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Name | Symbol | Market | Type |
---|---|---|---|
Genesis Maly.Pf | LSE:BB40 | London | Preference Share |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 32.50 | 0 | 01:00:00 |
GENESIS MALAYSIA MAJU FUND LIMITED PRELIMINARY ANNOUNCEMENT The Directors of Genesis Malaysia Maju Fund Limited announce the following results for the year ended 31 December 2006. They do not recommend the payment of a dividend. 2006 2005 US$ US$ Total net assets US$79,792,385 US$55,400,903 Net assets per Participating 52.45 36.42 Share Total (deficit)/income per 16,036 (2.57) Participating Share Comment The Fund's net asset value per share increased by 43.4 per cent to US dollars 52.45 per share in the year ended 31 December 2006. This growth rate can be compared with the rise in the Kuala Lumpur Stock Exchange Index of 30.4 per cent, expressed in US Dollars for the same period. At the interim stage, I reported the Fund had increased by 13.4 per cent per share so there has been significant growth in the second half. This momentum appears to be continuing in the current year but it would be unwise to make any predictions for the future. Since inception, the fund has grown by 424.5 per cent to the end of December against the KLSE Index of 37.1 per cent. An impressive figure. The results do endorse the fund manager's strategy and stock selection in small increase to medium sized companies based in Malaysia. The discount to the Fund's net asset value of the company's share price has fluctuated during the year to between two and eight per cent. It is currently at six per cent. In my statement with the interim figures, I paid tribute to the outstanding contribution Jeremy Paulson-Ellis made to the company during his long tenure as a director and chairman when he stepped down at the annual general meeting. Otherwise, I am pleased to report no changes to the board, which now has four directors based outside the UK of which three are based in Malaysia. By Order of the Board GORDON YOUNG Chairman 30th March, 2007 GENESIS MALAYSIA MAJU FUND LIMITED PRELIMINARY ANNOUNCEMENT (continued) FINANCIAL HIGHLIGHTS 31 December 31 December 2006 2005 US$ US$ Total net assets 79,792,385 55,400,903 Realised gains/(losses) (695,991) 2,663,262 Unrealised gains/(losses) 24,869,843 (6,845,061) Net exchange gains/(losses) 104,807 20,986 Income from dividends and 2,189,989 1,974,236 interest Gross income/(deficit) 26,468,648 (2,186,577) Expenses (1,528,515) (1,295,026) (Deficit)/income before 24,940,133 (3,481,603) taxation Taxation (548,651) (431,358) Total (deficit)/income 24,391,482 (3,912,961) attributable to Participating Shareholders Total (deficit)/gain per 16,036 (2.57) Participating Share Net Assets per Participating 52.45 36.42 Share STATEMENT OF CASH FLOWS Investment income and 1,587,968 1,533,971 interest received Expenses paid out of revenue (682,564) (487,010) Purchase of investments (17,953,277) (12,436,338) Sale of investments 14,185,253 13,636,914 Expenses paid out of capital (797,275) (545,836) GENESIS MALAYSIA MAJU FUND LIMITED PRELIMINARY ANNOUNCEMENT (continued) 31 December 31 December 2006 2005 $ $ Net Cash Inflow (3,659,895) 1,701,701 from Operating Activities for the Year Exchange gain 104,807 20,986 Net liquid funds at the 4,313,118 2,590,431 beginning of the year Net liquid funds at the year $758,030 $4,313,118 end BALANCE SHEET FIXED ASSETS Investments at valuation 79,387,939 52,807,741 CURRENT ASSETS 1,211,078 4,392,525 CURRENT LIABILITIES (806,632) (1,799,363) NET CURRENT ASSETS 404,446 2,593,162 NET ASSETS $79,792,385 $55,400,903 CAPITAL AND RESERVES Called-up Share Capital 26,000 26,000 Share premium 13,736,332 13,736,332 Capital Reserve 56,105,027 32,781,191 Revenue Account 9,925,026 8,857,380 SHAREHOLDERS' FUNDS $79,792,385 $55,400,903
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