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Core Holdings Update Q3 2022
MTI Investment SE publishes its Core Holdings Update Q3 2022
The company's core holdings update for Q3 2022, including a Net Asset Value (NAV) update, is now available on the company's website and attached to this press release. Link to the company's report page: https://www.mti-investment.com/financial-reports/
NB: MTI's core holdings updates should not be considered as formal interim reports. These updates do not include the consolidated result of the Group or the Parent company. For more information visit: https://www.mti-investment.com/financial-calendar/
The Net Asset Value is estimated at SEK 13.8 per share
The estimated Net Asset Value has decreased by 15.3% in the third quarter from SEK 15.9 to SEK 13.8 per share, driven primarily by multiple contraction in Ecohomes due to restructuring and reduced order intake, while other subsidiaries and associated companies showed resilient operating performance. During the third quarter (Q3), our total shareholder return was -17.5 percent, compared to the SIXRX return of -4 percent. MTI has primarily unlisted holdings.
More information on the distribution of NAV and which companies are included in the investment company's portfolio can be found in the attached core holdings update.The MTI share is listed on Nasdaq First North. The most recent share price for the MTI Investment share was SEK 3.95 as of the 17th of November 2022.
Important events during the 3rd Quarter of 2022
- Zanrec's plastic baling business became operational during the quarter. Baling plastic is usually necessary for recycling facilities to accept it. Around 13 tons of plastic from the Swop shops and hotels have been baled for sale, with a near-term aim to increase to 20 tons per month. Zanrec is looking to expand its use of collection agents across the island to increase the amount of plastic that can be baled.
- Shambani Milk secured a three-year term loan of approximately USD 86,000 from CRDB Bank PLC. The funds are being invested in the acquisition of trucks and distribution.
- Shambani also managed to increase the shelf life of its Mtindi products by eight days. Thus, the new shelf life is 36 days, which gives sales agents more confidence to stock and sell Shambani Mtindi.
- MTI's subsidiary Atsoko International AB completed the divestment of its ownership in Atsoko Tanzania Limited (Atsoko) through a management buy-out.
- MTI announces that Mr. Harry Tuluhungwa is the new CEO of Ecohomes Company Limited, replacing former CEO and co-founder Eric Chonjo.
Financial summary Core Holdings
|MTI's Core holdings||MTI's ownership||Revenue Q3 2022 (TEUR)||Revenue Q3 2021 (TEUR)||Diff %|
|Ecohomes Co. Ltd||77%||543||276||+97%|
|Zanrec Plastics Co. Ltd||61%||95||73||+30%|
|Shambani Milk Ltd||20%||197||119||+65%|
- Ecohomes' revenue in Q3 amounted to TEUR 543 (TEUR 276), an increase of 97% compared to the same period the previous year.
- Zanrec's revenue in Q3 amounted to TEUR 95 (TEUR 73), an increase of 30% compared to the previous year.
- Shambani Milk's revenue in Q3 2022 amounted to TEUR 197 (TEUR 119), an increase of 55% compared to the same period the previous year.
Words from the CEO
"During the third quarter, our core holdings showed an average growth of 61% compared to Q3 of last year. Zanrec has an increased focus on plastic collection, where our goal is to collect 20 tonnes of plastic per month. Ecohomes has a new CEO in place and has done a complete overhaul and improvement of the internal processes. Shambani Milk showed strong growth by securing deliveries of milk and by also increasing the shelf life of its Mtindi products by 8 days. The newly initiated MTI Advisory AB has in partnership with Ester Foundation successfully launched one of the first Female Diaspora Entrepreneur Accelerators in Sweden. The Fintech startup Mtaji received its Microfinance Tier II license and is accelerating its growth journey. According to the African Development Bank's East Africa Economic outlook 2022, the region is seeing a robust recovery in growth post covid. The Russia-Ukraine War which puts pressure on global food and energy prices, can slow economic growth, but stock markets in East Africa show resilience. Lastly, In the weeks following the third quarter, we announced an investment in the sustainable protein company Chanzi (press release) and we also concluded the investment in Techbridge (press release). Lastly, do not forget to join us on a brief investor trip to Zanzibar, Tanzania in mid-January (information on the event).
CEO MTI Investment
For additional information
Pontus Engström, CEO, MTI Investment SE
+46 70 716 55 38
The Company's Certified Adviser is Mangold Fondkommission AB
About MTI Investment
MTI Investment SE is a Nordic investment and venture-building company, founded in 2014 by a team with extensive experience in emerging markets with the aim of investing in East African small and medium-sized enterprises ("SMEs") with high value-adding potential. The Company is active in the expansive East African market. By being a long-term and active owner, MTI Investment helps its portfolio companies grow faster and become more profitable. The Company invests primarily in innovative and scalable companies with the potential for a significant positive impact on society.
STOCKHOLM, SWEDEN - MTI Investment SE ("MTI" or the "Company") with ticker MTI announces today that it is increasing its ownership in the fast-growing FinTech Africa to 5.23% in a cash equity issue, investing SEK 500,000 to fund the company´s continued expansion in Tanzania and East Africa.
MTI Investment meddelar idag att man idag har avyttrat 12 procent av aktierna till Holdingsselskabet Claus Jørgensen II ApS för 190 000 USD, som i och med förvärvet får ett ägande om 25 procent i Zanrec. I samband med denna förändring går även Martin Rex Empacher in MTI Investments Advisory Board. Genom att MTI:s ägande minskas till 49 procent uppnås stora besparingar för MTI, då framtida rapportering förenklas genom att man för Zanrec därmed slipper kravet på konsolidering.
MTI Investment announces today that it has today divested 12 percent of the shares to Holdingsselskabet Claus Jørgensen II ApS for USD 190,000, which with the acquisition will have an ownership of 25 percent in Zanrec. In connection with this change, Martin Rex Empacher also joins the MTI Investments Advisory Board. By reducing MTI's ownership to 49 percent, large savings are achieved for MTI, as future reporting is simplified by eliminating the requirement for consolidation for Zanrec.
On investment opportunities in food and water - meet CEO Pontus Engström at the SWEACC breakfast event on November 16th, 2022
STOCKHOLM, SWEDEN - MTI Investment CEO Pontus Engström will discuss their experiences in East Africa in the agri sector, including the recently announced investment in sustainable protein company Chanzi. The event is hosted by SWEACC - the Swedish East African Chamber of Commerce.
STOCKHOLM, SWEDEN - The board of directors in MTI Investment SE (ticker: MTI) ("MTI" or the "Company") can today announce that it today, on 17 October 2022, has entered into a share purchase agreement with Fetter Anton Invest AS (controlled by Ida and Sondre Rideng) regarding the acquisition of 56 percent of the shares in Techbridge Invest AS. The closing takes place today. The total purchase price amounts to SEK 1,245,773.1 and is paid in the form of 319,429 newly issued shares in MTI. The board of directors has, therefore, based on the authorization from the annual general meeting on 9 June 2022, resolved to issue 319,429 new shares to the seller Fetter Anton Invest AS.
MTI Investment invests SEK 1.1 million (EUR 103.000) in fast growing, sustainable animal feed company Chanzi
STOCKHOLM, SWEDEN - In a financing round led by FINCA International, Inc., MTI Investment has invested USD 100.000 in a convertible debt note in Chanzi Limited, a leading East African producer of sustainable and nutritious animal feed that specializes in converting food waste with the help of black soldier fly larvae.
STONE TOWN, ZANZIBAR - Welcome to join the MTI investor trip to Zanzibar during January 15-18, 2023.
MTI Investment SE has signed a term sheet with the intention of acquiring 56 percent ownership, valued at SEK 1.2 million, in Techbridge Invest AS
STOCKHOLM, SWEDEN - MTI Investment SE (MTI) announces today that it has signed a term sheet about an intended acquisition of 56 percent of the shares, valued at SEK 1.2 million, in Techbridge Invest AS. The transaction is to be carried out through a share swap. The intended acquisition strengthens MTI's ability to take part in capacity building, accelerate and scale up small and medium-sized companies in East Africa, Kenya, and Uganda. It also improves MTI's investments into fintech and solar energy through the holdings in Techbridge Invest AS.
Welcome to the 2023 MTI Investor Trip to Zanzibar, Tanzania. The weather is expected to be nice and sunny. Join alone, or bring a partner or interested child. They will all be able to enjoy this trip.
"Over the past eight years, our investments have generated huge social impact - hundreds of jobs, healthy food products, houses, bank branches for improved access to finance, genuine and safe cosmetics, and saved nature from thousands of tons of waste. Our companies, even though challenges remain, are now more than ever focused on profitable growth, and particularly satisfying to see that Shambani Milk made a strong lift after seeing its performance drag for several quarters."
Pontus Engström, CEO of MTI Investment
MTI Investment SE