SOURCE: The Thai Capital Fund

March 15, 2007 16:27 ET

The Thai Capital Fund, Inc. Announces Possible Rights Offering

JERSEY CITY, NJ -- (MARKET WIRE) -- March 15, 2007 --The Thai Capital Fund, Inc. (the "Fund") (AMEX: TF), a closed-end management investment company seeking long-term capital appreciation through investment primarily in equity securities of Thai companies, announced that it is considering conducting a rights offering of its common stock during the second or third quarter of 2007.

The Fund's Board of Directors has authorized the filing of a registration statement with the Securities and Exchange Commission relating to a rights offering by the Fund. The offering, and the terms of the offering, including the record date, subscription formula and subscription price, will depend on market conditions at the time the rights offering is commenced.

The Fund's investments in Thailand are made through a wholly owned Investment Plan established under an agreement between SCB Asset Management Co., Limited ("SCBAM"), the Fund's investment manager, and the Fund. The Fund's investments through the Investment Plan are managed by SCBAM, located in Bangkok, Thailand. Daiwa SB Investments (H.K.) Limited, the Fund's investment adviser, provides SCBAM with advice regarding investments through the Investment Plan and manages the Fund's assets held outside the Investment Plan.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful under the securities laws of any such state.

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