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UIL Limited announced on 08 October 2024 that its investee subsidiary, Zeta Resources Limited, expects to receive approximately USD 41 million from Koumbia Bauxite Investments Ltd ("KBI") within one week. KBI, in which Zeta holds a 41.3% stake, agreed to terminate a commercialisation deed with Alliance Mining Commodities Ltd in exchange for a USD 100 million cash payment from AMC's 100% owner. This expected payment to Zeta aligns with its carrying value of KBI as at 30 September 2024, and KBI represents approximately 8% of UIL's investment portfolio.
| Date | 8 Oct 2024 |
| Time | 07:00:07 |
| Category | Corporate updates |
| ID | 2610H |
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