7th Aug 2019 13:36
(Alliance News) - Symphony International Holdings Ltd on Wednesday reported an improvement in net asset value in the second quarter of 2019, thanks to its investment in Minor International PLC.
The healthcare, hospitality and logistics investor said its NAV at June 30 stood at USD560.4 million, resulting in NAV per share of USD1.09. In comparison, Symphony's NAV as at March 31 was USD541.8 million, or USD1.06 per share.
The company explained that its growth in NAV was helped by an increase in the value of hospitality, restaurants and lifestyle brands operator Minor International and unlisted investments.
Symphony's share price, meanwhile, continued to trade at a discount to NAV in the second quarter of 2019. At June 30, its share price was USD0.60, representing a discount to NAV per share of 45% which compares to a 37% discount as at March 31.
The stock was trading 0.8% higher in London on Wednesday at USD0.60 a share.
During the second quarter, Symphony said it acquired a significant minority interest in Indo Trans Logistics, the independent integrated logistics company in Vietnam.
Symphony has also made new investments in Soothe Healthcare Private Ltd, a feminine hygiene products manufacturer, an investment in Good Capital Partners, the general partner and owner of the investment manager of Good Capital Fund I, and an investment in Creative Technology Solutions DMCC, the United Arab Emirates-based company that provides customized IT solutions to the education sector.
"Public Markets continued to show strength in the second quarter of 2019 and this, combined with certain positive developments related to Minor International, helped increase NAV," explained Director Anil Thadani.
Looking ahead, Thadani added: "We continue to see and evaluate new investments in our areas of focus."
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