(Alliance News) - All Asia Asset Capital Ltd on Tuesday reported a narrowed first half loss as administrative costs shrunk.
In the six months to June 30, the investment company posted a GBP111,276 loss, narrowed from GBP124,132. Like the first half of 2018, the loss was solely attributable to administrative expenses.
All Asia's net assets fell by 13% to GBP970,000 from GBP1.1 million, its sole investment held during the period was a 7% stake in hotel and resort operator Myanmar Allure Group Co Ltd.
The company affirmed that it is continuing to "actively seek the realisation of its investment in Myanmar Allure".
Since the period end, All Asia raised GBP125,000 in a share placing and proposed changing its investing policy.
At the moment, the firm primarily invests in Asia-Pacific company's but is proposing to begin investing in companies in Europe.
The company will also pitch changing its name to All Active Asset Capital Ltd, "in order to align the company's name with the proposed investing policy".
All Asia's shareholders will vote on the proposal at an extraordinary general meeting on October 10.
All Asia said: "The company is proposing an amendment to its investing policy with the intention it to widen the geographical focus to include the European region and therefore potentially reduce the reliance/risk on one particular region. This should significantly increase the potential opportunities for the company going forward.
"Notwithstanding the proposed amendment the company's investing policy, given that the Company's sole current investment is situated in Myanmar, it is important that we understand Myanmar's current economic environment."
The company noted a World Bank report which stated that Myanmar was regaining economic stability after a "volatile 2018".
"The forecast outlook remains positive, with economic growth projected to further accelerate to 7.6% by 2020/21, underscored by reforms, large planned infrastructure projects and investments into sectors undergoing liberalisation," All Asia added.
Shares in the company were untraded in London on Tuesday afternoon, last quoted at 0.40 pence each.
By Eric Cunha; ericcunha@alliancenews.com
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