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SPAIN FUND REVALUES MAJOR HOLDING

 SPAIN FUND REVALUES MAJOR HOLDING
 NEW YORK, Dec. 6 /PRNewswire/ -- Dave H. Williams, chairman of the


Spain Fund, Inc. (NYSE: SNF), a closed-end management investment company, announced today that the fund had revalued its privately purchased investment in Antena 3 T.V. as a result of a substantial investment transaction in the company's shares by another investor. The revaluation increases the fund's net asset value by 58 cents per share and will be reflected in the fund's weekly published net asset value today. Williams stated that The Spain Fund can invest up to 25 percent of its assets in private investments such as Antena 3 T.V., which tend to take a period of years to add value to the fund. Antena 3 T.V., stated Williams, is the fund's largest private investment (approximately 10 percent of net assets after revaluation) and that the fund is quite pleased with progress the company has made.
 The Spain Fund, Inc. is managed by Alliance Capital Management L.P.
 -0- 12/6/91
 /CONTACT: Linda Finnerty of Alliance Capital Management, 212-969-1316, for The Spain Fund/
 (SNF) CO: The Spain Fund, Inc. ST: New York IN: FIN SU: SH-OS -- NY057 -- 0218 12/06/91 16:00 EST
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Publication:PR Newswire
Date:Dec 6, 1991
Words:203
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