Devonshire Capital
2nd February 1999

Devonshire Capital invests in a Thai securities firm

The Nation (Thailand)

Seamico Securities Plc said it had placed 3.65 million new shares in private placement at the cost of Bt30 per share. Knight Asia Recovery Fund, Thai Focused Equity Fund, Devonshire Capital Ltd, Abbey Life and several prominent Thai investors subscribed to the issue.

Robert McMillen, the company's managing director, said the funds raised as a result of the offer will be used as working capital and to repay debts.

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