Picture: 123RF/TASHA TUVANGO
Picture: 123RF/TASHA TUVANGO

Investment holding company African Phoenix Investments (API), formerly known as African Bank Investment Holdings, said on Friday that operating loss narrowed more than 80% compared to the previous six months.

The company, which is the process of acquiring AXL shares and delisting from the JSE, is awaiting the approval of shareholders to conclude the process.

Operating loss dipped to R8.8m from a previous R57.1m in September, while total equity tumbled to R666m from R1.286bn.

API, headed by Oyama Mabandla, said it aims to have a primary investment focus holding and grow a portfolio of significant equity interests in listed and unlisted companies that have a sound growth record or potential for growth with prospects to earn above average returns.

It plans to hold cash, bonds, short-term investments and debt instruments.

While it will not rule out specific sectors to invest in, it said it will focus on consumer and fintech sectors, and investments focused on SA and Sub-Saharan Africa.

The company concluded the disposal of Standard General Insurance in a R140m deal during the period. It also sold its investments in Residual Debt Services (RDS), Ellerines Holdings and the RDS stub note investments for R44m.

thukwanan@businesslive.co.za