LONDON (Alliance News) - Northwest Investment Group Ltd Monday said it is yet to acquire or invest in any hydropower projects, meaning shareholders will be able to vote on the company's investing policy at its upcoming annual general meeting.
With its pretax loss narrowing by GBP34,000 to GBP302,000 in 2013, Northwest blamed "the current financial environment" for its failure to conclude any investments or transactions.
Northwest raised GBP3.0 million from investors and was admitted to trading on AIM on June 9, 2010, committing itself to finding investment targets in the hydropower market in Western China.
"The year 2013 saw a global economic recovery which we hope will facilitate completion of a transaction in 2014. We continue our search to acquire high-quality hydropower assets in the western area of China," Kaifeng Li, chairman, said in a statement.
"As the business develops, we will recruit more talented personnel so that we can realise our strategic objectives," Li added.
Northwest reported no revenue in 2013, as was the case in 2012. Admistrative expenses fell by GBP34,000 to GBP302,000. Its cash and cash equivalents at the end of the year fell to GBP1.9 million, from GBP2.2 million at the end of 2012.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
Copyright © 2014 Alliance News Limited. All Rights Reserved.
