By Sheri Kasprzak
Atlanta, June 24 - London Asia Capital plc said it has completed a private placement for £11,404,087.
The London-based company sold 76,027,253 shares at 15p each to institutional and other investors.
London Asia will use £9.3 million of the proceeds to increase its holding of China Finance Investment Banking Group, a Wuhan, China-based investment banking group.
In November 2004, London Asia paid £3.9 million for an initial 6% stake in China Finance and plans to increase its holdings to 20% at the same price.
London Asia Capital is an investment and merchant banking group.
| Issuer: | London Asia Capital plc
|
| Issue: | Stock
|
| Amount: | £11,404,087
|
| Shares: | 76,027,253
|
| Price: | 15p
|
| Warrants: | No
|
| Settlement date: | June 24
|
| Stock price: | 16.18p at close June 24
|
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