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The Czech Republic Fund, Inc. announces the over-subscription of its rights offering.

Fund, Inc. announced today the over-subscription of its rights offering of its Common Stock, par value $.001 per share, which commenced on Jan. 31, 1996 and expired on Feb. 20, 1996.

Pursuant to the offering, the fund issued one transferable right for each share of Common Stock held on the record date, Jan. 29, 1996. One share of the common Stock was permitted to be purchased from the Fund at the subscription price of $11.25 per share for each three rights delivered on or prior to the expiration date of the rights offering. After giving effect to the over-subscription privilege, the shares of Common Stock offered by the Fund pursuant to the rights offering were fully subscribed. As a result, the net proceeds of the offering are estimated to be approximately $16 million.

All of the shares of the Fund's Common Stock purchased pursuant to the rights offering will be treated as outstanding for purposes of calculating the Fund's net asset value on Friday, Feb. 23, 1996.

The fund is a non-diversified, closed-end management investment company. The Fund's investment objective is long-term capital appreciation which it seeks to achieve by investing primarily in securities of issuers located in the Czech Republic. Advantage Advisors Inc. is the Fund's investment manager, OpCap advisors is the Fund's investment adviser and BAI Fondsberatung GmbH is the Fund's regional adviser. The shares have been listed for trading on the New York Stock Exchange under the symbol "CRF" and on the Osaka Securities Exchange under the symbol "8684".

For further information regarding the Fund and its rights offering, please contact Gayle R. Mattimoe, Oppenheimer & Co., Inc., One World Financial Center, 200 Liberty Street, New York, New York, 10281 at 212/667-5084, or Shareholder Communications Corp., 17 State Street, New York, New York 10004, 1/800-221-5724, ext. 327, or call collect 212/805-7000.

CONTACT: Oppenheimer & Co., Inc.

Gayle R. Mattimoe, 212/667-5084


Shareholder Communications Corp.

1/800-221-5724, ext. 327
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Publication:Business Wire
Date:Feb 23, 1996
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