30th Sep 2014 15:38
LONDON (Alliance News) - Tau Capital PLC Tuesday said it continued with its policy of disposing of its remaining assets and returning funds to shareholders during the first half of the financial year.
Tau Capital invests in private businesses that are established in, operating in, or with exposure to, Kazakhstan and the surrounding regions.
Tau Capital said it made a loss of USD7.0 million in the six months ended June 30, compared with a USD8.7 million loss in the corresponding period last year. This was primarily due to net loss on financial assets and liabilities at fair value through profit or loss narrowing to USD6.6 million from USD40.9 million. Last year's results also included USD32.8 million of dividend income. Operating expenses fell to USD349,761 from USD606,297.
On Tuesday, Tau Capital said it has reached an agreement in principle to sell both its remaining assets. The agreed price for Stopharm is USD7.0 million and Lucent, USD250,000.
On July 30, Tau made a capital distribution of USD5.5 million to shareholders.
Tau shares were Tuesday untraded at USD0.15.
By Samuel Agini; [email protected]; @samuelagini
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