29th Apr 2014 13:01
LONDON (Alliance News) - Chinese logistics company, China Chaintek United Co Ltd Tuesday said it placed 7.4 million existing shares last week, to improve liquidity in the company's shares and to provide early stage investors with a managed exit.
China Chaintek said the placing took place on April 24, with institutional and other investors in London and China.
"Improving liquidity has been an area of focus for the board... and this placing removes some of the early stage investors in Chaintek, whom the company would like to thank for their past support. The board is pleased to welcome our new shareholders and looks forward to working with them, as well as our existing shareholders, to further drive the company's growth," said Chief Executive Officer Xu Meijin in a statement.
It said the placing was lead by Daniel Stewart & Company, the company's advisor.
Shares in China Chaintek were down 7% at 100.00 pence Tuesday afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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