Sharecast: Origo Partners raises $35m via placing
|By Benjamin Chiou|
|Tue 20 Dec 2011|
LONDON (SHARECAST) - Beijing-based private equity investment company Origo Partners has announced that it intends to raise up to $35m via a placing to “capitalise on further investment opportunities developing in the Chinese market in early 2012.”
The placing is of new ordinary shares to existing and new shareholders at a price of 36p per share. Origo said that it has already received indications of interest for more than $32m from shareholders.
“The net proceeds of the Placing are intended to be used to fund identified investment opportunities, including in Renminbi (RMB) funds in conjunction with the Chinese government.”
The proceeds, along with the $15.4m cash the firm already has, will be used to meet its investment plan and cash operating costs in the upcoming year.
Origo’s Chief Executive Officer Chris Rynning said: “Origo’s partnership with the Chinese government is expanding and we are looking to increase our exposure to Renminbi. This placing will allow us to continue investing in fast growing Chinese cleantech and resource related companies while enlarging the Company’s shareholder base.”