22nd Jul 2015 09:11
LONDON (Alliance News) - Aurora Russia Ltd on Wednesday said its net asset value per share fell heavily over the course of its 2015 financial year, as it was hit by a period of weakness in Russian equity markets.
The investment trust, which focuses on mid-size Russian companies, said its net asset value per share fell to 17.5 pence at the end of March 2015, down from 27.9p a year earlier.
The fall was primarily down to the lower valuation of companies in its portfolio following a tough year for Russian equity markets, which were hit by the economic volatility in the country resulting from sanctions being imposed on it due to its actions in Ukraine.
Aurora Russia said it remains in talks to dispose of its holding in Unistream, the Russian money transfer company.
"The board aims to maximise the value of its shareholding in Unistream from a sale of Aurora's stake in the business as soon as is practicable and a fair valuation can be obtained for the company's holding in current market conditions," said Chairman Gilbert Chalk.
Aurora Russia shares were untraded Wednesday, having last traded at 9.10 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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