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1. The Asia Specialist Growth Fund (ASGF), 1998
AB Capital was appointed as Local Adviser in the Philippines of ASGF,
a Luxembourg-based closed-end fund dedicated to investments in
property sector in Asia, such as in Indonesia, Philippines, South
Korea, Taiwan and China. ASGF's investments have reached US$60.4
million.
AB Capital completed its first transaction with ASGF with the
latter's US$6 million investment in Medical Plaza, Ortigas, a
medical arts condominium project of Meriden Development Group. ASGF
has also earmarked US$9.26 million for properties in Essensa East
Forbes, Meriden's landmark luxury reisdential condominium project.
Major stockholders of ASGF include the Dharmala Group of Indonesia,
Abbey Life of UK, the Malay Officers Credit Cooperative and
Investment Society of Malaysia, and institutional investors of
Jupiter International Group PLC.
2. Walden AB Ayala Ventures Company, Inc.
(WAAVC), 1995
AB Capital, together with the Walden Group and Ayala Corporation,
has established a venture capital fund to act as a vehicle for
institutional investors seeking to participate in the growing
Philippine economy.
AB Capital believes that WAAVC can act as an important catalyst for
business formation, job creation, and technology development in a
manner consistent with the development objectives of the
Philippines.
3. First Philippine Investment Trust Plc.
(FPIT), 1989
AB Capital was mandated to be the Investment Manager of FPIT, a
foreign investment fund listed on the London Stock Exchange
primarily devoted to investments in listed Philippine equity
securities.
FPIT's assets grew from a base of £25 million in 1989 to £49.9
million before it was successfully closed on June 30, 1997.
Major stockholders of FPIT include Glyn Mills Nominees Ltd., British
Overseas Bank Nominees Ltd., and Bank of Scotland Nominees Ltd. &
The Royal Bank of Scotland Trust Company Ltd.
4. Philippine Long Term Equity Fund (PLTEF),
1987
AB Capital achieved the distinction of being the first institution
to establish a closed-end foreign fund exclusively dedicated to
unlisted investments in the Philippines. Likewise, PLTEF is the
first direct investment country fund that has successfully completed
the investment management cycle.
Its asset base has grown from an initial capitalization of US$19.8
million to over US$79 million prior to two redemptions which reduced
the size of the fund to US$13.6 million as of December, 1998.
Major stockholders include Govett Oriental Investment Trust Plc.,
Chase Manhattan (Hongkong) Nominees Ltd, and Bank of Scotland London
Nominees Ltd.
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