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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:4043D London Asia Capital PLC 06 September 2007 6 September 2007 LONDON ASIA CAPITAL PLC ("London Asia" or "the Group") Progress Update On Energy & Environment Fund London Asia Capital PLC (LDC.L) is pleased to announce significant progress on the fund raising for the Energy & Environment Fund ("E&E Fund"), managed by its associated company, London Asia Ltd ("LAL"), in which the Group has a 40% interest. LAL has seen significant levels of interest in the E&E Fund from Asian based investors, particularly from Chinese investment groups who are aware of the opportunities in the sector in China and with London Asia's reputation. To meet Chinese regulatory requirements, LAL has devised a parallel structure to enable Chinese investors to invest in the fund, using local currency. The structure also assists in the E&E Fund meeting the tighter requirements imposed on non-Chinese funds investing in China. LAL is currently negotiating with a number of parties in China interested in investing in the Fund through the structure. LAL has already signed an agreement with Zhejiang Huachuang Investment Co., Ltd. ("Huachuang"), a Chinese government approved venture capital enterprise, for it to invest up to RMB250 (#17 million). Huachuang, based in East China, will assist with the identification of investment opportunities and due diligence, and any further capital raisings or flotations within China. Christoph Loeslein, manager of the Fund, said: "We are confident of attracting more Chinese investors to the E&E Fund, given the relationships built up over the years by LAL's team, and the encouragement shown by the Chinese authorities for Chinese institutions to work with foreign financial firms. As well as cash, these investors bring additional access to deal flow and, more significantly, enhance the ability to exit within the Chinese market, where higher exit multiples are being achieved. We anticipate actively marketing the E&E Fund in Europe and the Middle East later this year." Jack Wigglesworth, Chairman of London Asia Capital, said: "The recent turbulence in global financial markets has highlighted the relative strength of the Asian financial markets, with Hong Kong and Chinese Stock Markets maintaining highs, based on the strong cash flows from Chinese investors and relatively limited range of financial products available to them. "We are seeing increased levels of interest in our portfolio businesses, and those of the funds we manage, from international investors who are increasing their weightings of Asian assets within their portfolios, given the present greater growth prospects for Asia relative to Western Europe and the US, and a re-evaluation of the relative risk weightings." For further information please visit www.londonasiacapital.com or contact: John West/ Andrew Dunn Cecilia Wong Christoph Loeslein Tavistock London Asia Capital plc Energy & Environment Fund Communications Tel: 020 7920 3150 HK Tel: +852 2251 8373 China Tel +86 138 1646 7710 cecilia.wong@londonasia.com christoph.loeslein@londonasia.com About the Energy & Environment Fund The E&E Fund aims to provide investors with capital growth from investing in a portfolio of energy and environmental companies, leveraging the technology in the sector available in the West, with the fast growing Asian markets. China recognises the need to address its growing energy requirement, and cope with the ever heavier burden that its economic growth is placing on the environment and the negative impact this has on its society as a whole and the long term economic growth, factoring in the estimated 3% cost to GDP of redressing the damage caused. As environmental legislation is brought in and enforced, it is creating opportunities for Chinese businesses, both at home and abroad. In 2005 China is estimated to have had the world's largest total investment in renewable energy sources (excluding large scale hydropower plants) with expenditures of US$6 billion and the largest installed capacity of renewable energy, at 37,000 megawatts (MW). China plans to develop 120,000 MW of renewable energy by the year 2020, amounting to an estimated 12-16% of China's estimated total installed energy production capacity in 2020. This would require iinvestment of approximately #50 billion by 2020. London Asia management team has been investing in the sector for over 10 years, and London Asia, through funds it manages, is already a significant investor in the sector. For more information on the E&E Fund, visit www.energyandenvironmentfund.com. For information on some of London Asia's existing investments and clients in the sector, visit www.asiarenewables.com This information is provided by RNS The company news service from the London Stock Exchange END MSCMGGGLLVZGNZG
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