The Company is incorporated in Bermuda and is structured as a close-ended fund, with a minimum initial subscription for shares by an investor of US$500,000.00.
The Company was created pursuant to a scheme of arrangement whereby the shareholders of The Asia Specialist Growth Fund Limited, The Asia Opportunities Fund Limited and The Land Development Fund Limited received shares in the Company in consideration for the said shareholders transferring their shares in such funds to the Company.
The investment objective of the Company is to provide its Shareholders with long-term capital growth through a portfolio of mainly unquoted equities and direct investments in Asia, with a particular focus on development land and real estate.
The investment policy of the Company will be to achieve long-term capital growth through a portfolio of assets, primarily consisting of investments in Thailand and the Philippines. Investments will also be considered elsewhere in Asia. Investments will focus on real property, development land, and property related stocks. The majority of the assets are expected to be in direct investments in development land, other types of real property and/or unquoted shares. The Company may also invest in mutual funds or closed-ended companies which invest mainly in Asia.
The listing of The New Asian Property Fund Limited's Ordinary Voting Shares is sponsored by Bermuda International Securities Ltd., (a wholly owned subsidiary of The Bank of Bermuda Limited, Hamilton, Bermuda). The securities are being listed under the Listing Regulations for Collective Investment Schemes and the provisions for Restricted Marketing.
"The BSX welcomes The New Asian Property Fund Limited", said Mr. James S. McKirdy, Listing Manager of the BSX.