1st Apr 2014 11:25
LONDON (Alliance News) - Symphony International Holdings Ltd, the London-listed investor in Asian consumer businesses, Tuesday reported a lower net asset value in 2013, while its net asset value per share was flat.
The company invests in hospitality, healthcare and lifestyle businesses and develops branded real estate in Asia.
Symphony International said that its net asset value at December 31, 2013, was USD605.9 million, slightly lower than the USD609.8 million reported as the same point in 2012.
It said its net asset value per share was flat at USD1.18.
Symphony said its share price increased to USD0.76 at December 31, 2013, from USD0.68 the prior year.
"The discount that Symphony's share price trades to NAV per share narrowed to 35.4% from 43.0% during the same period. Reducing the discount further remains a key objective going forward," the company said.
The company said it made three follow-on investments, exercised warrants related to shares in Minor International Public Company Ltd, and made one full and one partial exit during 2013.
"The long-term outlook for Symphony's investments remain unchanged. Rising incomes and changing demographics in Asia will continue to benefit the sectors that we invest. However, volatility in financial markets may have some impact on the valuations of our investments in the short-term," it said.
Shares in Symphony International were trading 0.5% higher at USD0.738 Tuesday early afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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