Durban - Private equity company Avasa Holdings posted a loss of R6.3 million in the six months to February, from a previous loss of R2.7 million, due to a write-down in the value of Sage shares, its primary investment.
Revenue stood at a loss of R5.5 million and headline loss a share came in at 1.09c from a previous loss of 0.82c.
Avasa acquired over 6 million Sage Group shares in April 2003 at R1.65 a share. It also manages 75.4 million shares on behalf of investors in return for 20 percent of any gains. It now controls about 20 percent of the Sage Group.