Aurora Russia has announced the sale of its 24.3% stake in Superstroy for £680,000. This is quite a bit more than its valuation in Aurora Russia’s last accounts when it was valued at £280,000 but this is a company that Aurora Russia invested £16.6m into and it is supposed to be one of the leading DIY chains in Russia – the equivalent of Homebase or B&Q. Aurora Russia though reports that Superstroy is loss-making.
Aurora Russia is now down to just one investment – the Board made this comment “The Board will be reviewing the structure and cost base of the Company in the light of the Superstroy disposal and the fact that the Company will now hold one residual investment, a minority holding in Unistream Bank, a leading Russian money transfer company. Unistream continues to perform well in a difficult market and the Board is determined, working together with its Adviser in Russia, to maximise the value derived for shareholders from this important holding. The Board will make a further announcement following this review.”
AURR : Aurora Russia sells Superstroy stake