LONDON (Alliance News) - Symphony International Holdings Ltd on Friday said its net asset value rose 4.3% during the second quarter of 2016, largely thanks to the strengthening in the share price of one of its portfolio companies.
The investment company said its net asset value was USD712.5 million on June 30, up from USD683.2 million at the end of March. Its net asset value per share rose to USD1.3472 from USD1.2938 in the same period.
Symphony International said the improvement came on the back of a strengthening in the share price of one of its holdings, Thai investment firm Minor International PCL, but said many of portfolio of listed real estate investment companies continued to build their respective portfolios during the second quarter.
Symphony International said it continues to support the management teams of its portfolio companies and is currently evaluating several opportunities to grow its portfolio.
"With the 4.3% net asset value growth during the quarter and excluding the impact of the USD40.0 million dividend announced in March, Symphony's net asset value during the first half of 2016 would have increased by 8.2% despite volatile conditions. Aside from the solid growth in net asset value, we are also pleased that Symphony completed the acquisition of the Christian Liaigre Group with a co-investor during the second quarter," said Director Anil Thadani.
Symphony International during the three months purchased Financier CL SAS as part of a consortium, being the holding company of luxury furniture brand Christian Liaigre.
Shares in Symphony International were untraded on Friday, having last traded at USD0.790.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.
Symphony (SIHL)