30th Apr 2014 15:30
LONDON (Alliance News) - Worldsec Ltd Wednesday said it narrowed its losses in 2013 and is currently looking for investment opportunities having recently changed its investing policy.
The investment holding company reported a net loss of USD273,000 in 2013, compared with a loss of USD304,000 in 2012.
Worldsec said that as at the end of December 2013, the net assets of the group amounted to approximately USD4.2 million, equivalent to approximately USD8 cents per share, up from net assets of USD0.6 million in 2012.
During 2013, Worldsec raised new equity capital of around USD4.3 million before expenses via a share placing and open offer.
The purpose of the fund raising was to facilitate the reactivation of the business activities of the group, in order to so it could invest primarily in smaller unlisted businesses based mainly in Greater China and the South East Asian region, as it hopes to benefit from investment opportunities in these fast growing economies.
Ahead of the proposed adoption of a new investment policy, the group appointed a number of new directors to oversee its new investment policy in Asia, including Ernest Chiu Shun She as an executive director and Martyn Stuart Wells as a non-executive director.
Worldsec said Wednesday that since the approval by shareholders of its new investment policy, it is actively looking for investment opportunities.
"The group is prepared to start a new chapter in its investment business activities. The board, barring unforeseen circumstances and provided that suitable business propositions can be identified, aims to make two investments during the financial year 2014," the company said in a statement.
Worldsec shares were down 11% at 8.50 pence Wednesday afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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