2 July 2012
PME African Infrastructure Opportunities plc
("PME" or "the Company")
(AIM: PMEA.L; PMEW.L)
Completion of Dovetel Sale
On 15 December 2011, the Company announced that the board of PME (the "Board") was advised that, on the 14 December 2011, the board of Dovetel (T) Limited ("Dovetel") had applied to the High Court of Tanzania (the "High Court") for the company to be placed into administration in order to protect the business against pressure from creditors until such time as it were able to conclude a sale of the business or, if no sale were realised, implement an orderly wind down of the business.
On 25 June 2012 the Company received written approval from the High Court for the sale of PME's shareholding in Dovetel to First Seal Co. Limited for a nominal consideration of US$1 in cash. Following the sale which completed 28 June 2012, the Company has no further funding requirements or obligations with regard to Dovetel.
Dovetel is a telecommunications company trading as 'Sasatel' in Tanzania. Dovetel had losses for the year ended 31 December 2011 of US$30 million (after interest charged by PME). The carrying cost of PME's shareholding in Dovetel was fully written down to nil as at 31 December 2011.
The remaining asset held by PME in Tanzania, is Peninsula House and PME has commenced the process for selling the building in line with PME's recently announced strategy to dispose of its existing assets and return the proceeds to shareholders. The building is in a prime location in Dar es Salaam and has an excellent mix of tenants, including some major international companies. Dovetel continues to occupy approximately 23% of the space in the building.
For further information please contact:
+44 20 7499 1957
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Smith & Williamson Corporate Finance Limited
Azhic Basirov / Siobhan Sergeant
+44 20 7131 4000
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Oriel Securities Limited
Joe Winkley / Neil Winward
+44 20 7710 7600