11th Dec 2015 18:18
LONDON (Alliance News) - Aurora Russia Ltd Friday said it is working to sell its holding in its remaining investment, a 26% shareholding in Russian bank Unistream Bank, as it reported a widened operating loss for its first half.
The investment company reported an operating loss before tax of GBP2.3 million for the half year to end-September, widened from a loss of GBP1.5 million a year before.
The company cited a further contraction in the Russian economy over the first half, as a result of the Ukraine crisis, sanctions and the weak oil price.
Aurora Russia said that Unistream had performed well in the nine months to end-September, and it is currently in talks with various strategic investors to sell its stake.
"These negotiations have not been made easier by the company's position as a minority holder in Unistream and the limited appetite for Russian assets during the period. Notwithstanding these obstacles, the board believe that the prospect of a sale is realistic given Unistream remains an attractive company due to its consistent growth, strong market positioning and cash generation," the company said in a statement.
Shares in Aurora Russia were untraded Friday, it last closed at 9.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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