16th Jun 2025 14:34
(Alliance News) - TMT Investments PLC on Monday released a trading update, including a sale of Bolt shares and an investment in one portfolio company from Meta.
In response to the update, shares in TMT surged 14% to USD2.60 each in London on Monday afternoon.
TMT said it sold a small part of its shares in Tallinn-based ride-hailing company Bolt Technology OU for around USD800,000. This represents a 3% premium to the euro-denominated Bolt share price, and a USD9.7 million revaluation uplift in the fair value of its investment in Bolt, from its value at December 31.
Also, TMT noted that on Thursday its investee Scale AI Inc announced an investment from Meta Platforms valuing Scale at over USD29 billion.
This, the Jersey-based venture capital investor in high-growth technology companies said, represents a revaluation uplift of 138% or about USD700,000 in the fair value of its holding in Scale since December 31.
"This positive revaluation of 2.38 times in only 8 months represents another example of how notable returns can be generated from risky, but carefully selected, AI opportunities," said TMT, which expects to receive an approximate USD600,000 million cash dividend as part of the transaction.
Less positively, TMT noted that Backblaze Inc's stock price "has been quite volatile", and currently represents a reduction of USD2.9 million since December 31 in the fair value of TMT's investment.
"The current fair value of TMT's investment in Bolt has now been further verified by a partial cash sale transaction with an independent buyer," commented TMT Executive Director Alexander Selegenev. "At the 1.15 Euro/USD exchange rate, the USD76.5 million value of TMT's position in Bolt alone was USD4.5 million greater than TMT's entire market capitalisation as of 13 June 2025.
"This effectively means that TMT's portfolio of around 50 other investments is assigned negative value. This situation should present smart investors with a rare investment opportunity."
Selegenev continued: "The majority of TMT's portfolio companies, including its largest holdings, continue to demonstrate good business progress. We look forward to keeping shareholders updated on relevant developments in due course."
By Emma Curzon, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.
Related Shares:
Tmt Investments