1 Oct 2012 07:00
1 October 2012
Origo Partners PLC
Investee Company Update - Aqualyng secures US$31.4 million funding
Origo Partners Plc ("Origo") announces that its portfolio company Aqualyng Holding AS ("Aqualyng" or the "Company") has successfully raised US$31.4 million in a fundraising from investors including the International Finance Corporation ("IFC").
Aqualyng builds and operates desalination plants using patented reverse-osmosis and energy saving technologies and is a leading developer of seawater desalination projects in Asia.
Aqualyng commissioned the first stage of its landmark Chinese desalination project at the end of 2011, the 50,000m3/day Caofeidian desalination plant in Hebei province. The Caofeidian plant, a joint venture with a subsidiary of Beijing Enterprises, has been declared a Model Plant for Chinese Desalination by China's National Development and Reform Council ("NDRC"), which is responsible for water policies in China.
China is forecast to become the world's largest desalination market by 2015. Aqualyng intends to use the funds raised to further strengthen its position as one of the most dynamic players in the growing desalination markets in China and other Asian countries.
In addition to the IFC, which is a part of the World Bank Group, other investors in the fundraising were Singapore based CLSA (Clean Resources Asia Growth Fund), and Pareto Staur Energy, a Norwegian based fund controlled by existing shareholders of Aqualyng. Origo did not participate in the financing round.
Following the fundraising, Origo will have a 2.6 per cent equity stake on a fully diluted basis in Aqualyng via its stake in Staur Aqua AS. Origo's investment in Aqualyng is carried at US$3.5 million.
Commenting on today's announcement, Chris Rynning, CEO of Origo said:
"Aqualyng's successful fund raising, supported by blue chip institutions, is pleasing on a number of fronts. Firstly, it is a strong endorsement of Aqualyng's position in the important desalination sector, secondly, it derisks our exposure and improves the profile of our own portfolio, and finally it shows how we work alongside our portfolio companies to grow their businesses."
For further information about Origo please visit www.origoplc.com or contact:
Origo Partners plc Chris Rynning Niklas Ponnert | chris@origoplc.com niklas@origoplc.com |
Nominated Adviser and Broker: Liberum Capital Limited Simon Atkinson / Richard Bootle | +44 (0)20 3100 2222 |
Public Relations: Aura Financial Andy Mills / Nina Legge | +44 (0)20 7321 0000 |
Notes to editors:
Origo Partners
Origo is an AIM-listed private equity investor and strategic consultancy business which provides its shareholders with exposure to China-linked investment opportunities.
Origo has a significant portfolio of investments in a range of industrial sectors, including metals and mining, agriculture, renewable energy/clean-tech and technology, telecom and media.
Origo invests directly in high growth Chinese companies as well as in companies based around the world with significant exposure to Chinese export markets.