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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 |
TIDMBB40 GENESIS MALAYSIA MAJU FUND LIMITED (the "Company") Interim Management Statement (unaudited) 19th May 2009 This statement has been prepared to provide additional information to Shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any party for any purpose other than as stated above. Genesis Malaysia Maju Fund Limited was incorporated with limited liability in Guernsey under the Companies Laws on 24 January 1990 with registered number 21934 as a closed-ended investment company which has the ability to issue additional shares. The Fund's shares are listed on the London Stock Exchange. Investment Objective The investment objective of the Company is to seek long-term capital growth by investment in a professionally managed portfolio consisting primarily of securities (principally equity securities) in small to medium sized companies in Malaysia. The Company has appointed Genesis Asset Managers, LLP to act as Investment Manager with responsibility for providing advice on the Company's investment portfolio, in accordance with the Company's investment objective and policy, subject to the overall supervision of the directors. Performance Summary In the first quarter of 2009 the emerging markets equity asset class achieved its first positive quarterly return for more than a year, and saw dramatic rises in April. The Kuala Lumpur Composite Index rose 9.5% in the first four months of the year. The Fund's Net Asset Value per share rose from US$35.58 at the end of December 2008, to US$41.94 on the 30th April; a gain of 17.9% over the four-month period. The strong relative performance of the Fund so far in 2009 is partly a result of the recovery in smaller companies in Malaysia, which mirrors the performance of smaller companies elsewhere in emerging markets. Market Update In economic terms it may be rather early to say that a recovery is underway but it seems things have stabilised and there has been some rebuilding of inventory. Fortunately the Malaysian economy is diversified and some areas continue to perform well, including plantations, niche manufacturers and, surprisingly, banks (delinquency has risen only modestly, although admittedly this is a lagging indicator and may rise further). An example of a good niche player is synthetic glove manufacturer Hartalega, which reported a 44% increase in earnings for last year and give an upbeat outlook. The recent sharp recovery in its share price is fully deserved. Prime Minister Najib took over as planned in early April. His cabinet represents a slight shift towards reform and we were impressed to see the appointment of the hard-working Mustapha Mohamed as Trade Minister. Some key initiatives have been taken by the new administration during its first few weeks in power: some political detainees have been released, financial sector ownership has been further liberalised and 27 services sub-sectors have seen their equity conditions scrapped. The urgent to-do list includes helping the economy recover and reducing corruption in government contracts: the government's sense of urgency to get the economy moving is having a positive effect on construction companies, helped by recent construction awards which make clear that the government has effectively liberalised the ownership requirements of the winning firms. It is notable that risk appetite has increased in recent weeks, and brokers are once again recommending some of the smaller names in the Fund's portfolio. This is a global trend, but in Malaysia the political shift also means the operating environment has become slightly more supportive of entrepreneurial activity. Reorganisation At its meeting in Kuala Lumpur in March the Board of Genesis Malaysia Maju Fund Ltd ("Fund") instructed Genesis Asset Managers, LLP ("Manager") to examine in detail the practicality of reorganising the Fund's structure. The purpose of this reorganisation is to create increased liquidity for shareholders. The Board stressed that this decision did not result from any failing by the Manager or poor investment performance. The current conditions in the market for specialised closed ended funds do not provide a sufficiently deep pool of potential investors to allow either a ready exit for existing shareholders or opportunities for investors wishing to increase their interest to acquire shares and so a reorganization of the Fund needs to be undertaken to provide liquidity. The Board wishes the Manager to examine in particular a proposal to wind up the existing Guernsey investment company and transfer the assets of eligible electing shareholders in Maju in specie into a newly formed open ended umbrella fund resident and listed in Dublin. For further information contact: HSBC Securities Services (Guernsey) Limited as Company Secretary Miss Alison Bilham Direct Tel: +44 (0) 1481 707213 Fax: +44 (0) 1481 726275 Email: alison.bilham@gg.hsbc.com
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