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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Lon.Asia China | LSE:LCP | London | Ordinary Share | GB00B0XF7K04 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 13.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:9309B London Asia Chinese Private Equity 13 August 2007 13 August 2007 London Asia Chinese Private Equity Fund Limited ("LACPEF" or "the Fund") Investee Company to Raise up to US$60 million LACPEF, the AIM traded, China focused investment fund, is pleased to announce that its investee company Asia Water Technology Ltd. ("Asia Water" or "the Group") is raising up to US$60 million in new funds to finance the continued expansion of its water treatment business in China. Asia Water, listed on Singapore's SESDAQ stock exchange, provides comprehensive and integrated engineering solutions for water purification and wastewater treatment, which includes engineering, procurement and commissioning of such systems. The finance is via the issue of US$60 million of bonds, issued in two equal tranches of US$30 million, comprising US$ 15 million in structured bonds and US$ 15 million in convertible bonds. Both the convertible and structured bonds have a five-year maturity period. The Group is also issuing approximately 11.4 million warrants to bond subscribers. When fully exercised, the warrants are expected to raise an additional US$5.0 million for the Group. The warrants have a six year maturity period. Asia Water released results for the half year ended 30 June 2007 showing profit before tax up 7% to #1.7 million and net assets of #21 million. The bonds and warrants issue is conditional on shareholders' approval to be obtained at an extraordinary meeting and the necessary approvals from the Singapore Stock Exchange among other conditions. Mr Huang Hanguang, Asia Water's Chief Executive Officer, said: "The completion of the bonds issue will be a timely boost to our efforts to move ahead of competition and gain a larger share of the fast-growing tap water and wastewater treatment sector in the PRC. We expect more and more projects to be available from this sector on a Build-Operate-Transfer/Build-Own-Operate and Transfer-Operate-Transfer basis, which requires substantial investment but promises a stable recurring income for up to 30 years. We have already identified a few major potential projects and expect to be in a strong position to secure these contracts with the proceeds from this fund-raising exercise." Simon Littlewood, Fund Director, said: "This is the second significant fund raising by our investee companies in the last few weeks, following the US$20 million raised by China New Energy in late July. We are working with several other of our investee companies to raise funding for them to finance their continued expansion." For further information please contact: John West/Andrew Dunn Cecilia Wong Hugh Field Tavistock Communications London Asia Ltd Collins Stewart Europe Ltd Tel: 020 7920 3150 Tel: +852 2251 8373 Tel: 020 7523 8000 cecilia.wong@londonasia.com This information is provided by RNS The company news service from the London Stock Exchange END MSCOKKKNABKDOFD
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