9th Jun 2016 10:35
LONDON (Alliance News) - All Asia Asset Capital Ltd, the AIM-listed investment company that invests in the Asia Pacific region, on Thursday said its loss narrowed in 2015.
In a statement, All Asia Asset Capital said it made a loss before and after tax of GBP301,146 in 2015, narrowing from the 505,642 loss made in 2014, as income of GBP6,101 was accompanied by a fall in administrative expenses to GBP307,247 from GBP505,648.
The majority of the company's assets are its two investments in APU and MAG, which were valued by an independent third party valuer at fair values of GBP3.93 million and GBP1.57 million respectively as of December 31, according to All Asia Asset Capital.
In April, the company said it had raised GBP330,000 in cash through a subscription with two existing shareholders, and followed that with raising GBP159,225 in cash through a subscription with an existing shareholder in May.
All Asia Asset Capital said its intent was for the money raised to provide working capital and with funds to make further investments. No new investments have been made by the Company since the subscriptions were completed.
"During the year in review, the company remained committed to its two investments in Andaman Power & Utility Company Ltd which operates in the development of utility plants and the provision of electricity in Myanmar, and Myanmar Allure Group Co Ltd, which owns and operates the Allure Resort, a combined hotel, resort and gaming facilities located in Myanmar," Chairman Robert Berkeley said in a statement.
"We are also delighted that the company successfully raised additional funds from its shareholders who showed their support for the company. The company strives to continue to seek other investment opportunities in the region in order to deliver and enhance value for its shareholders," Berkeley said.
Shares in All Asia Asset Capital were untraded on Thursday.
By Samuel Agini; [email protected]; @samuelagini
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