EXHIBIT 99.1
TRANSLATION
SEC The Office of the Securities and Exchange Commission
16 July 1998
To Managing Director
Siam City Asset Management Company Limited
Ref: Kor Lor Tor. Nor. 1179/1998 Re: Application to establish
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and manage the Bangkok Real Estate Fund
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This is in reference to the letters from your company reference number
SCIAM 080/1997 dated 30th April 1998 and 089/1998 dated 12 May 1998 and 109/1998
and 110/1998 dated 4 June 1998 and 112/1998 dated 15 June 1998 and 120/1998
dated 24 June 1998 and 125/1998 dated 30 June 1998 relating to the filing of an
application to set up and manage the Bangkok Real Estate Fund which is a closed
end property fund established for the purpose of resolving financial
institutions problems, having total assets of 1,000 million baht and no expiry
date.
The office of the SEC has resolved to grant approval for your company
to set up and manage the Bangkok Real Estate Fund which is a closed end property
fund established for the purpose of resolving financial institutions problems,
having total assets of 1,000 million baht and no expiry date. The office of the
SEC has made an exception in that it will allows Asia Properties Inc to be the
sole unitholder holding all the units of Bangkok Real Estate Fund. Where Asia
Properties Inc intends to make a public offering and has not been registered
with a foreign SEC, Asia Properties Inc must be established with the objective
of investing in mutual funds only in Thailand and must have at least 10
shareholders who are institutional investors for the entire duration of the
Bangkok Real Estate Fund.
Please be informed accordingly.
Yours sincerely,
(Prakorn Malakun Na Ayuthia)
secretary
Department of Investment Management Supervision
Telephone. 252-3223 extension 2719
Certified correct translation
/S/ SIRIPEN VONGNARA
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Siripen Vongnara
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