Interim Results AMENDMENT
September 29 2005 - 5:00AM
UK Regulatory
GENESIS MALAYSIA MAJU FUND LIMITED
INTERIM ANNOUNCEMENT
The Directors of Genesis Malaysia Maju Fund Limited announce unaudited results
for the period ended 30th June, 2005 as follows:
2005 2004
US$ US$
Total net assets for participating shareholders 56,304,496 56,390,680
[56,570,018]
Net assets per Participating Share 37.02 37.07
[37.19]
Total (deficit) per Participating Share (1.971) (0.819)
[(1.804)]
Figures in square brackets represent, for comparative purposes only, the results
for 2005 based on the accounting standards prior to the recent changes.
Comment
In the six months to June 30th, 2005, the Funds Net Asset Value per share fell
4.6% to US$37.19 (based upon previous accounting standards). Over the same
period the Kuala Lumpur Stock Exchange (KLSE) index expressed in US Dollars fell
2.1%. The total deficit per Participating Preference Share was US$1.971 and the
Directors do not recommend payment of a dividend.
Malaysias smaller market capitalisation stocks have performed poorly for over a
year now, and have been de-rated compared with their larger counterparts.
Indeed, the KLSE Second Board of smaller companies reached a seven-year low
recently while in early August the broader index made a five-year high (albeit
under-performing its neighbours). Although disappointing, your Manager continues
to believe that the small and medium size companies, in which you Fund is
primarily invested, continue to have good prospects for growth which will be
recognised by the stock market.
UK Accounting Standards (UK GAAP) have changed in anticipation of UK companies
moving to International Financial Reporting Standards. The main alteration
affecting the Fund is the reclassification of the Funds Participating
Preference Shares as debt rather than equity. Further changes involving the
valuation of investments at bid price rather than mid-market price and the
inclusion of transaction costs have also been incorporated.
By Order of the Board
HSBC Securities Services (Guernsey) Limited
28th September, 2005
GENESIS MALAYSIA MAJU FUND LIMITED
INTERIM ANNOUNCEMENT (continued)
APPENDIX
2005 2004
US$ US$
FINANCIAL HIGHLIGHTS
Total net assets 56,304,496 56,390,680
Dividend income 967,545 1,063,126
Interest income 2,416 312
Gross income 969,961 1,063,438
Total deficit for the year (2,998,578) (1,246,195)
Net assets per Participating Share 37.02 37.07
Total (deficit) return per Participating Share (1.97) (0.82)
STATEMENT OF CASH FLOWS
Investment income received 710,982 638,184
Interest received 1,757 77
Expenses paid out of revenue (272,950) (259,653)
Purchases of investments (4,120,077) (11,622,969)
Sales of investments 3,713,242 11,501,401
Expenses paid out of capital (307,384) (381,256)
Net Cash Outflow $(274,430) $(124,206)
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