LONDON (Alliance News) - PME African Infrastructure Opportunities PLC on Tuesday reported a narrowed interim loss on gains on financial assets at fair value.
For the six months to the end of June, the Africa-focused investment company recorded a pretax loss of USD255,000, compared with USD330,000 pretax loss the year before.
This was driven by lower operating and administrative expenses to USD290,000 from USD490,000 as well as net gain on financial assets at fair value of USD43,000 versus a loss of USD68,000.
PME Africa currently has only one asset, a building in Dar-es-Salaam, Tanzania, which is currently 80% let.
The company is looking to sell the property, however the marketing process has been postponed due to an ongoing police investigation over the eviction of Dovetel (T) Ltd in December 2017 and tax negotiations.
Shares in PME African Infrastructure Opportunities remained flat at USD0.12.