Sunday, 25 April 2010

iCap Financial report for Q3 ending 28.2.2010

In the third quarter, iCap invested in a new un-named security and also made further investments in Suria Capital Holdings Bhd.

Subsequent to 28th February, 2010, iCap raised its cash holdings by selling all its stakes in KLK, LionDiv, PohKong, Swee Joo and Astro.

Reasons given:  Astro was sold as it was perceived to have limited upside; the other counters were sold due to concern a trade war between US and China would break out, with severe consequences for the global economy should it happen.

Let us make some wild guess.  It is an estimate that iCap probably raised a total of about $48 million cash from the sales of the above counters.  Adding this amount to its cash balance of $34.9 at the end of Q3 2010, meant that iCap's  has cash of about $83 million to invest.  As on 22.4.2010, iCap's NAV per share was $2.16 giving it a market capitalisation of $302.4 million, therefore the cash:equity ratio was probably 27%:73%.

Announcement date: 23.4.2010$FILE/3rd%20Q

Also read:

When to Sell? 

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