1st Oct 2019 11:36
(Alliance News) - MENA Land PLC on Tuesday posted an interim loss in its maiden results as a listed company, consisting almost entirely of listing and operating costs, as it works to make an acquisition.
MENA's pretax loss for the six months ended June 30 was GBP120,665 - including GBP32,769 of listing costs and GBP85,989 of operating costs. The firm also incurred a negligible finance cost of GBP1,907.
The company listed in April in order to make acquisitions within the United Arab Emirates real estate sector, though it has yet to do so.
Director John-Paul Etheridge said: "The company continues to make steady progress with efforts towards identifying suitable assets for acquisition and is well positioned to move quickly once these quality assets are identified. At 30 June 2019 the company had net assets of GBP665,673 (as a result of gross proceeds from the issue of equity in April 2019) to be put towards costs to be incurred in connection with seeking to identify and effect an acquisition(s). The costs of such acquisition(s) will likely comprise legal, financial and tax due diligence."
Shares in MENA were untraded at 145.00 pence in London on Tuesday morning.
By Anna Farley; [email protected]
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