PME African Infrastructure reports marginal rise in NAV

Sub-Saharan Africa infrastructure investment company PME African Infrastructure Opportunities posted its audited results for the year to 31 December on Friday, with its net asset value rising marginally to $9.5m from $9.1m year-on-year.

The AIM-traded firm reported a net asset value per share of 23 US cents, compared to 22 cents in the prior year.

Profit attributable to shareholders for the year ended 31 December was $0.4m, swinging from a loss of $2.1 million.

Basic and diluted profit per share totalled one cent, compared to a loss per share of 2.84 cents in 2015.

Looking ahead, PME was expecting more inflows as the directors expected to receive proceeds from the completion of the option for the three remaining C30 locomotives by 15 June.

“In addition, the directors will start the marketing process for the sale of the Dar-es-Salaam Property in the second half of 2017, provided prevailing local economic uncertainty has receded and the vacant space has been relet,” said chairman Paul Macdonald.

“The sale will incur costs which cannot currently be reflected in the fair value of the investment in accordance with IFRS.”

Based on the results of those actions, the board continued to anticipate that another tender offer would be proposed to shareholders immediately following the receipt of the proceeds from the option for the three remaining C30 locomotives, Macdonald added.

“A further and final tender will be proposed thereafter once the building has been sold.”