PME African losses widen as it seeks to sell Dar-es-Salaam property

10th May 2019 10:01

(Sharecast News) - PME African Infrastructure Opportunities announced its audited results for the year ended 31 December on Friday, with its net asset value falling to $3.7m from $5.2m year-on-year.The AIM-traded firm said that made for a net asset value per share of 15 US cents, down from 21 cents per share in 2017.Its loss for the year totalled $1.5m, widening from $0.9m, with basic and diluted losses per share standing at 6.15 cents, compared to 2.41 cents a year earlier."The directors will market the sale of the Dar-es-Salaam Property, provided the local economic uncertainty has receded, the caveat has been removed and confirmation that the police investigation has been finalised with no further action being taken," commented chairman Paul Macdonald.A police investigation into the firm's office property investment in the Tanzanian city was opened in February 2018 by the owners of Dovetel - the company which PME had evicted from the building after acquisition."A further and final tender will be proposed once the building has been sold. It is not possible to give a timeline as to when this may take place."