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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:2207X London Asia Capital PLC 25 May 2007 25 May 2007 London Asia Capital plc Creation of Property Division London Asia Capital plc ("London Asia" or "the Group") the UK listed (AIM: LDC.L) Asia focused merchant banking group, has invested in a new company, London Asia Capital Land Limited ("LACL"), to focus on investment in distressed property situations in Greater China. LACL, incorporated in Hong Kong, has an initial start-up capital of HK$100 million (#6.5 million). It will focus on transactions in the property sector, primarily distressed assets where banks and finance houses have called in the finance, developers have run out of money, and similar situations. The focus will be on a broad spectrum of residential and commercial properties, including hotels, business parks, and wind farms, and complete as well as part developed and green field sites. Transactions will be identified through London Asia's network in China, including the recently announced stake in the Chinese auction house, responsible for disposing of distressed property assets, among other things. It will also seek to leverage the Group's relationships with China Synergy, the Beijing headquartered real estate brokerage, and China Real Estate Services Ltd ("CRES"), the Beijing headquartered real estate chain in which the London Asia Chinese Private Equity Fund has a stake. CRES recently re-branded its 30 high street offices in northern China as London Asia Homes. London Asia will own 40% of LACL and the remaining 60% will be owned by LACL's management team and their associates, headed by Ms Liew. London Asia is paying for its 40% stake by the issue to LACL of 21,505,376 ordinary 5p shares in London Asia at an effective price of 12p per London Asia share. Application will be made to admit the new shares issued by London Asia to trading on AIM, with admission expected on 1 June 2007. Simon Littlewood, London Asia Chief Executive, said: "This new venture seeks to capitalize on the Group's existing investments and relationships in the real estate sector. As London Asia increases in size, there is increasing synergy between our various businesses and investments. "Recent controls imposed by the Chinese Government to cool the property market have created a number of opportunities for financiers in the sector, which warrant the creation of a specialist division and team, with their own balance sheet to leverage off. "This week London Asia has invested in three new enterprises to generate additional revenue for the business, each with their own #6.5 million balance sheets, totaling over #19 million of gross assets, and adding over #7.7 million of assets to the Group's balance sheet. These companies have already begun to trade and generate profits for the Group." For further information please visit www.londonasia.com or contact: Simon Littlewood John West/Andrew Dunn Jonathan Wright London Asia Capital plc Tavistock Communications Seymour Pierce Tel: Tel 020 7231 0282 Tel: 020 7920 3150 Tel: 020 7107 8000 This information is provided by RNS The company news service from the London Stock Exchange END MSCPUUBWAUPMGRC
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