27th Jun 2019 12:51
(Alliance News) - Venture capital firm TMT Investments PLC said Thursday that 2018 was "another successful year for the company", with net asset value rising by 27%.
TMT's net asset value as at December 31 was USD3.09 per share, up 27% from USD2.43 the same date the year before.
The firm net asset value benefited from increased revaluations in two of its holdings, particularly ride-hailing company Bolt and work platform operator Wrike Inc.
In May 2018, Bolt completed a USD175 million funding round led by automotive firm Daimler AG, while in November Wrike agreed to a majority investment from US private equity firm Vista Equity Partners.
In January, TMT Investments sold its entire holding in Wrike to Vista for USD22.9 million, at a significant uplift compared to its valuation of USD8.4 million at the end of June 2018.
During the year, TMT made USD24.7 million of cash proceeds from full and partial exits during the year.
TMT did not propose a dividend for the year, but is considering distributing some of the proceeds from the Wrike realisation as a special dividend, depending capital utilisation.
"2018 was another successful year for the company, with several sizeable positive revaluations and exits across our portfolio," said Executive Director Alexander Selegenev.
"We are very pleased to see that a significant number of our portfolio companies have become star performers led by outstanding management teams that continue to experience rapid growth and attract additional capital at significantly higher valuations. We look forward to further positive revaluations across our portfolio during 2019," Selegenev added.
Shares in TMT Investments were down 6.8% at USD3.12 on Thursday.
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