8 May 2013 14:41
08 May 2013
China Private Equity Investment Holdings Limited
("CPE" or the "Company")
Investment in Asia Bioenergy Technologies Berhad
China Private Equity Investment Holdings Limited ("CPE") announces it completed the purchase of 50 million shares in Asia Bioenergy Technologies Berhad ("ABT") on 6 May 2013. CPE paid a total of MYR 3.5 million (approx. US$1.1 million) at MYR 0.07 per share, in cash, for the shares representing 13.08% of the total shares outstanding in ABT.
ABT's shares are traded on the main market of Bursa Malaysia, (Stock Code: 0150), and as at 07 May 2013, ABT shares were trading at MYR 0.07 each, valuing CPE's investment was MYR 3.5 million (equivalent to US$1.1 million).
ABT is an investment holding company engaged in technology incubation which invests in information technology as well as biotechnology opportunities. The investment represents an opportunity for CPE to provide ABT investee companies with access to China's booming TMT and financial services market, marrying the broader Asian access of ABT with CPE's specialist expertise in Greater China.
ABT has a current market capitalisation of MYR28.7 million (US$9.6 million) and for the financial year to 31 January 2012 it made a net loss of MYR18.4 million (US$6.2 million). ABT has also announced unaudited figures for the financial year to 31 January 2013, where it made a loss of MYR4.4 million (US$1.5 million). Further details on ABT can be found on the company website: http://www.asiabio.com.my.
The investment in ABT follows the placing last month of 50 million Ordinary Shares in CPE at a price of US$0.08 per share to raise a total of US$4 million for strategic investment and working capital requirements
CPE Executive Chairman John Croft said: "We are pleased to be announcing this new investment in ABT, particularly since it represents another step in our strategy of working alongside strategic partners to invest in broad Asian opportunities that provide access to growth in Greater China. This fits perfectly with our primary focus on TMT or financial service opportunities."
For further information on CPE, please visit www.cpe-invest.com or contact:
Maria Leung China Private Equity Investment Holdings Ltd: |
+852 2801 6770
|
Azhic Basirov / Siobhan Sergeant, Smith & Williamson Corporate Finance Ltd: |
+44 (0) 20 7131 4000
|
Allan Piper First City Public Relations (Hong Kong): |
+852 2854 2666
|
Simon Hudson Tavistock Communications (London): |
+44 (0) 20 7920 3170
|
www.cpe-invest.com | Ticker symbol: London - CPEH Frankfurt - AA1JBE5 |