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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 INTERIM ANNOUNCEMENT The Directors of Genesis Malaysia Maju Fund Limited announce unaudited results for the period ended 30th June, 2006 as follows: 2006 2005 US$ US$ Total net assets for 63,108,835 56,315,286 Participating Preference Shares Net assets per Participating 41.49 37.02 Preference Share Net income (deficit) per 5.07 (1.97) Participating Share COMMENT In the six months to June 30th, 2006, the Fund's Net Asset Value per share rose by 13.9% to US$41.49. Over the same period the Kuala Lumpur Stock Exchange (KLSE) index expressed in US Dollars rose 4.6%. The total income per Participating Preference Share was US$5.07. The Directors do not recommend payment of a dividend. Malaysia's economy has maintained its upward momentum so far this year, propelled by the same forces that were at work last year- manufactured exports and consumption related services. Inflation has risen (June's CPI figure was 3.9%), as the government has adjusted domestic petrol prices to the rise in global oil prices. Although the construction sector continued to shrink slightly in the period, this should reverse as the Ninth Malaysia Plan has promised a 30% increase in the development budget. Political uncertainty has arisen following the vocal criticism of Prime Minister Badawi by his predecessor Dr Mahathir. This has highlighted the difference in leadership styles and the resulting atmosphere of uncertainty is not conducive to investment. Nevertheless, valuations are reasonable both intrinsically and against a regional comparison, and the first half witnessed probably the largest foreign takeover of a Malaysian company for a price approaching 30 times earnings. The portfolio therefore disposed of its holding in OYL Industries and found no difficulty investing the proceeds as attractive valuations can still be found among the smaller Malaysian companies. By Order of the Board HSBC Securities Services (Guernsey) Limited 31st August, 2006 GENESIS MALAYSIA MAJU FUND LIMITED INTERIM ANNOUNCEMENT (continued) APPENDIX 2006 2005 US$ US$ FINANCIAL HIGHLIGHTS Total net assets 63,108,835 56,315,286 Dividend income 1,177,357 967,545 Interest income 25,023 2,416 Gross income 1,202,380 969,961 Net income (deficit) for the year 7,707,932 (2,998,578) Net income (deficit) per Participating 5.07 (1.97)Share Net assets per Participating Share 41.49 37.02 STATEMENT OF CASH FLOWS Investment income received 767,757 710,982 Interest received 23,837 1,757 Expenses paid out of revenue (410,174) (272,950) Purchases of investments (10,174,671) (4,120,077) Sales of investments 8,484,721 3,713,242 Expenses paid out of capital (544,313) (307,384) Net Cash Outflow $(1,852,843) $(274,430)
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