LONDON (Alliance News) - Sub-Saharan Africa-focused infrastructure investor PME African Infrastructure Opportunities PLC on Friday said it is planning to launch a tender offer last this year as it posted a wider loss for the first half while continuing to sell off its remaining assets.
PME African said it sold off the majority of its rail assets in the half for USD11.5 million, leaving it with three locomotives and a commercial property in Dar-es-Salaam in Tanzania still to offload.
The group's pretax loss for the half to the end of June was USD1.3 million, compared to USD33,000 a year earlier, as it booked a small fair value loss of USD214,000 on its assets, swung from a USD2.0 million gain it recorded a year earlier.
As its asset selldown continues, the group's net asset value at the end of the half was USD17.0 million, compared to USD18.3 million a year earlier.
The company said it has around USD7.7 million available to fund a tender offer for shares this calendar year, which it will launch later in 2015.
Shares in the trust were up 12% to 0.1483 pence on Friday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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