Kuala Limited has announced results for the year ended 31 March 2015. This period includes its conversion from being a fund focused on investments in China to being a fund focused on investments in the natural resources and energy sector, particularly in Africa.
The company’s last Chinese investment (Wan Wei) has been struck off and is valueless.
The plan to get into the natural resources and energy sector has stumbled – they say on the back of weak markets in those areas of the markets (which we would have though would have made their job as acquirers of businesses easier). They generated £11,000 profit trading shorts on an ETF – they have $375,000 in a trading account.
The directors are wondering whether to change the company’s remit again to “to enable shareholders to participate in investment sectors which are showing better risk and return profiles” but aren’t yet considering handing shareholders their money back.
KUL : Uncertain future for Kuala