LONDON (Alliance News) - Vertu Capital Ltd on Friday said its loss widened in the first half of 2018 on higher operating expenses after its proposed acquisition of VCB Malaysia Bhd fell through.
Vertu reported a pretax loss of GBP71,710 for the six months to June 30, widening from GBP58,362 in the prior year. In both years the company's entire pretax loss was attributable to expenses.
The goal of Vertu is to make a financial services sector acquisition, and as yet it has no operations. During the period, the company entered a non-binding letter of intent to acquire management consultancy VCB Malaysia.
"Regrettably the letter of intention was terminated by mutual consent during the year," said Vertu Chairman Kiat Wai Du.
"Following the terminations of potential acquisition of VCB Malaysia Berhad, the company aims to identify target companies or business," said Wai Du.
Shares in Vertu Capital were untraded at 1.18 pence on Friday.