Stockholm, 2016-08-31 08:00 CEST (GLOBE NEWSWIRE) --
Financial Result
> Net result for the quarter 2Q16 was USD 10.78 million (mln). Earnings per share were USD 0.0163.
> Net result for the period 1H16 was USD 13.23 mln. Earnings per share were USD 0.0200.
> The positive net result over the period is primarily driven by the positive share price development in Vostok Emerging Finance’s only listed equity holding, Tinkoff Bank.
Net Asset Value
> The net asset value of Vostok Emerging Finance Ltd (“VEF” or the “Company”) was USD 108.8 mln as at June 30, 2016 (December 31, 2015: USD 95.5 mln), or USD 0.16 per share (December 31, 2015: USD 0.14). Given a period end USD/SEK exchange rate of 8.4813, it was SEK 923 mln (December 31, 2015: SEK 798 mln) and SEK 1.40 per share (December 31, 2015: SEK 1.21 per share), respectively.
Key Events during the Second Quarter
> On June 27, Vostok Emerging Finance announced a USD 3.4 mln investment into TransferGo, a fast growth digital money transfer business.
> Tinkoff Bank share price recovery continued, + 51.3 % QoQ to USD 5.10 as at end of June.
> A dividend of USD 0.17 per Tinkoff Bank GDR distributed on June 6, 2016, netted VEF USD 1.1 mln positive cashflow.
Key Events after the end of the Period
> As at July 31, 2016 the net asset value was USD 114.4 mln (SEK 985.5 mln at a USD/SEK exchange rate of 8.6173), or USD 0.17 per share (SEK 1.49).
> On August 2, Vostok Emerging Finance announced that it had agreed to invest USD 1 mln into Finja, a Pakistani fintech venture.
The Company will hold a telephone conference with an interactive presentation at 15:00 CEST (09:00 a.m. EDT) Thursday, September 1. For call-in details, see separate press release issued Thursday, August 25 at www.vostokemergingfinance.com .
For further information please contact: Björn von Sivers, Investor Relations: +46 (0)8-545 015 50
Vostok Emerging Finance is an investment company with the goal of investing in early stage modern financial services companies across emerging and frontier markets. VEF trades in Sweden on Nasdaq First North under the ticker VEMF SDB.
Vostok Emerging Finance’s Certified Adviser on Nasdaq First North is Pareto Securities AB.
This information is information that Vostok Emerging Finance Ltd is required to make public pursuant to the Swedish Securities Markets Act. The information was submitted for publication on 31 August 2016 at 8.00 CEST.