The Asia Tigers Fund, Inc. Announces Earnings For The Fiscal year Ended October 31, 2006.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- The Asia Tigers Fund, Inc. (NYSE NYSE See: New York Stock Exchange : GRR GRR General Reevaluation Report GRR Grand River Railway (Ontario, Canada) GRR Georgetown Railroad GRR Grand Rapids Rampage GRR Genotype Relative Risk GRR Giant Resource Recovery (recycling) : the "Fund"), a closed-end management investment company that seeks long-term capital appreciation by investing primarily in Asian equity securities, today announced unaudited results for the fiscal year ended October 31, 2006. For the fiscal year ended October 31, 2006, the Fund's net investment loss totaled $3,085 equal to $0.0006 per share. Net realized and unrealized gain Unrealized Gain A profit that results from holding on to an asset rather than cashing it in and using the funds. Notes: Let's say you own a stock that has doubled, but you haven't sold it yet. This is said to be an unrealized gain. for the fiscal year ended October 31, 2006, was $31,822,114, equal to $5.77 per share. For the fiscal year ended October 31, 2005, the Fund's net investment income was $406,817, equal to $0.06 per share. Net realized and unrealized gain for the fiscal year ended October 31, 2005 was $16,070,024, equal to $2.38 per share. On October 31, 2006, total net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. of the Fund were $94,999,721 and the net asset value ("NAV See navigation system and navigation bar. ") per share was $19.21, based on 4,944,926 shares outstanding. The Fund's common stock closed at $18.55 per share on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. on October 31, 2006, representing a discount of 3.44% to the Fund's October 31, 2006 NAV. On October 31, 2005, total net assets of the Fund were $76,761,032 and the NAV per share was $13.44, based on 5,712,491 shares outstanding. The Fund's common stock closed at $12.91 per share on the New York Stock Exchange on October 31, 2005, representing a discount of 3.94% to the Fund's October 31, 2005 NAV. For the fiscal year ended October 31, 2006, the Fund conducted four quarterly repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. offers. The first repurchase offer commenced on December 22, 2005 and expired ex·pire v. ex·pired, ex·pir·ing, ex·pires v.intr. 1. To come to an end; terminate: My membership in the club has expired. 2. on January 13, 2006. In connection with the repurchase offer, the Fund purchased 285,626 shares of capital stock at a total cost of $4,513,262, less a 2% repurchase fee of $90,943. The second repurchase offer commenced on March 24, 2006 and expired on April 17, 2006. In connection with the second repurchase offer, the Fund purchased 211,376 shares of capital stock at a total cost of $3,948,415 less a 2% repurchase fee of $78,759. The third repurchase offer commenced on June 23, 2006 and expired on July 14, 2006. In connection with the third repurchase offer, the Fund purchased 10,303 shares of capital stock at a total cost of $211,195, less a 2% repurchase fee of $3,441. The fourth repurchase offer commenced on September 22, 2006 and expired on October 13, 2006. In connection with the fourth repurchase offer, the Fund purchased 260,259 shares of capital stock at a total cost of $4,907,298, less a 2% repurchase fee of $98,742. On October 31, 2006, investments in common stocks of Asian companies totaled $94,287,135 (or 99.2% of the Fund's net assets and investments in preferred stocks Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. of Asian companies totaled $774,214 (or 0.8% of the Fund's net assets). Cash and cash equivalents (including foreign currency) totaled $968,513 (or 1.0% of the Fund's net assets), and liabilities in excess of other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. totaled $1,030,141 (or -1.0% of the Fund's net assets), resulting in net assets of $94,999,721. Key holdings and country allocations Country allocations The percentages of a fund's net assets distributed to securities of various countries. These percentages serve as an indicator of a fund's diversification and its vulnerability to fluctuations in foreign financial markets or currency exchange rates. as of October 31, 2006, are set forth below.
Key Holdings and Country Allocations
Top Ten Holdings at October 31, 2006 % of Net Assets
1. Samsung Electronics - (Korea - Electronic
Components) 7.6%
2. China Mobile - (Hong Kong - Cellular
Telecommunications) 3.2%
3. Hon Hai Precision Industry - (Taiwan - Electronic
Components) 2.9%
4. Taiwan Semiconductor - (Taiwan - Semiconductor
Components) 2.8%
5. Infosys Technologies - (India - Application Software) 2.4%
6. Kookmin Bank - (Korea - Banking) 2.2%
7. Ezra Holdings, Ltd. - (Singapore - Transportation) 2.2%
8. Shinhan Financial Group - (Singapore - Diversified
Financial Services) 1.8%
9. Esprit Holdings Ltd. - (Hong Kong - Distribution
& Wholesale) 1.7%
10. POSCO - (South Korea - Steel Producers) 1.6%
Portfolio Composition by Country at % of Net Assets
October 31, 2006
1. Korea 23.6%
2. Hong Kong 17.1%
3. China 14.0%
4. Taiwan 13.4%
5. Singapore 12.2%
6. India 8.4%
7. Thailand 4.9%
8. Malaysia 3.3%
9. Indonesia 3.1%
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 closed-end management investment company that seeks long-term capital appreciation by investing primarily in Asian equity securities. The Fund conducts quarterly repurchase offers and is traded on the New York Stock Exchange under the trading symbol Trading symbol See: Ticker 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 Blackstone Group L.P. (NYSE: BX) is a prominent private equity and investment management firm founded in 1985 by Peter G. Peterson and Stephen A. Schwarzman. The company is based in New York City, in River House on Park Avenue at Fifty-first Street, with offices in Atlanta, . 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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. |
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