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THE FIRST AUSTRALIA PRIME INCOME FUND ANNOUNCES DIVIDEND

 NEW YORK, April 19 /PRNewswire/ -- The First Australia Prime Income Fund, Inc. (AMEX, PSE: FAX), a closed-end bond fund, today declared a regular monthly dividend of US$0.09 per share, payable on May 14, 1993 to all shareholders of record on April 30, 1993 (ex-dividend date: April 26, 1993).
 This is consistent with the policy adopted by the fund's board of directors on Oct. 24, 1988 of declaring a regular monthly dividend of US$0.09 per share, which commenced in February 1989. Qualified U.S. taxpayers are additionally entitled to foreign withholding tax credit on this dividend, and will be informed as to the amount at a later date.
 At the time of its offering in April 1986, The First Australia Prime Income Fund was the largest-ever initial public offering on the American Stock Exchange. The fund has net assets in excess of $1 billion. The fund's policy is to invest at least 65 percent of its portfolio in Australian issuers or debt securities rated "AA" or better. The First Australia Prime Income Fund trades on the American Stock Exchange and the Pacific Stock Exchange. The Fund is advised by EquitiLink Australia Limited.
 -0- 4/19/93
 /CONTACT: Brian Sherman of The First Australian Prime Income Fund, Inc., 011-612-258-8222; or Marissa Moretti or Doug Myers of Dewe Rogerson, 212-688-6840, for The First Australia Prime Income Fund/
 (FAX)


CO: First Australia Prime Income Fund, Inc. ST: New York IN: SU: DIV

TS-WB -- NY077 -- 1102 04/19/93 11:33 EDT
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Publication:PR Newswire
Date:Apr 19, 1993
Words:251
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