The Thai Capital Fund, Inc. is a non-diversified, closed-end management investment company, whose shares are listed on the NYSE/AMEX (symbol:TF). The Fund seeks long-term capital appreciation through investment, primarily in equity securities of Thai companies.
The principal office of The Thai Capital Fund, Inc. (The "Fund") is located at:
The Thai Capital Fund, Inc.
c/o Aberdeen Asset Management Inc.
1735 Market Street, 32nd Floor
Philadelphia, PA 19103 U.S.A.
The Fund :
The Fund is a non-diversified, closed-end management investment company incorporated under the laws of the State of Maryland on March 14, 1990.
Initial Public Offering :
6,000,000 shares of common stock, at an offering price of U.S. $12 per share.
The Fund commenced investment operations on May 30, 1990, with net proceeds from the sale of shares of approximately U.S. $68,634,000.
The Fund has been listed on the NYSE/AMEX under the ticker symbol "TF" since December 24, 2003. 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 3,564,814 shares outstanding as of June 30, 2011.
The Fund's common stock CUSIP number is:
The Fund's investment manager is SCB Asset Management Co., Ltd. ("SCBAM"), a limited company organized under the laws of the Kingdom of Thailand. SCBAM holds a license to manage Thai investment plans. SCBAM is located at 19 Ratchadapisek Rd., Chatuchak, Bangkok 10900, Thailand.
SCBAM is an investment advisory firm registered under the U.S. Investment Advisers Act of 1940, as amended.
Investment Objective :
The Fund's investment objective is long-term capital appreciation which it seeks through investment primarily in equity securities of Thai companies.
The Fund does not engage in hedging, although it is a permitted strategy for the Fund.
Investment Approach :
The Fund makes its investments in Thailand indirectly through an investment plan established under Thai law. The Fund invests its assets over a broad spectrum of Thai industries.
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.
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) 669-9905 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.
Because the Fund invests through a Thai investment plan, there is no withholding taxes on dividend and interest income paid to the investment plan. However, remittances from the investment plan to the Fund to pay Fund dividends, as permitted under Thai legal requirements, are subject to a Thai withholding tax of 10% of the amount remitted.