LONDON (ShareCast) - (ShareCast News) - Craven House Capital announced on Tuesday it has successfully completed the incorporation of three new subsidiaries in Angola, Argentina and Nigeria.
The AIM-traded company's announcement followed a placing of new shares on 17 May and ongoing discussions with additional prospective investors about the possibility of further subscriptions, as the fledgling merchant bank ramps up operations.

In accordance with its investment policy, Craven House said it intends to use the new subsidiaries to target investment in those jurisdictions, and will provide further updates to the market on progress as it happens.

"As stated at the time of our interim results, we feel that the current macroeconomic situation in emerging markets, which are facing significant pressures as a result of a combination of low commodity prices and unprecedented capital flight, presents Craven with extremely attractive opportunities to invest in markets at what we see as being historically low valuations," said chairman Mark Pajak.

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