Timely Opportunity for Investing in Taiwan
The R.O.C. Taiwan Fund is a diversified closed-end
investment company registered in the United States
(NYSE:ROC).
At September 30, 1997 total net assets for the Fund were
$481,554,135 or a net asset value per share of $14.73.
Total shares outstanding were 32,698,976. This compares
with total net assets of $361,180,665 or a net asset
value per share of $10.68 at September 30, 1996. Total
shares outstanding were 33,815,376. On June 30, 1997,
total net assets were $492,967,428 or a net asset value
per share of $14.97 and total shares outstanding were
32,939,176. During the second and third quarters of
1997, the Fund repurchased 1,116,400 of its outstanding
shares at a total cost of $13,340,943, of which 240,200
shares were purchased during the third quarter at a
total cost of $2,929,146. In addition, in June the Fund
paid a special distribution of $1.20 a share to
shareholders of record on June 2, 1997.
For the quarter ended September 30, 1997, the Fund had a
realized capital gain of $45,172,633 or $1.38 per share
and a net investment loss (ordinary income minus
operating expenses) of ($1,864,333) or ($0.06) per
share. For the nine months ended September 30, 1997,
the Fund had a realized capital gain of $127,773,612 or
$3.91 per share and a net investment loss (ordinary
income minus operating expenses) of ($4,528,741) or
$0.14) per share.
Of the Fund's total net assets, 93.11% was invested in
Taiwanese equities, 6.53% in short-term investments and
cash equivalents, and 0.36% in other assets net of
liabilities.
The Fund's equity investments as of September 30, 1997
were in the following industries:
Percent of
Industry Net Assets
Electronics 19.11
Banking 9.93
Semiconductors 9.05
Other Financials 8.57
Automobile 7.48
Plastics 7.17
Electrical & Machinery 6.40
Textiles 5.69
Construction 5.46
Steel & Other Metals 4.83
As of September 30, 1997, the Fund's ten largest equity
holdings, representing 34.65% of net assets were in:
Percent of
Company Net Assets
Yulon Motor Co. 5.31
United Microelectronics Corp. 4.14
Yageo Corp. 3.53
Synnex Technology International Corp. 3.33
China Development Corp. 3.19
Nan Ya Plastics Corp. 3.18
Far Eastern Textile Ltd. 3.02
Hon Hai Precision Industry Co. 3.01
Delta Electronics Inc. 2.97
First Commercial Bank 2.97
The R.0.C. Taiwan Fund is listed and publicly traded in
the United States, and organized for investment in
securities of R.O.C. issuers by non-R.O.C. investors.
The Fund's investment adviser and manager is
International Investment Trust Company Limited.
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Important news announcement about dividend distribution
NEW YORK, Dec. 12 /PRNewswire/ -- The R.O.C. Taiwan
Fund (NYSE: ROC - news), a diversified closed-end
investment company registered in the United States,
today announced that it has declared a dividend of $2.14
a share payable on January 16, 1998 to shareholders of
record on December 30, 1997 (ex-date December 26, 1997).
This dividend is in addition to the dividend of $1.20 a
share paid by the Fund in June, bringing the Fund's
full-year distribution to $3.34 a share.
The R.O.C. Taiwan Fund is listed and publicly traded in
the United States, and organized for investment in
securities, of R.O.C.issuers by non-R.O.C.investors.
The Fund's investment adviser and manager is
International Investment Trust Company Limited.
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Huang's Investment in Special Situations
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