Investment in JiangSu AnDi and Trading Update (9304V)
20 1월 2012 - 9:00PM
UK Regulatory
TIDMTNCI
RNS Number : 9304V
Tinci Holdings Ltd
20 January 2012
20 January 2012
Tinci Holdings Limited
("Tinci" or the "Company")
Investment in JiangSu AnDi and Trading Update
Investment in JiangSu AnDi
Tinci Holdings Ltd. (AIM: TNCI), the AIM quoted environmental
engineering company, announces the finalisation of its acquisition
of a 22.5% shareholding in JiangSu AnDi Chemical Co. Ltd. ("JiangSu
AnDi"). JiangSu AnDi is a developer and manufacturer of fine
chemicals for the drug and chemical industries.
On 29 September 2011 Tinci announced that it was subscribing a
total of RMB13.64 million in cash for a 22.5% shareholding in
JiangSu AnDi, a private company in China set up by Mr Kang Hongjie,
its CEO and major shareholder. Of this sum, RMB 4.9 million had
been paid in September and the balance was outstanding. Tinci's
investment is alongside a private Chinese investor, who is
investing on the same terms. The funds will be used to finance the
development of JiangSu AnDi.
The final Government approval for this investment has now been
received and so the transaction has become effective.
The management of JiangSu AnDi, led by Mr Kang, is well known to
the Tinci Board and has been successful in developing other
chemicals businesses. Tinci's Board and senior management are
primarily chemical engineers and this is a sector that they are
familiar with. Mr Xu, Tinci's CEO, will represent the Company on
the Board of JiangSu AnDi; he will not receive any remuneration
from JiangSu AnDi.
Trading Update
The Board expects the Annual Results for 2011, which will be
published in April, to show a continuation of the trend shown in
the Interim Results for the six months to 30 June 2010. The Interim
Results showed a decrease of 39% in sales as the company reduced
its sales efforts in flue gas desulphurisation (FGD) and
concentrated on developing its new joint venture activities. The
result for the year is expected to be around breakeven.
Enquiries:
Tinci
David Steeds, Chairman T: +44 (0)7836 578222
Joshua Cheng T: +1 512 577 4613
Westhouse Securities Limited
Tom Price / Martin Davison T: +44 (0)207 601 6100
About Tinci
Tinci is the parent company of Tinci Sanhe Environmental
Engineering Co. Ltd., an environmental engineering company founded
in October 2001, which is primarily involved in developing,
manufacturing and installing FGD systems for reducing sulphur
dioxide (SO(2) ) emissions from coal-fired power stations and large
industrial boilers in China.
The Company's shares are traded on the AIM market of the London
Stock Exchange under the symbol 'TNCI'.
For further information on Tinci and on its various FGD
technology processes, please visit www.tinciholdings.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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