JSM warns on Cambodian valuations

Fri 22 Oct 2010

JSM - JSM Indochina Ltd. Latest Prices Name Price % JSM Indochina Ltd. $0.33 +3.03% Equity Investment Instruments 5,756 -0.17% LONDON (SHARECAST) - Asian property investor JSM Indochina says that interest from potential buyers of its Cambodian property assets has been disappointing and it has reiterated its view that it may not be able to sell them at their asset value. This news was announced after the market had shut for the week. There are limited transaction volumes in Cambodia, which makes it difficult to assess the prices that can be obtained. AIM-quoted JSM’s net asset value was 65 cents a share at the end of June. That is prior to the 15 cents a share dividend which is due to be paid on 29 October. JSM has sold its 49% stake in Hieu Duc, which owns properties in Vietnam, for $12.3m but JSM can’t get its hands on the cash until the tax charge is quantified. The gross figure is just below the book value.