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Symphony International NAV affected by Baht weakness

Symphony International says its NAV fell 5.9% to $1.2685 from $1.3473 over the first half of 2015. Symphony’s share price was $0.75 at the period end. The discount to NAV that Symphony’s share price traded on 30 June 2015 was 40.9%.

They say the change in NAV was predominantly due to a weakening of the share prices of Minor International Pcl (“MINT”) and IHH Healthcare Berhad (“IHH”) and also the Thai baht against the US dollar during the quarter.

MINT owns 56 hotels and manages 77 other hotels and serviced suites with 16,774 rooms. In addition to owning hotels under the Four Seasons, St. Regis and Marriott brands, MINT owns and manages hotels under its own brand names that include Anantara, Oaks, Elwana, Avani and Per AQUUM in 22 countries.

As at 30 June 2015, MINT also owned and operated 1,747 restaurants (comprising 881 equity-owned outlets and 866 franchised outlets) under the brands The Pizza Company, Swensen’s, Sizzler, Dairy Queen, Burger King, Beijing Riverside, Thai Express and The Coffee Club amongst others. Approximately two-thirds of these outlets are in Thailand with the remaining number in other Asian countries and the Middle East. MINT’s operations also include contract manufacturing and an international lifestyle consumer brand distribution business in Thailand focusing on fashion, cosmetics through retail (287 outlets), wholesale and direct marketing channels under brands that include GAP, Esprit, Bossini, Red Earth, Pedro, Tumi and Zwilling Henckels amongst others.

As at 30 June 2015, the fair market value of the Company’s investment in MINT was approximately US$321.4m (31 December 2014: US$323.2m).

IHH Healthcare Berhad (“IHH”) is one of the largest healthcare providers in the world by market capitalisation. Its portfolio of healthcare assets includes Parkway Holdings Limited, Pantai Holdings Berhad, International Medical University, Acibadem Saglik Yatirimlari Holding A.S. (“Acibadem”) and a minority shareholding in Apollo Hospitals Enterprises Limited. IHH has a broad footprint of assets in Asia as well as Turkey, Abu Dhabi, Central and Eastern Europe that employ 25,000 people and operate over 7,000 licensed beds in 39 hospitals worldwide. At the period end, the fair value of the Company’s investment in IHH was US$64.9m (31 December 2014: US$77.1m).

SIHL : Symphony International NAV affected by Baht weakness

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