London’s Alternate Investment Market (AIM) listed Kubera Cross-Border Fund Ltd has recorded a fall in net asset value (NAV) from $0.98 to $0.88, which may not be much considering the valuations had taken a knock in the last one year. In its annual results for the yearending 31 December 2008, the fund has also revealed its two new investments – Infotech Enterprises and Financial Services Co. Kubera has reported a net investment loss of $0.02 per share, with realised and unrealised loss per share at $0.08. Kubera’s stock price last traded at $0.5, at a significant discount to its valuation.
The results come after Kubera recently said that it will cease to make any new investments, other than follow-on investments in the existing portfolio, until the independent directors determine otherwise. Kubera has a strategy of investing in cross-border companies. This is in contrast with its peers in India, who are beating the domestic consumption drum.
But Kubera says that its portfolio stands to gain both during upside and downside in the economy. “Companies in KUBC’s portfolio remain well positioned to benefit from cost reduction pressures in the US as well as from any recovery in the US economy and continuing growth in India,” said Martin M. Adams, Chairman of Kubera Cross-Border in a statement.
Kubera has invested a little less than $1 million in listed Infotech Enterprises for a 0.5% stake. The investment was done in September 2008. The company provides geographic information systems and engineering design services to the aerospace, rail, auto, telecom and other industries in the US, Europe and India. It has raised private equity funding from General Atlantic.
Its other investment, Financial Services Co, is an investment bank with strong presence in Southern India. The i-bank has raised $1.5 million from Kubera, selling a 10% stake in April 2008.
Kubera’s portfolio companies include Kejriwal Stationary (paper-based stationary manufacturer), Adanya Inc (corporate e-learning), Venture Infotek (transaction process services), Ocimum Biosolutions (genomics outsourcing), among others. Kubera Cross-Border Fund was listed on AIM in 2006, raising $225 million from investors.
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