26th Feb 2016 12:57
LONDON (Alliance News) - Origo Partners PLC on Friday said that uncertainty over China's slowing economic growth and depressed commodity prices have made it hard to realise its assets at attractive valuations.
The investment company, which invests in companies based or active in China and Mongolia, said it is exploring possible funding options to secure additional working capital because of "insufficient" cash resources to meet its immediately foreseeable needs. The company had unaudited cash balances of USD1 million at the end of 2015.
"Whilst the company continues to seek to deliver the objectives of its investing policy and to achieve an orderly realisation of its assets, it remains likely that the company will not be in a position to redeem USD12 million of zero dividend preference shares by the due date of March 8, 2016," Origo said.
Shares in Origo were untraded on Friday. The stock closed at 0.62 pence on Thursday.
By Samuel Agini; [email protected]; @samuelagini
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