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THE EMERGING MEXICO FUND, INC. REPORTS EARNINGS

 NEW YORK, Aug. 27 /PRNewswire/ -- The Emerging Mexico Fund, Inc. (NYSE: MEF) is a closed-end, non-diversified management investment company seeking long-term capital appreciation through investments primarily in equity securities of Mexican companies. Today, the fund announced its performance for the year and quarter ended June 30, 1993.
 During the year ended June 30, 1993, the fund had a net realized and unrealized gains of $7,139,116, or $1.29 per share. Net investment income for the year was $2,316,434, equal to $.38 per share. For the quarter ended June 30, 1993, the fund had a net realized and unrealized loss of $4,444,097, or $.67 per share. Net investment income for the period was $1,316,884, or $.20 per share.
 During the year ended June 30, 1992, the fund had a net realized and unrealized gain of $26,260,835, or $5.24 per share. Net investment income for the year was $987,867, equal to $.19 per share. For the quarter ended June 30, 1992, the fund had a net realized and unrealized loss of $20,335,696, or $4.06 per share. Net investment income for the period was $867,224, or $.17 per share.
 On June 30, 1993, total net assets of the fund were $105,422,757, and the net asset value per share was $15.79 based on 6,678,666 shares outstanding. The net asset value per share decreased 2.8 percent from the net asset value per share of $16.25 on March 30, 1993. After adjusting for the $4.90 dividend that was paid to shareholders of record on Dec. 14, 1992 and the dilutive effect of the fund's rights offering, the net asset value per share on June 30, 1993 increased 7.9 percent from the net asset value per share of $19.94 on June 30, 1992.
 Of the fund's $105.4 million in net assets, 80.71 percent was invested in Mexican equities and 19.24 percent in short-term Mexican government obligations. Other assets in excess of liabilities accounted for the remaining .05 percent of total net assets.
 At June 30, 1993, the fund's six largest equity investments, by industry sector, were in the following: construction (17.23 percent of net assets); communications (13.99 percent); retail (12.88 percent); financial services (10.84 percent); industrial conglomerates (8.87 percent); and food, beverages, tobacco (8.78 percent).
 As of June 30, 1993, the fund's 10 largest Mexican common stock holdings (in descending order), representing 61.5 percent of net assets, were in:
 Telefonos de Mexico, S.A. de C.V.
 Cementos Mexicanos, S.A. de C.V.
 Cifra, S.A. de C.V.
 Kimberly-Clark de Mexico, S.A. de C.V.
 Grupo Carso, S.A. de C.V.
 Grupo Financiero Banamex S.N.C.
 Grupo Industrial Bimbo, S.A. de C.V.
 Cementos Apasco, S.A. de C.V.
 Vitro, S.A. de C.V.
 Grupos Financiero Bancomer S.N.C.
 The fund's investment adviser is Santander Management Inc., an indirect subsidiary of Banco Santander, S.A. To receive a copy of the fund's most recent report to shareholders, call 800-852-4750, or 212-688-6840/
 -0- 8/27/93
 /CONTACT: C. William Maher of Emerging Mexico Fund, 212-713-2421, or Marissa Moretti or Doug Myers of Dewe Rogerson, 212-688-6840/
 (MEF)


CO: Emerging Mexico Fund, Inc. ST: New York IN: SU: ERN

CK-MP -- NY060 -- 6764 08/27/93 16:54 EDT
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Publication:PR Newswire
Date:Aug 27, 1993
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