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BB40 Genesis Maly.Pf

32.50
0.00 (0.00%)
26 Jul 2024 - Closed
Delayed by 15 minutes
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

Interim Results AMENDMENT

29/09/2005 11:00am

UK Regulatory


    GENESIS MALAYSIA MAJU FUND LIMITED
                                        
                              INTERIM ANNOUNCEMENT

The  Directors of Genesis Malaysia Maju Fund Limited announce unaudited  results
for the period ended 30th June, 2005 as follows:

                                                                 2005                     2004
                                                                 US$                       US$
                                                                                         
Total net assets for participating shareholders                56,304,496               56,390,680
                                                             [56,570,018]                   
                                                                                            
Net assets per Participating Share                              37.02                     37.07
                                                               [37.19]                      
                                                                                            
Total (deficit) per Participating Share                        (1.971)                   (0.819)
                                                              [(1.804)]                     

Figures in square brackets represent, for comparative purposes only, the results
for 2005 based on the accounting standards prior to the recent changes.


Comment

In  the six months to June 30th, 2005, the Funds Net Asset Value per share fell
4.6%  to  US$37.19  (based upon previous accounting standards).  Over  the  same
period the Kuala Lumpur Stock Exchange (KLSE) index expressed in US Dollars fell
2.1%. The total deficit per Participating Preference Share was US$1.971 and  the
Directors do not recommend payment of a dividend.

Malaysias smaller market capitalisation stocks have performed poorly for over a
year  now,  and  have  been  de-rated compared with their  larger  counterparts.
Indeed,  the  KLSE  Second Board of smaller companies reached a  seven-year  low
recently  while in early August the broader index made a five-year high  (albeit
under-performing its neighbours). Although disappointing, your Manager continues
to  believe  that  the small and medium size companies, in  which  you  Fund  is
primarily  invested, continue to have good prospects for growth  which  will  be
recognised by the stock market.

UK  Accounting Standards (UK GAAP) have changed in anticipation of UK  companies
moving  to  International  Financial Reporting Standards.  The  main  alteration
affecting   the  Fund  is  the  reclassification  of  the  Funds  Participating
Preference  Shares  as  debt rather than equity. Further changes  involving  the
valuation  of  investments  at bid price rather than mid-market  price  and  the
inclusion of transaction costs have also been incorporated.


                              By Order of the Board

                   HSBC Securities Services (Guernsey) Limited

28th September, 2005

                                        
                       GENESIS MALAYSIA MAJU FUND LIMITED
                                        
                        INTERIM ANNOUNCEMENT (continued)

                                                                        APPENDIX
                                                                                
                                        
                                                                       2005                   2004
                                                                       US$                     US$
FINANCIAL HIGHLIGHTS                                                                            
                                                                                                
Total net assets                                                    56,304,496             56,390,680
                                                                                                
Dividend income                                                      967,545                1,063,126
                                                                                                
Interest income                                                       2,416                    312
                                                                                                
Gross income                                                         969,961                1,063,438
                                                                                                
Total deficit for the year                                         (2,998,578)             (1,246,195)
                                                                                                
Net assets per Participating Share                                    37.02                   37.07
                                                                                                
Total (deficit) return per Participating Share                        (1.97)                 (0.82)
                                                                                                
STATEMENT OF CASH FLOWS                                                                         
                                                                                                
Investment income received                                           710,982                 638,184
                                                                                                
Interest received                                                     1,757                    77
                                                                                                
Expenses paid out of revenue                                        (272,950)               (259,653)
                                                                                                
Purchases of investments                                           (4,120,077)            (11,622,969)
                                                                                                
Sales of investments                                                3,713,242              11,501,401
                                                                                                
Expenses paid out of capital                                        (307,384)               (381,256)
                                                                                                
Net Cash Outflow                                                    $(274,430)             $(124,206)
                                        




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