LONDON (Alliance News) - Adamas Finance Asia Ltd Friday reported an increase in its net asset value and a narrower loss in its last financial year.
In a statement, Adamas Finance Asia, which changed its name from China Private Equity Investment Holdings Ltd after a reverse takeover in February, said its NAV increased to USD25.5 million, from USD23.2 million, over the course of 2013. Its loss narrowed to USD1.7 million, from USD10.4 million.
At the end of December, the company formerly known as China Private Equity Investment Holdings Ltd said it had conditionally agreed with credit fund Elypsis Solutions Ltd to acquire interests in four special purpose vehicles with stakes in four domestic Chinese businesses - CJRE, Global Pharm, HKMI and Meize Energy. Elypsis is owned by Asia Private Credit Fund Ltd, managed by an affiliate of Hong Kong-based Adamas Asset Management HK Ltd. The deal was a reverse takeover.
"We have tangible evidence that the strategic changes planned during the course of 2013 are yielding returns auguring a brighter future for the company. With Adamas as our investment manager, we are now positioned to continue building a quality portfolio which we plan over time to be centred entirely on income generating assets. The eventual objective of this is to deliver regular income distributions to our shareholders," Chairman John Croft said in a statement.
"In summary, looking back over a year that led to what I believe is the most significant development in the company's AIM history, I feel confident in stating that while these are still early days for the reshaped operation, the company's new structure and close relationship with Adamas has the potential to deliver a solid and improving performance for our shareholders in the years ahead, and I look forward to providing further updates on progress in due course," the Chairman added.
Adamas Finance Asia shares were Friday quoted at USD0.08, untraded.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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