Qannas Investments reports on 'challeging year'

Emerging markets investing company Qannas Investments reported on what it called a “challenging” 2015 calendar year on Wednesday, posting losses of $1.3m.

The AIM-traded firm said these losses were primarily due to foreign exchange losses, and partly due to the absence of any disposals of investments.

It did trumpet the five investments it did make, however, putting $0.8m into Marina 101 residential units in Dubai, $5m into a preferred equity investment in BL Development, $1.09m towards a secured Murabaha debt investment in Verne Preferred, $18.7m towards an equity interest in Integrated Financial Group, and a $4.1m equity investment to develop the Hard Rock Cafe in Podgorica.

“Subsequent to the year end, QIL has made an equity investment of $6.6 million in the Goldilocks Fund, which primarily invests in public equities listed on the UAE stock exchanges,” the report read.

“The investment was made in two tranches of $5.5m and $1.1m during February 2016.

“The Goldilocks Fund is managed by Integrated Capital, which is a UAE Central Bank licensed Investment Firm registered in Abu Dhabi.”

As of 31 December, Qanna’s net asset value was $70.1m, or 99 cents per share, including cash of $7.3m.