(Alliance News) - Adamas Finance Asia Ltd on Monday reported a rise in full-year net asset value, helped by a new investment, though NAV was lower on a per-share basis.
The Asia-focused investor's net asset value at the end of 2019 was USD100.9 million, an 8.5% rise from USD93.0 million. NAV per share fell 16%, however, to USD0.95 from USD1.13.
Shares in the company soared 30% to 25.30 pence each in London on Monday morning.
Adamas Finance Asia had 104.9 million shares in issue at the end of 2019, compared to 76.8 million at the end of 2018.
"Net asset value increased by 8% year-on-year driven mostly by a new investment which was acquired in exchange for the issue of the company's shares," the company explained.
Adamas Finance Asia did not declare a payout, unchanged from last year, but eyed 2020 as the year it gets closer to "commencing dividend payments".
Chair John Croft said: "The board expects the company's investment portfolio in 2020, from a valuation perspective, to avoid any material impact from Covid-19. Many of the countries in which our portfolio companies operate, including China and Hong Kong, are exhibiting early signs of recovery with the gradual lifting of lock-down measures. Moreover, most Asian countries are benefiting from the experience gained from previous pandemics in the region."
Adamas Finance Asia invests in small and medium enterprises across Asia.
By Eric Cunha; ericcunha@alliancenews.com
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