Boston International Holdings PLC on Tuesday said annual loss widened on higher operating costs and reported no revenue as it focuses on a potential transaction.

The special purpose acquisition company said pretax loss widened in 2023 to £485,227 from £417,854 the year before. This was amid rising costs, with operating expenses growing by 36% to £485,227.

Boston International reported no revenue for the year, unchanged from a year prior, as it is seeking a potential transaction and is thus reliant on the proceeds of future fundraises, Boston International noted. The company noted there is no legally binding agreement in place relating to any fundraising.

The results come after Boston International requested to be suspended from the Official List back in April as it was in preliminary discussions with the shareholders of Topic SA for the acquisition of all or the majority of the issued share capital of Topic in exchange for the issue of new Boston Int shares.

Topic is a privately-owned, oil and gas exploration and production company, incorporated in Tunisia, with interests in three oil and gas blocks in offshore and onshore Tunisia.

Back in April, Chair Christopher Pitman said: ‘This potential transaction offers shareholders an exciting opportunity to participate in the ongoing exploration, appraisal and development of oil reserves both offshore and onshore Tunisia as well as in the greater North African region.’

Shares in Boston International are currently suspended.

Copyright 2023 Alliance News Ltd. All Rights Reserved.