12th Mar 2020 11:01
(Alliance News) - Investor Symphony International Holdings Ltd reported a fall in net asset value, due to a declining share price from a Thailand-based hospitality investee.
Symphony's net asset value at December 31, its year-end, was 1.2% lower at USD503.4 million from USD509.3 million at the end of September.
Per share, NAV fell at the same rate to USD0.9805 from USD0.9921.
Symphony was trading 7.9% lower at USD0.42 each in London on Thursday morning.
The investment company said: "The change in NAV was predominantly due to a decline in the share price of Minor International partially offset by movements in the value of unlisted investments."
Minor International, headquartered in Bangkok, has a hospitality, restaurant and lifestyle business.
Symphony said: "At the end of 2019, Minor International's total number of restaurants reached 2,377 comprising 1,198 equity-owned outlets and 1,179 franchised outlets. Approximately 66% were in Thailand with the remaining number in 25 other countries in Asia, Oceania, Middle East, Europe, Canada and Mexico."
The investor added: "2019 turned out to be a busy year for us in terms of new investments. We saw several attractive opportunities and made six new investments.
"Despite the current historically low interest rates, further cuts and other stimulus are likely on the horizon due to a sluggish recovery and, more recently, the growing impact of the coronavirus, covid-19. With the current level of global supply chain integration and interdependencies, the full impact of the covid-19 is almost impossible to determine across industries, as something like this has no precedent. We expect some of our investments, particularly those with exposure to hospitality, food and beverage and trade, to be significantly affected in the short to medium term."
By Eric Cunha; [email protected]
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