27th Sep 2010 10:05
27 September 2010
Origo Partners sells stake in E-Bill
Origo Partners Plc ("Origo") today announced that it has agreed to dispose of its 7% stake in E-Bill China Holding Ltd ("E-Bill"), a Chinese electronic payment services provider.
The stake, acquired for US$2 million, will be sold back to E-Bill's founding shareholder for US$2.8 million in cash - a 1.4x cash to cash return on the cost of the investment. The net proceeds of the transaction will be used to fund further investments, primarily in the natural resources and clean-technology sectors.
Commenting on today's announcement, Chris Rynning CEO of Origo said:
"Our decision to divest our stake in E-Bill is driven by our desire to re-deploy capital to the sectors in which we see the strongest long-term growth prospects.
"Whilst we have had a productive relationship with E-Bill's management team and view it as a successful partnership, our increased focus on the natural resource and clean-technology sectors means our stake in E-Bill is no longer core to our investment portfolio."
For further information about Origo please visit www.origoplc.com or contact:
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Origo Partners plc Chris Rynning Niklas Ponnert
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+86 1390 124 6417
+86 1351 106 1672 |
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Broker and Nominated Adviser Liberum Capital Limited Simon Atkinson/ Ellen Francis
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+44 (0)20 3100 2222 |
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Public Relations: Aura Financial Nina Legge |
+44 (0)20 7321 0000 |
Notes to editors:
Origo Partners:
Origo is an AIM-listed private equity investor and strategic consultancy business which provides its shareholders with exposure to China-linked investment opportunities.
Origo has a significant portfolio of investments in a range of industrial sectors, including metals and mining, agriculture, renewable energy/clean-tech and technology, telecom and media.
Origo invests directly in high growth Chinese companies as well as in companies based around the world with significant exposure to Chinese export markets.
Origo's investment in E-Bill
In March 2008, Origo acquired an initial 5% equity stake in E-Bill for a total cash consideration of US$1.3 million, followed by an agreement in September 2008 to subscribe for a further US$700,000 of preferred stock. The follow-on subscription was completed at a 10% premium to the original subscription price, bringing Origo's total equity stake in E-bill, on a fully diluted basis, to approximately 7%.
Related Shares:
OPP.L