30th Jun 2016 12:32
LONDON (Alliance News) - Investment company Tau Capital PLC on Thursday said its focus still is on selling its remaining asset, as its annual loss narrowed.
Tau said it is in the process of selling its remaining asset, Stopharm LLP, a Kazakhstan-based pharmaceutical products distributor. It said an expression of interest to buy the company was made during the year but while due diligence was undertaken, no firm offer has been made.
The company said selling Stopharm has been hindered by the decline in value of the Kazakh tenge and generally difficult economic conditions in the country.
The focus, Tau said, will remain on selling the asset.
For 2015, Tau made a pretax loss of USD1.6 million, compared to a USD7.4 million loss a year earlier, due to a smaller decline in the value of its assets.
By Sam Unsted; [email protected]; @SamUAtAlliance
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