(Source: Business Wire)
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, 2009.
For the nine months ended July 31, 2009, the Fund's net investment income totaled $72,973. Net realized loss and net change in unrealized gain for the nine months ended July 31, 2009, were $732,296 and $28,061,936, respectively. For the nine months ended July 31, 2008, the Fund's net investment loss totaled $109,532. 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.
On July 31, 2009, total net assets of the Fund were $69,111,766 and the net asset value ("NAV") per share was $18.13, based on 3,811,393 shares outstanding. The Fund's common stock closed at $18.05 per share on the New York Stock Exchange on July 31, 2009, representing a discount of 0.44% to the Fund's July 31, 2009 NAV. On July 31, 2008 total net assets of the Fund were $97,391,662 and the 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.
For the nine months ended July 31, 2009, the Fund conducted two periodic repurchase offers. The first repurchase offer commenced on December 26, 2008 and expired on January 16, 2009. In connection with the repurchase offer, the Fund purchased 211,158 shares of capital stock at an approximate cost of $2,256,710, net of a 2% repurchase fee of $44,597. The second repurchase offer commenced on June 26, 2009 and expired on July 17, 2009. In connection with the second repurchase offer, the Fund purchased 200,600 shares at an approximate cost of $3,504,926, net of a 2% repurchase fee of $70,090.
On July 31, 2009, investments in common stocks of Asian companies totaled $67,208,647 (or 97.25% of the Fund's net assets) and investments in exchange traded funds totaled $1,260,344 (or 1.82% of the Fund's net assets). Cash and cash equivalents (including foreign currency and repurchase agreements) totaled $41,019 (or 0.06% of the Fund's net assets), and other assets in excess of liabilities totaled $601,756 (or 0.87% of the Fund's net assets), resulting in net assets of $69,111,766. Key holdings and country allocations as of July 31, 2009, are set forth below.
