Morgan Stanley Investment Management of New York announced today that the Morgan Stanley Frontier Emerging Markets Fund Inc., a new closed-end fund, has issued seven million shares of common stock at a price of $20 per share resulting in gross proceeds to the fund of $142 million.
The fund’s shares began trading Aug. 25.
Its investment objective is to seek long-term capital appreciation by investing at least 80% of its net assets in equity securities of companies operating in frontier emerging-markets countries.
Such countries in which the fund currently intends to invest are: Bahrain, Bangladesh, Botswana, Bulgaria, Croatia, Ecuador, Estonia, Ghana, Jamaica, Jordan, Kazakhstan, Kenya, Kuwait, Latvia, Lebanon, Lithuania, Macao, Mauritius, Namibia, Nigeria, Oman, Panama, Qatar, Romania, Saudi Arabia, Serbia, Slovenia, Sri Lanka, Trinidad and Tobago, Tunisia, Ukraine, United Arab Emirates and Vietnam.
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