All Asia Asset Capital : Results Announcement 2015

Microsoft Word - 160608 AAA Final Results announcement 9 June v1 Press Release 9 June 2016 All Asia Asset Capital Limited ("All Asia Asset Capital", "AAA" or the "Company") Results for the year ended 31 December 2015

All Asia Asset Capital (AIM: AAA), an investment company focused on investing in the growing markets of the Asia Pacific region, today announces its results for the year ended 31 December 2015.

Highlights:

• During the year ended 31 December 2015, the Company maintained its two investments which are minority stakes in Andaman Power and Utility Company Limited ("APU"), a company based in Thailand and Myanmar which operates in the development of utility plants and the provision of electricity, and Myanmar Allure Group Co., Ltd. ("MAG"), which owns and operates the Allure Resort, a combined hotel, resort and gaming facilities located in Tachileik province, Myanmar, in the vicinity of the Thailand-Myanmar Mae Sai border.

• In March 2015 the Company announced that Mr. Akekachat Leelapanyalert had resigned as a director of the Company to pursue his other business interests.

• In April 2015 the Company announced the appointment of Mr. Wai Tak Jonathan Chu as an executive director of the Company to strengthen its board composition.

• In April 2015 and May 2015, the Company completed two successful subscriptions to raise approximately £490,000 in cash by issuing a total of 2,965,000 new ordinary shares in the Company at a price of 16.5 pence per share, for working capital and to provide the Company with additional funds to make further investments, in accordance with the Company's investing policy.

• In July 2015 the Company announced that Dr. Sri Hartati Kurniawan had resigned as a director and chief executive of the Company to pursue her other interests. The Company is currently seeking a successor of the CEO role.

Robert Berkeley, Chairman of AAA said: "During the year in review, the Company remained committed to its two investments in Andaman Power and Utility Company Limited which operates in the development of utility plants and the provision of electricity in Myanmar, and Myanmar Allure Group Co., Ltd., which owns and operates the Allure Resort, a combined hotel, resort and gaming facilities located in Myanmar. We are also delighted that the Company successfully raised additional funds from its shareholders who showed their support for the Company. The Company strives to continue to seek other investment opportunities in the region in order to deliver and enhance value for its shareholders."

For further information:

All Asia Asset Capital Limited

Robert Berkeley, Executive Chairman and Finance Director Wai Tak Jonathan Chu, Executive Director

Tel: [phone]

Tel: [phone]

www.aaacap.com

Allenby Capital Limited Nick Naylor / Nick Athanas Tel: [phone]

www.allenbycapital.com

About AAA

AAA is an investment company that has been established as a platform for investors looking to access growing markets in the Asia-Pacific region. The Company invests in a portfolio of companies with at least a majority of operations (or early-stage companies that intend to have at least a majority of their operations) in the Asia-Pacific region in industries with high growth potential including, but not limited to: agriculture, forestry and plantations, mining, natural resources, property, and/or technology. AAA is publicly quoted and its shares are traded on the AIM Market, which is operated by the London Stock Exchange.

CHAIRMAN'S STATEMENT

I am pleased to present the results of All Asia Asset Capital Limited (the "Company") together with its subsidiaries (the "Group") for the year ending 31 December 2015.

Business Review

During the year ended 31 December 2015 the Company continued its focus on Myanmar. The Company maintained its minority investment of 7 per cent. interest in APU and 7 per cent. interest in MAG.

In June 2015, United Power of Asia Public Company Limited (previously known as Cyberplanet Interactive Public Company Limited), a holding company investing in power, real estate and software development business and listed on the Stock Exchange of Thailand acquired 93 per cent. of APU. The Company still maintains its 7 per cent stake in APU. The transaction has increased transparency and visibility of APU, which is now a part of a public listed company. APU has completed the development of the first 20 Megawatt gas-fired power plant in Kanbauk region, Dawei Special Economic Zone, Myanmar, and the plant has commenced its operations in June 2015. APU is moving forward to further developments of 200 Megawatt plants in the region and is currently seeking financing for the project development. The Company is actively seeking for opportunities to realise its investment in APU. At this stage no discussions on a possible realisation of the APU investment are at an advanced stage.

During the year MAG continued operating the Allure Resort, a combined hotel, resort and gaming facilities located in Tachileik province, Myanmar, in the vicinity of the Thailand-Myanmar Mae Sai border. The resort is situated in an 11-acre plot and is easily accessible from Chiang Rai, Thailand and located within 5 minutes walk from the border. MAG intends to expand its business including the development of a new building and partnerships with other gaming operators in order to fulfill increasing demand in this sector.

Financial Results

During the year ended 31 December 2015 the Company incurred a net loss of £0.30 million (year ended 31 December 2014: net loss of £0.51 million) mainly attributable to administrative expenses of the Group.

The majority of the assets of the Group consists of its two investments in APU and MAG. AAA's investments in APU and MAG were valued by an independent third party valuer at fair values of £3.93 million and £1.57 million respectively as at 31 December 2015. As at 31 December 2015 the net assets of the Group were £5.68 million (31 December 2014: net assets of £5.34 million) and the Group had cash and cash equivalents of £0.19 million (31 December 2014: cash and cash equivalents of £0.45 million).

On 30 April 2015, the Company announced that it has raised £330,000 in cash through a subscription with two existing shareholders of the Company, in which the Company has issued 2,000,000 new ordinary shares in the Company of no par value each at a price of 16.5 pence per share. On 20 May 2015, the Company announced that it has raised £159,225 in cash through a subscription with an existing shareholder of the Company, in which the Company has issued 965,000 new ordinary shares in the Company of no par value each at a price of 16.5 pence per share. The Company intended to use the net proceeds of the subscriptions for working capital and to provide the Company with additional funds to make further investments, in accordance with the Company's investing policy. No new investments have been made by the Company since the subscriptions were completed.

Board Changes

The Company announced on 26 March 2015 that Mr. Akekachat Leelapanyalert had resigned from the Board in order to pursue other business interests. We wish him well in his future endeavours.

In April 2015, the Board welcomed Mr. Wai Tak Jonathan Chu as an executive director of the Company. Jonathan has over twenty years of experience in property investment and asset management, investor relations and corporate finance. Most recently he has worked as an Investor Relations Manager at Zhengye International Holdings Co. Ltd and as an Investor Relations Manager at Modern (HR) Limited both companies listed on the main board of the Hong Kong Stock Exchange, in which he was responsible for their investor relations programs and sourcing of institutional investors.

In July 2015 the Company announced that following the conclusion of its 2015 Annual General Meeting, Dr. Sri Hartati Kurniawan had stepped down as an executive director and chief executive officer of the Company. We extended our gratitude to Dr. Kurniawan for her diligence, commitment and contribution to the development of the Company during her tenure of office and we wish her the best for her future endeavours. The Company has initiated the search for a successor and I believe that it is very important that we identify the right candidate with the skills and experience that match the strategic direction of the

business, who is able to take the Company to the next level.

Economic Outlook

Myanmar was hit by flooding and landslides in 2015 thus affecting its economic growth. However despite natural disasters, it still record an impressive growth rate of 7.2% during the year (Source: Asia Development Bank Outlook 2016). It is expected that the region will experience a higher growth rate of 8.4% in 2016, according to the Asian Development Bank, marked as the highest growth in the Southeast Asia region.

The hospitality industry in Myanmar has also experienced significant growth over the past years with the number of foreign visitors increasing to 4.7 million in 2015, up from just 800,000 in 2011 (Source: The Irrawaddy Report, May 2016). The Myanmar National Tourism Master Plan envisages the number of foreign visitors to increase to 7.5 million by 2020, supported by the Country's US$500 million funding in this industry on training tourism workers, developing destinations and improving connectivity.

In the power sector, currently Myanmar has one of the lowest electrification rates in Asia with the Myanmar government estimating that the national electrification ratio is 32 per cent. and in rural areas only a fraction of the population has access to electricity. The World Bank estimates electrifying the entire country will require $444 million annually over 15 years, thus creating significant opportunities for industry players in this sector. The Board of AAA hopes that the Company's investment in APU will play a key part in that.

Appreciation

I would like to thank all the hard work of my fellow Board members and staff, our advisers and of course our shareholders for their continuing support for AAA. I sincerely hope that the Company will continue to enjoy such support towards the development of the Group in the years to come

Robert Anthony Rowland Berkeley

Chairman

London, 8 June 2016

DIRECTORS' REPORT

The directors of the Company (the "Directors") present their report and the audited financial statements for the year ended 31 December 2015.

Principal activity and investing policy

All Asia Asset Capital Limited ("AAA" or "Company") is an investment company incorporated in the British Virgin Islands on 14 September 2012. The Company has been established as a platform for investors