4th May 2016 07:53
LONDON (Alliance News) - Symphony International Holdings Ltd, which invests in consumer-related businesses in Asia-Pacific, on Wednesday said it benefitted as better investor sentiment and slowing capital outflows from emerging markets boosted currencies.
In a statement, Anil Thadani, chairman of Symphony Asia Holdings Private Ltd and a director of Symphony, said the boost to emerging market currencies was positive for the company's investments.
Excluding dividends payable at the end of the first quarter of 2016, Symphony's net asset value rose by 4% during the quarter. Its NAV, excluding dividends payable, was USD723.2 million at the end of March. NAV per share was USD1.3695.
The change in NAV and NAV per share was predominantly due to a strengthening of the Thai baht, Singapore dollar and Malaysian ringgit during the quarter.
"Although there will likely be continued instability in financial markets in the short and medium term, we expect our portfolio companies to continue to benefit from growing consumerism in the region," Thadani said.
Shares in Symphony were untraded Wednesday, having closed at USD0.72 Tuesday.
By Samuel Agini; [email protected]; @samuelagini
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