10th Apr 2008 16:30
Origo Sino-India PLC10 April 2008 10 April 2008 Origo Sino India assigns RIBEC loan Origo Sino-India plc ("Origo" or "the Company") (AIM: OSI), the investment andstrategic advisory company focused on the private equity markets of China andIndia, announces the assignment of a loan previously made by Origo to RoshiniInternational Bio-Energy Corporation ("RIBEC"). Further to Origo's announcement of 28 January 2008, the Company has assigned toOrigo Resource Partners Limited ("ORP") at cost US$1 million in a convertiblenote previously extended to RIBEC by Origo. ORP is the CISX and AIM listednatural resource fund to which the Company provides consultancy services. Anadditional sum of US$40,000 relating to interest receivable has also beenassigned. Origo had previously assigned a further US$1 million of the convertible loan toanother third party and Origo's remaining interest in RIBEC is now shares whichequate to an interest of approximately 17% in RIBEC's share capital on a fullydiluted basis. RIBEC is a fast growing, profitable company that produces non-edible, tree-bornebio energy feedstock and is based in Hyderabad, India. RIBEC's unaudited pre-taxprofits for the year ended 31 March 2007 were 165.7 million Rupees(approximately £2.1 million) and its unaudited net asset value at that date was43.9 million Rupees (approximately £0.6 million). The proceeds of the assignmentwill be used by Origo for general working capital purposes. ENDS Further information: Origo Resource Partners Limited +86 1390 124 6417 Chris [email protected] Nominated Adviser: +44 (0)20 7131 4000Smith & Williamson Corporate Finance LimitedAzhic Basirov Broker: +44 (0)20 3100 2223Liberum Capital LimitedSimon Atkinson Public Relations: +44 (0)20 7321 0000Aura FinancialMichael Oke/Andy Mills Notes to editors: Origo Sino-India Plc ("Origo"): • Origo is an established private equity investor and strategic consultancy business, which provides its shareholders with exposure to growth opportunities and private equity returns in China and India. • Origo's business model is to generate capital gains from private equity investment in growth companies from which it also generates fees for consultancy services related to further fundraisings, M&A and strategic development. • Origo is aligned with two major institutions which provide a source of high quality deal flow. In China, Origo works closely with China Equity, a leading private equity firm, whose chief executive is a member of Origo's board. In India, Origo has entered into a memorandum of understanding with SBI Capital Markets, one of the longest established companies in the Indian Capital Markets. A former chairman of the State Bank of India is also a member of the board of Origo. • On its admission to AIM in December 2006 Origo raised £12.8 million gross of new money via a placing of 25,673,238 Ordinary Shares at 50 pence per share. Each ordinary share carried a warrant exercisable at 55p. • Origo has a significant portfolio of investments in a range of industrial sectors, including mobile applications and content; natural resources; art and paper products; furniture; food and beverage; online gaming; anti-virus software; and bio energy. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
OPP.L