NEW YORK, Nov. 10, 2011 /PRNewswire/ -- The Taiwan Fund,
Inc. (the "Fund") (NYSE: TWN) announces that the Fund has been
advised by its Investment Manager, Martin Currie Inc., that
Heartland Capital Management Limited ("Heartland") exercised its
option to acquire Martin Currie Ltd.'s interest in MC China
Limited, the joint venture of Martin Currie Inc.'s parent, Martin
Currie Ltd., and Heartland and that Martin Currie Ltd.'s
interest in MC China Limited has been transferred to Heartland (or
its nominee).
With this transfer, Shifeng Ke is
no longer with Martin Currie Inc. and accordingly has ceased to act
as the Fund's portfolio manager. Further, as a result of the
transfer Martin Currie Inc. is no longer able to provide the Fund
with the services of the existing team of eight analysts based in
Shanghai who assisted Mr. Ke, all
of whom are associated with MC China Limited.
To address this, the Fund has entered into interim arrangements
with Martin Currie Inc. and APS Asset Management Pte Ltd. to manage
the Fund's portfolio until new management arrangements can be put
in place. APS Asset Management Pte Ltd. is a Singapore based investment management firm
that specializes in Asia Pacific
equity investments with a particular focus on China and Greater
China. APS has a team of ten analysts based across
Beijing, Shanghai and Shenzhen.
The interim arrangements will remain in place for a maximum of
150 days. The Board is also considering potential managers,
including Martin Currie Inc. and APS Asset Management Pte Ltd., to
take over the management of the Fund's portfolio at the end of the
term of the interim arrangements. The selection of any such
manager by the Board will be subject to stockholder approval.
The Fund is a diversified closed-end investment company, which
seeks long term capital appreciation primarily through investments
in equity securities listed on the Taiwan Stock Exchange.
Shares of the Fund are listed on the New York Stock Exchange
under the ticker symbol "TWN."
For additional information on the Fund, including information on
the Fund's holdings, visit the Fund's website at
www.thetaiwanfund.com or call 1-877-864-5056.
SOURCE The Taiwan Fund, Inc.