Monday April 14, 11:45 AM
CDC posts returns of 672 mln pounds after tax in 2007
LONDON (Thomson Financial) - CDC Group Plc. ('CDC'), the private equity fund of funds investor backed by the British government to invest in emerging markets, said its returns after tax in 2007 increased by 79 percent to 672 million pounds from 375 million pounds in 2006.
The company realised gains of 281 million pounds, cash proceeds of 621 million pounds and an internal rate of return of 18 percent from the sale of the majority of its power assets in Latin America, South Asia and North Africa, held in the wholly-owned subsidiary Globeleq Generation Ltd.
CDC (NASDAQ: CHINA - news) sold Globeleq, including its operating power businesses in North Africa and Asia, to a consortium of Tanjong Energy Holdings (Malaysia) and Aljomaih (Saudi Arabia) for $528 million.
For the financial year 2007, CDC reported a portfolio performance of 57 percent and pointed out that this exceeded the MSCI Emerging Markets US$ Index by 20 percent.
CDC said that net assets increased by 33 percent to 2.7 billion pounds from 2 billion pounds in 2006, reflecting strong portfolio company performance.
CDC said it intends to reinvest its proceeds in new commitments in emerging economies.
In 2007, new commitments rose by 175 percent to a record level of 1.1 billion pounds from 400 million pounds in 2006. These went to 31 new funds and 3 co-investments with 16 new fund managers.
Total commitments were made to 100 funds with 42 fund managers, up from 26 fund managers in 2006. CDC also announced a $750 million commitment to the new Actis Infrastructure Fund II.
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