7th May 2014 11:39
LONDON (Alliance News) - Symphony International Holdings Ltd Wednesday said its net asset value increased over the first-quarter, predominantly due to its holding in Minor International PLC, adding that it has invested in food and beverage chain Wine Connection Group.
Symphony International, which invests primarily in healthcare, hospitality, lifestyle and real estate in the Asia-Pacific, said its net asset value per share, excluding dividend payable, increased to USD1.26 from USD1.18 in the first three months of the year.
Net asset value excluding dividends payable increased to USD650.2 million from USD605.9 million.
After taking into account dividends payable, NAV increased to USD625.2 million from USD605.9 million and NAV per share increased to USD1.21 from from USD1.18 on the same basis.
The increase came about as Minor International's share price rose, resulting in an increase in the fair value of Symphony's investment to USD252.3 million from USD208.6 million over the quarter.
Meanwhile, the investment in Wine Connection, which is based in Southeast Asia, was less than 2% of NAV, the company said.
"The strength of our investments and resilience of Asian economies continued to benefit our portfolio during the quarter," Anil Thadani, the Chairman of Symphony Investment Managers Ltd and director of Symphony, said in a statement.
Sunil Chandiramani, a director of Symphony, said Wine Connection Group's growth prospects in the region are "exciting."
"This investment is a strong addition to our portfolio and fits well with our strategy of investing in high-growth sectors that benefit from rising incomes and changing demographics across Asia," Chandiramani said in a statement.
Symphony shares were Wednesday quoted at USD0.740, up 0.5%.
By Samuel Agini; [email protected]; @samuelagini
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