Stockholm, 2016-11-30 08:00 CET (GLOBE NEWSWIRE) --
Financial Result
> Net result for the third quarter was USD 13.99 million (mln) (third quarter 2015: USD -7.65 mln). Earnings per share were USD 0.02 ( third quarter 2015: USD -0.10).
> Net result for the nine-months period was USD 27.22 mln. Earnings per share were USD 0.04.
> 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, as well as a recent uplift in the valuation of JUMO .
Net Asset Value
> The net asset value of Vostok Emerging Finance Ltd (“VEF” or the “Company”) was USD 122.8 mln as at September 30, 2016 (December 31, 2015: USD 95.5 mln), or USD 0.19 per share (December 31, 2015: USD 0.14). Given a period end USD/SEK exchange rate of 8.6187 (December 31, 2015: 8.35), it was SEK 1,058.3 mln (December 31, 2015: SEK 798 mln) and SEK 1.60 per share (December 31, 2015: SEK 1.21 per share), respectively.
Key Events during the Third Quarter
> On August 2, Vostok Emerging Finance announced that it had agreed to invest USD 1 mln into Finja, a Pakistani fintech venture, of which USD 333,000 has been invested as per September 30, 2016.
> Tinkoff Bank share price recovery continued, +43.1% quarter on quarter (QoQ) to USD 7.30 as at end of September. The shares are up 188% to USD 8.79 year-to-date 2016.
Key Events after the end of the Period
> As at October 31, 2016, the net asset value was USD 133.7 mln (SEK 1,202.9 mln at a USD/SEK exchange rate of 8.9976), or USD 0.19 per share (SEK 1.81) mainly coming from share price appreciation in Tinkoff Bank.
The Company will hold a telephone conference with an interactive presentation at 15:30 CET (09:30 a.m. ET) Wednesday, November 30, 2016. For call-in details, see separate press release issued Wednesday, November 23, 2016 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 30 November 2016 at 8.00 CET.