AIM-listed investment group China Private Equity Investment Holdings (CPE) has acquired 50 million shares in Malaysian cleantech company Asia Bioenergy Technologies (ABT) for MYR3.5m ($1.1m).
The deal, for MYR0.07 per share in cash, represented a 13.08 per cent stake in ABT, an investment holding company listed on the main market of Bursa Malaysia.
ABT focuses on technology incubation and investment in information technology and biotechnology. The investment represents an opportunity for CPE to provide ABT investee companies with access to China’s booming TMT and financial services market, marrying the broader Asian access of ABT with CPE’s specialist expertise in Greater China, the firm said.
ABT has a current market capitalisation of MYR28.7m ($9.6m) and for the financial year to 31 January 2012 it made a net loss of MYR18.4m ($6.2m). ABT has also announced unaudited figures for the financial year to 31 January 2013, where it made a loss of MYR4.4m ($1.5m).
The investment in ABT follows the placing last month of 50 million ordinary shares in CPE at a price of $0.08 per share to raise $4m for strategic investment and working capital requirements
CPE executive chairman John Croft said, “We are pleased to be announcing this new investment in ABT, particularly since it represents another step in our strategy of working alongside strategic partners to invest in broad Asian opportunities that provide access to growth in Greater China. This fits perfectly with our primary focus on TMT or financial service opportunities.”
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