6th Nov 2019 18:09
(Alliance News) - Symphony International Holdings Ltd on Wednesday reported a fall in net asset value due to decreases in the value of Minor International Pcl and the value of unlisted investments.
The Asia-Pacific focused investor in consumer-related businesses said net asset value stood at USD0.99 per share at September 30, down from USD1.09 per share at June 30.
The company's share price continued to trade at a discount to NAV in the third quarter of 2019. At September 30, Symphony's share price was USD0.60, representing a discount to NAV per share of 40% which compares to a 45% discount at June 30.
Symphony International Director Anil Thadani said: "While public markets in the US continued to show strength in Q3 2019, Asian markets largely saw deterioration due to the ongoing trade war and signs of macroeconomic weakness which ultimately impacted Net Asset Value. As mentioned in the last shareholder update, we made several new interesting investments and we continue to see additional attractive opportunities."
"We continue to see and evaluate new investments in our areas of focus and Symphony's long-term vision means that we can be opportunistic when interesting opportunities come along despite market conditions," Thadani added.
Symphony shares on Wednesday closed at USD0.60, up 0.9%, in London.
By Tapan Panchal; [email protected]
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