The Directors informed shareholders that the loss for the financial year ended 31st December 2020 is likely to be 8090 percent greater than the loss reflected in the comparative period to December 2019.
Afinitas which is in the process of delisting from the Botswana Stock Exchange will publish its last financial performance, reflecting an increase in losses. The Directors informed shareholders that the loss for the financial year ended 31st December 2020 is likely to be 8090 percent greater than the loss reflected in the comparative period to December 2019, which in number terms is an increase in the loss of between USD593 000 and USD667 000. The loss before tax for the period ended 31st December 2019 was USD741 000.
Afinitas was listed on the Venture Capital Board of the BSE in July 2015 through an initial public offer with the rationale to raise funds in order to establish a number of new subsidiaries of Afinitas that will have a pan-African strategic focus, including companies focused on developing within their chosen sector or country, to take advantage of a new interest in Africa as an investment destination from large institutional investors and to raise capital from investors in a cost effective manner. Afinitas wanted to create liquidity for Shareholders to facilitate future capital raises for expansion of the investments of the Company.
Over the past five years the Board and management of Afinitas said they have executed the stated strategy, broadening the geographic and sector focus of the Afinitas Group, albeit not without facing numerous challenges, from a decline in global investor sentiment toward Africa as an investment destination to political instability in Ethiopia and more recently the devastating impact of the Covid-19 pandemic. The Afinitas Group remains loss making and there can be no certainty when this trend will reverse.