Share Search
Visit the Share Search
You are here:
Symphony International net asset value rises as it diversifies portfolio
28th Aug 2019 11:57
(Sharecast News) - Asia-focussed consumer business investor Symphony International Holdings reported an unaudited net asset value of $560.38m (£459.01m) in its half-year results on Wednesday, which was 13.7% higher than the end of the 2018 financial year.
The London-listed firm said the change in net asset value from 31 December to 30 June was primarily due to an increase in the value of shares held in Minor International Public Company (MINT), as well as other movements in the value of unlisted investments.
That was said to have been partially offset by dividends paid in the first half of 2019.
Cash and cash equivalents as at period end amounted to $8.88m, down from $11.54m at the end of December.
Symphony said financial assets at fair value through profit or loss amounted to $615.05m, which was an increase from the $486.79m it reported at the end of 2018.
"Our long-term outlook for growth in the region is positive and we continue to focus on providing shareholders with a diversified exposure to attractive businesses and strong management teams," chairman Pierangelo Bottinelli told shareholders.
Bottinelli noted that during the second quarter, Symphony made new investments that include the acquisition of a significant minority interest in Indo Trans Logistics, the largest independent integrated logistics company in Vietnam; and an investment providing a significant minority interest in Soothe Healthcare, a feminine hygiene products manufacturer and distributor of 'Paree' and 'Pariz' branded sanitary napkins together with a contract manufacturing business.
It also made an investment in Good Capital Partners, the general partner and owner of the investment manager of Good Capital Fund I (GCF I), which is a technology focused fund, with a corresponding commitment to GCF I; and finally an investment in Creative Technology Solutions DMCC, a UAE-based company that provides customised IT solutions to the education sector that includes hardware, software and training.
"We continue to see strong deal-flow and we are evaluating opportunities to further expand and diversify Symphony's portfolio," Bottinelli added.
The London-listed firm said the change in net asset value from 31 December to 30 June was primarily due to an increase in the value of shares held in Minor International Public Company (MINT), as well as other movements in the value of unlisted investments.
That was said to have been partially offset by dividends paid in the first half of 2019.
Cash and cash equivalents as at period end amounted to $8.88m, down from $11.54m at the end of December.
Symphony said financial assets at fair value through profit or loss amounted to $615.05m, which was an increase from the $486.79m it reported at the end of 2018.
"Our long-term outlook for growth in the region is positive and we continue to focus on providing shareholders with a diversified exposure to attractive businesses and strong management teams," chairman Pierangelo Bottinelli told shareholders.
Bottinelli noted that during the second quarter, Symphony made new investments that include the acquisition of a significant minority interest in Indo Trans Logistics, the largest independent integrated logistics company in Vietnam; and an investment providing a significant minority interest in Soothe Healthcare, a feminine hygiene products manufacturer and distributor of 'Paree' and 'Pariz' branded sanitary napkins together with a contract manufacturing business.
It also made an investment in Good Capital Partners, the general partner and owner of the investment manager of Good Capital Fund I (GCF I), which is a technology focused fund, with a corresponding commitment to GCF I; and finally an investment in Creative Technology Solutions DMCC, a UAE-based company that provides customised IT solutions to the education sector that includes hardware, software and training.
"We continue to see strong deal-flow and we are evaluating opportunities to further expand and diversify Symphony's portfolio," Bottinelli added.