Business & Finance
Business and Finance
Business and Finance
Tue, January 4, 2011
Mon, January 3, 2011 Morgan Stanley Asia-Pacific Fund, Inc. and The Malaysia Fund, Inc. Announce Discount Management Policy
NEW YORK--([ BUSINESS WIRE ])--The Board of Directors of Morgan Stanley Asia-Pacific Fund, Inc. (NYSE: APF) and The Malaysia Fund, Inc. (NYSE: MAY) (each, a aFunda) approved a policy designed to attempt to narrow the trading discounts for each Fund (the aPolicya).
The Policy would require each Fund to conduct up to four, consecutive, semi-annual tender offers, each to purchase up to 5 percent of the Funda™s outstanding shares of common stock for cash at a price equal to 98 percent of its net asset value per share as of the close of trading on the New York Stock Exchange on the day after the date on which the tender offer expires if the following two conditions are met over a 12-week period: (i) the Funda™s shares trade at an average discount of at least 10 percent and(ii) the average discountis greater than the average trailing 18-month premium/discount plus the standard deviation of the Funda™s premium/discount during the same 18-month period. The Policy is intended to be responsive to the concerns of Fund stockholders and to appropriately take into consideration the effect of market volatility and market conditions on the Fundsa™ premium/discount. The first 12-week measurement period will commence on January 10, 2011.
In addition, the Boards of the Funds will periodically monitor whether any additional action with respect to each Funda™s trading discount is necessary and in the best interests of the Funds and their stockholders.
Morgan Stanley Investment Management Inc. (aMSIMa) is the investment adviser for the Funds. MSIM, together with its investment advisory affiliates, has more than 750 investment professionals around the world and approximately $273 billion in assets under management or supervision as of September 30, 2010. MSIM strives to provide outstanding long-term investment performance, service and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide.
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firma™s employees serve clients worldwide including corporations, governments, institutions and individuals from more than 1,300 offices in 42 countries. For further information about Morgan Stanley, please visit [ www.morganstanley.com ].
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful under the securities laws of any such state.
