FOR: The Mexico Fund, Inc.
CONTACT: Eduardo Solano
The Mexico Fund, Inc.
011-52-55-5282-8900
INVESTOR RELATIONS: Gordon McCoun
Media: Brian Maddox
Morgen-Walke Associates
212-850-5600
FOR IMMEDIATE RELEASE
- ---------------------
MEXICO FUND PUBLISHES LIST OF PORTFOLIO SECURITIES IN CONNECTION
WITH IN-KIND REPURCHASE OFFER
- Repurchase Offer Expires Today at 5:00 PM New York City Time -
Washington, D.C., June 7, 2002 -- The Mexico Fund, Inc. (NYSE: MXF) released
today the composition of its investment portfolio as of the close of business on
June 6, 2002 in connection with the Fund's first in-kind repurchase offer, which
began on May 8, 2002 and expires at 5:00 p.m. New York City time today.
The Repurchase Offer is an offer to repurchase from shareholders up to 100% of
the Fund's issued and outstanding shares of common stock at 98% of the Fund's
per share net asset value at the close of business on the expiration date of the
Repurchase Offer in exchange for portfolio securities of the Fund. Shareholders
are not required to participate in the Repurchase Offer and may continue to
purchase and sell Fund shares in cash transactions on the New York Stock
Exchange. The Repurchase Offer is not a liquidation of the Fund.
Shareholders who choose to participate in the Fund's in-kind repurchase offer
will receive a pro-rata portion of each of the securities provided in the table
below (except for Grupo Financiero Scotiabank Inverlat, S.A. de C.V., as well as
the Repurchase Agreements and the amounts in "Other Assets in Excess of
Liabilities," both of which will be converted and distributed as cash) equal in
value on the expiration date to the number of shares of the Fund submitted by
the shareholder for repurchase, multiplied by 98% of the Fund's net asset value
per share in U.S. dollars determined at the close of the regular trading session
of the New York Stock Exchange today as adjusted to eliminate distribution of
fractional shares and/or odd lots, which will be rounded up or down.
The value and the percentage of the Fund's net assets represented by each of the
portfolio securities distributed as proceeds may decrease or increase between
the expiration date of the Repurchase Offer and the actual receipt of the
portfolio securities distributed as proceeds.
- MORE -
Shareholders desiring to participate in the Repurchase Offer must comply with
the terms of the Repurchase Offer, which includes providing information
regarding a brokerage or custodial account in Mexico to receive the portfolio
securities, and submission of information necessary for tax purposes. The
Repurchase Offer will generally be a taxable transaction for participating
shareholders.
The terms and conditions of the Repurchase Offer are set forth in the Fund's
Repurchase Offer Statement dated May 8, 2002 and the related Letter of
Transmittal which were mailed to shareholders of record of the Fund as of April
30, 2002, although any shareholder holding Fund shares on the expiration date
may participate in the Repurchase Offer. Questions and requests for assistance
or for copies of the Repurchase Offer Statement, Letter of Transmittal, and any
other Repurchase Offer documents should be directed to the Information Agent for
the Repurchase Offer, Morrow & Co., Inc. at 800-607-0088.
This announcement is not an offer to purchase nor a solicitation of an offer to
sell shares of the Fund. The Repurchase Offer is made only by the Repurchase
Offer Statement and the related Letter of Transmittal. Holders of Fund shares
are urged to read these documents carefully because they contain important
information. These and other filed documents are available to investors free of
charge both at www.sec.gov and from the Fund. The Repurchase Offer is not being
made to, nor will submissions be accepted from, or on behalf of, holders of
shares in any jurisdiction in which making or accepting the Repurchase Offer
would violate that jurisdiction's laws.
For further information, contact the Fund's Investor Relations office at
011-52-55-5282-8900, or by email at investor-relations@themexicofund.com.
The Mexico Fund, Inc. is a non-diversified closed-end management investment
company with the investment objective of long-term capital appreciation through
investments in securities, primarily equity, listed on the Mexican Stock
Exchange. The Fund provides a vehicle to investors who wish to invest in Mexican
companies through a managed non-diversified portfolio as part of their overall
investment program.
This press release may contain certain forward-looking statements regarding
future circumstances. These forward-looking statements are based upon the Fund's
current expectations and assumptions and are subject to various risks and
uncertainties that could cause actual results to differ materially from those
contemplated in such forward-looking statements including, in particular, the
risks and uncertainties described in the Fund's filings with the Securities and
Exchange Commission. Actual results, events, and performance may differ. Readers
are cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date hereof. The Fund undertakes no obligation to
release publicly any revisions to these forward looking statements that may be
made to reflect events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events. The inclusion of any statement in this
release does not constitute an admission by The Mexico Fund or any other person
that the events or circumstances described in such statement are material.
- TABLE FOLLOWS -
The Mexico Fund, Inc.
Schedule of Investments as of June 6, 2002 (Unaudited)
Percent of
Net
Shares Assets
Held Common Stock (95.82%) Series Value (1) (1)
Cement Industry
17,190,491 Cemex, S.A. de C.V. CPO $97,751,575 11.86%
Communications
19,000,000 America Movil, S.A. de C.V. A 15,645,458 1.90
75,760,000 America Movil, S.A. de C.V. L 59,516,858 7.22
19,100,300 America Telecom, S.A. de C.V. A1 13,696,103 1.66
19,100,300 Carso Global Telecom, S.A. de C.V. A1 23,601,844 2.86
25,000,000 Grupo Iusacell, S.A.de C.V. V 5,677,169 0.69
20,900,014 Grupo Televisa, S.A. CPO 41,239,901 5.01
24,000,000 TV Azteca, S.A. de C.V. CPO 11,022,913 1.34
19,000,000 Telefonos de Mexico, S.A. de C.V. A 31,582,447 3.83
67,761,200 Telefonos de Mexico, S.A. de C.V. L 111,595,266 13.54
---------------- -------
313,577,959 38.05
Financial Groups
48,873,109 Grupo Financiero BBVA Bancomer, S.A. de C.V. O 41,144,199 4.99
6,292,600 Grupo Financiero Banorte, S.A. de C.V. O 14,115,867 1.71
14,481,000 Grupo Financiero Inbursa, S.A. de C.V. O 14,797,994 1.80
1,412,500 Grupo Financiero Scotiabank Inverlat, Recovery Trust - 0.00
--------------- -------
70,058,060 8.50
Food,Beverages and Tobacco
9,957,099 Fomento Economico Mexicano, S.A. de C.V. UBD 40,690,068 4.94
12,507,400 Grupo Bimbo, S.A. de C.V. A 28,479,411 3.45
12,596,900 Grupo Modelo, S.A. de C.V. C 31,311,852 3.80
---------------- -------
100,481,331 12.19
Holding Companies
8,500,000 Alfa, S.A. de C.V. A 15,441,899 1.87
5,296,100 Corporacion Interamericana de Entretenimiento, S.A. de C.V. B 10,840,319 1.32
7,171,000 Desc, S.A. de C.V. B 4,364,510 0.53
5,761,700 Grupo Carso, S.A. de C.V. A1 16,962,124 2.06
4,455,400 Vitro, S.A. A 5,519,118 0.67
--------------- -------
53,127,970 6.45
Housing
6,968,200 Consorcio ARA, S.A. de C.V. * 11,540,012 1.40
9,000,000 Empresas ICA, Sociedad Controladora, S.A. de C.V. * 2,899,959 0.35
--------------- -------
14,439,971 1.75
Pulp and Paper
9,799,480 Kimberly-Clark de Mexico, S.A. de C.V. A 27,535,977 3.34
- TABLE CONTINUES -
Percentof
Net
Shares Assets
Held Common Stock Series Value (1) (1)
Retail Stores
6,421,000 Controladora Comercial Mexicana, S.A. de C.V. UBC $ 4,367,804 0.53%
11,839,800 Grupo Elektra, S.A. de C.V. CPO 11,021,090 1.34
13,552,893 Wal-Mart de Mexico, S.A. de C.V. C 33,715,871 4.09
21,627,000 Wal-Mart de Mexico, S.A. de C.V. V 63,624,439 7.72
------------- -------
112,729,204 13.68
Total Common Stock $ 789,702,047 95.82%
Short-Term Securities (4.15%)
Repurchase BBVA Bancomer, S.A., 6.90%, dated 06/05/02, due 06/06/02,
Agreements repurchase price $33,714,920, collateralized by Bonos del
Gobierno Federal $ 33,708,459 4.09%
Comerica Bank, 1.70%, dated 06/05/02, due 06/06/02,
repurchase price $486,338, collateralized by U.S.
Government Agency Securities 486,315 0.06
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Total Short-Term Securities 34,194,774 4.15
Total Investments 823,896,821 99.97
Other Assets in Excess of Liabilities 216,261 0.03
------------- -------
Net Assets Equivalent to $18.13 per share on 45,456,232 shares of
capital stock outstanding $ 824,113,082 100.00%
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(1) The percentage and value that the securities represent as part of the Fund
are subject to fluctuation as a result of market activity.
- END OF PRESS RELEASE -