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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
London Asia | LSE:LDC | London | Ordinary Share | GB0008251513 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.85 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:7111J London Asia Capital PLC 07 April 2003 LONDON ASIA CAPITAL PLC ("London Asia" or the "Company") Creation of China investment banking business Appointment of director The Company is pleased to announce that Victor Ng, aged 55, has been appointed a director of the Company. Victor Ng is based in London Asia's Beijing, China office and has been responsible for the three investments made by the Company to date in China. A former principal with KPMG Singapore, he is a seed-financier of several start-ups and director of several companies. He has been involved in the listing of several businesses on stock markets in Singapore, the US and Australia, including Chinese companies. A Singapore citizen, he was awarded the PBM (a public community service medal) by the President of Singapore in 1992. Victor is also a director of Temima Group plc, which holds 4.1 million shares in the Company representing 18.5% of the issued share capital. As part of its continued expansion of activities in China, London Asia has taken a 25% stake in a newly formed Chinese investment banking venture, Temima China Investment Banking Group Ltd ("TCIB"). TCIB is a joint venture with Xian Prutention Investment Development Company Ltd ("Prutention"), a well know Chinese investment group headed by Mr Qu Xiang Jun, based in Xi'an, capital of Shanxi Province, China (see details below). TCIB will carry out corporate finance and investment banking activities within China, and identify investment opportunities for London Asia. TCIB has an initial share capital of RMB10 million (approximately #773,000), and London Asia has acquired its 25% stake in TCIB via the issue of 1.5 million London Asia shares. Mr Qu has been appointed Chairman of TCIB, and Mr Victor Ng Deputy Chairman to represent London Asia's interests. The Company is continuing with its fund raising activities via the issue of convertible loan notes with a number of investors having expressed interest in investing alongside the directors. Application has been made for the 1.5 million consideration shares for the TCIB transaction, plus 500,000 shares to be issued to Temima Limited, financial adviser to the Company, to be traded on AIM. Admission is expected on 11 April 2003. The transaction will increase the number of London Asia shares in issue from 20.2m to 22.2m. Said Simon Littlewood, Chief Executive of London Asia: "Bringing Victor onto the Board, coupled with our involvement in TCIB, strengthens our presence in the China market and will greatly enhance our ability to identify, negotiate, invest in and monitor investments in China. China remains one of the few bright spots in an otherwise bleak global economic environment and our ability to do deals in China for shares at a premium to the current share price creates substantial long term value for our shareholders which should ultimately be reflected in our share price." Said Victor: "I am delighted to be joining the Board at such an exciting time for the Company. There are a number of opportunities within China for those with a presence on the ground and an understanding of the local economy and culture. Our involvement in TCIB will greatly expand London Asia's resources and contacts within China. We are currently performing due diligence on a number of potential investments which we hope to close in the next few months." ENQUIRIES: Simon Littlewood, Chief Executive 020 7486 4297 Graeme Thom, Grant Thornton Corporate Finance 020 7383 5100 About Prutention Prutention has a team of twenty with experience across a range of industries, and is the representative in Xi'an for the China Venture Investment Committee, a Chinese Government venture capital organisation. Xi'an is one of the most important cities in China, having served as the seat of 12 imperial capitals for over a thousand years and is now a world famous tourist destination as the home of the Terracotta Warriors. Information required to be disclosed under Schedule 2, rule (f) (ii) - (viii) of the AIM Rules Victor Ng (full name Ng Fook Ai Victor) Current directorships / partnerships Past directorships / partnership Asia Cable TV Pte Ltd MyWebInc.com Ltd Bluengine Holding Pte Ltd MyWeb Asia Ptd Ltd Devotion Investment Holding Pte Ltd Asia Power Corp Ltd AEC Edu Group Pte Ltd Biaoqi Cultural & Publishing Co Ltd Biaoqi Advertisements Co Ltd Success Science & Technology Development Co Ltd The Nanyang Insurance Co Ltd Mercur Business Control (Asia) Pte Ltd Temima Corporate Advisory Co. Pte Ltd (Singapore) Temima Co Ltd (Mauritius) Temima Group plc Mr Ng was a director of MyWeb Asia Pte Ltd which was put into voluntary liquidation by the members of the company in 2001. The company was dormant. Save as noted above there are no details to be disclosed pursuant to Schedule 2, rule (f) (ii) - (viii) of the AIM Rules in respect of Mr Ng. This information is provided by RNS The company news service from the London Stock Exchange END ACQNKOKDDBKDFQK
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