31st Mar 2015 12:41
LONDON (Alliance News) - Symphony International Holdings Ltd Tuesday posted a rise in net asset value per share in 2014, despite strong headwinds from geopolitical tensions in the fourth quarter of the year hitting financial markets and weakened Asian currencies.
The company is an investor in Asian consumer businesses.
Symphony said that, excluding a USD25 million dividend paid in 2014, net asset value per share would have risen 18.6%.
Symphony completed two new investments, including investing in Southeast Asian wine themed food and beverage chain Wine Connection Group.
It reduced its position in Minor International PCL marginally in the fourth quarter, due to a run up in its share price, and realised gross proceeds of USD4.5 million from the sale.
It said it has seen some recovery in overall sentiment in the first quarter of 2015, which should benefit the value of its investment in 2015. It said that the outlook for Asia remains unchanged despite geopolitical tensions, concerns over global growth and the recent decline in oil price, as growing wealth in the region will continue to help its investments in the long term.
Shares in Symphony International Holdings are trading down 3.0% at 0.820 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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