/o Daiwa Securities Trust Company
One Evertrust Plaza
Jersey City, NJ 07302 USA
Telephone: (201) 915-3054
24 hour Toll Free Daily NAV & Market Price Updates: (800) 933-3440 or (201) 915-3020
Fax Number:(201) 915-3019 or (201) 333-6235
Email: okeefej@daiwastc.com
The Fund:
The Fund is a non-diversified, closed-end management investment company incorporated under the laws of the State of Maryland on May 31, 1990.
Initial Public Offering :
5,000,000 shares of common stock, at an offering price of U.S. $12 per share.
The Fund commenced investment operations on July 23, 1990, with net proceeds from the sale of shares of approximately U.S. $55,800,000.
The Fund has been listed on the New York Stock Exchange under the ticker symbol "SGF" since July 24, 1990. You may purchase shares by contacting your broker. You may not purchase shares directly from the Fund.
The Fund's net asset value ("NAV") is calculated daily.
Capital Structure:
Common stock: 100,000,000 shares authorized, with 9,477,893 shares outstanding as of December 31, 2008.
The Fund's common stock CUSIP number is:
82929L 10 9.
Investment Manager:
The Fund's investment manager, DBS Asset Management (United States) Pte. Ltd., ("DBSAM"), located at 8 Cross Street, #27-01, PWC Building, Singapore 048424, is an indirect subsidiary of DBS Asset Management Limited, which, in turn, is a wholly-owned subsidiary of the Development Bank of Singapore.
DBSAM is an investment advisory firm registered under the U.S. Investment Advisers Act of 1940, as amended.
Investment Adviser :
The Fund's investment adviser is Daiwa SB Investments (Singapore) Ltd. ("DSBI Singapore"), formerly known as Daiwa International Capital Management (Singapore) Ltd., a corporation organized under the laws of the Republic of Singapore. It is a wholly-owned subsidiary of Daiwa SB Investments Ltd., which is a leading investment organization in Japan with approximately U.S. $52.1 billion under management as of March 31, 2008. Its principal address in Singapore is 152 Beach Road, #06-01/02 The Gateway East, Singapore 189721.
DSBI is an investment adviser registered under the U.S. Investment Advisers Act of 1940, as amended, and the Monetary Authority of Singapore.
Investment Objective :
The Fund's investment objective is long-term capital appreciation which it seeks through investment primarily in Singapore equity securities.
The Fund, to a lesser degree may also invest in the ASEAN Group, which is composed of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar (formerly known as Burma), the Philippines, Thailand and Vietnam, as the markets for securities develop in these countries.
The Fund does not engage in hedging, although it is a permitted strategy for the Fund.
Investment Approach :
The Fund invests primarily in Singapore equity securities such as common stock, preferred stock, warrants and convertible debt securities of issuers which are traded on securities exchanges or over-the-counter markets in Singapore, which derive the majority of their revenue from goods or services in Singapore, or which are organized and principally located in Singapore. Under normal circumstances, the Fund intends to invest at least 80% of its total assets in Singapore equity securities, in accordance with its Investment objective.
Rights Offerings:
The Fund has had two transferable rights offerings, which were fully subscribed. The first offering expired on November 19, 1993. The Fund issued an additional 1,710,000 shares of common stock. The proceeds, net of fees and expenses, were approximately U.S. $26.3 million. The second offering expired on August 25, 1995. The Fund issued an additional 2,295,000 shares of common stock. The proceeds, net of fees and expenses, were approximately U.S. $26.8 million.
Fund's Ability to Repurchase Shares:
From time to time, the Fund may purchase shares of its common stock in the open market, at prevailing market prices and in such amounts as the Board of Directors may deem advisable.
Dividends:
The Fund intends to distribute, at least annually, substantially all of its investment company taxable income and net realized long-term capital gains, if any, in excess of net realized short-term capital losses. The Fund generally declares any dividends to be paid at the regular December quarterly meeting of its Board of Directors.
The Fund has a Dividend Reinvestment and Cash Purchase Plan (the "Plan") available to shareholders, which offers automatic reinvestment of dividends and capital gain distributions in additional shares. The Plan also offers the opportunity for semi-annual cash investments in February and August of each year to registered shareholders participating in the Plan. This feature allows the participants to purchase additional shares in the open market through the Plan Agent. Information about this Plan can be obtained by contacting American Stock Transfer & Trust Company, at (866) 669-9903 or (718) 921-8124.
Other Significant Information :
The Fund publishes reports to its stockholders semi-annually and generally distributes earnings press releases on a quarterly basis. The Fund does not publish an annual prospectus.
The Fund's Articles of Incorporation contain various anti-takeover provisions, which includes a staggered election of its Board of Directors, encompassing three classes of Directors. Each class stands for re-election every third year.
A complete list of the Fund's Directors and Officers can be found in the Fund's latest annual or semi-annual report to its stockholders.
Dividend and interest income on Singaporean portfolio holdings is subject to withholding taxes at the source.
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