PHILADELPHIA, Sept. 1 /PRNewswire/ -- Aberdeen Emerging Markets Telecommunications Fund, Inc. (NYSE AMEX: ETF) (the "Fund") today announced that its Board of Directors (the "Board") has approved changes to certain non-fundamental investment policies of the Fund. As a result of these policy changes, the Fund will emphasize both emerging markets telecommunications and infrastructure equity and debt securities.
In connection with these changes in non-fundamental investment policies, the Fund will change its name to reflect its new portfolio characteristics. The new name of the Fund will be Aberdeen Emerging Markets Telecommunications and Infrastructure Fund, Inc. The Fund will continue to trade on the New York Stock Exchange AMEX under its current ticker symbol and there will be no change in the Fund's cusip number.
The current and amended versions of the Fund's non-fundamental investment policies that are being revised and/or added are as follows:
Current Amended Under normal market Under normal market conditions, at conditions, at least least 80% of the 80% of the Fund's net assets, Fund's net assets, plus any borrowings plus any borrowings for investment for investment purposes, will be purposes, will be invested in equity invested in equity securities of and debt securities emerging of markets emerging markets telecommunications telecommunications companies. companies and of infrastructure companies. Under normal market conditions, at least 20% (but not more than 24.9% at the time of purchase) of the -- Fund's net assets will be invested in equity and debt securities of companies in the infrastructure industry.
The Fund also has a fundamental investment policy to invest, under normal market conditions, at least 65% of its total assets in equity securities of telecommunications companies in emerging markets. Such fundamental investment policy is not changing and may only be changed upon shareholder approval.
Aberdeen Asset Management Investment Services Limited ("AAMISL"), the Fund's investment adviser, and the Board each believe that the changes to the Fund's non-fundamental investment policies are in the best interests of the Fund's shareholders and will permit the Fund to continue to achieve its investment objective. The approved changes will not alter the Fund's investment objective of seeking long-term capital appreciation.
The Fund is required to provide shareholders 60 days' notice of a change to its non-fundamental investment policy of investing in equity securities of emerging markets telecommunications companies. Accordingly, a notice describing the changes discussed above will be mailed to shareholders of record as of September 1, 2010. The notice will also generally describe certain risks relating to the Fund's new investment policies. Following the prescribed 60-day notice period, Aberdeen anticipates a gradual repositioning of the Fund's portfolio over time, which is expected to result in the realization of gains for tax purposes. At this time, the duration of the repositioning is not determined. No action is required by shareholders of the Fund in connection with these changes.
For more information, please visit Aberdeen's Closed-End Fund Investor Center at http://www.aberdeen-asset.us/cef.
About Aberdeen
Aberdeen Asset Management PLC, parent of Aberdeen Asset Management Inc., was founded in 1983 via a management buyout and has over $246 billion in assets under management and 1,800 staff, across 31 offices in 24 countries. Aberdeen offers a range of investment vehicles to private and institutional U.S. investors, including mutual funds, closed-end funds and large separate accounts.
AAMISL serves as investment adviser to the Aberdeen Emerging Markets Telecommunications Fund, Inc. AAMISL is a registered investment adviser under the Investment Advisers Act of 1940.
If you wish to receive this information electronically, please contact InvestorRelations@aberdeen-asset.com
Aberdeen Emerging Markets Telecommunications Fund, Inc.
CONTACT: Aberdeen Asset Management Inc., Investor Relations,
1-866-839-5205, InvestorRelations@aberdeen-asset.com
Web Site: http://www.aberdeen-asset.us/
