As of 3Q09, MEIF valuation in MIIF books of $181.4m was certainly an adjusted one cos iits valuation in 2Q09 was $214.6m. Also, NAV of MIIF in 3Q was reduced to 80c from 2Q 87c.......the write down being a contributory factory...amongst other things.

Their valuation of MEIF at $181.4 million is based on its last traded share price in Sept 09. It doesn't reflect the cost of its acquisition by MIIF though MIIF would have reflected the loss in fair value in its income statement. 

MIIF acquired MEIF at $194.1 million (look at their website)

MIIF sold MEIF at $182.4 million hence making a loss of nearly $12 million

I am not sure whether it will be accounted in their Income Statement since they have already written down its fair value over the past 12 months. But the fact remains that they sold MEIF at a real loss. I think the distributions would have covered up the loss though. It was a poor acquisition though. I hope their next Asian asset will be in the TBC or HNE mould. If they get another dud like Maoli Wind, all shareholders will lose faith in MIMAL.

Just relooked at the numbers.

MIIF sold MEIF for a total of $132 + $50.4 = $182.4m

As of 30 Sep 09 (3Q 09 result announcement), value of MEIF in their books is $181.4m

So, it wasn't sold at a loss....in fact, there is a marginal gain of $1m.

Anyway, that is academic.......what matters is the announcement of the 2009 FY result and final divident  on 24 Feb.....BEFORE START OF TRADING.

Its already being punished by the mkt.....trading at about 50% disc to NAV.