LONDON (Alliance News) - Tengri Resources Friday said its loss in 2015 ballooned to over USD25.5 million on the back of hefty impairments being booked as the firm continues to search for a new opportunity after offloading all of its assets.
The company, which is currently classified as a cash shell under AIM rules, said the loss in the year had widened from the USD4.5 million loss in 2014.
Of the USD21.8 million impairment booked, USD12.1 million was against investments in companies in the Kyrgyz Republic and USD9.6 million was booked against related party loans.
Tengri officially exited from Kyrgyz Republic earlier this year, after the end of the 2015 financial year, after selling its projects and now has until the first day of December to make an acquisition or it will have to raise at least GBP6.0 million an be readmitted as an investment company under AIM rules.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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