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SCHEDULE 14A INFORMATION
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the Securities Exchange Act of 1934 (Amendment No. )
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THE PORTUGAL FUND, INC.
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(Name of Registrant as Specified In Its Charter)
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THE PORTUGAL FUND, INC.
One Citicorp Center
153 East 53rd Street
New York, New York 10022
THE PORTUGAL FUND, INC.
POSTPONES ITS 1999 ANNUAL MEETING
FOR IMMEDIATE RELEASE
MAY 12, 1999
CONTACT: INVESTOR RELATIONS
CREDIT SUISSE ASSET MANAGEMENT
1-800-293-1232
New York, New York. The Portugal Fund, Inc. (NYSE:PGF) announced today
that its Board of Directors has decided to postpone the Fund's 1999 annual
shareholders' meeting until further notice.
The meeting, which was scheduled for May 20, 1999, is being postponed in
order to give the Board of Directors sufficient time to evaluate proposals
from Credit Suisse Asset Management, the Fund's investment adviser, which
would have the effect of reducing or eliminating the discount to net asset
value at which the Fund's shares are trading. The Board of Directors is
considering these proposals in view of the evolution of the Portuguese
securities markets since the Fund was created and the impact of the
introduction of the Euro, resulting in enhanced investment opportunities.
On May 11, 1999, the Fund's per share net asset value was $16.34 and the
per share market price on New York Stock Exchange was $14.125, representing a
13.6% discount from net asset value.
The Fund is a non-diversified, closed-end U.S. registered management
investment company managed by Credit Suisse Asset Management. As of May 11,
1999, the Fund's total net assets were approximately $87.1 million.
