News blog

Qihang Equipment Company Ltd

• BY: Andrew Hore |
• POSTED: 23/12/2014 |

Qihang Equipment Company Ltd is selling its business and turning itself into a shell.

This is the second time that the company has bought and then sold a Chinese machine tools business having previously been China Wonder.

Trading in the shares was suspended on 30 September because the interim figures were not published. Additional financing has been secured in order to pay creditors so the interims to June 2014 should be published in the near future.

The machine tools business has underperformed since its acquisition and it has too much debt to make progress. The two largest Qihang shareholders, that own 85.5%, are swapping their shares for the operating activities. Qiang Hao and Roberto Lima will resign from the board and Gregory Collier, who is a director of three ISDX investment companies, appointed as an executive director. Mark Chapman will resign when another director is appointed.

Qihang has raised £50,000 at 2p a share compared with a suspension price of 5.5p.

The company is changing its name for Eastbridge Investments Ltd. The new investing policy will be focused on the property sector via a combination of lower risk income generating assets and development opportunities.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFDecember2014_63.pdf