REG - Ceiba Investments Ld - Net Asset Value(s)

Ceiba InvestmentsAnnouncement

27/12/2023 09:30

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RNS Number : 8121X  Ceiba Investments Limited  27 December 2023

CEIBA INVESTMENTS LIMITED

 

(TICKER CBA, ISIN: GG00BFMDJH11)

Legal Entity Identifier: 213800XGY151JV5B1E88

 

 

UNAUDITED NET ASSET VALUE PER SHARE AS AT 30 SEPTEMBER 2023

 

 

CEIBA Investments Limited (the "Company"), the largest listed foreign investor
solely dedicated to investing in Cuba, announces that its unaudited net asset
value per share ("NAV") as at 30 September 2023 was USD1.1818 (30 June 2023:
USD1.0929).  Applying the GBP:USD exchange rate as at 30 September 2023 of
USD1.2207:GBP1.00 (30 June 2023: USD1.2714:GBP1.00), the unaudited NAV in
Sterling was GBP0.9681 (30 June 2023: GBP0.8596) per share.

As at 30 September 2023, the net assets were USD162,704,949 (30 June 2023:
USD150,461,312).

Management Commentary

The increase of NAV is primarily the result of the Company having been able to
unlock USD14.3 million of previously provisioned dividends owed by
Inmobiliaria Monte Barreto S.A. ("Monte Barreto") to CEIBA MTC Inc.

In September 2023, the Spanish hotel company HOMASI S.A., holder of 50% of the
shares in the capital of Miramar S.A., the Cuban joint venture company that
owns and operates four hotels in Havana and Varadero, increased its capital by
€20,714,285.70.  The Company, which has a 65% shareholding interest in
HOMASI S.A., made its capital contribution by transferring USD14.3 million in
dividends owed by Monte Barreto to the bank account of Miramar S.A. as a
capital contribution to fund its existing CAPEX and investment programs. The
matching USD14.3 million capital contribution to be made by the Cuban (50%)
shareholder CUBANACAN S.A. in Miramar S.A. will be made by extending the
surface rights of the joint venture's hotel properties in Havana and Varadero
and the term of the Cuban joint venture company.

During the third quarter the Company received approximately USD1.8 million in
dividend income from Miramar S.A., which was largely offset by expenses, bond
interest payments and forex (loss).

 

 

For further information, please contact:

 

 Sebastiaan Berger                                 Via NSM Funds Limited

 Singer Capital Markets                            Tel: +44 (0)20 7496 3000

 James Maxwell / Finn Gordon (Corporate Finance)

 James Waterlow (Sales)

 NSM Funds Limited                                 Tel: +44 (0)1481 743030

 

www.ceibainvest.com (http://www.ceibainvest.com/)

 

END OF ANNOUNCEMENT

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