News blog

Evolution Group

  • BY: Andrew Hore |
  • POSTED: 09/03/2009 |

Aim adviser Evolution Group is reducing its stake in its Asia-focused broking business Evolution China.

First Eastern Financial Holdings will subscribe for enough shares to give it at least 51% of Evolution China. Fully listed Evolution will also subscribe for shares that will leave it with 47.5%. The minority shareholders will be diluted down to around 1.5% - they currently own 29% of Evolution China - and they have a chance to sell their shares if they want to.

The total new investment in Evolution China will be £900,000. The two companies may provide a further £500,000 over three years - on the basis of First Eastern 51% and Evolution 49%.

Hong Kong-based First Eastern is focused on China but it also has experience in the Middle East. Its boss Victor Chu is well known at the Hong Kong Stock Exchange.

The deal will undoubtedly strengthen Evolution China’s presence in China. It still requires regulatory approval.

At 94.75p a share, Evolution is valued at £213m.

The full year results will be published on 8 April. 

© 2021 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Browse by issue
All issues
Popular tags
All tags

betbrokers, financial, gold, health, leisure, media, mobile, resources, services, technology

AIM Micro feeds

Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds