27th Apr 2020 15:40
(Alliance News) - Ashmore Global Opportunities Ltd on Monday reported an annual net asset value fall and added that it is mulling delisting in a bid to save costs amid the Covid-19 pandemic.
Net assets at December 31 were down 54% to USD14.2 million from USD30.5 million. NAV per share fell 43% to USD2.89 from USD5.05.
Shares in the company were down 3.1% to USD1.88 each in London on Monday afternoon.
"The main detractor from performance was the mark-down by the independent valuation agent in the value of Microvast in May and November," Ashmore said.
Microvast is a China-based clean energy firm.
As in 2018, no dividend was declared in 2019.
"With all the uncertainties surrounding Covid-19 and the economic outlook, the board feels that it is prudent to reduce costs as much as possible. As a result, the board is reviewing the listing of [Ashmore] as significant costs savings could be made if AGOL were to be delisted," the investment company added.
By Eric Cunha; [email protected]
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