Investor 3Q NAV/Share Slides 18%; Bought SEK1.1 Billion Worth Of Shares
October 18 2011 - 3:22AM
Dow Jones News
Swedish investment firm Investor AB (INVE-B.SK) said Tuesday its
net asset value per share fell 18% at the end of the third quarter
from the second, as a sharp decline in equity markets hit listed
companies, adding that it bought SEK1.1 billion worth of shares in
existing portfolio companies.
MAIN FACTS:
-NAV/share dipped to SEK189 on Sept. 30, from SEK231 on June 30,
and slightly above analysts' expectations of SEK187.
-Listed holdings weighed the most on NAV while financial
investments had a more positive effect.
-The company bought SEK1.1 billion worth of shares in existing
holdings ABB Ltd. (ABB), Atlas Copco AB (ATCO-A.SK), Electrolux AB
(ELUX-B.SK), Husqvarna AB (HUSQ-B.SK) and Nasdaq OMX Group
Inc.(NDAQ).
-Net cash flow from EQT totaled SEK1.6 billion and the
contribution to Investor from Investor Growth Capital amounted to
SEK400 million.
-CEO Borje Ekholm said the current market could offer attractive
long-term investment opportunities and that it was important not to
lose sight of growth in Asia and Latin America.
-The company swung to a net loss of SEK31.62 billion from a
profit of SEK44.86 billion, following substantial value changes in
mainly listed holdings.
-The company said it was re-building a limited trading operation
about one-tenth the size of its old one, closed earlier this
year.
-Shares closed Monday at SEK125.70.
-By Anna Molin, Dow Jones Newswires; +46 8 545 131 03;
anna.molin@dowjones.com
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