Asia Properties Inc. Applies for Second Fund With Thai Govenment; Fund to Hold Thai Real Estate.SAN DIEGO--(BUSINESS WIRE)--May 19, 1999-- Asia Properties, Inc. (API (Application Programming Interface) A language and message format used by an application program to communicate with the operating system or some other control program such as a database management system (DBMS) or communications protocol. ) (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ASPZ) announced today it has applied to the Government of Thailand's Securities and Exchange Commission for approval to introduce a second Property Fund which will invest in and hold high quality Thai real estate. API's first Property Fund was approved by the Thai Government in July 1998. API's initial fund "BREF BREF BAT reference documents (EIPPCB) BREF Best Available Technique Reference Notes " was the first foreign fund approved by the Thai SEC. The unique benefits of the fund include: 100% foreign ownership; corporate and dividend tax exemption tax exemption, immunity from the requirement of paying taxes. Federal, state, and usually local law provide exemption from taxation for a wide variety of organizations, usually not-for-profit, such as churches, colleges, universities, health care providers, various ; maximum land transfer tax of 100,000 Baht (US$2,700); no encumbrances for fund remittances in or out of Thailand and the fund is freely transferable (a tax free event). The Company said it expected the Thai SEC to approve its second fund by the 3rd quarter of 1999. Applications for further property funds to the Thai SEC will terminate in May 1999. API also said that the second fund would have the same structure as the first fund "BREF," and that the property funds themselves, because of the small number to be approved and activated, represent considerable value to the Company. The Company also expects to announce several transactions in the near future. "With two Property Funds in place, we now have two unique vehicles in which to place properties. These Funds will help us gain maximum value for our shareholders through investments in Thai real estate," Daniel S. McKinney, Chairman and Chief Executive Officer, API, said. Asia Properties, Inc. was established to invest in prime quality real estate in Thailand, and regionally, at deep discounts. API is the only vehicle through which non-Thais can buy Thai real estate and hold the interest in the form of a liquid security trading on a U.S. securities market. This release is available on the KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most Worldwide website at www.kcsa.com |
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