16th Jun 2015 13:11
LONDON (Alliance News) - Auhua Clean Energy PLC shares tumbled on Tuesday after it confirmed press speculation that the company is considering conducting a share placing "at a substantial discount to the current market price" in order to raise GBP1.5 million.
Auhua shares fell 61% to 5.50 pence per share on Tuesday afternoon.
The Chinese-based environmental technology group intends for the proceeds of the placing to fund its working capital requirements for its expansion in Taiwan and Dubai and to increase the production capacity in China, "amongst other things", it said.
Auhua is involved in the development and application of green energy and energy efficient water heating solutions, focusing on the manufacture and sale of solar-powered water heating systems. Currently, the company only operates in China.
By Joshua Warner; [email protected]; @JoshAlliance
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