29th Sep 2016 10:01
LONDON (Alliance News) - Tengri Resources reported a narrowed pretax loss for the half-year to the end of June on Thursday following the sale of its mining interests and as it became a cash shell under AIM rules.
Tengri sold its Kami Associates Ltd and Tatiana Ltd operating units earlier this year for USD6.0 million. The companies held Tengri's Talas mining assets in the Kyrgyz Republic.
After selling those assets, Tengri became a cash shell under AIM rules, meaning it now has until December 1 to make an acquisition which constitutes a reverse takeover or seek readmission as an investing company.
Making such an acquisition will be the company's priority for the second half, Tengri said.
In the half to the end of June, the company, which did not make any revenue, reported a USD529,810 pretax loss, narrowed from USD1.6 million a year earlier.
Shares in Tengri were untraded on Thursday, having last traded at 1.76 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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