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LONDON (Alliance News) - Symphony International Holdings Ltd on Tuesday reported a fall in net asset value per share in the first quarter as it sold shares in its portfolio companies.
The investment company said its net asset value per share stood at USD1.21 at the end of March, down from USD1.27 at the end of 2017. Its total net assets declined to USD591.5 million from USD618.7 million.
The company's share price was USD0.79 on March 31, representing a discount of 34.6%, widened from 33.7% at the end of December.
Shares in Symphony International were up 4.2% at USD0.86 on Tuesday.
The company said that change in NAV was predominantly driven by the decline in the share price of hospitality and leisure company Minor International Pcl offset by the increase in the share price of Malaysian–Singaporean private healthcare group IHH Healthcare Bhd and weakness in the US dollar.
During the period, Symphony International sold 6.0 million shares in Minor International for USD8.2 million, it said, and 14.1 million shares in IHH Healthcare for USD21.7 million.
The company declared an ordinary dividend of 2.50 cents per share and an extraordinary dividend of 9.50 cent per share. It intends to continue ordinary dividend payments on an annual basis, but said that extraordinary dividends will be paid "when the board feels it would be appropriate to do so".
"Despite continued improvement in economic data and strength in Asian currencies, the markets experienced increasing amounts of volatility due to ongoing international trade disputes," said Chairman Anil Thadani.
"We continue to drive value in our portfolio companies through active participation at the board level and by providing financial advice where appropriate. Simultaneously, we continue to evaluate new investment opportunities," Thadani added.