Texaf 49% Stake In Petit-Point Building Sold For €5.4m
Texaf announced that Congolese insurer SFA Congo and African Rivers Fund IV LP (XSML Capital) have each invested €2.695m and have acquired 49% of the Petit-Pont building in exchange for €5.39m. The transaction generated a capital gain of €2.7m but due to the building being fully consolidated (51% with Texaf), this capital gain will not be reflected in the consolidated accounts. Texaf will continue to manage the building on behalf of the consortium. We see this partial divestment as validation of the quality of Texaf's real estate portfolio while also freeing up additional capital that management will deploy to further develop the Utexafrica compound and Kinsuka Gardens. Currently, we estimate NAVps and TEVps to be €56.5 and €72.6, implying a discount of 50.1% to our TEVps, much higher that the 2yr and 5yr avg. discounts that range between 39-42%. We reiterate our BUY rating and €45.0 TP.Texaf SA is a Belgium-based investment company with industrial, real estate and agricultural use in the Democratic Republic of Congo. The Company attracts foreign investors to acquire majority or minority equity investments in the productive sectors, such as infrastructure, agribusiness, energy and finance in order to generate return on investments. In the Real Estate sector the Company has holdings in Anagest, a holding company; Utexafrica, a company offering residences for rent; Immotex and Cotex, both offering offices for rent; Promotex, a property development company and Agence Immobiliere du Fleuve, a real estate services company. In the Agriculture sector the Company has holdings in La Cotonniere and Estagrico. In the Industrial sector it has holdings in Carriaf, a holding company; Carrigres and Congotex. Finally in the Financial sector the Company has holding in i-Finance Holding, a holding company and i-Finance, engaged in micro financing activities.
We are a financial services provider for several types of professional clients, each with distinct needs.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.