Apollo ups dividend to 2 cent

The Board of Directors of Apollo Investment Fund Public Company Limited decided to propose to the Annual General Meeting on May 3, 2006 the payment of a dividend of 8.7% on the nominal value of the share (23 cents), that is, 2 cents per ordinary share from 0.3 cent a year ago.

Once approved by the Annual General Meeting, the dividend will be paid to shareholders registered as at May 24, 2006 and will be submitted on June 21, 2006. Transactions until May 19, 2006 will be cum-dividend.

The Board of Directors will also give the option for the dividends reinvestment on the Company’s shares. The exercise price of the option will be 15% below the average closing price of the share in the CSE during the first 10 business days that the share will trade ex-dividend (May 22-31) with a minimum price of 23 cents. The proposal will be subject to the AGM approval on May 3, 2006.

After the AGM, the company intends to ask shareholder permission in an EGM to proceed to buyback of own shares, pursuant to the provisions of the Companies’ Law No 2 of 2000. The minimum and maximum acquisition price of shares will not exceed 5% of the average market value of shares over the last five trading sessions prior to such a purchase. The Company will be able to acquire the maximum number of shares provided by the Law over the period of 12 months following endorsement of the said resolution. Shares can be acquired either by private agreement or by the purchase. Shares acquired to be held for a maximum of two years.