15th Nov 2016 12:09
LONDON (Alliance News) - Infrastructure investment company BBGI SICAV SA said Tuesday its net asset value has been boosted by currency movements in its third quarter, and its share price has maintained a premium to asset value.
BBGI said that over the period from July 1 to November 14 the net effect of foreign exchange movements on its investment basis net asset value was an increase of approximately GBP13.4 million, but noted it does not publish quarterly net asset value figures.
BBGI said that its shares continue to to trade at a premium to net asset value, closing at 144 pence on November 11, a premium of 19% to the net asset value per share at June of 120.8p.
Shares in BBGI were down 0.4% at 142.93p Tuesday.
The company said its existing portfolio projects continue to perform well, and noted it currently has three assets in construction. Of those, Ohio River Bridges in the US is expected to become operational in late 2016, the Mersey Gateway Bridge in the UK in 2017 and North Commuter Parkway in Canada in 2018. Construction for each is on schedule, said BBGI.
"The landscape for secondary market for social and transport infrastructure remains very competitive. We evaluated a number of opportunities during the period but did not find sufficient value to justify the company's further participation. BBGI will continue to follow a path of disciplined growth, being selective and surgical in its approach to identifying opportunities and buying secondary assets on an opportunistic basis," said BBGI.
By Adam Clark; [email protected]
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