RNS Number : 2610H
UIL Limited
08 October 2024
 

8 October 2024

UIL LIMITED

(LEI Number: 213800CTZ7TEIE7YM468)

Portfolio update - Zeta Resources Limited

The Board of UIL Limited ("UIL") is pleased to report a significant transaction within the portfolio of its investee subsidiary company Zeta Resources Limited ("Zeta"). 

 

Zeta announced earlier today that it expects to receive approximately USD 41 million from Koumbia Bauxite Investments Ltd ("KBI"), an unlisted Bermuda based company in which Zeta is a 41.3% shareholder and is Zeta's largest investment.  KBI has agreed to terminate its commercialisation deed with Alliance Mining Commodities Ltd ("AMC"), the 90% owner of the Koumbia bauxite project located in Guinea, in exchange for a cash payment of USD 100 million from the 100% owner of AMC.  The payment from KBI is expected to be received by Zeta within one week and is in line with Zeta's carrying value of KBI as at 30 September 2024.

 

KBI represents approximately 8% of UIL's investment portfolio as at 30 September 2024 on a look through basis.

 

 

Name of contact and telephone number for enquiries:

 

Charles Jillings

ICM Investment Management Limited

Telephone: 01372 271486

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
PFUFSFFAWELSEIS