FFWD.L Regulatory News (FFWD)

17 Nov 2006 07:00

London Asia Chinese Private Equity17 November 2006 London Asia Chinese Private Equity Fund Limited ("LACPEF" or "the Fund") Investment in Devotion Eco-Thermal Ltd LACPEF, the China focused investment fund, is pleased to announce that it isinvesting £1.4 million for an 11.8% stake in Singapore listed DevotionEco-Thermal Ltd ("Devotion" or "the Company") via a subscription to a placementof new shares and the acquisition of existing shares. Devotion specialises in providing clean and alternative energy solutions, aswell as developing and making energy saving and environmentally friendly thermalequipment and infrastructure. The Company was listed on the Main Board of theSingapore Stock Exchange in August 2003. Victor Ng, Executive Director of the Fund, is also non-executive Chairman ofDevotion. Mr Chang Houchun, Chief Executive of Devotion, said: "The Chinese Government'scommitment to developing a more energy efficient economy, and reducing thereliance on fossil fuels, provides significant growth prospects for our Company." Simon Littlewood, Executive Director of LACPEF, commented: "With the recenttightening up of rules relating to the listing of Chinese assets and businessesoverseas by the Chinese Government, we are increasingly focusing on investing inbusinesses which have already attained a listing or have restructured outsideChina to reduce the time taken to invest in and list our investments." "We have known Devotion for several years and believe that with the new projectsthey are working on in the alternative energy space, they will be able to takeadvantage of their strong reputation and Singapore listing to become a leadingplayer in the rapidly growing Chinese market for clean and alternative energysolutions." For further information please visit www.londonasiafunds.com or contact: John West/Matt Ridsdale Simon Littlewood Hugh FieldTavistock Communications London Asia Capital plc Collins Stewart LimitedTel: 020 7920 3150 Tel 020 7355 7928 Tel: 020 7523 8000 About Devotion Founded in 1993, Devotion is a specialist in the development and fabrication ofenergy saving and environmentally friendly central heating infrastructure andrelated thermal equipment. The Company's principal activities are carried out through two divisions:Equipment and Installation. The equipment division designs and makeseco-friendly thermal facilities for heating system used in buildings such ashotels, shopping malls and residential estates, and also trades equipment andparts. The installation division installs thermal facilities and operates otherancillary services. The Group operates in China and other countries. Main products include: • Thermal Equipments (Industrial and Domestic Boilers) • Home Applications for heating / bathing • Water Tar Slurry /Water Coal Slurry (Alternative Energy Sources) • Energy Saving and Environment Friendly equipments In the year ended 31 December 2005 the Company reported revenue of RMB173,788,000, gross profit of RMB 48,116,000 and profit after tax of RMB10,677,000. Results for the six months ended 30 June 2006 showed revenue of RMB90,889,000, gross profit of RMB 22,797,000 and profit after tax of RMB4,162,000. Total assets at 30 June 2006 were RMB 276,063,000 with cash and cashequivalents of RMB 41,037,000. For additional information, visit www.devotioneco-thermal.com This information is provided by RNS The company news service from the London Stock Exchange