PHILADELPHIA, March 15, 2016 /PRNewswire/ -- Aberdeen
Singapore Fund, Inc. (the "Fund") (NYSE: SGF), a closed-end
equity fund, announced today that its Board of Directors (the
"Board") concluded that it was in the best interest of stockholders
to suspend the Fund's managed distribution policy (the "Policy").
The suspension of the Policy does not impact the Fund's overall
objective of seeking capital appreciation through investments
primarily in Singapore equity
securities. Also the Board remains committed to its oversight of
the Fund's discount, and intends to continue the Fund's Discount
Management and Open Market Repurchase Policies. The observance
of unusually wide discounts to NAV of the Fund in the current
market environment has led the Board to conclude that share
repurchases are a more attractive and potentially more impactful
means of managing the discount.
![Aberdeen Asset Management Inc. At Aberdeen, asset management is our business. We only manage assets for clients, allowing us to focus solely on their needs and deliver independent, objective investment advice. We know global markets from the local level upwards, drawing on more than 1,900 staff, across 32 offices in 23 countries. Investment teams are based in the markets or regions where they invest, delivering local perspective in a global investment environment. Aberdeen Asset Management Inc. At Aberdeen, asset management is our business. We only manage assets for clients, allowing us to focus solely on their needs and deliver independent, objective investment advice. We know global markets from the local level upwards, drawing on more than 1,900 staff, across 32 offices in 23 countries. Investment teams are based in the markets or regions where they invest, delivering local perspective in a global investment environment.](http://photos.prnewswire.com/prnvar/20121106/NE07292LOGO)
Under the Policy, the Fund paid quarterly distributions at an
annual rate, set once a year, that was a percentage of the rolling
average of the Fund's prior four quarter-end net asset values
("NAV"). The annual rate was most recently set at 8%, effective
with the distribution declared in March
2015. The distributions paid under the Policy were made from
current income, supplemented by realized capital gains and, to the
extent necessary, paid-in capital, which is a non-taxable return of
capital.
During the regular review of the Policy by the Board, among
other things, the Board considered the Policy's potential to
increase liquidity for common stockholders, and the potential such
distributions would have, if any, on narrowing the Fund's discount
to NAV. It was also noted that the use of the policy over
time, together with market conditions, has diminished the level of
unrealized gains available in the Fund to support the Policy.
Closed-end funds typically 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.
If you wish to receive this information electronically, please
contact: InvestorRelations@aberdeen-asset.com
aberdeensgf.com
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SOURCE Aberdeen Singapore Fund, Inc.