Symphony International Holdings Limited

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Symphony International Holdings Limited 
 
Annual report 
Year ended 31 December 2024 
 

 
 
 
 
1 
SYMPHONY INTERNATIONAL HOLDINGS LIMITED 
 
Financial Results for the year ended 31 December 2024 
 
 
Symphony International Holdings Limited (“Symphony” or the “Company” or “SIHL”) announces results 
for the year ended 31 December 2024.   
 
Introduction 
 
The Company is an investment company initially incorporated as a limited liability company under the laws 
of the British Virgin Islands on 5 January 2004.  The Company voluntarily re-registered itself as a BVI 
Business Company on 17 November 2006. The Company’s investment objectives are to increase the 
aggregate net asset value of the Company (“NAV”) calculated in accordance with the Company’s policies 
through strategic longer-term investments primarily in Asian businesses, across a variety of sectors 
including healthcare, hospitality, lifestyle (including branded real estate developments), logistics and 
education and through investments in special situations and structured transactions, which have the 
potential to generate attractive returns and to enhance the NAV. 
 
The Company was admitted to the Official List of the UK Listing Authority on 3 August 2007 under 
Chapter 14 of the UK Listing Rules and its securities were admitted to trading on the London Stock 
Exchange’s main market for listed securities on the same date. 
 
As at 31 December 2024, the issued share capital of the Company was US$409.70 million (2023: 
US$409.70 million) consisting of 513,366,198 (2023: 513,366,198) ordinary shares. 
 
Symphony’s Investment Manager is Symphony Asia Holdings Pte. Ltd. (“SAHPL” or the “Investment 
Manager”).  The Company has an Investment Management Agreement with SAHPL as the Investment 
Manager.  
 
Net Asset Value 
 
Symphony’s NAV is the sum of its cash and cash equivalents, temporary investments, the fair value of 
unrealised investments (including investments in subsidiaries, associates and joint ventures) and other 
assets, less other liabilities. Symphony’s NAV may not be comparable to the net asset value in the unaudited 
financial statements.  The primary measure of SIHL’s financial performance and the performance of its 
subsidiaries will be the change in Symphony’s NAV per share resulting from changes in the fair value of 
investments. 
 
The NAV attributable to the ordinary shares on 31 December 2024 was US$0.8533 (2023: US$0.7427) per 
share.  This represents a 14.90% increase over the NAV per share at 31 December 2023. 
 
 

 
 
 
 
2 
 
 
Chairmen’s Statement 
Dear Shareholders, 
We are pleased to share our update on Symphony’s investments and developments over the past year. 
Generally, we saw financial markets make a strong recovery in 2024, driven by easing inflation and a more 
accommodative monetary policy. Central banks in the US and Europe reduced interest rates, while China 
introduced stimulus measures, benefiting a range of asset classes, including private equity and real estate. 
Thematic trends, particularly advancements in artificial intelligence, provided additional momentum for 
US stocks. The "Magnificent Seven" gained approximately US$4.8 trillion in market capitalization, 
accounting for almost half of the S&P 500's 24.30% gain in 2024. Meanwhile, Asian markets, excluding 
Japan, experienced more moderate growth, with the MSCI ex-Japan index increasing by 9.72%.  
At the start of 2025, optimism surrounding further interest rate reductions, additional stimulus from China, 
and a catch-up in valuations of Asian companies have supported further gains in financial markets in this 
region. However, while we anticipate these trends to further bolster risk assets, we remain cautious due to 
ongoing geopolitical risks, including trade-related barriers. Nevertheless, Asia continues to provide 
excellent diversification opportunities as its economies shift towards domestic consumption and intra-
regional trade. Rising GDP per capita is accelerating this transition, benefiting Symphony’s investments in 
the logistics, healthcare, hospitality, education, new economy and luxury-branded real estate. 
Symphony’s NAV increased by 14.90% year-over-year to US$438.07 million in 2024, primarily due to an 
increase in valuation of our unlisted investments, most notably ASG Hospital Private Limited (“ASG”), 
Liaigre Hospitality Ventures Pte. Ltd. (“LHV”) and Minuet Limited (“Minuet”). Throughout the year, 
Symphony made follow-on investments of US$12.39 million and partial realizations of US$1.61 million. 
In line with our policy announced previously, we will continue to support our investee companies, but are 
actively positioning more mature investments for exit and not making any new investments. In January 
2025, we successfully exited our interest in Solar Square Energy Pvt. Ltd., an Indian rooftop solar solutions 
provider, achieving a net annualized return of 68.96% and a multiple of 5.44 times our cost of investment.  
In the healthcare sector, ASG continued to expand its network of eye hospitals and made significant 
progress in repositioning Vasan Health Care Pvt. Ltd., which was consolidated in 2023. Vasan has returned 
to growth, with improving margins expected to drive future profitability for the group. ASG completed a 
rights issue in early 2025, with participation from all shareholders, including Symphony. The new capital 
will allow ASG to execute on its pipeline of opportunities to grow the business and reach a scale that will 
support multiple exit opportunities. Our other healthcare investment, Soothe Healthcare Private Limited 
(“Soothe”) that manufactures and distributes fast-moving consumer healthcare products, achieved positive 
earnings before interest, tax, depreciation and amortisation (“EBITDA”) for the year ended December 31, 
2024. The result is following a restructuring effort that streamlined its operations. With a more efficient 
structure in place, Soothe is focused on scaling its business.  
LHV is a joint venture with the shareholders of the Liaigre Group (“Liaigre”) that is developing a residential 
and hospitality project in Florence, Italy. With all necessary approvals and permits secured, demolition 
works commenced in Q3 2023 and the development is expected to be completed in late 2027. Once 
completed, the development will span over 22,000 square meters and include a 89-key hotel, 11 residences 
and extensive facilities designed by the renowned Liaigre Design Studio. The development is one of the 
last hotels approved to be developed in the historical centre of Florence and will be managed by a top-tier 
hospitality operator.  

 
 
 
 
3 
Our other larger investment in the real estate sector is Minuet Limited, which holds 29.88 hectares of land 
in Bangkok, Thailand. The value of this investment has increased due to rising land prices and infrastructure 
improvements in the area. We believe valuations are approaching levels that would support an attractive 
exit. We are working closely with our joint venture partner to achieve the best outcome. 
One of our more recent investments in the real estate sector is Isprava Vesta Private Limited, which 
specializes in luxury branded villa developments in India. This business has continued to grow sales with 
new more accessible product categories that are in high demand. There has been strong investor interest in 
this business and we marked-up our investment to 1.38 times our cost following a secondary transaction in 
the shares of the company during 2024.  
Symphony’s two remaining real estate investments include land in Niseko, Japan, and a hotel and residence 
development in Desaru Coast, Malaysia. We are actively working with our partners to maximize value for 
these investments and hope to make some exciting announcements in the near future. 
Symphony’s investment in Indo Trans Logistics Corporation (“ITL”), Vietnam’s largest independent 
logistics company, saw a 40.03% year-over-year growth in EBITDA in 2024, following a sector-wide 
slowdown in 2022 and 2023. The company’s outlook remains positive as Vietnam’s domestic economy 
continues to recover. The pro-business new government is expected to drive economic growth that will 
benefit ITL.  
In the hospitality sector, Minor International Pcl (“MINT”) delivered record financial performance in 2024. 
However, its strong operating results have yet to be fully reflected in its share price. The planned flotation 
of a real estate investment trust in 2025 is expected to facilitate a debt reduction program that we expect to 
serve as a catalyst for share price appreciation. 
Our lifestyle sector investments faced challenges due to a slowdown in the housing and luxury goods 
markets, driven in part by a higher inflation and interest rate environment. As a result, Liaigre’s retail 
operations underperformed in Europe and the US. However, Liaigre interior architecture business that 
focuses on large projects has been strong with the pipeline of projects reaching an all-time high. Liaigre 
has also seen increasing demand from new markets, including Middle East, Australia, and India. The other 
investment in this sector is Chanintr Living Limited (“Chanintr”), a luxury lifestyle company in Thailand. 
Similarly, Chanintr’s retail operations remained weak in 2024, but this was partly offset by a pivot to target 
furniture solution sales to commercial real estate clients.  
In the education sector, Wellington College International Bangkok (“WCIB”), our joint venture, has 
continued to outperform, with student enrolment reaching close to one thousand. There has been third-party 
investor interest in our stake, but we believe it will be premature to exit at this time given the business is in 
its ramp-up stage. We continue to monitor the business and will seek an exit where we can maximise value 
for our shareholders.  
As of December 31, 2024, Symphony had nine investments, including Solar Square, in the new economy 
sector, representing 8.88% of NAV or US$38.89 million. During the year, we funded US$3.69 million in 
follow-on investments across four of these companies.  
Our largest investment in this sector is Meesho, a social e-commerce platform for micro-entrepreneurs, 
small to medium enterprises and consumers in India. While the company completed a new funding round 
in 2024 at a valuation slightly below our investment cost, we believe the long-term potential is strong as 
this business continues to grow its net merchandise value and revenue. Meesho is moving its domicile from 
the US to India and is expected to list there in late 2025 or 2026.  
Symphony’s investment in Good Capital Partners (“GCP”), an investment manager focused on seed 
investments in India, provides exposure to this burgeoning start-up environment. In addition to committing 
to its two funds managed by GCP, Symphony also owns a minority interest in the Manager. At 31 December 

 
 
 
 
4 
2024, the first and second fund had made investments in 80 and 10 companies and had an overall multiple 
of investment capital of 2.23 times and 1.08 times, respectively.  
Kieraya Furnishing Solutions Pvt. Ltd., provides residential furniture rental services that reached its 
highest-ever subscriber numbers, surpassing a hundred thousand at the end of 2024.The business is now 
profitable and continues to scale, which should provide attractive exit opportunities in the future. However, 
not all investments in this sector have performed as expected. Smarten Spaces, a software-as-a-service 
company, continues to face challenges due to a shareholder blocking fundraising efforts, which has 
hampered growth. We are actively working to resolve this issue. Other underperforming investments 
include August Jewellery Pvt. Ltd. (a fast-fashion jewellery company) and Catbus Infolabs Private Limited 
(a last-mile logistics provider), both of which values have been written down.  
In accordance with our updated strategy announced in 2023, Symphony is actively exploring full and partial 
exits for multiple investments. We anticipate making further announcements throughout the year. Barring 
ongoing geopolitical tensions, we are optimistic the market for private investments will continue to improve. 
We are grateful to our Shareholders and partners for your continued trust and support.  
Sincerely, 
Georges Gagnebin  
Chairman, Symphony International Holdings Limited  
 
Anil Thadani  
Chairman, Symphony Asia Holdings Pte. Ltd.  
 
28 March 2025  
 
 
 
 
 

 
 
 
 
5 
Investment Manager’s Report 
This “Investment Manager’s Report” should be read in conjunction with the financial statements and related 
notes of the Company.  The financial statements of the Company were prepared in accordance with the 
International Financial Reporting Standards (“IFRS”) and are presented in U.S. dollars.  The Company 
reports on each financial year that ends on 31 December.  In addition to the Company’s annual reporting, 
NAV and NAV per share are reported on a quarterly basis being the periods ended 31 March, 30 June, 30 
September and 31 December.  The Company’s NAV reported quarterly is based on the sum of cash and 
cash equivalents, temporary investments, the fair value of unrealised investments (including investments in 
unconsolidated subsidiaries, associates and joint ventures) and any other assets, less any other liabilities.  
The financial results presented herein include activity for the period from 1 January 2024 through 31 
December 2024, referred to as “the year ended 31 December 2024”. 
Our Business 
Symphony is an investment company incorporated under the laws of the British Virgin Islands.  The 
Company’s shares were listed on the London Stock Exchange on 3 August 2007.  Symphony’s investment 
objective is to create value for shareholders through longer term strategic investments in high growth 
innovative consumer businesses, primarily in the healthcare, hospitality, lifestyle (including branded real 
estate developments), logistics, education and new economy related sectors that are expected to be fast 
growing in Asia, as well as through investments in special situations and structured transactions.  
In September 2023, the Company announced it adopted an updated strategy, being the orderly realisation 
of its investments with a view to maximising return on investment for Symphony’s shareholders.   
Symphony’s Investment Manager is Symphony Asia Holdings Pte. Ltd. (“SAHPL”). The Company entered 
into an Investment Management Agreement with SAHPL as the Investment Manager.  Symphony Capital 
Partners Limited (“SCPL”) is a service provider to the Investment Manager.  
 
SAHPL’s licence for carrying on fund management in Singapore is restricted to serving only accredited 
investors and/or institutional investors.  Symphony is an accredited investor. 
 
Investments 
 
At 31 December 2024, the total amount invested by Symphony since admission to the Official List of the 
London Stock Exchange in August 2007 was US$644.52 million (2023: US$632.13 million). SIHL’s total 
cost of its unrealised investment portfolio after taking into account shareholder loan repayments, 
redemptions, partial realisations, dividends and interest income was US$43.56 million at 31 December 
2024, up from US$33.59 million a year earlier.  
 
The change is due to (i) follow-on investments, including related to fund commitments, amounting to 
US$12.39 million (ii) realisations of US$1.51 million and (iii) net dividends income of US$0.91 million.  
 
The fair value of investments, excluding temporary investments, held by Symphony was US$468.18 million 
at 31 December 2024, which compares to US$390.23 million a year earlier.  This change comprised an 
increase in the value of listed and unlisted securities by US$67.08 million, new and follow-on investments 
of US$12.39 million less realisations (including divestments, shareholder loan repayments and return of 
capital) amounting to US$1.51 million.  
 

 
 
 
 
6 
Cost and fair value of investments by sector 
 
 
 
2024 
 
 
 
 
 
 
 
Cost1 
Fair value 
NAV3 
 
 
US$'000 
US$'000 
% 
 
 
 
 
 
Healthcare 
 
18,693  
98,318  
22.44% 
Hospitality  
 
(245,084) 
46,264  
10.56% 
Lifestyle4 
 
61,523  
17,252  
3.94% 
Education 
 
27,883  
18,285  
4.17% 
Logistics 
 
35,278  
69,148  
15.78% 
Lifestyle / Real Estate4 
 
94,802  
180,022  
41.09% 
New economy 
 
50,468  
38,887  
8.88% 
Subtotal 
 
43,563  
468,176  
106.86% 
Temporary investments2 
 
 
(30,105) 
(6.86%) 
Net asset value 
 
 
438,071 
100.00% 
 
 
 
 
 
 
 
 
2023 (Restated)4 
 
 
 
 
 
 
 
Cost1 
Fair value 
NAV3 
 
 
US$'000 
US$'000 
% 
 
 
 
 
 
Healthcare 
 
17,229  
59,166  
15.52% 
Hospitality  
 
(244,143) 
52,545  
13.78% 
Lifestyle4 
 
63,002  
23,680  
6.21% 
Education 
 
26,793  
15,319  
4.02% 
Logistics 
 
35,278  
74,591  
19.56% 
Lifestyle / Real Estate4 
 
88,660  
128,419  
33.68% 
New economy 
 
46,774  
36,507  
9.58% 
Subtotal 
 
33,593  
390,227 
102.35% 
Temporary investments2 
 
 
(8,965) 
(2.35%) 
Net asset value 
 
 
381,262 
100.00% 
 
 
 
 
 
 
(1)  Cost of investments includes all unrealized investments after deducting shareholder loan repayments, 
redemptions, partial realisations, dividends and interest income. This adjusted figure more accurately 
reflects the capital invested after accounting for returns over the life of the investment. 
 
(2)  Temporary investments include cash and cash equivalents and is net of accounts receivable and 
payable. 
 
(3)  NAV is based on the sum of our cash and cash equivalents, temporary investments, the fair value of 
unrealised investments (including investments in subsidiaries and associates) and any other assets, 
less all liabilities. 
 
(4)  In previous reporting LHV was included in Lifestyle sector as part of the Liaigre Group. LHV has 
been separated from the Liaigre Group and included in the Life/ Real Estate sector for 2023 and 2024 
cost and fair value by sector. 
 
 

 
 
 
 
7 
As at 31 December 2024, we had the following investments: 
 
ASG  
 
ASG Hospital Private Limited (“ASG”) is a full-service eye-healthcare provider with operations 
in India, Africa, and Nepal. ASG was co-founded in Rajasthan, India in 2005 by Dr. Arun Singhvi and Dr. 
Shashank Gang. ASG's operations have since grown to 150 clinics, which offer a full range of eye-
healthcare services, including outpatient consultation and a full suite of inpatient procedures (cataract, 
retina surgeries, Lasik, glaucoma, cornea and other complicated eye surgeries). ASG also operates an 
optical and pharmacy business, which is located within its clinics.  
 
Consultation and surgical volumes continue to grow at ASG hospitals and at Vasan Health Care Pvt. Ltd 
(“Vasan”), which was consolidated in March 2023. The integration and revitalization of Vasan, which 
added 90 clinics to the group, is on track. ASG raised funds from existing shareholders in early 2025 to 
facilitate the execution of a pipeline of organic and inorganic opportunities. Improving margins at Vasan is 
expected to be a key profit driver for the group in the coming years.  
 
Symphony’s net investment cost in ASG was US$5.11 million at 31 December 2024 (2023: US$3.65 
million). The fair value of Symphony’s investment on the same date was US$83.63 million (2023: 
US$40.97 million).  The increase in value is due to growth in EBITDA. Symphony participated with other 
shareholders at the end of 2024 to purchase secondary shares in the company.  
 
Minuet Limited 
 
Minuet Ltd (“Minuet”) is a joint venture between the Company and an established Thai partner. The 
Company has a direct 49% interest in the venture and is considering several development and/or sale 
options for the land owned by Minuet, which is located in close proximity to central Bangkok, Thailand.  
As at 31 December 2024 Minuet held approximately 186.75 rai (29.88 hectares) of land in Bangkok, 
Thailand. 
 
The Company initially invested approximately US$78.30 million by way of an equity investment and 
interest-bearing shareholder loans.  Since the initial investment by the Company, Minuet has received 
proceeds from rental income and partial land sales. As at 31 December 2024, the Company’s investment 
cost (net of shareholder loan repayments) was approximately US$13.13 million (2023: US$13.13 million). 
The fair value of the Company’s interest in Minuet on the same date was US$83.42 million (2023: 
US$61.76 million) based on an independent third-party valuation of the land plus the net value of the other 
assets and liabilities of Minuet. The change in value of Symphony’s interest is due to an appreciation in 
land value driven by higher transacted prices paid for comparable land used in the independent third-party 
valuation report.  
 
Indo Trans Logistics Corporation 
 
Indo Trans Logistics Corporation (“ITL”) was founded in 2000 as a freight-forwarding company and has 
since grown to become Vietnam’s largest independent integrated logistics company with a network that is 
spread across Vietnam, Cambodia, Laos, Myanmar, and Thailand. ITL has grown to national champion 
status in Vietnam.  
 
The business continued to recover during 2024 with domestic consumption and trade improving. Revenue 
and EBITDA grew 22.61% and 40.03% in 2024 year-over-year. Freight volumes are forecast to grow 
further in 2025 and the Vietnamese economy is expected to benefit from government stimulus policies and 
strong foreign direct investment. ITL is strategically expanding in areas of the business to benefit from the 
ongoing recovery. Management have also been successful in improving efficiency that has benefited the 
groups margins.  

 
 
 
 
8 
Symphony acquired a significant minority interest in Indo Trans Logistics Corporation (“ITL”) in June 
2019 for US$42.64 million and had a net cost of US$35.28 million at 31 December 2024 (2023: US$35.28 
million). The fair value of Symphony’s interest in ITL on the same date was US$69.15 million, which 
compares to US$74.59 million at 31 December 2023. The change in value is due to a decrease in market 
the median of comparable company multiples used to value the investment by 28.52%, a depreciation in 
Vietnamese dong by 4.77% and reduced cash on the balance sheet, which was partially offset by an increase 
in EBITDA.  
 
Liaigre Hospitality Ventures Limited  
 
Liaigre Hospitality Ventures Limited (“LHV”) is a joint venture with the shareholders of the Liaigre Group 
(“Liaigre”) that is developing a residential and hospitality project in Florence, Italy. LHV entered into 
agreements to acquire a majority interest in a development project in January 2022. After a seven-year 
planning and approval process, building permits were received in March 2024 that allow for a luxury 89-
room hotel with 11 branded residences, which will be sold as part of the project. The property consists of 
several historical and two new buildings, which interior design is by the renowned Liaigre Design Studio. 
Construction is underway and the hotel is expected to open in late 2027 under the management of a five-
star hotel operator.  
 
Symphony’s gross investment cost in Liaigre was US$19.21 million at 31 December 2024 (2023: US$13.07 
million). The fair value of Symphony’s investment at 31 December 2024 was US$53.26 million (2023: 
US$13.18 million). The investment was fair valued at 31 December 2024 by an independent third party 
valuer. Symphony invested US$6.14 million in the LHV in 2024 and it expects to fund a further €8-10 
million over the next two years for its share of development costs.  
 
Minor International Public Company Limited 
 
Minor International Public Company Limited (“MINT”) is a diversified consumer business and is one of 
the largest hospitality and restaurant companies in the Asia-Pacific region.  MINT is a company that is 
incorporated under the laws of Thailand and is listed on the Stock Exchange of Thailand.  
 
MINT owns 372 hotels and manages 190 other hotels and serviced suites with 81,344 rooms.  MINT owns 
and manages hotels in 58 countries predominantly under its own brand names that include Anantara, Oaks, 
NH Collection, NH Hotels, nhow, Elewana, AVANI, Per AQUUM and Tivoli. 
 
As at 31 December 2024, MINT also owned and operated 2,699 restaurants under the brands The Pizza 
Company, Swensen’s, Sizzler, Dairy Queen, Burger King, Beijing Riverside, Thai Express, Bonchon, 
Benihana and The Coffee Club amongst others. Approximately 77% of these outlets are in Thailand with 
the remaining number in other Asian countries, the Middle East, Mexico, Canada and Europe.  MINT’s 
operations also include contract manufacturing and an international consumer brand distribution business 
in Thailand focusing on fashion and lifestyle retail, wholesale and direct marketing channels under brands 
that include Anello, Bossini, Charles & Keith and Zwilling J.A. Henckels amongst others. 
 
MINT reported its highest ever core net profit that was driven by a strong performance of hotel and 
restaurant operations. Core revenue and EBITDA grew by 8.18% and 4.28%, respectively, in 2024 year-
over-year.  Growth in global tourism and a successful pricing strategy increased revenue per available room 
at hotel properties in Europe and Asia. Performance was further enhanced with new properties that added 
over three thousand rooms to the groups inventory. Meanwhile, increased customer traffic and transaction 
volumes at restaurant outlets in Thailand and Singapore contributed to total system sales growth. This was 
driven by new product launches, marketing campaigns, outlet expansion and successful loyalty programs.  
 

 
 
 
 
9 
Symphony’s gross investment cost in MINT was US$82.82 million at 31 December 2024 (2023: US$82.82 
million). The net cost on the same date, after deducting partial realisations and dividends received, was 
(US$244.08 million) (2023: (US$244.14 million)).  The negative net cost is due to the proceeds from partial 
realisations and dividends being in excess of cost for this investment.  The fair value of Symphony’s 
investment in MINT at 31 December 2024 was US$46.26 million (2023: US$52.55 million).  The change 
in value is predominantly due to a decrease in share price by 11.97%.   
 
Other Investments 
 
In addition to the investments above, Symphony has 16 additional non-material investments at 31 
December 2024.  Pending investment in suitable opportunities, Symphony has placed funds in certain 
temporary investments.   
 
Capitalisation and NAV  
 
As at 31 December 2024, the Company had US$409.7 million (2023: US$409.7 million) in issued share 
capital and its NAV was US$438.07 million (2023: US$381.26 million).  Symphony’s NAV is the sum of 
its cash and cash equivalents, temporary investments, the fair value of unrealised investments (including 
investments in subsidiaries, associates and joint ventures) and any other assets, less any other liabilities.  
The unaudited financial statements contained herein may not account for the fair value of certain unrealised 
investments.  Accordingly, Symphony’s NAV may not be comparable to the net asset value in the unaudited 
financial statements.  The primary measure of SIHL’s financial performance and the performance of its 
subsidiaries will be the change in Symphony’s NAV per share resulting from changes in the fair value of 
investments.  
 
Symphony was admitted to the Official List of the London Stock Exchange (“LSE”) on 3 August 2007 
under Chapter 14 of the Listing Manual of the LSE.  The proceeds from the IPO amounted to US$190 
million before issue expenses pursuant to which 190.0 million new shares were issued in the IPO.  In 
addition to these 190.0 million shares and 94.9 million shares pre-IPO, a further 53.4 million shares were 
issued comprising of the subscription of 13.2 million shares by investors and SIHL’s investment manager, 
the issue of 33.1 million bonus shares, and the issue of 7.1 million shares to SIHL’s investment manager 
credited as fully paid raising the total number of issued shares to 338.3 million. 
 
The Company issued 4,119,490 shares, 2,059,745 shares, 2,059,745 shares and 2,059,745 shares on 6 
August 2010, 21 October 2010, 4 August 2011 and 23 October 2012, respectively, credited as fully paid, 
to the Investment Manager, Symphony Investment Managers Limited.  The shares were issued as part of 
the contractual arrangements with the Investment Manager.  
 
On 4 October 2012, SIHL announced a fully underwritten 0.481 for 1 rights issue at US$0.60 per new share 
to raise proceeds of approximately US$100 million (US$93 million net of expenses) through the issue of 
166,665,997 million new shares, fully paid, that commenced trading on the London Stock Exchange on 22 
October 2012.  
 
As part of the contractual arrangements with the Investment Manager in the Investment Management 
Agreement, as amended, the Investment Manager was granted 82,782,691 and 41,666,500 share options to 
subscribe for ordinary shares at an exercise price of US$1.00 and US$0.60 on 3 August 2008 and 22 
October 2012, respectively.  The share options vest in equal tranches over a five-year period from the date 
of grant. As at 31 December 2018, 41,666,500 share options with an exercise price of US$0.60 had been 
exercised and all the 82,782,691 options had lapsed and expired.  There were no share options outstanding 
at 31 December 2024.  

 
 
 
 
10 
 
During 2017, 43,525,000 shares were bought back and cancelled, as part of a share buyback programme 
announced on 16 January 2017.  Together with the shares issued to the Investment Manager, the shares 
issued pursuant to the rights issue, shares issued pursuant to the exercise of options and shares cancelled 
pursuant to the share buyback programme, the Company’s fully paid issued share capital was 513.4 million 
shares at 31 December 2024 (2023: 513.4 million shares). 
 
Revenue and Other Operating Income 
 
Management concluded during 2014 that the Company meets the definition of an investment entity and 
adopted IFRS 10, IFRS 12 and IAS 27 standards where subsidiaries are de-consolidated and their fair value 
is measured through profit or loss.  As a result, revenue, such as dividend income, from underlying 
investments in subsidiaries is no longer consolidated. 
 
During 2024, Symphony recognised other operating income of US$48.56 million (2023: US$12.28 million) 
that mainly comprised intercompany dividend transactions and interest income on cash balances.  
 
Expenses 
 
Other Operating Expenses 
 
Other operating expenses include fees for professional services, interest expense, insurance, 
communication, foreign exchange losses, travel, Directors’ fees and other miscellaneous expenses and costs 
incurred for analysis of proposed deals.  For the year ended 31 December 2024, other operating expenses 
amounted to US$1.81 million (2023: US$1.44 million), which includes US$0.95 million in unrealised 
foreign exchange losses. Excluding foreign exchange losses and interest expense, other operating expenses 
in 2024 and 2023 would be US$0.86 million and US$1.10 million, respectively.  
 
Management Fee 
 
The management fee amounted to US$8.82 million for the year ended 31 December 2024 (2023: US$9.66 
million). The management fee was calculated on the basis of 2.25% of NAV with a cap of US$15 million 
per annum. A floor on the management fee of US$6 million per annum was removed in September 2023 
following the Company’s adoption of an updated strategy.  
 
Liquidity and Capital Resources  
 
At 31 December 2024, Symphony’s cash balance was US$0.32 million (2023: US$9.09 million).  
Symphony’s primary uses of cash are to fund investments, pay expenses and to make distributions to 
shareholders, as declared by our board of directors.  Symphony can generate additional cash from time-to-
time from the sale of listed securities that are liquid and amount to US$46.26 million (2023: US$52.55 
million). Taking into account current market conditions, it is expected that Symphony has sufficient 
liquidity and capital resources for its operations. The primary sources of liquidity are capital contributions 
received in connection with the initial public offering of shares, related transactions and a rights issue (See 
description under “Capitalisation and NAV”), in addition to cash from investments that it receives from 
time to time and bank facilities. 
 

 
 
 
 
11 
This cash from investments is in the form of dividends on equity investments, payments of interest and 
principal on fixed income investments and cash consideration received in connection with the disposal of 
investments.  Temporary investments made in connection with Symphony’s cash management activities 
provide a more regular source of cash than less liquid longer-term and opportunistic investments, but 
generate lower expected returns.   
 
Other than using cash from investments to pay expenses or make distributions to our shareholders, the 
intention is to not use proceeds for any new investments, other than any follow-on investments associated 
with existing investments only where consistent with the updated strategy. Symphony may enter into one 
or more credit facilities and/or utilise other financial instruments from time to time with the objective of 
increasing the amount of cash that Symphony has available for working capital or for making opportunistic 
or temporary investments.  At 31 December 2024, the Company had interest-bearing borrowings of 
US$13.62 million (2023: nil).  
 
Principal Risks 
 
The Company’s and the Company’s investment management team’s past performance is not necessarily 
indicative of the Company’s future performance and any unrealised values of investments presented in this 
document may not be realised in the future.  
 
The Company is not structured as a typical private equity vehicle (it is structured as a permanent capital 
vehicle), and thus may not have a comparable investment strategy. The investment opportunities for the 
Company are more likely to be as a long-term strategic partner in investments, which may be less liquid 
and which are less likely to increase in value in the short term.  
 
The Company’s organisational, ownership and investment structure may create certain conflicts of interests 
(for example in respect of the directorships, shareholdings or interests, including in portfolio companies 
that some of the Directors and members of the Company’s investment management team may have).  In 
addition, neither the Investment Manager nor any of its affiliates owes the Company’s shareholders any 
fiduciary duties under the Investment Management Agreement between, inter alia, the Company and the 
Investment Manager.  The Company cannot assume that any of the foregoing will not result in a conflict of 
interest that will have a material adverse effect on the business, financial condition and results of operations.  
 
The Company is highly dependent on the Investment Manager, the Key Persons (as defined in the 
Investment Management Agreement) and the other members of the Company’s investment management 
team and the Company cannot assure shareholders that it will have continued access to them or their 
undivided attention, which could affect the Company’s ability to achieve its investment objectives. 
 
The Investment Manager’s remuneration is based on the Company’s NAV (subject to a maximum amount 
and a minimum  amount, which was removed following an announced change in strategy in September 
2023) and is payable even if the NAV does not increase, which could create an incentive for the Investment 
Manager to increase or maintain the NAV in the short term (rather than the long-term) to the potential 
detriment of Shareholders.  
 
The Company’s investment policies contain no requirements for investment diversification and its 
investments could therefore be concentrated in a relatively small number of portfolio companies in the 
Healthcare, Hospitality, Lifestyle (including branded real estate developments), logistics and education 
sectors predominantly in Asia.  
 

 
 
 
 
12 
The Company has made, and may continue to make, investments in companies in emerging markets, which 
exposes it to additional risks (including, but not limited to, the possibility of exchange control regulations, 
political and social instability, nationalisation or expropriation of assets, the imposition of taxes, higher 
rates of inflation, difficulty in enforcing contractual obligations, fewer investor protections and greater price 
volatility) not typically associated with investing in companies that are based in developed markets.  
 
Furthermore, the Company has made, and may continue to make, investments in portfolio companies that 
are susceptible to economic recessions or downturns.  Such economic recessions or downturns may also 
affect the Company’s ability to obtain funding for additional investments.  
 
The Company’s investments include investments in companies that it does not control and/or made with 
other co-investors for financial or strategic reasons.  Such investments may involve risks not present in 
investments where the Company has full control or where a third party is not involved.  For example, there 
may be a possibility that a co-investor may have financial difficulties or become bankrupt or may at any 
time have economic or business interests or goals which are inconsistent with those of the Company or may 
be in a position to take or prevent actions in a manner inconsistent with the Company’s objectives.  The 
Company may also be liable in certain circumstances for the actions of a co-investor with which it is 
associated.  In addition, the Company holds a non-controlling interest in certain investments, and therefore, 
may have a limited ability to protect its position in such investments.   
 
A number of the Company’s investments are currently, and likely to continue to be, illiquid and/ or may 
require a long-term commitment of capital.  The Company’s investments may also be subject to legal and 
other restrictions on resale.  The illiquidity of these investments may make it difficult to sell investments if 
the need arises.  
 
The Company’s real estate related investments may be subject to the risks inherent in the ownership and 
operation of real estate businesses and assets.  A downturn in the real estate sector or a materialization of 
any of the risks inherent in the real estate business and assets could materially adversely affect the 
Company’s real estate investments.  The Company’s portfolio companies also anticipate selling a 
significant proportion of development properties prior to completion.  Any delay in the completion of these 
projects may result in purchasers terminating off-plan sale agreements and claiming refunds, damages 
and/or compensation.  
 
The Company is exposed to foreign exchange risk when investments and/ or transactions are denominated 
in currencies other than the U.S. dollar, which could lead to significant changes in the net asset value that 
the Company reports from one quarter to another.  
 
The Company’s investment policies and procedures (which incorporate the Company’s investment 
strategy) provide that the Investment Manager should review the Company’s investment policies and 
procedures on a regular basis and, if necessary, propose changes to the Board when it believes that those 
changes would further assist the Company in achieving its objective of building a strong investment base 
and creating long term value for its Shareholders.  The decision to make any changes to the Company’s 
investment policy and strategy, material or otherwise, rests with the Board in conjunction with the 
Investment Manager and Shareholders have no prior right of approval for material changes to the 
Company’s investment policy.  
 

 
 
 
 
13 
Investments in connection with special situations and structured transactions typically have shorter 
operating histories, narrower product lines and smaller market shares than larger businesses, which tend to 
render them more vulnerable to competitors’ actions and market conditions, as well as general economic 
downturns.  Investments that fall into this category tend to have relatively short holding periods and entail 
little or no participation in the board of the company in which such investments may be made.  Special 
situations and structured transactions in the form of fixed debt investments also carry an additional risk that 
an increase in interest rates could decrease their value.  
 
The Company’s current investment policies and procedures provide that it may invest an amount of no 
more than 30% of its total assets in special situations and structured transactions which, although they are 
not typical longer-term investments, have the potential to generate attractive returns and enhance the 
Company’s net asset value.  Following the Company’s investment, it may be that the proportion of its total 
assets invested in longer-term investments falls below 70% and the proportion of its total assets invested in 
special situations and structured transactions exceeds 30% due to changes in the valuations of the assets, 
over which the Company has no control.  
 
Pending the making of investments, the Company’s capital will need to be temporarily invested in liquid 
investments and managed by a third-party investment manager of international repute or held on deposit 
with commercial banks before they are invested.  The returns that temporary investments are expected to 
generate and the interest that the Company will earn on deposits with commercial banks will be 
substantially lower than the returns that it anticipates receiving from its longer-term investments or special 
situations and structured transactions.  
 
In addition, while the Company’s temporary investments will be relatively conservative compared to its 
longer- term investments or special situations and structured transactions, they are nevertheless subject to 
the risks associated with any investment, which could result in the loss of all or a portion of the capital 
invested.  
 
The Investment Manager has identified but has not yet contracted to make further potential investments.  
The Company cannot guarantee shareholders that any or all of these prospective investments will take place 
in the future.  
 
The market price of the Company’s shares may fluctuate significantly, and shareholders may not be able to 
resell their shares at or above the price at which they purchased them.  
 
The Company’s shares are currently trading, and have in the past traded, and could in the future trade, at a 
discount to NAV for a variety of reasons, including due to market conditions.  The only way for 
shareholders to realise their investment is to sell their shares for cash.  Accordingly, in the event that a 
shareholder requires immediate liquidity, or otherwise seeks to realise the value of his investment through 
a sale, the amount received by the shareholder upon such sale may be less than the underlying NAV of the 
shares sold.  
 

 
 
 
 
14 
The Company could be materially adversely affected by the widespread outbreak of infectious disease or 
other public health crises (or by the fear or imminent threat thereof).  Public health crises such as SARS, 
H1N1/09 flu, avian flu, Ebola, and the COVID-19 pandemic, together with any related containment or other 
remedial measures undertaken or imposed, could have a material and adverse effect on the Company 
including by (i) disrupting or otherwise materially adversely affecting the human capital, business 
operations or financial resources of the Company, the Company’s portfolio companies, the Investment 
Manager or service providers and (ii) adversely affect the ability, or the willingness, of a party to perform 
its obligations under its contracts and lead to uncertainty over whether such failure to perform (or delay in 
performing) might be excused under so-called “material adverse change,” force majeure and similar 
provisions in such contracts that could cause a material impact to the Company, the Company’s portfolio 
companies, the Investment Manager or service providers and (iii) severely disrupting global, national and/or 
regional economies and financial markets and precipitating an economic downturn or recession that could 
materially adversely affect the value and performance of the Company’s shares.  
 
The Company’s business could be materially affected by conditions in the global capital markets and the 
economy generally.  Geopolitical issues, including wars and related international response measures may 
have a negative impact on regional and global economic conditions, as a result of disruptions in foreign 
currency markets and increased energy and commodity prices. This could in turn have a spill-over effect 
on the Company’s portfolio companies, such as reducing demand for products or services offered by the 
portfolio companies and/or cause for example, higher operating and financing costs.  
 
 
 
 
 
 

 
 
 
 
15 
BOARD OF DIRECTORS 
 
Georges Gagnebin 
 
Mr. Gagnebin is based in Verbier, Switzerland and was appointed to the Board of the Company on 8 July 
2007, and to the position of Chairman of the Company on 27 November 2019. He acted as the Chairman 
of the Board of Pâris Bertrand (Europe) S.A., Luxembourg between 2016 and 2020. He was also the 
Chairman of the Board of Banque Pâris Bertrand S.A., Geneva between 2012 and 2020. In 2005, he joined 
the Julius Baer Group Ltd. where he was a Vice-chairman of Julius Baer Holding Ltd. and Bank Julius Baer 
& Co Ltd. and, more recently, Chairman of the Board of Directors of Infidar Investment Advisory Ltd., a 
member company of Julius Baer Group Ltd.  
 
Prior to joining the Julius Baer Group in 2005, Mr. Gagnebin held several executive positions at UBS AG, 
including Head of International Clients Europe, Middle East and Africa, in the private banking division, a 
member of the Group Managing Board, a member of the Group Executive Board, Chief Executive Officer 
of Private Banking, Chairman of Wealth Management and Business Banking, and the Vice- chairman of 
SBC Wealth Management AG. From 1969 to 1998, Mr. Gagnebin held various positions at the Swiss Bank 
Corporation, including serving as member of the management committee. He was awarded an official 
diploma as a Swiss certified Banking Expert in 1972.  
 
Samer Z. Alsaifi 
 
Mr. Alsaifi is currently the Vice-chairman and a Partner of Alcazar Capital Limited, a private equity and 
advisory platform regulated by the Dubai Financial Services Authority. He brings extensive capital markets 
experience to the Company’s board having previously held roles in corporate finance, private banking, 
asset management and private equity in the United States. Prior to Alcazar Capital Limited, Mr. Alsaifi was 
an Executive Director and Advisor at Morgan Stanley Wealth Management in Dubai. Before that, he was 
the CEO of DIC Asset Management, the wholly-owned subsidiary of Dubai International Capital LLC, the 
Dubai Sovereign Wealth Fund. He has also held roles at the Arab Bank Plc in Jordan and Singapore and 
Manufacturers Hanover Trust in New York.  
 
Mr. Alsaifi has a BA in Management and Finance from Southeastern Louisiana University, and has 
completed an Executive Management Program at Harvard University.  
 
Oliviero Bottinelli 
 
Mr. Bottinelli is based in Singapore and was appointed to the Board of the Company on 27 November, 
2019. Mr. Bottinelli currently overseas Imagine Capital Pte Ltd, a private family office which is involved 
in asset, property and corporate management. He also serves on the Board of Directors of Audemars Piguet 
and BP de Silva Holdings. 
 
His previous positions include Chief Executive Officer of Audemars Piguet for Asia Pacific and Executive 
at BP de Silva Holdings Pte Ltd. Mr. Bottinelli graduated (magna cum laude) from the Business School of 
Lausanne in Switzerland with a degree in Business Administration.  
 
 
 
 
 
 

 
 
 
 
16 
Anil Thadani 
 
Mr. Thadani is based in Singapore and was appointed to the Board of the Company on 16 February 2004. 
He is also the Chairman of the Investment Manager. Mr. Thadani has worked in the Asia-Pacific region 
since 1975 and has been involved in Asian private equity since 1981 when he cofounded one of the first 
private equity investment companies in Asia. In 1992 he founded Schroder Capital Partners, which became 
the Asian arm of the Schroder Ventures Group until 2004, when he formed the Symphony group of 
companies. Before entering private equity in 1981, Mr. Thadani began his career as a research engineer 
with Chevron Chemical Company in California. Mr. Thadani subsequently worked for Bank of America in 
the United States, Japan, the Philippines and Hong Kong. He has served on the boards of several private 
and public companies in Asia, Europe and North America and continues to represent the Company on the 
boards of its portfolio companies. Mr. Thadani was appointed non- executive Chairman of Alcazar Capital 
Limited, a private equity firm regulated by the Dubai Financial Services Authority in March 2018. He 
served as a member of the Board of Trustees of Singapore Management University for some 13 years and 
as Chairman of its Institute for Innovation & Entrepreneurship. Mr. Thadani has a B Tech in Chemical 
Engineering from the Indian Institute of Technology, Madras, an MS in Chemical Engineering from the 
University of Wisconsin, Madison, and an MBA from the University of California at Berkeley.  
 
Sunil Chandiramani 
 
Mr. Chandiramani is based in Hong Kong and was appointed to the Board of the Company on 16 February 
2004. He is Chief Executive Officer of Symphony Capital Partners Limited and a Non-Executive Director 
of the Investment Manager, Symphony Asia Holdings Limited. Mr. Chandiramani has over 37 years’
experience in private equity and related investment experience across multiple industry sectors in Asia and 
the United States. Mr. Chandiramani’s experience in Asian private equity was initially as a partner with 
Arral & Partners and subsequently with Schroder Capital Partners. Prior to that, he worked on leveraged 
buy-outs and acquisitions for the Structured Finance Group at Bankers Trust Company in New York. Mr. 
Chandiramani holds a BCom (Hons) from the Shri Ram College of Commerce, Delhi University, and an 
MBA from the Wharton School of the University Pennsylvania.  
 
DIRECTORS’ REPORT 
The Directors submit their Report together with the Company’s Statement of Financial Position, Statement 
of Comprehensive Income, Statement of Changes in Equity, Statement of Cash Flows, and the related notes 
for the year ended 31 December 2024, which have been prepared in accordance with International Financial 
Reporting Standards (“IFRS”) adopted by the International Accounting Standards Board (“IASB”) and are 
in agreement with the accounting records of the Company, which have been properly kept in accordance 
with the BVI Business Companies Act 2004.  
Corporate Governance 
The Company is incorporated under the laws of the British Virgin Islands. On 3 August 2007, the Company 
was admitted to the official list of the London Stock Exchange pursuant to a Secondary Listing under 
Chapter 14 of the Listing Rules and its securities were admitted for trading on the London Stock Exchange’s 
Main Market. In April 2010, the UK listing regime was restructured into Premium and Standard Listing 
categories. The Company is in the Standard Listing Category constituent. Details of the share capital of the 
Company are disclosed in the financial statements.  
As the Company is incorporated in the British Virgin Islands, and being a Standard Listing Category 
constituent, it is not required to comply with the requirements of the UK Combined Code on Corporate 
Governance published by the Financial Reporting Council (the “Code”). However, the Company is required 
to prepare a corporate governance statement. There is no published corporate governance regime equivalent 

 
 
 
 
17 
to the Code in the British Virgin Islands. However, the Board is committed to ensuring that proper standards 
of corporate governance and has established governance procedures and policies that it believes and 
considers appropriate having regard to the nature, size and resources of the Company. The following 
explains how the relevant principles of governance are applied to the Company.  
The Board currently has five members, of which a majority, including the Board Chairman, are independent 
directors. The Board members will have regard to their obligations to act in the best interests of the 
Company should potential conflicts of interest arise.  
Mr. Georges Gagnebin, joined Symphony as an Independent Director in July 2007 and was appointed to 
the position of Chairman of the Company on 27 November 2019. Mr. Gagnebin has more than 50 years of 
experience in banking and private wealth management. He acted as the Chairman of the Board of Pâris 
Bertrand (Europe) S.A., Luxembourg between 2016 and 2020. He was also the Chairman of the Board of 
Banque Pâris Bertrand S.A., Geneva between 2012 and 2020. In 2005, he joined the Julius Baer Group Ltd. 
where he was a Vice-Chairman of Julius Baer Holding Ltd and Bank Julius Baer & Co Ltd and, more 
recently, Chairman of the board of directors of Infidar Investment Advisory Ltd., a member company of 
Julius Baer Group Ltd.  
The other independent directors are Mr. Samer Z. Alsaifi and Mr. Oliviero Roger Bottinelli. Mr. Alsaifi is 
Vice-Chairman and a Partner of Alcazar Capital Limited, a private equity and advisory platform regulated 
by the Dubai Financial Services Authority. Mr. Oliviero Bottinelli oversees Imagine Capital Limited, a 
private family office which is involved in asset, property and corporate management. He also serves on the 
Board of Audemars Piguet. The other members of the Board are Mr. Anil Thadani and Mr. Sunil 
Chandiramani who have over 43 years and 37 years of experience in private equity, respectively.  
The Board has extensive experience relevant to the Company and any change in the Board composition can 
be managed without undue interruption.  
The Directors currently do not have a fixed term of office and there are specific provisions regarding the 
procedures for their appointment. The Directors may be removed and replaced at any time subject to the 
following procedure:  
i. 
any proposal for the replacement or removal of one or more Directors shall be considered by the 
Nominations Committee who shall assess the suitability of the candidates proposed (and any 
Director who is the subject of the removal proposal shall not participate in such assessment); and  
ii. 
if the Nominations Committee approves the candidate(s) proposed they shall convene a special 
meeting of the Board to vote on the removal and replacement of the relevant Director(s).  
Further, pursuant to the terms of the Investment Management Agreement and the Articles of Association, 
if a Director who is also a Key Person is to be replaced, a new Director to replace such Key Person Director 
shall be nominated by the Investment Manager and the Board may reject such nomination by the Investment 
Manager only if it would be illegal to accept such nominee of the Investment Manager under any applicable 
law. The Board is responsible for reviewing the financial performance and internal controls and monitoring 
the overall strategy of the Company. In addition, the Board is responsible for approving this annual financial 
report and the quarterly NAV reports during the year.  
The Board has two committees:  
i. 
the Nominations Committee; and  
ii. 
the Audit Committee.  
The Nominations Committee has the duty of assessing the suitability of candidates nominated by our 
Shareholders as replacement Directors. The Nominations Committee comprises a majority of independent 
Directors. The Chairman of the Nominations Committee is Mr. Georges Gagnebin. The other Nominations 
Committee members are Mr. Anil Thadani and Mr. Oliviero Bottinelli. If a member of the Nominations 

 
 
 
 
18 
Committee has an interest in a matter being deliberated upon by the Nominations Committee, he shall be 
required to abstain from participating in the review and approval process of the Nominations Committee in 
relation to that matter. If more than one member of the Nominations Committee has an interest in a matter 
being deliberated, then the non-interested Directors who are not members of the Nominations Committee 
will participate in the review and approval process in relation to that matter. The Nominations Committee 
met once during the year.  
The Audit Committee assists the Board in overseeing the risk management framework by reviewing any 
matters of significance affecting financial reporting and internal controls of the Company, and has the duty 
of, among other things:  
i. 
assisting the Board in its oversight of the integrity of the financial statements, the qualifications, 
independence and performance of the independent auditors and compliance with relevant legal 
and regulatory requirements;  
ii. 
reviewing and approving with the external auditors their audit plan, the evaluation of the internal 
accounting controls, audit reports and any matters which the external auditors wish to discuss 
without the presence of board members and ensuring compliance with relevant legal and 
regulatory requirements;  
iii. 
reviewing and approving with the internal auditors the scope and results of internal audit 
procedures and their evaluation of the internal control system;  
iv. 
making recommendations to the Board on the appointment or reappointment of external auditors, 
the audit fee and resignation or dismissal of the external auditors; and  
v. 
pre-approving any non-audit services provided by the external auditors.  
The Audit Committee comprises a majority of independent Directors. The Chairman of the Audit 
Committee is Mr. Samer Alsaifi. The other Audit Committee members are Mr. Georges Gagnebin and Mr. 
Sunil Chandiramani. If a member of the Audit Committee has an interest in a matter being deliberated upon 
by the Audit Committee, he shall abstain from participating in the review and approval process of the Audit 
Committee in relation to that matter. If more than one member of the Audit Committee has an interest in a 
matter being deliberated, then the non-interested Directors who are not members of the Audit Committee 
will participate in the review and approval process in relation to that matter. The Audit Committee met four 
times during the year.  
Each Committee and each Director has the authority to seek independent professional advice where 
necessary to discharge their respective duties in each case at the Company’s expense. The Board 
understands its responsibility for ensuring that there are sufficient, appropriate and effective systems, 
procedures, policies and processes for internal control of financial operational compliance and risk 
management matters. The Board meets regularly during the year to receive from the Investment Manager 
an update on the Company’s investment activities and performance, together with reports on markets and 
other relevant matters. In carrying out their responsibilities, the Directors have put in place a framework of 
controls to ensure ongoing financial performance is monitored in a timely and corrective manner and risk 
is identified and mitigated to the extent practicably possible.  
The Board periodically meets and had a total of four meetings during the year. The Company has entered 
into an agreement with the Investment Manager. The key responsibilities of the Investment Manager are to 
implement the investment objectives of the Company.  
Diversity Disclosure for Symphony International Holdings Limited 
 
As of 31 December 2024, our board comprised five members. We have not met the target of having at least 
40% of the board members as women. Our current board includes members with deep expertise in financial 
markets, particularly in Asia, which is critical for implementing our updated strategy announced on 23 
September 2023. Given this strategy to focus on the orderly realization of investments and returning 
proceeds to shareholders, altering the board composition at this time would not be prudent. 
 

 
 
 
 
19 
Numerical Diversity Data Disclosure 
 
Below is the numerical data on the diversity of our board and executive management.  
 
 
Number of 
board members 
Percentage of 
the board 
Number of senior positions 
on the board (CEO, CFO, 
SID and Chair) 
Number in 
executive 
management* 
Percentage of 
executive 
management 
Men 
5 
100% 
3 
2 
20% 
Women 
0 
0% 
0 
0 
0% 
Other 
0 
0% 
0 
0 
0% 
White British or other White 
(including minority-white 
groups) 
2 
40% 
1 
0 
0% 
Mixed / multiple ethnic groups 
0 
0% 
0 
0 
0% 
Asian / Asian British 
2 
40% 
2 
2 
20% 
Black / African / Caribbean / 
Black British 
0 
0% 
0 
0 
0% 
Other ethnic group 
1 
20% 
0 
0 
0% 
*The Company is managed by the Investment Manager, which certain members comprise the executive management team.  
Explanation of Data Collection Approach 
 
We collected this data through a self-reporting process, where individuals were asked to identify their 
ethnic background and gender identity or sex using the categories provided in UKLR 22 Annex 1. The 
questions were designed to ensure clarity and respect for individual preferences 
 
Directors’ Responsibility Statement 
 
We, the directors of Symphony International Holdings Limited, confirm that to the best of our knowledge: 
 
(a) the condensed financial statements give a true and fair view of the assets, liabilities, financial position 
and profit or loss of the Company as required by DTR 4.2.4R; and 
 
(b) 
the condensed financial results include a fair review of information required by: 
 
(i) 
DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events 
that have occurred during the financial year and their impact on the financial statements, and a 
description of the principal risks and uncertainties; and 
 
(ii) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have 
taken place in the current financial year and that have materially affected the financial position 
or performance of the Company during that period, and any changes in the related party 
transactions described in the last annual report that could do so. 
 
For and on behalf of the Board of Directors 
 
GEORGES GAGNEBIN  
Chairman, Symphony International Holdings Limited  
 
ANIL THADANI  
Chairman, Symphony Asia Holdings Pte. Ltd. Director, Symphony International Holdings Limited  
 
28 March 2025 
 
 

 
 
 
 
20 
CORPORATE INFORMATION 
 
COMPANY  
 
Symphony International Holdings Limited  
 
CORRESPONDENCE ADDRESS  
 
Care of: Symphony Asia Holdings Pte. Ltd. 
200 Newton Road 
#07-01 Newton 200  
Singapore 307983  
 
DIRECTORS  
 
 
Georges Gagnebin  
Chairman and Independent Director  
 
Samer Z. Alsaifi  
Independent Director  
 
Oliviero Bottinelli  
Independent Director  
 
Anil Thadani 
 
Sunil Chandiramani 
 
SHARE REGISTRAR AND SHARE 
TRANSFER AGENT  
 
MUFG Corporate Markets ( Guernsey) Limited 
Mont Crevelt House  
Bulwer Avenue  
St. Sampson, Guernsey  
GY2 4LH  
 
REGISTERED OFFICE IN THE BRITISH VIRGIN 
ISLANDS  
 
Vistra Corporate Services Centre  
Wickhams Cay II 
Road Town, Tortola VG1110  
British Virgin Islands  
 
INVESTMENT MANAGER  
 
 
Symphony Asia Holdings Pte. Ltd.  
200 Newton Road #07-01 Newton 200  
Singapore 307983  
 
REGISTERED AGENT  
 
Vistra (BVI) Limited  
Vistra Corporate Services Centre  
Wickhams Cay II 
Road Town, Tortola VG1110  
British Virgin Islands  
 
AUDITORS  
 
KPMG LLP  
Public Accountants and Chartered Accountants  
12 Marina View 
Asia Square Tower 2 #15-01  
Singapore 018961  
 
 
 
 
 
 
 

 
 
21 
 
Independent auditors’ report 
 
Members of the Company 
Symphony International Holdings Limited 
 
Report on the audit of the financial statements 
 
Opinion 
 
We have audited the financial statements of Symphony International Holdings Limited (‘the 
Company’), which comprise the statement of financial position as at 31 December 2024, the 
statement of comprehensive income, statement of changes in equity and statement of cash flows 
for the year then ended, and notes to the financial statements, including material accounting policy 
information, as set out on pages FS1 to FS40. 
 
In our opinion, the accompanying financial statements are properly drawn up in accordance with 
IFRS Accounting Standards as issued by the International Accounting Standards Board (IFRS 
Accounting Standards) so as to give a true and fair view of the financial position of the Company 
as at 31 December 2024 and of the financial performance, changes in equity and cash flows of 
the Company for the year ended on that date. 
 
Basis for opinion 
 
We conducted our audit in accordance with International Standards on Auditing (ISAs).  Our 
responsibilities under those standards are further described in the ‘Auditors’ responsibilities for 
the audit of the financial statements’ section of our report.  We are independent of the Company 
in accordance with the International Ethics Standards Board for Accountants International Code 
of Ethics for Professional Accountants (including International Independence Standards) 
(IESBA Code) and Accounting and Corporate Regulatory Authority Code of Professional 
Conduct and Ethics for Public Accountants and Accounting Entities (ACRA Code) together with 
the ethical requirements that are relevant to our audit of the financial statements in Singapore, and 
we have fulfilled our other ethical responsibilities in accordance with these requirements, the 
IESBA Code and the ACRA Code.  We believe that the audit evidence we have obtained is 
sufficient and appropriate to provide a basis for our opinion. 
 
Key audit matters 
 
Key audit matters are those matters that, in our professional judgement, were of most significance 
in our audit of the financial statements of the current period. These matters were addressed in the 
context of our audit of the financial statements as a whole, and in forming our opinion thereon, 
and we do not provide a separate opinion on these matters. 
 
 

 
 
 22 
Valuation of financial assets at fair value through profit or loss (Level 3) 
(Refer to Note 16 to the financial statements, page FS25 et seq.) 
The key audit matter 
How the matter was addressed in our audit 
 
The Company’s investments are measured at fair 
value and amount to US$453 million (2023: 
US$373 million) as at 31 December 2024. The 
Company holds its investments directly or through 
its unconsolidated subsidiaries. The underlying 
investments comprise both quoted and unquoted 
securities. 
 
The Company has underlying unquoted investments 
amounting to US$422 million (2023: US$338 
million) which require significant judgement in the 
determination of the fair values as significant 
unobservable inputs are used in their estimation. 
Changes in these unobservable inputs could have a 
material impact on the fair value of these 
investments.  
 
The uncertain economic environment has caused 
significant estimation uncertainty and as a result, 
there is increased judgement in forecasting cash 
flows used in the discounted cash flow models, and 
maintainable earnings or revenue used in the 
enterprise value using comparable traded multiples 
models. These conditions and the uncertainty of 
their continuation results in a risk of inaccurate 
forecasts or a significantly wider range of possible 
outcomes to be considered. 
 
The Company used external valuers to measure the 
fair value of the land related investments. The 
Company used internal models to value the 
operating businesses. 
 
• 
For land related investments in Thailand and 
Japan, the external valuers applied the 
comparable valuation method with the price 
per square metre as the parameter. 
 
• 
For land related investment in Italy, the 
external valuer applied the discounted cash 
flow method to determine the fair value using 
projected revenue and expenses, terminal 
growth rate and weighted average cost of 
capital (‘WACC’) as key assumptions and 
parameters.  
 
As part of our audit procedures, we have:  
 
• 
Evaluated the design and implementation of 
management’s controls over the preparation, 
review and approval of the valuations; and 
 
• 
Evaluated appropriateness of management’s 
approach for valuing its investments as 
follows: 
 
• For land related investments, evaluated 
the 
valuers’ 
independence 
and 
qualification; and involved our KPMG 
employed valuation specialist to assess 
appropriateness of key assumptions and 
parameters against externally derived 
data;  
 
• Our KPMG employed valuation specialist 
has assessed the appropriateness of the 
internal models used to value the 
operating 
businesses, 
except 
for 
investments valued based on the price of 
a recent transaction; 
 
• For operating businesses valued using the 
comparable enterprise model, checked 
consistency of earnings before interest, 
tax, 
depreciation 
and 
amortisation 
(‘EBITDA’) or revenue multiples and 
share 
prices 
to 
publicly 
available 
information;  
  
• For operating businesses which uses the 
option pricing model as a secondary 
valuation technique, involved our KPMG 
employed valuation specialist in assessing 
the 
liquidation 
preference 
of 
each 
instrument by agreeing to underlying 
agreements and term sheets; 
 
 
 
 

 
 
23 
Valuation of financial assets at fair value through profit or loss (Level 3) 
(Refer to Note 16 to the financial statements, page FS25 et seq.) 
The key audit matter 
How the matter was addressed in our audit 
• 
For operating businesses in Thailand, France, 
India  and Vietnam, the Company measured the 
investments using the comparable enterprise 
model. An option pricing method using the Black 
Scholes model is applied to certain investments 
where instruments have different rights/terms as 
a secondary valuation technique to allocate the 
equity value based on different breakpoints 
(strikes) using market volatility and risk-free rate 
parameters. 
 
• 
For greenfield operating businesses in Thailand 
and Malaysia, the Company used a discounted 
cash flow method to determine the fair value, 
using projected revenue and expenses, terminal 
growth rate and weighted average cost of capital 
(‘WACC’) as key input parameters. For land held 
for sale by a greenfield operating business, the 
external valuer applied the comparable valuation 
method with the price per square metre as the 
parameter. 
 
 
• For operating businesses valued using 
the discounted cash flow method, 
challenged the Company’s assessment 
of the impact of the uncertain economic 
environment on cash flows and the 
reasonableness of key assumptions used 
including 
projected 
revenue 
and 
expenses by corroborating to past 
performance and market data; and 
 
• Involved 
our 
KPMG 
employed 
valuation specialist in assessing the 
appropriateness 
of 
comparable 
enterprises 
and 
challenging 
key 
assumptions such as the discount used 
for the lack of marketability, WACC, 
terminal growth rate, volatility and risk-
free rate, taking into consideration 
economic uncertainty, and corroborated 
the 
reasons 
for 
any 
unexpected 
movements from prior valuations. 
 
• 
Reviewed the adequacy of the disclosures 
in the financial statements on the key 
assumptions in the estimates applied in the 
valuations. 
 
 
Other information 
 
Management is responsible for the other information contained in the annual report.  Other 
information is defined as all information in the annual report other than the financial statements 
and our auditors’ report thereon.  
 
We have obtained all other information prior to the date of this auditors’ report. 
 
Our opinion on the financial statements does not cover the other information and we do not 
express any form of assurance conclusion thereon. 
 
 

 
 
24 
In connection with our audit of the financial statements, our responsibility is to read the other 
information and, in doing so, consider whether the other information is materially inconsistent 
with the financial statements or our knowledge obtained in the audit or otherwise appears to be 
materially misstated. If, based on the work we have performed, we conclude that there is a 
material misstatement of this other information, we are required to report that fact.  We have 
nothing to report in this regard. 
 
Responsibilities of management and directors for the financial statements 
 
Management is responsible for the preparation of financial statements that give a true and fair 
view in accordance with IFRS, and for devising and maintaining a system of internal accounting 
controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from 
unauthorised use or disposition; and transactions are properly authorised and that they are 
recorded as necessary to permit the preparation of true and fair financial statements and to 
maintain accountability of assets. 
 
In preparing the financial statements, management is responsible for assessing the Company’s 
ability to continue as a going concern, disclosing, as applicable, matters related to going concern 
and using the going concern basis of accounting unless management either intends to liquidate 
the Company or to cease operations, or has no realistic alternative but to do so. 
 
The directors’ responsibilities include overseeing the Company’s financial reporting process. 
 
Auditors’ responsibilities for the audit of the financial statements 
 
Our objectives are to obtain reasonable assurance about whether the financial statements as a 
whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ 
report that includes our opinion.  Reasonable assurance is a high level of assurance, but is not a 
guarantee that an audit conducted in accordance with ISAs will always detect a material 
misstatement when it exists.  Misstatements can arise from fraud or error and are considered 
material if, individually or in the aggregate, they could reasonably be expected to influence the 
economic decisions of users taken on the basis of these financial statements. 
 
As part of an audit in accordance with ISAs, we exercise professional judgement and maintain 
professional scepticism throughout the audit. We also: 
 
• 
Identify and assess the risks of material misstatement of the financial statements, whether 
due to fraud or error, design and perform audit procedures responsive to those risks, and 
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  
The risk of not detecting a material misstatement resulting from fraud is higher than for one 
resulting from error, as fraud may involve collusion, forgery, intentional omissions, 
misrepresentations, or the override of internal controls. 
 
• 
Obtain an understanding of internal controls relevant to the audit in order to design audit 
procedures that are appropriate in the circumstances, but not for the purpose of expressing 
an opinion on the effectiveness of the Company’s internal controls. 
 

 
 
25 
• 
Evaluate the appropriateness of accounting policies used and the reasonableness of 
accounting estimates and related disclosures made by management. 
 
• 
Conclude on the appropriateness of management’s use of the going concern basis of 
accounting and, based on the audit evidence obtained, whether a material uncertainty exists 
related to events or conditions that may cast significant doubt on the Company’s ability to 
continue as a going concern. If we conclude that a material uncertainty exists, we are 
required to draw attention in our auditors’ report to the related disclosures in the financial 
statements or, if such disclosures are inadequate, to modify our opinion.  Our conclusions 
are based on the audit evidence obtained up to the date of our auditors’ report.  However, 
future events or conditions may cause the Company to cease to continue as a going concern. 
 
• 
Evaluate the overall presentation, structure and content of the financial statements, including 
the disclosures, and whether the financial statements represent the underlying transactions 
and events in a manner that achieves fair presentation. 
 
We communicate with the directors regarding, among other matters, the planned scope and timing 
of the audit and significant audit findings, including any significant deficiencies in internal 
controls that we identify during our audit. 
 
We also provide the directors with a statement that we have complied with relevant ethical 
requirements regarding independence, and to communicate with them all relationships and other 
matters that may reasonably be thought to bear on our independence, and where applicable, 
related safeguards. 
 
From the matters communicated with the directors, we determine those matters that were of most 
significance in the audit of the financial statements of the current period and are therefore the key 
audit matters.  We describe these matters in our auditors’ report unless the law or regulations 
preclude public disclosure about the matter or when, in extremely rare circumstances, we 
determine that a matter should not be communicated in our report because the adverse 
consequences of doing so would reasonably be expected to outweigh the public interest benefits 
of such communication. 
 
The engagement partner on the audit resulting in this independent auditors’ report is Shelley Chan 
Hoi Yi. 
 
 
 
KPMG LLP 
Public Accountants and 
Chartered Accountants 
 
Singapore 
28 March 2025 
 
 

Symphony International Holdings Limited  
Financial statements 
Year ended 31 December 2024 
 
 
 
FS1 
The accompanying notes form an integral part of these financial statements. 
Statement of financial position 
As at 31 December 2024 
 
 
Note 
2024 
2023 
 
 
US$’000 
US$’000 
Non-current assets 
 
 
 
Financial assets at fair value through profit or loss 
4 
452,736 
372,655 
Prepayment 
 
* 
* 
 
 
452,736 
372,655 
Current assets 
 
 
 
Other receivables and prepayments 
5 
61 
70 
Cash and cash equivalents 
6 
316 
9,093 
 
 
377 
9,163 
Total assets 
 
453,113 
381,818 
 
 
 
 
Equity attributable to equity holders 
of the Company 
 
 
 
Share capital 
7 
409,704 
409,704 
Retained earnings/(Accumulated losses) 
 
28,487 
(28,311) 
Total equity carried forward 
 
438,191 
381,393 
 
 
 
 
Current liabilities 
 
 
 
Interest-bearing borrowings 
8 
13,621 
– 
Other payables 
9 
1,301 
425 
Total liabilities 
 
14,922 
425 
Total equity and liabilities 
 
453,113 
381,818 
 
 
 
 
* Less than US$1,000 
 
The financial statements were approved by the Board of Directors on 28 March 2025. 
 
 
 
 
 
 
 
 
Anil Thadani 
Sunil Chandiramani 
Director 
Director 
 

Symphony International Holdings Limited  
Financial statements 
Year ended 31 December 2024 
 
 
 
FS2 
The accompanying notes form an integral part of these financial statements. 
Statement of comprehensive income  
Year ended 31 December 2024 
 
 
Note 
2024 
2023 
 
 
US$’000 
US$’000 
 
 
 
 
Other operating income 
 
48,564 
12,280 
Other operating expenses 
 
(1,811) 
(1,441) 
Management fees 
 
(8,822) 
(9,664) 
Profit before investment results and income tax 
 
37,931 
1,175 
Fair value changes in financial assets at fair value  
through profit or loss 
 
18,856 
(103,410) 
Profit/(Loss) before income tax 
10 
56,787 
(102,235) 
Income tax expense 
11 
– 
– 
Profit/(Loss) for the year 
 
56,787 
(102,235) 
Other comprehensive income for the year, net of tax 
 
– 
– 
Total comprehensive income for the year 
 
56,787 
(102,235) 
 
 
 
 
Earnings per share: 
 
 
 
 
 
US Cents 
US Cents 
 
 
 
 
Basic 
12 
11.06 
(19.91) 
Diluted 
12 
11.06 
(19.91) 
 
 
 
 
 
 

Symphony International Holdings Limited  
Financial statements 
Year ended 31 December 2024 
 
 
 
FS3 
The accompanying notes form an integral part of these financial statements. 
Statement of changes in equity 
Year ended 31 December 2024 
 
 
Share 
capital 
Retained 
earnings/ 
(Accumulated 
losses) 
Total 
equity 
 
US$’000 
US$’000 
US$’000 
 
 
 
 
At 1 January 2023 
409,704 
86,758 
496,462 
 
 
 
 
Total comprehensive income for the year  
– 
(102,235) 
(102,235) 
 
 
 
 
Transaction with owners, recognised 
directly in equity 
 
 
 
Contributions by and distributions to 
owners 
 
 
 
Dividends declared and paid of US$0.025 per 
share 
– 
(12,834) 
(12,834) 
Total transactions with owners 
– 
(12,834) 
(12,834) 
 
 
 
 
At 31 December 2023 
409,704 
(28,311) 
381,393 
 
 
 
 
At 1 January 2024 
409,704 
(28,311) 
381,393 
 
 
 
 
Total comprehensive income for the year  
– 
56,787 
56,787 
 
 
 
 
Transaction with owners, recognised 
directly in equity 
 
 
 
Contributions by and distributions to 
owners 
 
 
 
Forfeiture of dividend paid in prior years 
– 
11 
11 
Total transactions with owners 
– 
11 
11 
 
 
 
 
At 31 December 2024 
409,704 
28,487 
438,191 
 
 
 
 

Symphony International Holdings Limited  
Financial statements 
Year ended 31 December 2024 
 
 
 
FS4 
Statement of cash flows  
Year ended 31 December 2024 
 
 
Note 
2024 
2023 
 
 
US$’000 
US$’000 
Cash flows from operating activities 
 
 
 
Profit/(Loss) before income tax 
 
56,787 
(102,235) 
Adjustments for: 
 
 
 
Dividend income 
 
(48,471) 
(11,864) 
Exchange loss, net 
 
951 
337 
Interest income 
 
(93) 
(416) 
Interest expenses 
 
155 
– 
Fair value changes in financial assets at fair value 
through profit or loss 
 
(18,856) 
103,410 
 
 
(9,527) 
(10,768) 
Changes in: 
 
 
 
- Other receivables and prepayments 
 
4 
10 
- Other payables  
 
858 
4 
 
 
(8,665) 
(10,754) 
Dividend received from unconsolidated subsidiaries 
 
250 
– 
Interest received  
 
98 
418 
Net cash used in operating activities 
 
(8,317) 
(10,336) 
 
 
 
 
Cash flows from investing activities 
 
 
 
Net proceeds (provided to)/received from unconsolidated 
subsidiaries 
 
(13,958) 
13,691 
Net cash (used in)/from investing activities 
 
(13,958) 
13,691 
 
 
 
 
Cash flows from financing activities 
 
 
 
Interest paid 
 
(130) 
– 
Dividend paid 
 
– 
(12,834) 
Receipt from forfeiture of dividends paid in prior years 
 
11 
– 
Proceeds from borrowings 
 
13,621 
– 
Net cash from/(used in) financing activities 
 
13,502 
(12,834) 
 
 
 
 
Net decrease in cash and cash equivalents 
 
(8,773) 
(9,479) 
Cash and cash equivalents at 1 January 
 
9,093 
18,573 
Effect of exchange rate fluctuations 
 
(4) 
(1) 
Cash and cash equivalents at 31 December 
6 
316 
9,093 
 
 
 
 
Significant non-cash transactions 
 
During the financial year ended 31 December 2024, the Company received dividends of 
US$48,471,000 (2023: US$11,864,000) from its unconsolidated subsidiaries of which 
US$897,000 (2023: US$11,864,000) was set off against the non-trade amounts due to the 
unconsolidated subsidiaries and US$47,324,000 (2023: US$Nil) was distribution of shares in 
specie. 
 
 

 
 
FS5 
Notes to the financial statements 
 
These notes form an integral part of the financial statements. 
 
The financial statements were authorised for issue by the Board of Directors on 28 March 2025. 
 
 
1 
Domicile and activities 
 
Symphony International Holdings Limited (‘the Company’) was incorporated in the British 
Virgin Islands (‘BVI’) on 5 January 2004 as a limited liability company under the International 
Business Companies Ordinance. The address of the Company’s registered office is Vistra 
Corporate Services Centre, Wickhams Cay II, Road Town, Tortola VG1110 British Virgin Islands 
effective 13 February 2017.  The Company does not have a principal place of business as the 
Company carries out its principal activities under the advice of its Investment Manager. 
 
The principal activities of the Company are those relating to an investment holding company 
while those of its unconsolidated subsidiaries consist primarily of making strategic investments 
with the objective of increasing the net asset value through strategic long-term investments in 
consumer-related businesses, primarily in the healthcare, hospitality, lifestyle (including branded 
real estate developments), logistics, education and new economy sectors predominantly in Asia 
and through investments in special situations and structured transactions, which have the potential 
of generating attractive returns. 
 
 
2 
Basis of preparation 
 
2.1 
Going concern 
 
As at 31 December 2024, the Company’s current liabilities exceeded its current assets by 
US$14,545,000. The Company holds listed securities amounting to US$46,264,000 as at 31 
December 2024 which was transferred from its wholly owned subsidiaries during the year. These 
listed securities are liquid and can therefore be sold from time-to-time to generate additional cash 
to settle any existing and ongoing liabilities of the Company. The Directors are therefore 
confident that the use of the going concern assumption for the year ended 31 December 2024 
remains appropriate. 
 
2.2 
Statement of compliance 
 
The financial statements have been prepared in accordance with IFRS Accounting Standards 
(‘IFRS’). 
 
2.3 
Basis of measurement  
 
The financial statements have been prepared on a fair value basis, except for certain items which 
are measured on a historical cost basis.   
 
 
 
 
 
 

 
 
FS6 
2.4 
Functional and presentation currency 
 
The financial statements are presented in United States dollars (US$’000), which is the 
Company’s functional currency.  All financial information presented in United States dollars have 
been rounded to the nearest thousand, unless otherwise stated. 
 
2.5 
Use of estimates and judgements 
 
The preparation of the financial statements in conformity with IFRS requires management to 
make judgements, estimates and assumptions about the future, including climate-related risks and 
opportunities, that affect the application of accounting policies and the reported amounts of assets, 
liabilities, income and expenses.  Actual results may differ from these estimates. 
 
Estimates and underlying assumptions are reviewed on an ongoing basis and are consistent with 
the Company’s risk management and climate-related commitments where appropriate.  Revisions 
to accounting estimates are recognised prospectively. 
 
Information about assumptions and estimation uncertainties at the reporting date that have a 
significant risk of resulting in a material adjustment to the carrying amounts of assets within the 
next financial year are included in the following note: 
 
• Note 16 – Fair value of investments  
 
Except as disclosed above, there are no other significant areas of estimation uncertainty or critical 
judgements in the application of accounting policies that have a significant effect on the amount 
recognised in the financial statements. 
 
Uncertain economic environment 
 
The uncertain economic environment has increased the estimation uncertainty in developing 
significant accounting estimates, predominantly related to financial assets at fair value through 
profit or loss (‘FVTPL’). 
 
The estimation uncertainty is associated with: 
 
• 
the macroeconomic risks that may affect economies such as inflation and interest rates. These 
factors may result in increasing unemployment, declines in consumer spending and forecasts 
for key economic factors;  
• 
geopolitical risks that may affect economic instability as a result of conflict and trade disputes, 
including tariffs and other trade barriers; and 
• 
the effectiveness of government and central bank measures to support growth of businesses 
and consumption.  
 
The Company has developed accounting estimates based on forecasts of economic conditions 
which reflect expectations and assumptions as at 31 December 2024 about future events that 
management believes are reasonable in the circumstances.  
 
There is a considerable degree of judgement involved in preparing forecasts. The underlying 
assumptions are also subject to uncertainties which are often outside the control of the Company. 
Accordingly, actual economic conditions are likely to be different from those forecast since 
anticipated events frequently do not occur as expected, and the effect of those differences may 
significantly impact accounting estimates included in these condensed financial statements.  

 
 
FS7 
The impact of the uncertain economic environment on financial assets at FVTPL is discussed 
further in Note 16. 
 
2.6 
Changes in material accounting policies 
 
New accounting standards and amendments   
 
The Company has applied the following IFRSs, amendments to and interpretations of IFRS for 
the first time for the annual period beginning on 1 January 2024: 
 
• 
Amendments to IAS 1 Classification of Liabilities as Current or Non-current and 
Amendments to IAS 1 Non-current Liabilities with Covenants 
• 
Amendments to IFRS 16 Lease Liability in a Sale and Leaseback 
• 
Amendments to IAS 7 and IFRS 7 Supplier Finance Arrangements 
 
The application of these amendments to accounting standards and interpretations does not have a 
material effect on the financial statements. 
 
 
3 
Material accounting policies 
 
The accounting policies set out below have been applied consistently to all period presented in 
these financial statements, except as explained in Note 2.6, which address changes in accounting 
policies. 
 
3.1 
Subsidiaries 
 
Subsidiaries are investees controlled by the Company.  The Company controls an investee if it is 
exposed to, or has rights to, variable returns from its involvement with the investee and has the 
ability to affect those returns through its power over the investee. 
 
The Company is an investment entity and does not consolidate its subsidiaries and measures them 
at fair value through profit or loss. In determining whether the Company meets the definition of 
an investment entity, management considered the structure of the Company and its subsidiaries 
as a whole in making its assessment. 
 
3.2 
Functional currency 
 
Items included in the financial statements of the Company are measured using the currency that 
best reflects the economic substance of the underlying events and circumstances relevant to the 
Company (the functional currency). 
 
For the purposes of determining the functional currency of the Company, management has 
considered the activities of the Company, which are those relating to an investment holding 
company.  Funding is obtained in US dollars through the issuance of ordinary shares. 
 
 

 
 
FS8 
3.3 
Foreign currency 
 
Foreign currency transactions 
 
Transactions in foreign currencies are translated to the functional currency of the Company at 
exchange rates at the dates of the transactions.  Monetary assets and liabilities denominated in 
foreign currencies at the reporting date are translated to the functional currency at the exchange 
rate at that date. The foreign currency gain or loss on monetary items is the difference between 
amortised cost in the functional currency at the beginning of the year, adjusted for effective 
interest and payments during the year, and the amortised cost in foreign currency translated at the 
exchange rate at the end of the year. 
 
Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair 
value are translated to the functional currency at the exchange rate at the date that the fair value 
was determined. Non-monetary items in a foreign currency that are measured in terms of 
historical cost are translated using the exchange rate at the date of the transaction. 
 
Foreign currency differences arising on translation are generally recognised in profit or loss. 
 
3.4 
Financial instruments 
 
(i) 
Recognition and initial measurement 
 
Non-derivative financial assets and financial liabilities 
 
Trade receivables and debt investments issued are initially recognised when they are originated.   
All other financial assets and financial liabilities are initially recognised when the Company 
becomes a party to the contractual provisions of the instrument. 
 
A financial asset (unless it is a trade receivable without a significant financing component) or 
financial liability is initially measured at fair value plus or minus, for an item not at FVTPL, 
transaction costs that are directly attributable to its acquisition or issue.  A trade receivable without 
a significant financing component is initially measured at the transaction price. 
 
(ii) 
Classification and subsequent measurement 
 
Non-derivative financial assets: Classification  
 
On initial recognition, a financial asset is classified as measured at: amortised cost; or FVTPL. 
 
Financial assets are not reclassified subsequent to their initial recognition unless the Company 
changes its business model for managing financial assets, in which case all affected financial 
assets are reclassified on the first day of the first reporting period following the change in the 
business model. 
 
 

 
 
FS9 
Financial assets at amortised cost 
 
A financial asset is measured at amortised cost if it meets both of the following conditions and is 
not designated as at FVTPL: 
 
• 
it is held within a business model whose objective is to hold assets to collect contractual cash 
flows; and 
• 
its contractual terms give rise on specified dates to cash flows that are solely payments of 
principal and interest on the principal amount outstanding. 
 
Financial assets at FVTPL 
 
All financial assets not classified as measured at amortised cost as described above are measured 
at FVTPL.  On initial recognition, the Company may irrevocably designate a financial asset that 
otherwise meets the requirements to be measured at amortised cost as at FVTPL if doing so 
eliminates or significantly reduces an accounting mismatch that would otherwise arise. 
 
Financial assets: Business model assessment  
 
The Company makes an assessment of the objective of the business model in which a financial 
asset is held at a portfolio level because this best reflects the way the business is managed and 
information is provided to management.   
 
The information considered includes: 
 
• 
the stated policies and objectives for the portfolio and the operation of those policies in 
practice.  These include whether management’s strategy focuses on earning contractual 
interest income, maintaining a particular interest rate profile, matching the duration of the 
financial assets to the duration of any related liabilities or expected cash outflows or realising 
cash flows through the sale of the assets; 
• 
how the performance of the portfolio is evaluated and reported to the Company’s 
management; 
• 
the risks that affect the performance of the business model (and the financial assets held within 
that business model) and how those risks are managed; 
• 
how managers of the business are compensated – e.g. whether compensation is based on the 
fair value of the assets managed or the contractual cash flows collected; and 
• 
the frequency, volume and timing of sales of financial assets in prior periods, the reasons for 
such sales and expectations about future sales activity. 
 
Transfers of financial assets to third parties in transactions that do not qualify for derecognition 
are not considered sales for this purpose, consistent with the Company’s continuing recognition 
of the assets. 
 
Financial assets that are held-for-trading or are managed and whose performance is evaluated on 
a fair value basis are measured at FVTPL. 
 
 

 
 
FS10 
Non-derivative financial assets: Assessment whether contractual cash flows are solely 
payments of principal and interest  
 
For the purposes of this assessment, ‘principal’ is defined as the fair value of the financial asset 
on initial recognition.  ‘Interest’ is defined as consideration for the time value of money and for 
the credit risk associated with the principal amount outstanding during a particular period of time 
and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as 
a profit margin. 
 
In assessing whether the contractual cash flows are solely payments of principal and interest, the 
Company considers the contractual terms of the instrument.  This includes assessing whether the 
financial asset contains a contractual term that could change the timing or amount of contractual 
cash flows such that it would not meet this condition.  In making this assessment, the Company 
considers: 
 
• 
contingent events that would change the amount or timing of cash flows;  
• 
terms that may adjust the contractual coupon rate, including variable rate features; 
• 
prepayment and extension features; and 
• 
terms that limit the Company’s claim to cash flows from specified assets (e.g. non-recourse 
features). 
 
A prepayment feature is consistent with the solely payments of principal and interest criterion if 
the prepayment amount substantially represents unpaid amounts of principal and interest on the 
principal amount outstanding, which may include reasonable compensation for early termination 
of the contract.  Additionally, for a financial asset acquired at a significant discount or premium 
to its contractual par amount, a feature that permits or requires prepayment at an amount that 
substantially represents the contractual par amount plus accrued (but unpaid) contractual interest 
(which may also include reasonable compensation for early termination) is treated as consistent 
with this criterion if the fair value of the prepayment feature is insignificant at initial recognition. 
 
Non-derivative financial assets: Subsequent measurement and gains and losses  
 
Financial assets at amortised cost 
 
These assets are subsequently measured at amortised cost using the effective interest method. The 
gross carrying amount is reduced by impairment losses.  Interest income, foreign exchange gains 
and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is 
recognised in profit or loss. 
 
Financial assets at FVTPL 
 
These assets are subsequently measured at fair value.  Net gains and losses, including any interest 
or dividend income, are recognised in profit or loss. 
 
Non-derivative financial liabilities: Classification, subsequent measurement and gains and 
losses  
 
Financial liabilities are classified as measured at amortised cost. Financial liabilities are initially 
measured at fair value less directly attributable transaction costs. They are subsequently measured 
at amortised cost using the effective interest method. Interest expense and foreign exchange gains 
and losses are recognised in profit or loss.  
 
 

 
 
FS11 
(iii) 
Derecognition 
 
Financial assets 
 
The Company derecognises a financial asset when: 
 
• 
the contractual rights to the cash flows from the financial asset expire; or  
• 
it transfers the rights to receive the contractual cash flows in a transaction in which either: 
- 
substantially all of the risks and rewards of ownership of the financial asset are 
transferred; or  
- 
the Company neither transfers nor retains substantially all of the risks and rewards of 
ownership and it does not retain control of the financial asset. 
 
Transferred assets are not derecognised when the Company enters into transactions whereby it 
transfers assets recognised in its statement of financial position, but retains either all or 
substantially all of the risks and rewards of the transferred assets.   
 
Financial liabilities 
 
The Company derecognises a financial liability when its contractual obligations are discharged 
or cancelled, or expire.  The Company also derecognises a financial liability when its terms are 
modified and the cash flows of the modified liability are substantially different, in which case a 
new financial liability based on the modified terms is recognised at fair value. 
 
On derecognition of a financial liability, the difference between the carrying amount extinguished 
and the consideration paid (including any non-cash assets transferred or liabilities assumed) is 
recognised in profit or loss. 
 
(iv) 
Offsetting 
 
Financial assets and financial liabilities are offset and the net amount presented in the statement of 
financial position when, and only when, the Company currently has a legally enforceable right to set 
off the amounts and it intends either to settle them on a net basis or to realise the asset and settle the 
liability simultaneously. 
 
(v) 
Cash and cash equivalents 
 
Cash and cash equivalents comprise cash balances and short-term deposits with maturities of three 
months or less from the date of acquisition that are subject to an insignificant risk of changes in 
their fair value, and are used by the Company in the management of its short-term commitments.   
 
(vi) 
Share capital 
 
Ordinary shares 
 
Ordinary shares are classified as equity.  Incremental costs directly attributable to the issue of 
ordinary shares are recognised as a deduction from equity. Income tax relating to transaction costs of 
an equity transaction is accounted for in accordance with IAS 12. 
 
 

 
 
FS12 
3.5 
Impairment 
 
(i) 
Non-derivative financial assets 
 
The Company recognises loss allowances for expected credit losses (‘ECLs’) on financial assets 
measured at amortised cost. 
 
Loss allowances of the Company are measured on either of the following bases: 
 
- 
12-month ECLs: these are ECLs that result from default events that are possible within the 
12 months after the reporting date (or for a shorter period if the expected life of the instrument 
is less than 12 months); or  
- 
Lifetime ECLs: these are ECLs that result from all possible default events over the expected 
life of a financial instrument. 
 
General approach 
 
The Company applies the general approach to provide for ECLs on all financial instruments.  
Under the general approach, the loss allowance is measured at an amount equal to 12-month ECLs 
at initial recognition. 
 
At each reporting date, the Company assesses whether the credit risk of a financial instrument has 
increased significantly since initial recognition.  When credit risk has increased significantly since 
initial recognition, loss allowance is measured at an amount equal to lifetime ECLs.   
 
When determining whether the credit risk of a financial asset has increased significantly since 
initial recognition and when estimating ECLs, the Company considers reasonable and supportable 
information that is relevant and available without undue cost or effort.  This includes both 
quantitative and qualitative information and analysis, based on the Company’s historical 
experience and informed credit assessment and includes forward-looking information. 
 
If credit risk has not increased significantly since initial recognition or if the credit quality of the 
financial instruments improves such that there is no longer a significant increase in credit risk 
since initial recognition, loss allowance is measured at an amount equal to 12-month ECLs. 
 
The Company considers a financial asset to be in default when: 
 
- 
the debtor is unlikely to pay its credit obligations to the Company in full, without recourse by 
the Company to actions such as realising security (if any is held); or 
- 
the financial asset is more than 90 days past due. 
 
The maximum period considered when estimating ECLs is the maximum contractual period over 
which the Company is exposed to credit risk. 
 
Measurement of ECLs 
 
ECLs are probability-weighted estimates of credit losses. Credit losses are measured at the present 
value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in 
accordance with the contract and the cash flows that the Company expects to receive).  ECLs are 
discounted at the effective interest rate of the financial asset. 
 
 

 
 
FS13 
Credit-impaired financial assets 
 
At each reporting date, the Company assesses whether financial assets carried at amortised cost 
are credit-impaired. A financial asset is ‘credit-impaired’ when one or more events that have a 
detrimental impact on the estimated future cash flows of the financial asset have occurred. 
 
Evidence that a financial asset is credit-impaired includes the following observable data: 
 
- 
significant financial difficulty of the debtor; 
- 
a breach of contract such as a default or being more than 90 days past due; 
- 
the restructuring of a loan or advance by the Company on terms that the Company would not 
consider otherwise; 
- 
it is probable that the debtor will enter bankruptcy or other financial reorganisation; or 
- 
the disappearance of an active market for a security because of financial difficulties. 
 
Presentation of allowance for ECLs in the statement of financial position 
 
Loss allowances for financial assets measured at amortised cost are deducted from the gross 
carrying amount of these assets.  
 
Write-off 
 
The gross carrying amount of a financial asset is written off (either partially or in full) to the 
extent that there is no realistic prospect of recovery.  This is generally the case when the Company 
determines that the debtor does not have assets or sources of income that could generate sufficient 
cash flows to repay the amounts subject to the write-off.  However, financial assets that are written 
off could still be subject to enforcement activities in order to comply with the Company’s 
procedures for recovery of amounts due. 
 
3.6 
Dividend income 
 
Dividend income is recognised in profit or loss on the date on which the Company’s right to 
receive payment is established. For quoted equity securities, this is usually the ex-dividend date. 
For unquoted equity securities, this is usually the date on which the shareholders approve the 
payment of a dividend. 
 
3.7 
Finance income and finance costs 
 
The Company’s finance income and finance costs includes interest income and foreign currency 
gain or loss on financial assets and financial liabilities. 
 
Interest income is recognised using the effective interest method. The ‘effective interest rate’ is 
the rate that exactly discounts estimated future cash receipts through the expected life of the 
financial instrument to the gross carrying amount of the financial asset. 
 
In calculating interest income, the effective interest rate is applied to the gross carrying amount 
of the asset (when the asset is not credit-impaired).  However, for financial assets that have 
become credit-impaired subsequent to initial recognition, interest income is calculated by 
applying the effective interest rate to the amortised cost of the financial asset.  If the asset is no 
longer credit-impaired, then the calculation of interest income reverts to the gross basis. 
 
 

 
 
FS14 
3.8 
Earnings per share 
 
The Company presents basic and diluted earnings per share data for its ordinary shares.  Basic 
earnings per share is calculated by dividing the profit or loss attributable to ordinary shareholders 
of the Company by the weighted-average number of ordinary shares outstanding during the year, 
adjusted for own shares held.  Diluted earnings per share is determined by adjusting the profit or 
loss attributable to ordinary shareholders and the weighted-average number of ordinary shares 
outstanding, adjusted for own shares held, for the effects of all dilutive potential ordinary shares, 
which comprise share options granted to the Investment Manager.  
 
3.9 
Segment reporting 
 
An operating segment is a component of the Company that engages in business activities from 
which it may earn revenues and incur expenses, including revenues and expenses that relate to 
transactions with any of the Company's other components.  Operating segments are reported in a 
manner consistent with the internal reporting provided to the chief operating decision-maker.  The 
chief operating decision maker has been identified as the Board of Directors of the Investment 
Manager that makes strategic investment decisions. 
 
Segment results that are reported to the chief operating decision maker include items directly 
attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated 
items comprise mainly corporate expenses and other assets and payables. 
 
3.10 
New accounting standards and interpretations not adopted 
 
A number of new accounting standards and amendments to standards are effective for annual 
periods beginning after 1 January 2024 and earlier application is permitted. However, the 
Company has not early adopted the new or amended accounting standards in preparing these 
financial statements. 
 
IFRS 18 Presentation and Disclosure in Financial Statements 
 
IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual reporting 
periods beginning on or after 1 January 2027.  The new standard introduces the following key 
new requirements. 
 
• 
Entities are required to classify all income and expenses into five categories in the statement 
of profit or loss, namely the operating, investing, financing, discontinued operations and 
income tax categories.  Entities are also required to present a newly-defined operating profit 
subtotal.  Entities’ net profit will not change. 
• 
Management-defined performance measures (MPMs) are disclosed in a single note in the 
financial statements. 
• 
Enhanced guidance is provided on how to company information in the financial statements. 
 
In addition, all entities are required to use the operating profit subtotal as the starting point for the 
statement of cash flows when presenting operating cash flows under the indirect method.  The 
Company is still in the process of assessing the impact of the new standard, particularly with 
respect to the structure of the Company’s statement of profit or loss, the statement of cash flows 
and the additional disclosures required for MPMs.  The Company is also assessing the impact on 
how information is grouped in the financial statements, including for items currently labelled as 
other. 
 
 

 
 
FS15 
Other accounting standards 
 
The following amendments to IFRSs are not expected to have a significant impact on the 
Company’s statement of financial position. 
 
• 
Amendments to IAS 21: Lack of Exchangeability 
• 
Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 
7) 
• 
Annual Improvements to IFRSs - Volume 11 
• 
IFRS 19: Subsidiaries without Public Accountability: Disclosures 
• 
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture 
(Amendments to IFRS 110 and IAS 28) 
• 
Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7) 
 
 
4 
Financial assets at fair value through profit or loss 
 
 
Note 
2024 
2023 
 
 
US$’000 
US$’000 
 
 
 
 
Investments 
18 
452,736 
372,655 
 
 
 
 
 
5 
Other receivables and prepayments 
 
 
2024 
2023 
 
 
US$’000 
US$’000 
 
 
 
 
Other prepayments 
 
61 
65 
Interest and other receivables 
 
* 
5 
 
 
61 
70 
 
 
 
 
* Less than US$1,000 
 
 
6 
Cash and cash equivalents 
 
2024 
2023 
 
US$’000 
US$’000 
 
 
 
Fixed deposits with financial institutions and placements in 
money market funds 
8 
8,257 
Cash at bank 
308 
836 
 
316 
9,093 
 
 
 
The effective interest rate on fixed deposits with financial institutions as at 31 December 2024 
ranged from 1.68% to 5.15% (2023: 2.40% to 5.18%) per annum.  Interest rates reprice at intervals 
of seven days to one month. 
 

 
 
FS16 
7 
Share capital 
 
2024 
2023 
 
Number of 
shares 
Number of 
shares 
Fully paid ordinary shares, with no par value: 
 
 
At 1 January and 31 December 
513,366,198 
513,366,198 
 
 
 
Share capital in the statement of financial position represents subscription proceeds received 
from, and the amount of liabilities capitalised through, the issuance of ordinary shares of no par 
value in the Company, less transaction costs directly attributable to equity transactions. 
 
The Company does not have an authorised share capital and is authorised to issue an unlimited 
number of no par value shares. 
 
The holders of ordinary shares are entitled to receive dividends as declared from time to time and 
are entitled to one vote per share at shareholder meetings of the Company.  All shares rank equally 
with regard to the Company’s residual assets. 
 
 
8 
Interest-bearing borrowings 
 
The interest-bearing borrowings comprise of a term loan from a bank amounting to 
US$13,621,000 (2023: US$Nil) denominated in United States Dollar. Interest is charged at 5.86% 
to 6.93% per annum and reprices on maturity. The loan principal is repayable on maturity unless 
the loan is rolled-over. The interest-bearing term loan is secured by the listed securities held by 
the Company. 
 
 
9 
Other payables 
 
 
2024 
2023 
 
 
US$’000 
US$’000 
 
 
 
 
Accrued operating expenses 
 
337 
395 
Amount due to a director 
 
30 
30 
Amount due to investment manager 
 
909 
– 
Interest payable 
 
25 
– 
 
 
1,301 
425 
 
 
 
 
 
 
 

 
 
FS17 
10 
Profit/(Loss) before income tax 
 
Profit/(Loss) before income tax includes the following: 
 
 
 
2024 
2023 
 
 
US$’000 
US$’000 
Other operating income 
 
 
 
Dividend income 
 
48,471 
11,864 
Interest income from fixed deposits and placements in 
money market fund 
 
93 
416 
 
 
48,564 
12,280 
 
 
 
 
Other operating expenses 
 
 
 
Audit fees paid to auditors of the Company and other 
firms affiliated with KPMG International Limited 
 
317 
351 
Non-audit fees paid to auditors of the Company and 
other firms affiliated with KPMG International 
Limited 
 
15 
4 
Exchange loss, net 
 
951 
337 
Non-executive director remuneration  
 
113 
330 
 
 
 
 
 
11 
Income tax expense 
 
The Company is incorporated in a tax-free jurisdiction, thus, it is not subject to income tax. 
 
 
12 
Earnings per share 
 
 
2024 
2023 
 
 
US$’000 
US$’000 
Basic and diluted earnings per share are based on: 
 
 
 
Profit/(Loss) for the year attributable to ordinary 
shareholders 
 
56,787 
(102,235) 
 
 
 
 
Basic and diluted earnings per share 
 
 
 
Number of 
shares 
Number of 
shares 
 
 
2024 
2023 
 
 
 
 
Issued ordinary shares at 1 January and 31 December  
 
513,366,198 
513,366,198 
 
 
 
 
Weighted average number of shares (basic and diluted) 
 
513,366,198 
513,366,198 
 
 
 
 
At 31 December 2024 and 31 December 2023, there were no outstanding share options to 
subscribe for ordinary shares of no par value. 
 

 
 
FS18 
13 
Significant related party transactions 
 
Dividend income 
 
During the financial year ended 31 December 2024, the Company recognised dividend income 
from its unconsolidated subsidiaries amounting to US$48,471,000 (2023: US$11,864,000). 
 
Key management personnel compensation 
 
Key management personnel of the Company are those persons having the authority and 
responsibility for planning, directing and controlling the activities of the Company. 
 
During the financial year, directors’ fees amounting to US$113,000 (2023: US$330,000) were 
declared as payable to three directors (2023: four directors) of the Company.  The remaining two 
directors of the Company are also directors of the Investment Manager who provides management 
and administrative services to the Company on an exclusive and discretionary basis.  No 
remuneration has been paid to these directors as the cost of their services form part of the 
Investment Manager’s remuneration. 
 
Other related party transactions 
 
On 10 July 2007, the Company entered into an Investment Management and Advisory Agreement 
with Symphony Investment Managers Limited (‘SIMgL’) pursuant to which SIMgL would 
provide investment management and advisory services exclusively to the Company. On 15 
October 2015, SIMgL was replaced by Symphony Asia Holdings Pte. Ltd. (‘SAHPL’) 
(with SAHPL and SIMgL, as the case may be, hereinafter referred to as the “Investment 
Manager”). The Company entered into an Investment Management Agreement with SAHPL, 
which replaced the Investment Management and Advisory Agreement (as the case may be, 
hereinafter referred to as the “Investment Management Agreement”). The key persons of the 
management team of the Investment Manager comprise certain key management personnel 
engaged by the Investment Manager pursuant to arrangements agreed between the parties.  They 
will (subject to certain existing commitments) devote substantially all of their business time as 
employees, and on behalf of the Investment Management Group, to assist the Investment Manager 
in its fulfilment of the investment objectives of the Company and be involved in the management 
of the business activities of the Investment Management Group. Pursuant to the Investment 
Management Agreement, the Investment Manager is entitled to the following forms of 
remuneration for the investment management and advisory services rendered. 
 
a. 
Management fees  
 
Management fees of 2.25% per annum of the net asset value, payable quarterly in advance 
on the first day of each quarter, based on the net asset value of the previous quarter end. The 
management fees payable will be subject to a maximum amount of US$15,000,000 (2023: 
US$15,000,000) per annum. There is no minimum amount of management fee payable per 
annum. 
 
In 2024, Management fees amounting to US$8,822,000 (2023: US$9,664,000) have been 
paid to the Investment Manager and recognised in the financial statements. 
 
 
 

 
 
FS19 
b. 
Management shares 
 
The Company did not issue any management shares during the year.  At the reporting date, 
an aggregate of 10,298,725 (2023: 10,298,725) management shares had been issued, 
credited as fully paid to the Investment Manager. 
 
c. 
Share options 
 
There were no share options outstanding as at 31 December 2024 and at 31 December 2023.  
 
The share options granted on 3 August 2008 expired on 3 August 2018. The share options 
granted on 22 October 2012 have been fully exercised. These share options cannot be 
reissued to the Investment Manager. 
 
Other than as disclosed elsewhere in the financial statements, there were no other significant 
related party transactions during the financial year. 
 
 
14 
Commitments 
 
The Company has a remaining commitment to subscribe to Good Capital Fund I for an amount 
less than 1% of the net asset value as at 31 December 2024.  Approximately 94.16% of this 
commitment had been funded as at 31 December 2024 with 5.84% of the commitment subject to 
be called. 
 
The Company has a remaining commitment to Good Capital Fund II for an amount less than 1% 
of the net asset value as at 31 December 2024.  Approximately 48.69% of this commitment had 
been funded as at 31 December 2024 with 51.31% of the commitment subject to be called.  
 
The Company committed to incremental funding in Mavi Holding Pte. Ltd. that is subject to 
certain milestones being achieved. The total remaining contingent commitment amounts 
aggregate to less than 1% of the net asset value as at 31 December 2023. There was no outstanding 
commitment at 31 December 2024.  
 
In the general interests of the Company and its unconsolidated subsidiaries, it is the Company’s 
current policy to provide such financial and other support to its group of companies to enable 
them to continue to trade and to meet liabilities as they fall due. 
 
 
15 
Operating segments  
 
The Company has investment segments, as described below.  Investment segments are reported 
to the Board of Directors of Symphony Asia Holdings Pte. Ltd., the Investment Manager, who 
review this information on a regular basis.   
 
Segment results, assets and liabilities include items directly attributable to a segment as well as 
those that can be allocated on a reasonable basis. 
 
Business activities which do not meet the definition of an operating segment have been reported 
in the reconciliations of total reportable segment amounts to the financial statements. 
 
 

 
 
FS20 
The following summary describes the investments in each of the Company’s reportable segments. 
 
 
 
Healthcare 
Includes investments in ASG Hospital Private Limited (ASG) 
and Soothe Healthcare Private Limited (Soothe) 
 
 
Hospitality 
Minor International Public Company Limited (MINT) 
 
 
Education 
Includes investments in WCIB International Co. Ltd. (WCIB)  
 
 
Lifestyle 
Includes investments in Chanintr Living Ltd. (Chanintr) and 
Liaigre Group (Liaigre)  
 
 
Lifestyle/Real estate 
Includes investments in Minuet Ltd, a property joint venture in 
Niseko, Hokkaido, Japan, Desaru Peace Holdings Sdn Bhd, 
Isprava Vesta Private Limited (Isprava) and Liaigre Hospitality 
Ventures Pte. Ltd. (LHV) 
 
 
Logistics 
Indo Trans Logistics Corporation (ITL) 
 
 
New economy 
Includes Smarten Spaces Pte. Ltd. (Smarten), Good Capital 
Partners, Good Capital Fund I and Good Capital Fund II 
(collectively, Good Capital), August Jewellery Private Limited 
(Melorra), House of Kieraya Limited (Furlenco), Catbus Infolabs 
Private Limited (Blowhorn), Meesho Inc. (Meesho), SolarSquare 
Energy Private Limited (Solar Square), Mavi Holding Pte. Ltd. 
(Mavi) and Epic Games, Inc. 
 
 
Cash and temporary 
investments 
Includes government securities or other investment grade 
securities, liquid investments which are managed by third party 
investment managers of international repute, and deposits placed 
with commercial banks 
 
 

 
 
F21 
Information regarding the results of each reportable segment is included below: 
 
Healthcare 
Hospitality 
Education 
Lifestyle 
Lifestyle/ 
Real estate 
Logistics 
Cash and 
temporary 
investments 
New Economy 
Total 
US$’000 
US$’000 
US$’000 
US$’000 
US$’000 
US$’000 
US$’000 
US$’000 
US$’000 
31 December 2024 
 
 
 
 
 
 
 
 
 
Investment income 
 
 
 
 
 
 
 
 
 
- Dividend income 
– 
48,471 
– 
– 
– 
– 
– 
– 
48,471 
- Interest income 
– 
– 
– 
– 
– 
– 
93 
– 
93 
– 
48,471 
– 
– 
– 
– 
93 
– 
48,564 
 
 
 
 
 
 
 
 
 
Fair value changes of financial assets at fair value 
through profit or loss 
37,130 
(53,893) 
1,658 
(8,313) 
49,210 
(5,471) 
(36) 
(1,429) 
18,856 
37,130 
(53,893) 
1,658 
(8,313) 
49,210 
(5,471) 
(36) 
(1,429) 
18,856 
 
 
 
 
 
 
 
 
 
Exchange loss, net 
(4) 
– 
(4) 
(2,763) 
1,842 
(3) 
* 
(19) 
(951) 
(4) 
– 
(4) 
(2,763) 
1,842 
(3) 
* 
(19) 
(951) 
 
 
 
 
 
 
 
 
 
Net investment results 
37,126 
(5,422) 
1,654 
(11,076) 
51,052 
(5,474) 
57 
(1,448) 
66,469 
 
 
 
 
 
 
 
 
 
31 December 2023 
 
 
 
 
 
 
 
 
 
Investment income 
 
 
 
 
 
 
 
 
 
- Dividend income 
– 
9,640 
2,224 
– 
– 
– 
– 
– 
11,864 
- Interest income 
– 
– 
– 
– 
– 
– 
416 
– 
416 
– 
9,640 
2,224 
– 
– 
– 
416 
– 
12,280 
 
 
 
 
 
 
 
 
 
Fair value changes of financial assets at fair value 
through profit or loss 
6,747 
(13,187) 
1,947 
(10,740) 
(3,452) 
(70,833) 
– 
(13,892) 
(103,410) 
Exchange loss, net 
2 
* 
(1) 
1,231 
(1,573) 
1 
(4) 
7 
(337) 
6,749 
(13,187) 
1,946 
(9,509) 
(5,025) 
(70,832) 
(4) 
(13,885) 
(103,747) 
 
 
 
 
 
 
 
 
 
Net investment results 
6,749 
(3,547) 
4,170 
(9,509) 
(5,025) 
(70,832) 
412 
(13,885) 
(91,467) 
 
 
 
 
 
 
 
 
 
31 December 2024 
 
 
 
 
 
 
 
 
 
Segment assets 
102,758 
46,380 
17,643 
17,228 
160,448 
69,152 
308 
39,135 
453,052 
 
 
 
 
 
 
 
 
 
Segment liabilities 
– 
– 
– 
– 
– 
– 
(13,621) 
– 
(13,621) 
 
 
 
 
 
 
 
 
 
31 December 2023 
 
 
 
 
 
 
 
 
 
Segment assets 
59,561 
52,948 
14,806 
36,838 
97,148 
74,595 
9,093 
36,759 
381,748 
 
 
 
 
 
 
 
 
 
Segment liabilities 
– 
– 
– 
– 
– 
– 
– 
– 
– 
 
 
 
 
 
 
 
 
 
* Less than US$1,000 

 
 
F22 
The reportable operating segments derive their revenue primarily by achieving returns, consisting 
of dividend income, interest income and appreciation of fair value. The Company does not 
monitor the performance of these investments by measure of profit or loss. 
 
Reconciliations of reportable segment profit or loss and assets 
 
 
 
2024 
2023 
 
 
US$’000 
US$’000 
Profit or loss 
 
 
 
Net investments results 
 
66,469 
(91,467) 
Unallocated amounts: 
 
 
 
- Management fees 
 
(8,822) 
(9,664) 
- Non-executive director remuneration 
 
(113) 
(330) 
- General operating expenses 
 
(747) 
(774) 
Profit/(Loss) for the year 
 
56,787 
(102,235) 
 
 
 
 
Assets 
 
 
 
Total assets for reportable segments 
 
453,052 
381,748 
Other assets 
 
61 
70 
Total assets 
 
453,113 
381,818 
 
 
 
 
Liabilities 
 
 
 
Total liabilities for reportable segments 
 
13,621 
– 
Other payables 
 
1,301 
425 
Total liabilities 
 
14,922 
425 
 
 
 
 
Geographical information 
 
In presenting information on the basis of geographical information, investment income, 
comprising dividend income from investments, and fair value changes of financial assets at 
FVTPL are based on the geographical location of the underlying investment.  Assets are based on 
the principal geographical location of the assets or the operations of the underlying investments.  
None of the underlying investments which generate revenue or assets are located in the 
Company’s country of incorporation, BVI. 
 

 
 
F23 
 
Singapore 
Malaysia 
Thailand 
Japan 
Mauritius 
Vietnam 
India 
Italy 
Others 
Total 
US$’000 
US$’000 
US$’000 
US$’000 
US$’000 
US$’000 
US$’000 
US$’000 
US$’000 
US$’000 
2024 
 
 
 
 
 
 
 
 
 
 
Investment income: 
 
 
 
 
 
 
 
 
 
 
- Dividend income 
– 
– 
– 
– 
48,471 
– 
– 
– 
– 
48,471 
- Interest income 
93 
– 
– 
– 
– 
– 
– 
– 
* 
93 
93 
– 
– 
– 
48,471 
– 
– 
– 
* 
48,564 
 
 
 
 
 
 
 
 
 
 
Fair value changes of 
financial assets at fair 
value through profit or loss 
(117) 
(13,311) 
(33,351) 
(2,223) 
– 
(5,471) 
39,299 
40,072 
(6,042) 
18,856 
(117) 
(13,311) 
(33,351) 
(2,223) 
– 
(5,471) 
39,299 
40,072 
(6,042) 
18,856 
 
 
 
 
 
 
 
 
 
 
Exchange loss, net 
(55) 
– 
– 
– 
* 
– 
– 
– 
(896) 
(951) 
(55) 
– 
– 
– 
* 
– 
– 
– 
(896) 
(951) 
 
 
 
 
 
 
 
 
 
 
Net investment results 
(79) 
(13,311) 
(33,351) 
(2,223) 
48,471 
(5,471) 
39,299 
40,072 
(6,938) 
66,469 
 
 
 
 
 
 
 
 
 
 
* Less than US$1,000. 
 
 
 

 
 
F24 
 
Singapore 
Malaysia 
Thailand 
Japan 
Mauritius 
Vietnam 
India 
Italy 
Others 
Total 
US$’000 
US$’000 
US$’000 
US$’000 
US$’000 
US$’000 
US$’000 
US$’000 
US$’000 
US$’000 
2023 
 
 
 
 
 
 
 
 
 
 
Investment income: 
 
 
 
 
 
 
 
 
 
 
- Dividend income 
– 
– 
– 
– 
9,640 
– 
– 
– 
2,224 
11,864 
- Interest income 
416 
– 
– 
– 
– 
– 
– 
– 
* 
416 
416 
– 
– 
– 
9,640 
– 
– 
– 
2,224 
12,280 
 
 
 
 
 
 
 
 
 
 
Fair value changes of 
financial assets at fair 
value through profit or 
loss 
4 
(1,384) 
(9,206) 
(1,533) 
– 
(70,833) 
(7,566) 
– 
(12,892) 
(103,410) 
Exchange loss, net 
21 
– 
– 
– 
* 
– 
– 
– 
(358) 
(337) 
25 
(1,384) 
(9,206) 
(1,533) 
* 
(70,833) 
(7,566) 
– 
(13,250) 
(103,747) 
 
 
 
 
 
 
 
 
 
 
Net investment results 
441 
(1,384) 
(9,206) 
(1,533) 
9,640 
(70,833) 
(7,566) 
– 
(11,026) 
(91,467) 
 
 
 
 
 
 
 
 
 
 
2024 
 
 
 
 
 
 
 
 
 
 
Segment assets 
9,305 
15,092 
132,320 
14,966 
237 
69,162 
145,564 
53,255 
13,151 
453,052 
 
 
 
 
 
 
 
 
 
 
Segment liabilities 
(13,621) 
– 
– 
– 
– 
– 
– 
– 
– 
(13,621) 
 
 
 
 
 
 
 
 
 
 
2023 
 
 
 
 
 
 
 
 
 
 
Segment assets 
13,354 
27,110 
116,665 
16,584 
562 
74,605 
102,549 
– 
30,319 
381,748 
 
 
 
 
 
 
 
 
 
 
Segment liabilities 
– 
– 
– 
– 
– 
– 
– 
– 
– 
– 
 
 
 
 
 
 
 
 
 
 
* Less than US$1,000 
 

 
 
F25 
16 
Financial risk management 
 
The Company’s financial assets comprise mainly financial assets at fair value through profit or 
loss, other receivables, and cash and cash equivalents.  The Company’s financial liabilities 
comprise interest-bearing borrowings and other payables.  Exposure to credit, price, interest rate, 
foreign currency and liquidity risks arises in the normal course of the Company’s business. 
 
The Company’s Board of Directors has overall responsibility for the establishment and oversight 
of the Company’s risk management framework.  The Company’s risk management policies are 
established to identify and analyse the risks faced by the Company and to set appropriate controls.  
Risk management policies and systems are reviewed regularly to reflect changes in market 
conditions and the Company’s activities. 
 
Credit risk 
 
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial 
instrument fails to meet its contractual obligations. 
 
Investments in the form of advances are made to investee companies which are of acceptable 
credit risk. Credit risk exposure on the investment portfolio is managed on an asset-specific basis 
by the Investment Manager. 
 
The Company held cash and cash equivalents of US$316,000 as at 31 December 2024 (2023: 
US$9,093,000). The cash and cash equivalents are held with bank and financial institution 
counterparties, which are rated Aa1 to A1, based on Moody’s/TRIS/Standard & Poor’s ratings. 
 
Loss allowance on cash and cash equivalents has been measured on the 12-month expected loss 
basis and reflects the short maturities of the exposures. The Company considers that its cash and 
cash equivalents have low credit risk based on external credit ratings of the counterparties. The 
expected credit loss on cash and cash equivalents was negligible, and no loss allowance was 
recognised on cash and cash equivalents. 
 
At the reporting date, there was no significant concentration of credit risk.  The maximum 
exposure to credit risk is represented by the carrying amount of each financial asset in the 
statement of financial position. 
 
Market risk 
 
Market risk is the risk that changes in market prices, such as interest rates, foreign exchange rates 
and equity prices will affect the Company’s income or the value of its holdings of financial 
instruments.  The objective of market risk management is to manage and control market risk 
exposures within acceptable parameters, while optimising the return on risk. 
 
Interest rate risk 
 
The Company’s exposure to changes in interest rates relates primarily to its interest-earning fixed 
deposits placed with financial institutions and interest-bearing borrowings.  The Company’s fixed 
rate financial assets and liabilities are exposed to a risk of change in their fair value due to changes 
in interest rates while the variable-rate financial assets and liabilities are exposed to a risk of 
change in cash flows due to changes in interest rates.  The Company does not enter into derivative 
financial instruments to hedge against its exposure to interest rate risk. 
 

 
 
F26 
Sensitivity analysis 
 
A 100 basis point (‘bp’) move in interest rate against the following financial assets and financial 
liabilities at the reporting date would increase/(decrease) profit or loss by the amounts shown 
below.  The analysis assumes that all other variables, in particular foreign currency exchange 
rates, remain constant. 
 
 
Impact on 
Profit or loss 
Impact on 
Profit or loss 
 
100 bp 
increase 
100 bp 
decrease 
100 bp 
increase 
100 bp 
decrease 
 
2024 
2024 
2023 
2023 
 
US$’000 
US$’000 
US$’000 
US$’000 
 
 
 
 
 
Deposits with financial 
institutions 
* 
* 
83 
(83) 
Interest-bearing borrowings 
(136) 
136 
– 
– 
 
(136) 
136 
83 
(83) 
 
 
 
 
 
* Less than US$1,000 
 
Foreign exchange risk 
 
The Company is exposed to transactional foreign exchange risk when transactions are 
denominated in currencies other than the functional currency of the operation. The Company does 
not enter into derivative financial instruments to hedge its exposure to any foreign currencies as 
the currency position in these currencies is considered to be long-term in nature and foreign 
exchange risk is an integral part of the Company’s investment decision and returns. 
 
The Company’s exposure, in US dollar equivalent, to foreign currency risk on other financial 
instruments was as follows: 
 
 
Euro 
Japanese  
Yen 
Thai  
Baht 
Singapore 
Dollar 
Indian 
Rupee 
Others 
 
US$’000 
US$’000 
US$’000 
US$’000 
US$’000 
US$’000 
2024 
 
 
 
 
 
 
Financial assets at fair value 
through profit or loss 
65,918 
14,966 
81,479 
81,134 
21,200 
– 
Other receivables 
– 
– 
– 
* 
– 
– 
Cash and cash equivalents 
– 
– 
– 
30 
– 
19 
Accrued operating expenses 
– 
– 
– 
(322) 
– 
(15) 
Net exposure 
65,918 
14,966 
81,479 
80,842 
21,200 
4 
 
 
 
 
 
 
 
2023 
 
 
 
 
 
 
Financial assets at fair value 
through profit or loss 
29,893 
16,585 
58,462 
42,907 
17,822 
1 
Other receivables 
– 
– 
– 
* 
– 
– 
Cash and cash equivalents 
– 
– 
– 
37 
– 
13 
Accrued operating expenses 
– 
– 
– 
(384) 
– 
(11) 
Net exposure 
29,893 
16,585 
58,462 
42,560 
17,822 
3 
 
 
 
 
 
 
 
 
 
 

 
 
F27 
Sensitivity analysis 
 
A 10% strengthening of the US dollar against the following currencies at the reporting date would 
have (decreased)/increased profit or loss by the amounts shown below. This analysis is based on 
foreign currency exchange rate variances that the Company considered to be reasonably possible 
at the end of the reporting period. The analysis assumes that all other variables, in particular 
interest rates, remain constant. 
 
 
 
Profit or loss 
 
 
2024 
2023 
 
 
US$’000 
US$’000 
 
 
 
 
Euro 
 
(6,592) 
(2,989) 
Japanese Yen 
 
(1,497) 
(1,659) 
Thai Baht 
 
(8,148) 
(5,846) 
Singapore Dollar 
 
(8,084) 
(4,256) 
Indian Rupee 
 
(2,120) 
(1,782) 
Others 
 
* 
* 
 
 
 
 
A 10% weakening of the US dollar against the above currencies would have had the equal but 
opposite effect on the above currencies to the amounts shown above, on the basis that all other 
variables remain constant. 
 
* Less than US$1,000 
 
Price risk 
 
The valuation of the Company’s investment portfolio is dependent on prevailing market 
conditions and the performance of the underlying assets.  The Company does not hedge the market 
risk inherent in the portfolio but manages asset performance risk on an asset-specific basis. 
 
The Company’s investment policies provide that the Company invests a majority of capital in 
longer-term strategic investments and a portion in special situations and structured transactions.  
Investment decisions are made by management on the advice of the Investment Manager.  
 
Sensitivity analysis 
 
All of the Company’s underlying investments that are quoted equity investments are listed on The 
Stock Exchange of Thailand.  A 10% increase in the price of the equity securities at the reporting 
date would increase profit or loss after tax by the amounts shown below.  This analysis assumes 
that all other variables remain constant. 
 
 
 
Profit or loss 
 
 
2024 
2023 
 
 
US$’000 
US$’000 
Underlying investments in quoted equity securities at 
fair value through profit or loss 
 
4,626 
5,255 
 
 
 
 
A 10% decrease in the price of the equity securities would have had the equal but opposite effect 
on the above quoted equity investments to the amounts shown above, on the basis that all other 
variables remain constant. 
 
 

 
 
F28 
Liquidity risk 
 
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations 
associated with its financial liabilities that are settled by delivering cash or another financial asset. 
  
The Company’s objective when managing liquidity is to ensure, as far as possible, that it will 
have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed 
conditions, without incurring unacceptable losses or risking damage to the Company’s reputation. 
 
The Company monitors its liquidity risk and maintains a level of cash and cash equivalents 
deemed adequate by the Investment Manager to finance the Company’s operations and to mitigate 
the effects of fluctuations in cash flows.  Funds not invested in longer-term strategic investments 
or investments in special situations and structured transactions are temporarily invested in liquid 
investments and managed by a third-party manager of international repute, or held on deposit with 
commercial banks. The Company also holds listed securities amounting to US$46,264,000 as at 
31 December 2024 which was transferred from its wholly owned subsidiaries during the year. As 
at 31 December 2023, the Company through its wholly owned subsidiaries, held listed securities 
amounting to US$52,545,000. These listed securities are liquid and can therefore be sold 
from time-to-time to generate additional cash to settle any existing and ongoing liabilities of the 
Company. 
 
The following are the remaining contractual maturities of financial liabilities. The amounts are 
gross and undiscounted, and include contractual interest payments and exclude the impact of 
netting agreements: 
 
 
 
 
Cash flows 
 
Carrying 
amount 
 Contractual 
cash flows 
Within 
1 year 
 
US$’000 
 
US$’000 
US$’000 
2024 
 
 
 
 
Non-derivative financial liabilities 
 
 
 
 
Interest-bearing borrowings 
13,621 
 
(13,621) 
(13,621) 
Other payables 
1,301 
 
(1,301) 
(1,301) 
 
14,922 
 
(14,922) 
(14,922) 
 
 
 
 
 
2023 
 
 
 
 
Non-derivative financial liabilities 
 
 
 
 
Other payables 
425 
 
(425) 
(425) 
 
 
 
 
 
Capital management 
 
The Company’s policy is to maintain a strong capital base so as to maintain investor, creditor and 
market confidence and to sustain future development of the business.  Capital consists of total 
equity.  The Company seeks to maintain a balance between higher returns that might be possible 
with higher levels of borrowings and the advantages and security afforded by a sound capital 
position.   
 
The Company is not subject to externally imposed capital requirements. There were no changes 
in the Company’s approach to capital management during the year.  
 
 

 
 
F29 
Accounting classification and fair values 
 
The carrying amounts and fair values of financial assets and financial liabilities are as follows. It 
does not include fair value information for financial assets and financial liabilities not measured 
at fair value if the carrying amount is a reasonable approximation of fair value. 
 
 
 
Carrying amount 
 
 
Note 
Fair value 
through  
profit or 
loss 
Amortised 
cost  
Other 
financial 
liabilities  
Total 
Fair value  
 
 
US$’000 
US$’000 
US$’000 
US$’000 
US$’000 
2024 
 
 
 
 
 
 
Financial assets measured  
at fair value 
 
 
 
 
 
 
Financial assets at fair value 
through profit or loss 
4 
452,736 
– 
– 
452,736 
452,736 
 
 
 
 
 
 
 
Financial assets not measured  
at fair value 
 
 
 
 
 
 
Other receivables1 
5 
– 
* 
– 
* 
 
Cash and cash equivalents 
6 
– 
316 
– 
316 
 
 
 
452,736 
316 
– 
453,052 
 
 
 
 
 
 
 
 
Financial liabilities not 
measured at fair value 
 
 
 
 
 
 
Interest-bearing borrowings 
8 
– 
– 
(13,621) 
(13,621) 
 
Other payables  
9 
– 
– 
(1,301) 
(1,301) 
 
 
 
– 
– 
(14,922) 
(14,922) 
 
 
 
 
 
 
 
 
2023 
 
 
 
 
 
 
Financial assets measured at fair 
value 
 
 
 
 
 
 
Financial assets at fair value 
through profit or loss 
4 
372,655 
– 
– 
372,655 
372,655 
 
 
 
 
 
 
 
Financial assets not measured at 
fair value 
 
 
 
 
 
 
Other receivables1 
5 
– 
5 
– 
5 
 
Cash and cash equivalents 
6 
– 
9,093 
– 
9,093 
 
 
 
372,655 
9,098 
– 
381,753 
 
 
 
 
 
 
 
 
Financial liabilities not 
measured at fair value 
 
 
 
 
 
 
Other payables  
9 
– 
– 
(425) 
(425) 
 
 
 
 
 
 
 
 
1 Excludes prepayments 
 
 

 
 
F30 
Fair value 
 
The financial assets at fair value through profit or loss are measured using the adjusted net asset 
value method, which is based on the fair value of the underlying investments.  The fair values of 
the underlying investments are determined based on the following methods: 
 
i) 
for quoted equity investments, based on quoted market bid prices at the financial reporting 
date without any deduction for transaction costs; 
 
ii) 
for unquoted investments, with reference to the enterprise value at which the portfolio 
company could be sold in an orderly disposition over a reasonable period of time between 
willing parties other than in a forced or liquidation sale, and is determined by using valuation 
techniques such as (a) market multiple approach that uses a specific financial or operational 
measure that is believed to be customary in the relevant industry, (b) price of recent 
investment, or offers for investment, for the portfolio company’s securities, (c) current value 
of publicly traded comparable companies, (d) comparable recent arms’ length transactions 
between knowledgeable parties, and (e) discounted cash flows analysis; and 
 
iii) for financial assets and liabilities with a maturity of less than one year or which reprice 
frequently (including other receivables, cash and cash equivalents, interest-bearing 
borrowings and other payables) the notional amounts are assumed to approximate their fair 
values because of the short period to maturity/repricing. 
 
The objective of valuation techniques is to arrive at a fair value measurement that reflects the 
price that would be received to sell the asset or paid to transfer the liability in an orderly 
transaction between market participants at the measurement date. 
 
Fair value hierarchy for financial instruments 
 
The table below analyses financial instruments carried at fair value, by valuation method.  The 
different levels have been defined as follows: 
 
• 
Level 1: 
Inputs that are quoted market prices (unadjusted) in active markets for identical 
instruments. 
 
• 
Level 2: 
Inputs other than quoted prices included within Level 1 that are observable, either 
directly (i.e. as prices) or indirectly (i.e. derived from prices).  This category 
includes instruments valued using:  quoted market prices in active markets for 
similar instruments; quoted prices for identical or similar instruments in markets 
that are not considered active; or other valuation techniques in which all 
significant inputs are directly or indirectly observable from market data. 
 
• 
Level 3: 
Inputs that are unobservable.  This category includes all instruments for which 
the valuation technique includes inputs not based on observable data and the 
unobservable inputs have a significant effect on the instruments’ valuation.  This 
category includes instruments that are valued based on quoted prices for similar 
instruments but for which significant unobservable adjustments or assumptions 
are required to reflect differences between the instruments. 
 

 
 
F31 
 
 
Level 1 
Level 2 
Level 3 
Total 
 
US$’000 
US$’000 
US$’000 
US$’000 
2024 
 
 
 
 
Financial assets at fair value 
through profit or loss 
46,264 
– 
406,472 
452,736 
 
 
 
 
 
2023  
 
 
 
 
Financial assets at fair value 
through profit or loss 
– 
– 
372,655 
372,655 
 
 
 
 
 
As explained in Note 3.1, the Company qualifies as an investment entity and therefore does not 
consolidate its subsidiaries. Accordingly, the fair value levelling reflects the fair value of the 
unconsolidated subsidiaries and the underlying equity investments.  There were transfers from 
Level 3 to Level 1 during the year ended 31 December 2024. There were no transfers from Level 
1 to Level 2 or Level 3 and vice versa during the year ended 31 December 2023. 
 
The fair value hierarchy table excludes financial assets and financial liabilities such as cash and 
cash equivalents, other receivables, interest-bearing borrowings and other payables because their 
carrying amounts approximate their fair values due to their short-term period to 
maturity/repricing. 
 
Level 1 valuations 
 
The following table shows a reconciliation from the beginning balances to the ending balances 
for fair value measurements in Level 1 of the fair value hierarchy. 
 
 
2024 
2023 
 
Financial assets at fair value 
through profit or loss 
 
US$’000 
US$’000 
 
 
 
Balance at 1 January  
– 
– 
Fair value changes in profit or loss 
(1,060) 
– 
Net additions 
47,324 
– 
Balance at 31 December  
46,264 
– 
 
 
 
Level 3 valuations 
 
The following table shows a reconciliation from the beginning balances to the ending balances 
for fair value measurements in Level 3 of the fair value hierarchy. 
 
 
2024 
2023 
 
Financial assets at fair value 
through profit or loss 
 
US$’000 
US$’000 
 
 
 
Balance at 1 January  
372,655 
478,226 
Fair value changes in profit or loss 
19,916 
(103,410) 
Net payment to/(repayment from) unconsolidated subsidiaries 
13,901 
(2,161) 
Balance at 31 December  
406,472 
372,655 
 
 
 

 
 
F32 
Significant unobservable inputs used in measuring fair value 
 
The table below sets out information about significant unobservable inputs used at 31 December 
2024 in measuring the underlying investments of the financial assets categorised as Level 3 in the 
fair value hierarchy excluding investments purchased during the year that are valued at transaction 
prices as they are reasonable approximation of fair values and ultimate investments in listed 
entities. 
 
Description 
Fair value  
at 31 
December 
2024 
US$’000 
Fair value  
at 31 
December 
2023 
US$’000 
Valuation 
technique 
Unobservable 
input 
Range 
(Weighted 
average) 
Sensitivity  
to changes in significant 
unobservable inputs 
 
 
 
 
 
 
 
 
 
  
 
 
 
Land related 
investments 
132,052 
58,938 Comparable 
valuation  
method 
Price per square 
meter for 
comparable land 
US$546 – 
US$5,719 per 
square meter 
(2023: US$427 – 
US$7,516 per 
square meter) 
 
The estimated fair value 
would increase if the price 
per square meter was 
higher. 
 
 
  
 
 
 
 
 
 Discounted 
cashflow  
method 
Revenue growth 
 
 
Expense ratio 
 
 
 
WACC 
2.0% –20.9%   
(2023: NA) 
 
61.8% – 79.6%   
(2023: NA) 
 
8.53% 
(2023: NA) 
 
The estimated fair value 
would increase if the 
revenue growth increases, 
expenses ratio decreases, 
and WACC was lower.  
 
 
  
 
 
 
Operating 
business 
219,276 
187,031 Enterprise 
value using 
comparable 
traded 
multiples 
EBITDA  
multiple (times) 
5.1x – 64.4x, 
median 12.1x 
(2023: 3.6x – 
35.2x, median 
9.3x) 
The estimated fair value 
would increase if the 
EBITDA multiple was 
higher. 
 
 
  
 
 
 
 
 
 

 
 
F33 
 
Description 
Fair value  
at 31 
December 
2024 
US$’000 
Fair value  
at 31 
December 
2023 
US$’000 
Valuation 
technique 
Unobservable 
input 
Range 
(Weighted 
average) 
Sensitivity  
to changes in significant 
unobservable inputs 
 
 
 
 
 
 
 
Operating 
business 
 
  
Revenue multiple 
(times) 
0.3x – 13.4x, 
median 2.7x  
(2023: 0.3x – 
10.5x, median 
3.4x) 
The estimated fair value 
would increase if the 
revenue multiple was 
higher. 
 
 
 
 
 
 
 
 
 
Discount for  
lack of 
marketability 
(‘DLOM’) 
25% 
(2023: 25%) 
The estimated fair value 
would increase if the 
discount for lack of 
marketability was lower. 
 
 
  
Option  
pricing  
model* 
 
Volatility 
 
32.1% – 56.1% 
(2023: 29.8% – 
65.5%) 
 
The estimated fair value 
would increase or 
decrease if the volatility 
was higher depending on 
factors specific to the 
investment. 
 
 
 
 
 
 
 
 
 
  
Risk-free rate 
4.0% –6.4% 
(2023: 3.7% – 
6.8%) 
The estimated fair value 
would increase or decrease if 
risk-free rate was lower 
depending on factors specific 
to the investment. 
 
 
 
 
 
 
 
Greenfield 
business held 
for more than 
12-months 
32,737 
41,916 Discounted 
cashflow  
method 
Revenue growth 
 
 
Expense ratio 
 
 
 
WACC 
1.0% – 106.1%   
(2023: 2.8% – 
96.5%) 
 
62.2% –112.6%  
(2023: 59.0% – 
84.9%) 
 
11.9% –16.4%  
(2023: 11.3% – 
15.5%) 
The estimated fair value 
would increase if the 
revenue growth increases, 
expenses ratio decreases, 
and WACC was lower.  
 
 
 
 
 
 
 
 
 
 Comparable 
valuation  
method 
Price per square 
meter 
US$229 –  
US$864.6 per 
square meter 
(2023: US$260 –  
US$498 per 
square meter)  
The estimated fair value 
would increase if the price 
per square meter was 
higher. 
 
 
 
 
 
 
 
* The option pricing model is used as a secondary valuation technique for certain investments to allocate equity value where the 
capital structure of the investment consists of instruments with significantly different rights/terms. 
 
The discounted cashflow method involves the discounting of forecast net cashflows related to a 
property development. The free cashflow is discounted at the WACC to derive the market value 
of the property development. WACC is derived after adopting independent market quotes or 
reputable published research-based inputs for the risk-free rate, market risk premium, small cap 
premium and cost of debt.  Management adopted a valuation report produced by an independent 
valuer that determines the discount based on the independent valuer’s judgement after considering 
current market rates. 
 
 

 
 
F34 
The comparable recent sales represent the recent sales prices of properties that are similar to the 
investee companies’ properties, which are in the same area.  Management adopt a valuation report 
produced by an independent valuer to determine the value per square meter based on the average 
recent sales prices. 
 
The EBITDA multiple represents the amount that market participants would use when pricing 
investments.  The EBITDA multiple is selected from comparable public companies with similar 
business as the underlying investment.  Management obtains the median EBITDA multiple from 
the comparable companies and applies the multiple to the EBITDA of the underlying investment.  
In some instances, Management obtains the lower or upper quartile multiple from comparable 
companies and applies the multiple to the EBITDA of the underlying investment to reflect more 
accurately the value of the underlying investment in the circumstances. The amount is further 
discounted for considerations such as lack of marketability. 
 
The revenue multiple represents the amount that market participants would use when pricing 
investments.  The revenue multiple is selected from comparable public companies with similar 
business as the underlying investment. Management obtains the median revenue multiple from 
the comparable companies and applies the multiple to the revenue of the underlying investment.  
The amount is further discounted for considerations such as lack of marketability. 
 
The discount for lack of marketability represents the discount applied to the comparable market 
multiples to reflect the illiquidity of the investee relative to the comparable peer group.  
Management determines the discount for lack of marketability based on its judgement after 
considering market liquidity conditions and company-specific factors. 
 
During the period ended 31 December 2024, one investment that was previously valued using the 
EBITDA multiple technique was valued using the revenue multiple technique which reflects more 
accurately the value of the underlying investment.  
 
During the period ended 31 December 2024, one investment that was valued using the revenue 
multiple technique was valued using the price of recent investment for the investee company’s 
securities in the current period as there were recent transactions in the secondary market.  
 
During the period ended 31 December 2024, one investment that was valued using the price of 
recent investment for the investee company’s securities was valued at nil as the business may not 
be able to operate as a going concern. 
 
The option pricing model uses distribution allocation for each equity instrument at different 
valuation breakpoints, taking into consideration the different rights / terms of each instrument. An 
option pricing computation is done using a Black Scholes Model at different valuation breakpoints 
(strikes) using market volatility and risk-free rate parameters. Where a recent transaction price for 
an identical or similar instrument is available, it is used as the basis for fair value. 
 
 
 

 
 
F35 
The revenue growth represents the growth in sales of the underlying business and is based on the 
operating management team’s judgement on the change of various revenue drivers related to the 
business from year-to-year. The expense ratio is based on the judgement of the operating 
management team after evaluating the expense ratio of comparable businesses and is a key 
component in deriving EBITDA and free cash flow for the greenfield business. The free cashflow 
is discounted at the WACC to derive the enterprise value of the greenfield business. Net debt is 
then deducted to arrive at an equity value for the business. WACC is derived after adopting 
independent market quotes or reputable published research-based inputs for the risk-free rate, 
market risk premium, small cap premium and cost of debt.  
 
The investment entity approach requires the presentation and fair value measurement of 
immediate investments; the shares of intermediate holding companies are not listed.  However, 
ultimate investments in listed entities amounting to US$46,264,000 are held by the Company for 
the year ended 31 December 2024 and it was held through intermediate holding companies for 
the year ended 31 December 2023 amounting to US$52,545,000; the value of these companies 
are mainly determined by the fair values of the ultimate investments.  
 
Sensitivity analysis 
 
Although the Company believes that its estimates of fair value are appropriate, the use of different 
methodologies or assumptions could lead to different measurements of fair value.  For fair value 
measurements in Level 3 assets, changing one or more of the assumptions used to reasonably 
possible alternative assumptions would have effects on the profit or loss by the amounts shown 
below. The effect of the uncertain economic environment has meant that the range of reasonably 
possible changes is wider than in periods of stability. 
 
 
‹------------- 2024 ------------› 
‹------------- 2023 -------------› 
 
Effect on profit or loss 
Effect on profit or loss 
 
Favourable 
(Unfavourable) 
Favourable 
(Unfavourable) 
 
US$’000 
US$’000 
US$’000 
US$’000 
 
 
 
 
 
Level 3 assets 
146,146 
(104,906) 
98,293 
(67,782) 
 
 
 
 
 
The favourable and unfavourable effects of using reasonably possible alternative assumptions 
have been calculated by recalibrating the valuation model using a range of different values.  
 
For land related investments which are valued on comparable transaction basis by third party 
valuation consultants, the fair value of the land is increased by 20% (2023: 20%) in the favourable 
scenario and reduced by 20% (2023: 20%) in the unfavourable scenario.  
 
For land related investments which are valued using a discounted cashflow, the revenue growth 
rate is increased by 2%, the expense ratio rate is decreased by 10% and the WACC is reduced by 
2% in the favourable scenario. Conversely, in the unfavourable scenario, the revenue growth rate 
is reduced by 2%, the expense ratio rate is increased by 10% and the WACC is increased by 2%.   
 
For operating businesses (except those where a last transacted price exists within the past 12-
months that provides the basis for fair value) that are valued on a trading comparable basis using 
enterprise value to EBITDA or revenue, EBITDA or revenue is increased by 20% (2023: 20%) 
and decreased by 20% (2023: 20%), and DLOM is decreased by 5% (2023: 5%) and increased by 
5% (2023: 5%) in the favourable and unfavourable scenarios respectively.  
 
 
 

 
 
F36 
In the option pricing model sensitivity analysis, the change in risk-free rate and volatility results 
in different outcomes for each investment. An increase in risk-free rate and volatility may have a 
favourable or unfavourable impact and vice versa. This is a result of multiple factors including 
cumulative impact of two variables (risk-free rate, volatility) being changed simultaneously after 
taking into account variations in investment specific input variables, such as time to expiry, capital 
structure and the liquidation preference related to securities. The volatility is adjusted by 10% 
(2023: 10%) and the risk-free rate is adjusted by 2% (2023: 2%) to arrive at the favourable and 
unfavourable scenario depending on factors specific to each investment.  
 
For greenfield businesses (except those where a last transacted price exists within the past 12-
months) that are valued using a discounted cashflow, the revenue growth rate is increased by 2% 
(2023: 2%), the expense ratio rate is decreased by 10% (2023: 10%) and the WACC is reduced 
by 2% (2023: 2%) in the favourable scenario. Conversely, in the unfavourable scenario, the 
revenue growth rate is reduced by 2% (2023: 2%), the expense ratio rate is increased by 10% 
(2023: 10%) and the WACC is increased by 2% (2023: 2%).  
 
 
17 
Unconsolidated subsidiaries 
 
Details of the unconsolidated subsidiaries of the Company are as follows: 
 
 
 
Place of 
 
 
 
incorporation 
Equity interest 
Name of subsidiary 
Principal activities 
and business 
2024 
2023 
 
 
 
% 
% 
 
 
 
 
 
Symphony (Mint) Investment 
Limited  
Investment holding 
Mauritius 
100 
100 
 
 
 
 
 
Lennon Holdings Limited  
and its subsidiary: 
Investment holding 
Mauritius 
100 
100 
 
 
 
 
 
 Britten Holdings Pte. Ltd. 
Investment holding 
Singapore 
100 
100 
 
 
 
 
 
Gabrieli Holdings Limited 
and its subsidiaries: 
Investment holding 
British Virgin Islands 
100 
100 
 
 
 
 
 
 Ravel Holdings Pte. Ltd. 
 and its subsidiaries: 
Investment holding 
Singapore 
100 
100 
 
 
 
 
 
 
Schubert Holdings Pte. 
Ltd. 
Investment holding 
Singapore 
100 
100 
 
 
 
 
 
  Haydn Holdings Pte. Ltd. Investment holding 
Singapore 
100 
100 
 
 
 
 
 
Thai Education Holdings  
Pte. Ltd.  
Investment holding 
Singapore 
100 
100 
 
 
 
 
 
 
 

 
 
F37 
 
 
Place of 
 
 
 
incorporation 
Equity interest 
Name of subsidiary 
Principal activities 
and business 
2024 
2023 
 
 
 
% 
% 
 
 
 
 
 
Maurizio Holdings Limited 
and its subsidiary: 
Investment holding 
British Virgin Islands 
100 
100 
 
 
 
 
 
 
Groupe CL Pte. Ltd. 
Investment holding 
Singapore 
100 
100 
 
 
 
 
 
Anshil Limited 
Investment holding 
British Virgin Islands 
100 
100 
 
 
 
 
 
Buble Holdings Limited 
Investment holding 
British Virgin Islands 
100 
100 
 
 
 
 
 
O’Sullivan Holdings Limited 
and its subsidiary: 
Investment holding 
British Virgin Islands 
100 
100 
 
 
 
 
 
 
Bacharach Holdings 
Limited 
Investment holding 
British Virgin Islands 
100 
100 
 
 
 
 
 
Schumann Holdings Limited 
Investment holding 
British Virgin Islands 
100 
100 
 
 
 
 
 
Dynamic Idea Investments 
Limited 
Investment holding 
British Virgin Islands 
100 
100 
 
 
 
 
 
Symphony Logistics Pte. Ltd. Investment holding 
Singapore 
100 
100 
 
 
 
 
 
Eagles Holdings Pte. Ltd. 
Investment holding 
Singapore 
83.33 
83.33 
 
 
 
 
 
Stravinsky Holdings Pte. Ltd. Investment holding 
Singapore 
100 
100 
 
 
 
 
 
Alhambra Holdings Limited 
Investment holding 
United Arab Emirates 
100 
100 
 
 
 
 
 
Shadows Holdings Pte. Ltd. 
Investment holding 
Singapore 
66.65 
66.65 
 
 
 
 
 
Symphonic Spaces Pte. Ltd. 
Investment holding 
Singapore 
100 
100 
 
 
 
 
 
Wynton Holdings Pte. Ltd. 
Investment holding 
Singapore 
100 
100 
 
 
 
 
 
Shomee Holdings Pte. Ltd. 
Investment holding 
Singapore 
100 
100 
 
 
 
 
 
Symphony Luxre Holdings 
Pte. Ltd. 
Investment holding 
Singapore 
100 
100 
 
 
 
 
 
Symphony Assure Pte. Ltd. 
Investment holding 
Singapore 
100 
100 
 
 

 
 
F38 
18 
Underlying investments 
 
Details of the underlying investments in unquoted equities of the Company are as follows: 
 
 
 
 
 
 
 
 
 
 
Place of 
Ordinary 
shares 
Preference 
shares 
 
Principal 
incorporation Equity interest Equity interest 
Name 
activities 
and business 
2024 
2023 
2024 
2023 
 
 
 
% 
% 
% 
% 
 
 
 
 
 
 
 
La Finta Limited1 
Property development 
Thailand 
49 
49 
– 
– 
 
 
 
 
 
 
 
Minuet Limited1 
Property development 
and land holding 
Thailand 
49.98 
49.98 
– 
– 
 
 
 
 
 
 
 
Chanintr Living  
Limited2 
Distribution of 
furniture 
Thailand 
49.90 
49.90 
– 
– 
 
 
 
 
 
 
 
Chanintr Living 
(Thailand) Limited 
Distribution and retail 
of furniture and home 
decorations 
Thailand 
24.45 
24.45 
– 
– 
 
 
 
 
 
 
 
Chanintr Living Pte Ltd 
Distribution and retail 
of furniture and home 
decorations  
Singapore 
49.90 
49.90 
– 
– 
 
 
 
 
 
 
 
Well Round Holdings 
Limited2 
Property development 
Hong Kong 
37.50 
37.50 
– 
– 
 
 
 
 
 
 
 
Allied Hill Corporation 
Limited2 
Luxury property 
development 
Hong Kong 
37.50 
37.50 
– 
– 
 
 
 
 
 
 
 
Silver Prance Limited2 
Property development 
and land holding 
Hong Kong 
37.50 
37.50 
– 
– 
 
 
 
 
 
 
 
Desaru Peace Holdings  
Sdn Bhd2 
Branded luxury 
development 
Malaysia 
49 
49 
49 
49 
 
 
 
 
 
 
 
1  Joint venture 
2  Associate 
 
 
 
 

 
 
F39 
 
 
Place of 
Ordinary 
shares 
Preference 
shares 
 
Principal 
incorporation Equity interest Equity interest 
Name 
activities 
and business 2024 
2023 
2024 
2023 
 
 
 
% 
% 
% 
% 
 
 
 
 
 
 
 
Oak SPV Limited3 
Wine retail and F&B 
operations 
Cayman 
Islands 
62.11 
62.11 
– 
– 
 
 
 
 
 
 
 
Macassar Holdings SARL Luxury interior 
architecture and 
furniture retail group 
Luxembourg 33.33 
33.33 
33.33 
33.33 
 
 
 
 
 
 
 
Liaigre Hospitality 
Ventures Pte. Ltd. 
Branded luxury 
development 
Singapore 
33.33 
33.33 
– 
– 
 
 
 
 
 
 
 
WCIB International 
Company Limited1 
K12 education 
institution 
Thailand 
39.15 
39.15 
– 
– 
 
 
 
 
 
 
 
ASG Hospital Private 
Limited 
Healthcare  
India 
0.88 
0.37 
8.15 
8.14 
 
 
 
 
 
 
 
Mavi Holding Pte. Ltd. 
Insurance 
Singapore 
– 
– 
32.30 
32.30 
 
 
 
 
 
 
 
Good Capital Partners 
Venture Capital 
Mauritius  
10 
10 
– 
– 
 
 
 
 
 
 
 
In Do Trans Logistics 
Corporation2 
Logistics Group 
Vietnam 
27.39 
27.39 
– 
– 
 
 
 
 
 
 
 
Smarten Spaces Pte. Ltd. Software company for 
space management 
Singapore 
8.96 
8.96 
8.96 
8.96 
 
 
 
 
 
 
 
Soothe Healthcare Pvt. 
Ltd2 
Consumer healthcare 
products 
India  
<0.01 
<0.01 
25.12 
25.12 
 
 
 
 
 
 
 
Catbus Infolabs Pvt. Ltd. Logistics services 
India 
<0.01 
0.01 
7.53 
9.10 
 
 
 
 
 
 
 
SolarSquare Energy Pvt. 
Ltd. 
Solar power solutions 
provider 
India 
– 
– 
3.40 
3.65 
 
 
 
 
 
 
 
Kieraya Furnishing 
Solutions Pvt. Ltd. 
Online furniture rental 
and sales 
India 
– 
– 
1.85 
2.09 
 
 
 
 
 
 
 
1  Joint venture 
2  Associate 
3 Following the sale of WCG, the Company continued to hold an interest in a related investment holding entity 
that will eventually be subject to dissolution. 
 
 
 

 
 
F40 
 
 
Place of 
Ordinary shares 
Preference 
shares 
 
Principal 
incorporation Equity interest Equity interest 
Name 
activities 
and business 2024 
2023 
2024 
2023 
 
 
 
% 
% 
% 
% 
 
 
 
 
 
 
 
August Jewellery Private 
Ltd. 
Online and retail 
jewellery 
India 
– 
– 
7.70 
6.74 
 
 
 
 
 
 
 
Meesho Inc. 
E-commerce 
marketplace platform 
India 
– 
– 
0.19 
0.20 
 
 
 
 
 
 
 
Isprava Vesta Private Ltd. Branded luxury 
development 
India 
– 
– 
7.12 
5.15 
 
 
 
 
 
 
 
Epic Games, Inc. 
Video game and 
software developer 
United States <0.01 
<0.01 
– 
– 
 
 
 
 
 
 
 
1  Joint venture 
2  Associate 
 
 
19 
Subsequent events 
 
Subsequent to 31 December 2024, 
 
• 
the Company sold all the interests in SolarSquare Energy Private Limited for a total net 
consideration amounting to approximately 1% of the Company’s net asset value; 
 
• 
the Company completed a follow-on investment in Macassar Holdings S.A.R.L.. The 
investment amounted less than 1% of the Company’s net asset value; 
 
• 
the Company completed a follow-on investment in Mavi Holding Pte. Ltd. The investment 
amounted less than 1% of the Company’s net asset value; and 
 
• 
the Company subscribed to primary shares in ASG Hospital Private Limited for a 
consideration of approximately 1% of Company’s net asset value.  
 

 
 
                                                                                               
SYMPHONY INTERNATIONAL HOLDINGS LIMITED 
 
NOTICE OF ANNUAL GENERAL MEETING 
 
NOTICE IS HEREBY GIVEN that the ANNUAL GENERAL MEETING of the Company 
will be held at 200 Newton Road, #07-01 Newton 200, Singapore 307983 (Tel +65 
6536 6177) on Wednesday, 30 April 2025 at 4.30 p.m. (BST+7) for the purpose of 
the following matters: 
 
 
Ordinary Business 
 
To receive the annual report which includes the financial statements for the year ended 31 
December 2024. 
 
 
Ordinary Resolution 
 
To consider and, if thought fit, passing the following ordinary resolution: 
 
THAT the Company be and is hereby generally and unconditionally authorised in accordance with 
section 59 of the BVI Business Companies Act 2004 (as amended) to make market purchases of 
its own Shares at the discretion of the Directors and on such terms and in such manner as the 
Directors may from time to time determine provided that: 
(a) 
the maximum number of Shares hereby authorised to be purchased shall be 14.99 per 
cent. of the Shares in issue at the date of this notice; 
(b) 
the maximum price which may be paid for any such Share shall not exceed the higher of: 
(i)     5 per cent. above the average market value of the Company's Shares for the five 
business days prior to the day the purchase is made; and 
(ii) 
the higher of the price of the last independent trade and the highest current 
independent bid at the time of the purchase on the trading venues where the 
purchase is carried out; and 
(c)        the authority hereby confirmed shall expire at the conclusion of the Company’s next 
annual general meeting. 
 
By order of the Board, 
 
  
 
 
Anil Thadani 
Director   
 
 
 
            
 
Dated this 4th day of April, 2025 
 
 
 
 
 
 
 
 

 
 
 
NOTICE OF ANNUAL GENERAL MEETING 
 
 
 
1.  A shareholder entitled to attend and vote at the Annual General Meeting may appoint a proxy (who need 
not be a member of the Company) to attend and to vote in his place. The instrument appointing a proxy 
should be deposited at MUFG Corporate Markets, PXS 1, Central Square, 29 Wellington Street, Leeds, 
LS1 4DL, United Kingdom no later than 48 hours before the Annual General Meeting (excluding non-
business days). If the appointee is a corporation, this form must be executed under its seal or under the 
hand of an officer, attorney or other person authorised to sign the same. 
 
2.  In order to qualify for attending the above Meeting, all instruments of transfers must be lodged with MUFG 
Corporate Markets, PXS 1, Central Square, 29 Wellington Street, Leeds, LS1 4DL, United Kingdom not 
less than 48 hours before the time appointed for holding the Meeting or the adjourned Meeting (as the 
case may be) (excluding non-business days). 
 
3.   Unless otherwise indicated on the Form of Proxy the proxy will vote as they think fit or, at their discretion, 
withhold from voting. 
 
4.  In the case of joint holders of a share, the vote of the senior who tenders a vote, whether in person or by 
proxy, shall be accepted to the exclusion of the votes of the other joint holders, and for this purpose 
seniority shall be determined by the order in which the names stand in the Register of Members in respect 
of the joint holding.  
 
5.  The ordinary resolution of the Annual General Meeting will be passed by a simple majority of the votes 
validly cast, whatever be the number of shareholders present or represented at the Annual General 
Meeting. Each share is entitled to one vote. 
 
6. Holders of Depository Interests should complete the Form of Direction enclosed with their Notice of 
Annual General Meeting.  
 
7.  Holders of Depository Interests can instruct MUFG Corporate Markets Trustees (UK) Limited, the 
Depository, or amend an instruction to a previously submitted direction, via the CREST system. The 
CREST message must be received by the issuer’s agent RA10 by 4.30 p.m. (BST+7) on Friday, 25 April 
2025. For this purpose, the time of receipt will be taken to be the time (as determined by the timestamp 
applied to the message by the CREST Applications Host) from which the issuer’s agent is able to retrieve 
the message. CREST Personal Members or other CREST sponsored members, and those CREST 
Members who have appointed voting service provider(s) should contact their CREST sponsor or voting 
service provider(s) for assistance with instructing MUFG Corporate Markets Trustees (UK) Limited via 
CREST. For further information on CREST procedures, limitations and system timings please refer to 
the CREST Manual. We may treat as invalid a direction appointment sent by CREST in the circumstances 
set out in Regulation 35(5)(a) of the Uncertificated Securities Regulations 2001. In any case your Form 
of Direction must be received by the Company’s Registrars no later than 4.30 p.m. (BST+7) on Friday, 
25 April 2025. 
 
8. Depository Interest holders wishing to attend the Meeting should contact the Depository at MUFG 
Corporate Markets Trustees (UK) Limited, Central Square, 29 Wellington Street, Leeds, LS1 4DL, United 
Kingdom or by email to Nominee.Enquiries@cm.mpms.mufg.com in order to request a Letter of 
Representation by no later than 4.30 p.m. (BST+7) on Friday, 25 April 2025. 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
SYMPHONY INTERNATIONAL HOLDINGS LIMITED 
(Incorporated in the British Virgin Islands) 
 
Form of Direction for completion by holders of Depository Interests representing shares, 
on a 1 for 1 basis, in the share capital of Symphony International Holdings Limited (the 
“Company”) in respect the Annual General Meeting to be held at 200 Newton Road, #07-01 
Newton 200, Singapore 307983, Tel +65 6536 6177 on Wednesday, 30 April 2025 at 4.30 
p.m. (BST+7) 
 
Annual General Meeting 
Form of Direction 
 
 
I/We 
__________________________________________________________ 
(Depository 
Interests 
holder’s name) being a holder of Depository Interests representing shares in the share capital of the 
Company hereby appoint MUFG Corporate Markets Trustees (UK) Limited (the “Depository”) as my/our 
proxy to vote for me/us and on my/our behalf at the Annual General Meeting (the “Meeting”) of the Company 
to be held on the above date (and at any adjournment thereof) as directed by an X in the spaces below. The 
complete wording of the resolution may be found in the notice convening the Annual General Meeting. 
 
ORDINARY RESOLUTION 
FOR 
AGAINST 
VOTE 
WITHHELD 
 
To authorise the Company to make market purchases 
of its own Shares. 
 
 
 
 
 
 
Dated this ___________ day of _________________________ 2025 
 
 
 
Address 
_______________________________________________________________________________ 
 
_______________________________________________________________________________ 
 
 
 
Signature ____________________________________  
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
Notes to Form of Direction 
 
1. 
To be effective, this Form of Direction and the power of attorney or other authority (if any) under which 
it is signed, or a notarially or otherwise certified copy of such power or authority, must be deposited at 
MUFG Corporate Markets, PXS 1, Central Square, 29 Wellington Street, Leeds, LS1 4DL, United 
Kingdom no later than 4.30 p.m. (BST+7) on Friday, 25 April 2025. 
 
2. 
Any alteration made to this Form of Direction must be initialled by the person who signs it. 
 
3. 
If the appointee is a corporation, this form must be given under its common seal or under the hand of 
an officer or attorney duly authorised in writing.  
 
4. 
In the case of joint holders of Depository Interests, the person whose name appears first in the Register 
of Depository Interests has the right to attend and vote at the Meeting to the exclusion of all others. 
 
5. 
The ‘Vote Withheld’ option is provided to enable you to abstain from voting on the resolution.  However, 
it should be noted that a ‘Vote Withheld’ is not a vote in law and will not be counted in the calculation of 
the proportion of the votes ‘For’ and ‘Against’ the resolution. 
 
6. 
The Depository will appoint the Chairman of the meeting as its proxy to cast your votes.  The Chairman 
may also vote or abstain from voting as he or she thinks fit on any other resolution (including 
amendments to resolutions) which may properly come before the meeting. 
 
7. 
To be entitled to attend and vote at the Annual General Meeting (and for the purpose of the 
determination by the Company of the votes they may cast), shareholders must be registered in the 
register of the Company at close of business on 25 April 2025. Changes to the Company’s register after 
the relevant deadline shall be disregarded in determining the rights of any person to attend and vote at 
the Annual General Meeting. 
 
8. 
Please indicate how you wish your votes to be cast by placing an “X” in the box provided.  On receipt of 
this form duly signed, you will be deemed to have authorised the Depository to vote, or to abstain from 
voting, as per your instructions on your behalf.  If no voting instruction is indicated, the Depository 
will abstain from voting on the specified resolution. 
 
9. 
Depository Interests may be voted through the CREST Proxy Voting Service in accordance with the 
procedures set out in the CREST manual. 
 
10. Depository Interest holders wishing to attend the Meeting should contact the Depository at MUFG 
Corporate Markets Trustees (UK) Limited, Central Square, 29 Wellington Street, Leeds, LS1 4DL, 
United Kingdom or by email to Nominee.Enquiries@cm.mpms.mufg.com in order to request a Letter of 
Representation by no later than 4.30 p.m. (BST+7) on Friday, 25 April 2025. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
SYMPHONY INTERNATIONAL HOLDINGS LIMITED   
(Incorporated in the British Virgin Islands) 
 
Form of Proxy for use at the Annual General Meeting  
to be held at 200 Newton Road, #07-01 Newton 200, Singapore 307983 
Tel +65 6536 6177 on Wednesday, 30 April, 2025 at 4.30 p.m. (BST+7) 
 
 
I/We1  
 
______________________ 
of __________________________________________________________________________________ 
being the registered holder(s) of __________________________________________________________ 
____________________________________________________________________________________ 
Ordinary shares2 in the share capital of Symphony International Holdings Limited (the “Company”), HEREBY 
APPOINT THE CHAIRMAN OF THE MEETING3 or ___________________________________________ 
of__________________________________________________________________________________ 
as my/our proxy to attend and act for me/us and on my/our behalf at the Annual General Meeting (the 
“Meeting”) of the Company to be held at 200 Newton Road, #07-01 Newton 200, Singapore 307983, on 
Wednesday, 30 April 2025 at 4.30 p.m. (BST+7) for the purpose of receiving the annual report, which 
includes the financial statements, for the year ended 31 December 2024, and considering and, if thought fit, 
passing the ordinary resolution as set out in the notice convening the Meeting and at the Meeting (and at 
any adjournment thereof) to vote for me/us and in my/our name(s) in respect of the resolution as indicated 
below. The complete wording of the resolution may be found in the notice convening the Annual General 
Meeting. 
 
 
as my/our proxy to attend and act for me/us and on my/our behalf at the Annual General Meeting (the 
“Meeting”) of the Company to be held at 200 Newton Road, #07-01 Newton 200, Singapore 307983, on 
Wednesday, 30 April 2025 at 4.30 p.m. (BST+7) for the purpose of receiving the annual report, which 
includes the financial statements, for the year ended 31 December 2024, and considering and, if thought fit, 
passing the ordinary resolution as set out in the notice convening the Meeting and at the Meeting (and at 
any adjournment thereof) to vote for me/us and in my/our name(s) in respect of the resolution as indicated 
below. The complete wording of the resolution may be found in the notice convening the Annual General 
Meeting. 
 
ORDINARY RESOLUTION 
FOR4 
AGAINST4 
VOTE 
WITHHELD4 
 
To authorise the Company to make market 
purchases of its own Shares. 
 
 
 
 
 
 
 
Dated this  
 
 day of   
 2025 
 
 
 
 
 
Signed6:  
 
___________________________ 
 
 

 
 
 
Notes to Form of Proxy 
 
1.  
Full name(s) and address(es) to be inserted in BLOCK CAPITALS. The names of all joint registered 
holders should be stated. 
 
2.  
Please insert the number of shares registered in your name(s) to which this proxy relates. If no number 
is inserted, this Form of Proxy will be deemed to relate to all the shares of the Company registered in 
your name(s). 
 
3.  
If any proxy other than the Chairman of the Meeting is preferred, strike out “THE CHAIRMAN OF THE 
MEETING” and insert the name and address of the proxy desired in the space provided. If no name is 
inserted, THE CHAIRMAN OF THE MEETING will act as proxy. Any alteration made to this Form of 
Proxy must be initialled by the person who signs it. 
 
4.  
IMPORTANT: IF YOU WISH TO VOTE FOR THE RESOLUTION, PLACE AN ‘X’ IN THE BOX 
MARKED “FOR”. IF YOU WISH TO VOTE AGAINST THE RESOLUTION, PLACE AN ‘X’ IN THE 
BOX MARKED “AGAINST”. IF YOU WISH TO WITHHOLD YOUR VOTE ON THE RESOLUTION, 
PLACE AN ‘X’ IN THE BOX MARKED “VOTE WITHHELD”. If no direction is given, your proxy may 
vote or abstain as he/she thinks fit. Your proxy will also be entitled to vote at his/her discretion on any 
resolution properly put to the Meeting other than those referred to in the Notice convening the Meeting. 
The ‘Vote Withheld’ option is provided to enable you to abstain from voting on the resolution. However, 
it should be noted that a ‘Vote Withheld’ is not a vote in law and will not be counted in the calculation 
of the proportion of the votes ‘For’ and ‘Against’ the resolution. 
 
5.  
This Form of Proxy must be signed by you or your attorney duly authorized in writing or, in the case of 
a corporation, must be either executed under its common seal or under the hand of an officer or 
attorney duly authorised to sign the same. 
 
6.  
In the case of joint registered holders of any shares, any one of such persons may vote at the Meeting, 
either personally or by proxy, in respect of such shares as if he/she was solely entitled thereto; but if 
more than one of such joint registered holders be present at the Meeting, either personally or by proxy, 
that one of the said persons so present whose name stands first on the Register of Members in respect 
of such shares shall alone be entitled to vote in respect thereof to the exclusion of the votes of the 
other joint registered holders. 
 
7. 
To be entitled to attend and vote at the Annual General Meeting (and for the purpose of the 
determination by the Company of the votes they may cast), shareholders must be registered in the 
register of the Company at close of business on 25 April 2025. Changes to the Company’s register 
after the relevant deadline shall be disregarded in determining the rights of any person to attend and 
vote at the Annual General Meeting. 
 
8.  
In order to be valid, this Form of Proxy together with the power of attorney (if any) or other authority (if 
any) under which it is signed or a notarially certified copy thereof, must be deposited at MUFG 
Corporate Markets, PXS 1, Central Square, 29 Wellington Street, Leeds, LS1 4DL, United Kingdom 
no later than 4.30 p.m. (BST+7) on Monday, 28 April 2025. 
 
9.  
The proxy need not be a member of the Company but must attend the Meeting in person to represent 
you. 
 
10.  Completion and delivery of the Form of Proxy will not preclude you from attending and voting at the 
Meeting if you so wish. If you attend and vote at the Meeting, the authority of your proxy will be revoked. 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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