LONDON (Alliance News) - All Asia Asset Capital Ltd Friday said it made a loss in its first year of incorporation, mainly due to administrative expenses and costs of being admitted to the London Stock Exchange's AIM market, but said the values of Myanmar Allure Group Co Ltd and Andaman Power and Utility Company Ltd have risen.
The Asia Pacific-focused investing company said it made a GBP624,695 loss in the period from September 14, 2012 - when it was incorporated - until December 31, 2013, mainly down to GBP533,605 in administrative expenses and admission expenses of GBP99,714.
"We are pleased with the progress we made in our first year including the successful admission of AAA to AIM, and two significant investments in power generation and hospitality provision in Myanmar," Sri Hartati Kurniawan, chief executive, said in a statement.
"The extension of the company's investing policy to cover Asia Pacific will enable the company to find more exciting investment opportunities in the region. We are confident that the company is well positioned to continue delivering and enhancing shareholder value," the chief executive added.
After raising about GBP3.6 million before expenses on the back of its initial public offering on AIM, All Asia Asset Capital made investments in APU in October 2013 and MAG in November 2013.
It paid GBP770,000 for APU and GBP1.2 million for MAG. According to Asia Asset Capital, the investments have since been valued by an independent third party, giving APU a GBP910,000 fair value and MAG a GBP1.5 million fair value at the end of 2013.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
Copyright 2014 Alliance News Limited. All Rights Reserved.
