News blog
China New Energy Ltd
- BY: Andrew Hore |
- POSTED: 13/05/2011 |
Former Plus-quoted company China New Energy Ltd plans to join Aim later this month.
Jersey-registered China New Energy left Plus-quoted on 19 January 2009. Former Aim-quoted corporate finance adviser London Asia had floated the business on Plus-quoted.
China New Energy provides services to producers and users of bioenergy. Bioethanol and biobutanol are the two main fuels produced. These products can also be used as solvents or drink ingredients. The company has been involved in projects in China, Romania, Taiwan, Russia, Thailand and Indonesia.
China New Energy plans to raise £610,000 ($1m) at 7p a share. That would value the company at £21m.
Nearly 77% of the share capital will be owned by the four largest shareholders. The beneficial owners of the two largest shareholdings are the executive chairman and chief executive.
China New Energy expects to join Aim on 23 May.
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