Investee Company Update

9 Nov 2007 07:52

London Asia Chinese Private Equity09 November 2007 For immediate release: 9 November 2007 London Asia Chinese Private Equity Fund Limited ("LACPEF" or "the Fund") Investee Company China CDM Exchange Centre Ltd raises £5 million LACPEF, the China focused investment fund, is pleased to announce that itsinvestee Company China CDM Exchange Centre Ltd ("CCEC" or "the Company") hasraised US$10 million (£5 million) in new funds. The funds raised were via the issue of 5,000,000 new Ordinary Shares of theCompany to UK headquartered fund manager Atlantis Investment Management Limited("Atlantis"). Following the issue Atlantis owns 4.76% of CCEC's enlarged sharecapital of 105 million shares. The shares were issued at US$2.00 (approx £1)per share, valuing the business at around £100 million. Founded in 2006 and traded on the UK's PLUS stock market since last December,CCEC is an advisor to projects in Asia that have the potential to generatecarbon credits under the Clean Development Mechanism ("CDM"). The Company workswith projects to ensure that they meet the criteria under the CDM, then acts asbroker for the sale of the carbon credits to international buyers. The Fund took a 10% stake in the Company in December 2006, valued in therecently released March 2007 accounts at £2.2 million. Mr Kang, CCEC Chief Executive, said:"The new funds will enable us to continuethe rapid expansion of our business. We currently have 49 contracts in ourportfolio, with contracted tonnes of over 82 million to 2012, up 14% since thestart of the year, with issued Letters of Approval for 15 of our projects,totalling 17 million tonnes of carbon credits to 2012. China represents thelargest source of carbon credits in the world, and the new funds will enable usto consolidate our position as a leading player in the Chinese CDM market." For more information please visit www.londonasiafunds.com, or contact: Cecilia Wong John West/Andrew Dunn Hugh Field LACPE Fund Tavistock Communications Collins Stewart Europe Ltd +852 2251 8373 020 7920 3150 020 7523 8000 About China CDM Exchange Headquartered in Beijing, China, CCEC is a Jersey incorporated company providingbrokerage, advisory and research services relating to the reduction ofgreenhouse gases in Asia. It works with businesses and projects that generatecarbon credits, and assists the project owner to identify buyers for and sell onthose carbon credits. As well as providing advice to projects which generate carbon credits, CCEC alsoacts as an emissions broker and maintains its own carbon trading portfolio. Italso manages an on-line platform for environmental commodity transactions inChina. To date, the Designated National Authority of the Chinese Government has issuedLetters of Approval under the Clean Development Mechanism for 15 renewableenergy projects being developed by China CDM's clients, totalling 17.33 milliontonnes of carbon credits to 2012. CCEC announced profits of £932,000 for the six months ended 30 June 2007. For additional information on the Company, see www.chinacdmex.com This information is provided by RNS The company news service from the London Stock Exchange