Harmony Asset announces April's unaudited consolidated net asset value

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[{"type":"text","content":"\n\n\n\nHONG KONG and TORONTO, May 28 /CNW/ - Harmony Asset Limited (TSX: HAR;\nHKEX: 0428) announced that as at April 30th 2008, the unaudited consolidated\nnet asset value ("NAV") per share of the Company was HK$7.78 (C$0.99), as\ncompared to NAV of HK$7.61 (C$0.97) in March, a 2.23 percent increase. This\nresult reflects the approximately HK$6.6M (C$0.84M) increase in fair value of\nHarmony's listed and unlisted securities.\n\n\nThe strongest contributing factor in the NAV increase was the rise of the\nHong Kong stock exchange. A secondary factor was the impressive performance of\nChallenger Group Holdings Limited (HKEX: 8203), one of Harmony's holdings,\nprofiled below. The market value of Challenger for April, 2008, increased by\n20 percent as compared to the previous month.\n\n\nValue Gap for Harmony Asset NAV Compared to Share Price on HKEX and TSX\n\n-------------------------------------------------------------------------\n October 12, 2007 May 15, 2008 % change\n-------------------------------------------------------------------------\nHarmony Asset NAV (HK$) 6.11 7.78 27.3\n-------------------------------------------------------------------------\n0428 on HKEX (HK$) 5.65 5.17 -8.5\n-------------------------------------------------------------------------\nHAR on TSX (C$) 6.50 5.42 -16.6\n-------------------------------------------------------------------------\n\n\nOther Activities\n\n- The unaudited 1st quarter results for Harmony were recently\n announced. Detailed reports can be found on the Hong Kong Stock\n Exchange (www.hkex.com.hk) website and on SEDAR (www.sedar.com).\n- The company confirmed an increase in its annual dividend, from\n HK$0.15 to HK$0.17 per share. The dividend payout will take place at\n the end of May.\n\n\nCompany of the Month-Challenger Group Holdings Limited\n\n\nBackground\n\n\nChallenger Group Holdings Limited (formerly known as Ultra Group Holdings\nLimited) designs, manufactures, and sells a wide range of office furniture. By\nthe end of 2007, the company's entire office furniture business was sold to\nSteelcase (NYSE: SCS). After evaluating several potential projects, Challenger\nacquired a coking coal mine.\n\n\nCoking Coal - Challenger's Newest Venture\n\n\nCoking coal is a low-ash, low-sulfur bituminous coal that is heat-treated\nto produce coke, a low-smoke fuel highly d...

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