(Alliance News) - Asia Dragon Trust PLC on Wednesday said it has completed its takeover of New Dawn Investment Trust PLC, where it will buy GBP215 million in assets.
Under the plan, abrdn New Dawn has been wound up, and shareholders will receive new shares in Asia Dragon. The agreement was drawn up in July.
Asia Dragon has now acquired GBP214.7 million of Net Dawn assets for the issue of 52.9 million new shares to New Dawn shareholders.
abrdn Fund Managers Ltd is the investment manager for both trusts, and it will continue to manage the enlarged Asia Dragon, with Pruksa Iamthongthong and James Thom as portfolio managers.
The two funds both invest in Asian companies. The investment policy of Asia Dragon will be changed to allow investment in Australasia, but the MSCI AC Asia (ex-Japan) Index will remain its benchmark.
Shares in Asia Dragon Trust closed up 0.3% to 339.00 pence each in London on Wednesday. New Dawn shares have been suspended.
By Sophie Rose, Alliance News senior reporter
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Asia Dragon (DGN)