The Asia Tigers Fund, Inc. (NYSE:GRR; the "Fund"), a non-diversified, closed-end management investment company that seeks long-term capital appreciation by investing primarily in Asian equity securities, today announced unaudited results for the nine months ended July 31, 2008.
For the nine months ended July 31, 2008, the Fund's net investment loss totaled $109,532, equal to $0.02 per share. Net realized gain and net change in unrealized loss for the nine months ended July 31, 2008, were $19,467,375 and $74,992,096, respectively, equal to $4.31 per share and $16.62 per share, respectively . For the nine months ended July 31, 2007, the Fund's net investment loss totaled $270,272, equal to $0.05 per share. Net realized and net change in unrealized gain for the nine months ended July 31, 2007, were $12,651,372 and $36,057,774, respectively, equal to $2.57 per share and $7.32 per share, respectively.
On July 31, 2008, total net assets of the Fund were $97,391,662 and the net asset value ("NAV") per share was $23.06, based on 4,223,151 shares outstanding. The Fund's common stock closed at $21.26 per share on the New York Stock Exchange on July 31, 2008, representing a discount of 7.81% to the Fund's July 31, 2008 NAV. On July 31, 2007 total net assets of the Fund were $135,892,182 and the NAV per share was $29.04, based on 4,679,392 shares outstanding. The Fund's common stock closed at $27.11 per share on the New York Stock Exchange on July 31, 2007, representing a discount of 6.65% to the Fund's July 31, 2007 NAV.
For the nine months ended July 31, 2008, the Fund conducted two periodic repurchase offers. The first repurchase offer commenced on December 21, 2007 and expired on January 11, 2008. In connection with the repurchase offer, the Fund purchased 233,970 shares of capital stock at an approximate cost of $6,632,912, net of a 2% repurchase fee of $133,597. The second repurchase offer commenced on June 20, 2008 and expired on July 11, 2008. In connection with the second repurchase offer, the Fund purchased 222,271 shares at an approximate cost of $4,929,522, net of a 2% repurchase fee of $99,311.
On July 31, 2008, investments in common stocks of Asian companies totaled $93,969,833 (or 96.5% of the Fund's net assets). Cash and cash equivalents (including foreign currency and repurchase agreements) totaled $3,961,315 (or 4.1% of the Fund's net assets), and liabilities in excess of other assets totaled $539,486 (or -0.6% of the Fund's net assets), resulting in net assets of $97,391,662. Key holdings and country allocations as of July 31, 2008, are set forth below.
Key Holdings and Country Allocations | ||
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Top Ten Holdings at July 31, 2008 | % of Net Assets | |
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1. Samsung Electronics - (South Korea - Electronic Components) | 4.3% | |
2. China Mobile - (Hong Kong - Cellular Telecommunications) | 3.9% | |
3. Taiwan Semiconductor - (Taiwan - Semiconductor Components) | 3.0% | |
4. POSCO - (South Korea - Steel Producers) | 2.9% | |
5. Industrial & Commercial Bank of China (Hong Kong - Banks) | 2.6% | |
6. Hon Hai Precision Industry - (Taiwan - Electronic Components) | 2.2% | |
7. Kookmin Bank - (South Korea - Banks) | 1.9% | |
8. Reliance Industries - (India - Oil Refining & Marketing) | 1.9% | |
9. Shinhan Financial Group - (South Korea - Diversified Financial Services) | 1.8% | |
10. State Bank of India - (India - Banks) | 1.6% | |
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Portfolio Composition by Country at July 31, 2008 | % of Net Assets | |
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1. Hong Kong | 21.7% | |
2. South Korea | 20.8% | |
3. Singapore | 11.5% | |
4. Taiwan | 11.4% | |
5. China | 9.1% | |
6. India | 9.0% | |
7. Malaysia | 4.9% | |
8. Indonesia | 4.7% | |
9. Thailand | 3.4% |
The holdings and allocations listed were accurate as of the date shown and are subject to change without notice. Any securities discussed should not be a recommendation to buy or sell and there is no guarantee that these securities will be held nor should it be assumed that they were or will be profitable. Past performance does not guarantee future results.
The Fund is a non-diversified, closed-end management investment company that seeks long-term capital appreciation by investing primarily in Asian equity securities. The Fund conducts semi-annual repurchase offers and is traded on the New York Stock Exchange under the trading symbol "GRR".
Blackstone Asia Advisors L.L.C. serves as the Investment Manager to the Fund. The Investment Manager is an affiliate of The Blackstone Group L.P.
Information on the Fund can be obtained on the Blackstone website (www.blackstone.com) or by calling the Fund's toll-free phone number at 1-866-800-8933.
This press release may contain statements regarding plans and expectations for the future that constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking and can be identified by the use of words such as "may,""will," "expect,""anticipate," "estimate,""believe," "continue," or other similar words. Such forward-looking statements are based on the Fund's current plans and expectations, and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Additional information concerning such risks and uncertainties are contained in the Fund's filings with the Securities and Exchange Commission.