(Alliance News) - Fragrant Prosperity Holdings Ltd on Monday said posted a narrowed loss for financial 2020 as it said it continues to review several acquisition activities.
The acquisition vehicle said its net loss for the year ended March 31 was GBP191,778, narrowed from GBP232,105.
Fragrant Prosperity said its search for potential acquisitions has continued, adding that while it has reviewed a number of opportunities, none of them have met the necessary criteria for selection.
The company was formed to undertake an acquisition of a target company or business which has a value of up to GBP100 million.
Turning to Covid-19, Fragrant Prosperity said the pandemic has had minimal negative effects on its business. However, it noted that added headwinds might be experienced which could result in a longer period of time to identify and execute a chosen acquisition of a business due to the overall slowdown in the global economy and travel restrictions.
Cash held as at the end of March was GBP127,710.
The stock was untraded on Monday afternoon in London, last quoted at 1.85 pence each.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Fragrant Prosp. (FPP)