Himalayan Fund N.V. Strategic Partnership Announced (9632I)

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RNS Number : 9632I

Himalayan Fund N.V.

05 June 2014

Fund will change board structure to benefit from new partnership with Altitude

Himalayan Fund announces strategic partnership to fuel growth

AMSTERDAM, Thursday, June 5(th) , 2014 - Himalayan Fund (HYF), the London and Amsterdam-listed open-end country fund investing in Indian equities since 1990, today announces a co-operation with The Altitude Equity Partnership, a private merchant banking and equity house, based in London. This co-operation is expected to lead to a significant growth in the assets of the fund.

Altitude will work with Himalayan Fund NV to develop a strategy for rebuilding the assets and participating in the revival of foreign investment interest in India. This is motivated by the focus of the new Indian government on accelerating GDP growth after two years of slowing down.

For optimal benefit of the co-operation Himalayan Fund NV will adopt a dual-board structure and will nominate board members to a Supervisory Board subject to regulatory approval. The current board will become the Board of Management and will continue to convene the Investment Committee to oversee the investment of the Fund's portfolio.

Altitude, along with the members of the Himalayan Fund boards, will be committed to assisting Himalayan Fund to build the asset base towards levels seen before in the Fund's long history. The board will direct investment policy towards maximizing returns from focusing intensely on sectors likely to benefit from the efforts of the new Indian government to accelerate growth.

Recapitalization of the Fund, assisted by the input from Altitude, will be used to generate further investment opportunities in the fields of healthcare, technology and infrastructure. The fund will continue to benefit from the involvement of IndAsia Fund Advisors in Mumbai and from its long-standing historic connections in India.

This strategy will not involve any increase in risk or cost to investors. All of those concerned are intent on using this opportunity to attract new investment in the Fund and to use the additional funding to utilize the full scope of the Fund's investment policies to the maximum to the long-term benefit of shareholders.

The board of Himalayan Fund looks forward to announcing the new nominees to the dual board structure when regulatory approvals have been received. Management control of the Fund will continue to be exercised in Amsterdam and liquidity in the funds Ordinary Shares will continue to be provided through the listings in both Amsterdam and London.

About Himalayan Fund

Himalayan Fund N.V. is an investment fund with variable capital incorporated under Dutch Law. The primary objective of the Company is to generate long-term capital gains for shareholders from investing in India. Access to Indian markets by foreigners is restricted, but thanks to its registration with the Securities and Exchange Board of India as a 'Foreign Institutional Investor' Himalayan Fund is able to hold all of its own investments directly and offer shareholders the benefits of the double tax treaty between the Netherlands and India.

The Company's Ordinary Shares are traded through Euronext Amsterdam's TCS system once a week at a Transaction Price based on Net Asset Value. The Company's Ordinary Shares are also traded on the London Stock Exchange. The Net Asset Value is published every Friday.

About Altitude

The Altitude Equity Partnership, 'Altitude', is a private merchant banking and equity house, based in London. The company operates in three streams of business: 'Funds and Investment Companies', 'Corporate Finance and Capital Partnerships' and 'Private Office'.

Altitude's New Business and Investment Committees are tasked to establish synergistic partnerships that achieve sustainable capital growth in sectors and geographies where they can add value, create opportunities and execute strategic development.

Altitude is entirely owned by its partners; does not engage with stakeholders whose activities are unconscionable, extractive or exploitative. Where possible, the team of Altitude includes in their due diligence a focus on the delivery of social capital and economic development. Altitude operates across a wide range of sectors: healthcare, agriculture, energy, infrastructure plus enterprises and funds that are active in Developing Economies.

Note to the editor, not for publication

For more information you can contact:

Himalayan Fund N.V.

Ian McEvatt, Chairman

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   E:             [e-mail] 

Richard Neve

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This information is provided by RNS

The company news service from the London Stock Exchange

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