LONDON (Alliance News) - Northwest Investment Group Ltd on Wednesday said it is continuing to seek an acquisition in the clean energy sector in China as its annual loss came in broadly flat.
Northwest said it looked for an acquisition in the Chinese hydropower sector over the course of 2015 and entered into a due diligence exercise on one project. Talks on this, however, were suspended after "communication issues encountered in the preparation of documentation."
The company added the strong performance on the Chinese stock market in the first half of 2015 discouraged two hydropower companies from considering a listing in London via a reversal into Northwest.
Still, the group is now focused on attempting to put its investing policy into place, notably acquiring high-quality clean energy assets in China.
In 2015, the company made a GBP308,000 pretax loss, compared to GBP307,000 in 2014. It generated no revenue.
Shares in NorthWest tripled to 2.5 pence on Wednesday, a new 52-week high.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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