2nd Nov 2018 12:44
LONDON (Alliance News) - Symphony International Holdings Ltd said its net asset value improved in the third quarter of the year due to an increase in the value of its Minor International PLC investment.
The healthcare, hospitality, and lifestyle investor said its net asset value per share as at September 30 was USD1.0174, having risen from USD0.9111 per share at the end of June.
A recovery in the share price of hospitality and restaurant firm Minor International was a significant factor in this increase. Back in June, the market value of Symphony International's Minor International stake fell to USD242.4 million from USD340.3 million, but by September end had significantly recovered to USD310.9 million.
The exercising of all remaining management options which had not expired and the strengthening of the Thai baht were also a positive influences on net asset value.
These improvements were partly offset by the weakening of other Asian currencies in the quarter and movements in the value of Symphony International's unlisted investments.
Proceeds of USD2.7 million were also generated through the investor's sale of 2.1 million shares in Minor International. Furthermore, Symphony International received USD8 million in distributions from its Minuet Ltd joint venture, relating to the sale of land.
At the end of September, Symphony International's shares were trading at a 33% discount to net asset value, widening from 21% at the end of June.
"Despite ongoing headwinds across financial markets, we continue to grow our businesses," said Director Anil Thadani, who chairs the firm's investment manager, Symphony Asia Holdings Pte Ltd.
Shares in Symphony International were up 2.3% at USD0.66 on Friday.
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