Asian Citrus
The Company's principal activity is to act as holding company in respect of the Group which is primarily engaged in the research and development plantation and sales of citrus produce in China.
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Asian Citrus submits application to Hong Kong Stock Exchange
Asian Citrus (AIM:ACHL), China's largest orange producer and largest orange plantation owner, announced that it has submitted its application for a new listing on the main board of the Hong Kong Stock Exchange (HKEx). On London's AIM market shares in Asian Citrus rose 2% this morning. The Hong Kong listing was first proposed early this year in August.
Asian Citrus is primarily engaged in the research and development plantation and sales of citrus produce in China, it has two operational plantations in the Hepu county of the Guangxi Zhuang Autonomous Region and the Xinfeng county of the Jiangxi province of China.
A Special General Meeting of the Company, will be held on 2 November 2009 propose a shareholder resolution to subdivide the share capital. The meeting will also propose new Bye-Laws incorporating the changes required by the listing rules of the HKEx and to replace the existing share option plan which is conditional upon the HKEx listing becoming effective.
The Chinese based fruit company has been well supported by investors on the AIM market, the company's shares have rallied substantially since April 2009, the share price has more than doubled to stand at £3.98. This latest development will expand its investor base as the Hong Kong listing will provide easier access for Asian investors.
Interim results for the six months ended 31 December 2008, released in March, reported group revenues of RMB274.6 million, gross profit of RMB146 million and pre-tax profit of 45.1% to RMB63.4 million. The pre-tax profit was massaged by a one off tax credit, and Asian Citrus also reported that overall profit margins slipped from 57.5% in 2007 to 49.8% in 2008.
Asian Citrus also confirmed in March that "basic infrastructure" had commenced and a new nursery was under development at Hunan. However, as part of a wider review of operations, the investment period at Hunan was increased to 5 years from 3. The orange plantation operator also stated that it would be delaying Phase II expansion of its Xinfeng wholesale market and processing centre in light of the slowing Chinese economy.
Other Asian Citrus news
- Asian Citrus to list on Hong Kong Stock Exchange on 26 November
2009-11-13 - Asian Citrus surges on on Hong Kong listing plan
2009-08-28
