Symphony International Holdings’ net asset value has increased by 13.4 per cent from USD609.8m at 31 December 2012 to USD691.7m at 31 March 2013.
NAV per share increased from USD1.18 to USD1.34 during the same period.
The increase in NAV during Q1 2013 was predominantly driven by fair value gains of investments, particularly in the hospitality and healthcare sectors.
Symphony’s share price strengthened by 20.0 per cent during Q1 2013 from USD0.68 to USD0.81 and the discount to NAV narrowed by 3.3 per cent during the same period to 39.7 per cent at 31 March 2013.
On 22 March 2013, Symphony announced that Minuet Limited had completed the sale of 17.0 rai (2.7 hectares) of land in Bangkok, Thailand. Excluding transaction expenses and foreign exchange translations, the sale price was 74.3 per cent above average land cost and 50.0 per cent above the last transacted sale price in January 2012 where Minuet has sold 69.2 rai (11.1 hectares) of land.
Symphony announced on 15 April the sale of its investment in AFC Network. The gross sale price was completed at approximately 94 per cent above Symphony’s cost.
Resilient Asian domestic demand and improving external demand from advanced economies is expected to contribute to an increase in real GDP growth in Asia in 2013, which should positively impact Symphony’s investee companies that are well placed to benefit from rising consumer demand.
Anil Thadani, chairman of Symphony Investment Managers Limited and director of Symphony, says: “Our investments in the hospitality and healthcare sector continued to increase in value during the first quarter, which reflect the quality, performance and prospects for these businesses. We have also made several successful realisations during and subsequent to the first quarter of 2013, which reaffirms our investment strategy.”
