20 Jul 2017 07:00
20 July 2017
Origo Partners plc
("Origo" or the "Company")
Disposal
Origo is a closed-end investment company which holds a portfolio of investments in unquoted, and illiquid, publicly traded companies based or principally active in China and Mongolia. Origo is seeking, through an orderly realisation programme, to divest its entire portfolio by November 2018.
The Company announces that it has entered into binding agreements with ChinaEquity International Holding Co., Ltd ("ChinaEquity") for the disposal of Origo's 2.0% equity stake in Rising Technology Corporation Ltd ("Rising Technology") and Origo's 1.6% beneficial interest in Beijing Rising Information Technology Ltd ("Rising InfoTech") (collectively the "Rising Interests") to ChinaEquity for a cash consideration of US$1.0 million (the "Disposal"). The Disposal is expected to complete before 31 July 2017.
In 2011, The Company received gross proceeds of US$2.5 million from a partial sale of the Rising Interests. The Company's residual interests in Rising Technology and Rising InfoTech had an audited aggregated carrying value of US$1.0 million as at 31 December 2016. As a result of the Disposal, the Company has now recouped a total of US$3.5 million, equal to the initial cash cost of the investment.
The net proceeds of the Disposal will be applied towards the Company's general working capital requirements.
For further information about Origo please visit www.origoplc.com or contact:
Origo Partners plc Niklas Ponnert |
niklas@origoplc.com |
Nominated Adviser and Broker Smith & Williamson Corporate Finance Limited Azhic Basirov Ben Jeynes |
+44 (0)20 7131 4000 |
Public Relations Aura Financial Andy Mills |
+44 (0)20 7321 0000 |
Certain of the information contained in this announcement is deemed to constitute inside information for the purposes of article 7 of Regulation (EU) 596/2014.