China Private Equity Investment (CPE) has invested a further $1.6m in Asia Bioenergy Technologies Berhad (ABT) at below the Malaysian IT and biotech incubator’s current market price.
The AIM-quoted firm has bought 50m new shares at MYR0.10 (3 US cents) per share compared with ABT’s closing price of MYR0.12 last Friday.
CPE said the current market value represented a “healthy return” on its initial investment of MYR0.07 per share earlier this year.
If ABT’s rights issue is fully subscribed, it will have $19.2m available for further investment.
CPE chairman John Croft said, “For CPE, this rights issue provides an excellent opportunity to consolidate and possibly increase our holding in ABT at a pleasingly significant discount to the current share price.
“We believe ABT is holding an impressive incubation portfolio, and CPE’s continuing presence as one of the key investors will also raise the profile of the Company in the technology incubation industry in Malaysia, a market of growing global significance.”
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