Stockholm, 2016-05-18 08:00 CEST (GLOBE NEWSWIRE) --
Financial Result
> Net result for the period was USD 2.45 million (mln). Earnings per share were USD 0.0037.
> The positive net result over the period is primarily coming from 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 97.9 mln as at March 31, 2016 (December 31, 2015: USD 95.5 mln), or USD 0.15 per share (December 31, 2015: USD 0.14). At March 31, 2016 given a USD/SEK exchange rate of 8.1472, it was SEK 798 mln (December 31, 2015: SEK 798 mln) and SEK 1.21 per share (December 31, 2015: SEK 1.21 per share), respectively.
Key Events during the Period
> In March 2016, Vostok Emerging Finance announced a USD 1.2 mln investment into FinanZero, a marketplace for consumer loans in Brazil. FinanZero is an independent broker for loans, negotiating the customer’s loan with several banks and credit institutions, to find the loan with the best interest rate and terms for the consumer. FinanZero handles the lending process from start to finish, with the customer and the bank fully integrated into FinanZero’s system. The business combines aspects of comparison, lead generation and consumer loan brokerage.
> Henrik Stenlund, formerly with Modern Times Group (part of Kinnevik), and Alexis Koumoudos, most recently at Skyline Capital Management, have joined VEF.
> Tinkoff Bank share price recovery continued up 14.4% over the period to USD 3.49 as at quarter end.
The Company will hold a telephone conference with an interactive presentation at 16:00 CEST (10:00 a.m. EDT) Thursday, May 19. For call-in details, see separate press release issued Monday, May 16 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.
