We have extracted the Chairman’s Statement from the 2019 half year report for Afinitas Limited (AFS.bw), listed on the Botswana Stock exchange:
Afinitas Limited is a pan African investment holding company focused on developing a portfolio of African focused businesses. The Directors of Afinitas are pleased to provide shareholders with this report on the operational and financial performance of the group for the 6 month period ended 30 June 2019.
Update on Operations
The operating entities within the Afinitas Group comprise Africa Events Limited, Adventis Limited, and Ethiopia Investments Limited. In addition, Afinitas holds a 9.6% stake in Icecap Trust Holdings Limited. Adventis Limited (Adventis), a 66% owned specialist investment management company focusing on the African continent. Adventis’ investment team includes some of the most experienced and successful investment managers in Africa. The company is looking to offer pan African equity and income funds to investors interested in increasing their exposure to Africa, one of the fastest growing parts of the world economically. Our belief is that African debt and equity products are looking increasingly attractive from both a valuation and risk perspective relative to alternative investments in the developed world. During the period under review the company decided not to progress with the niche Africa Financial Sector Deepening Fund due to a lack of interest in local currency investment. The management will continue to focus on growing the Adventis Africa Enhanced Income Strategy and the Advent