All Asia Asset Capital Limited Signing of LOI on possible investment in Laos (3483K)
2015年4月16日 - 3:00PM
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All Asia Asset Capital Limited
16 April 2015
Press Release 16 April 2015
All Asia Asset Capital Limited
("All Asia Asset Capital", "AAA" or the "Company")
Signing of Letter of Intent regarding a possible investment in a
vehicle financing business in Lao People's Democratic Republic
All Asia Asset Capital Limited (AIM: AAA), an investment company
focused on investing in the growing markets of the Asia Pacific
region, is pleased to announce that it has signed a Letter of
Intent ("LOI") with Quick Win Global Limited ("Quick Win") to
explore opportunities to develop Quick Win as a vehicle financing
business initially focussed on the Lao People's Democratic Republic
("Laos"). Quick Win is a company recently incorporated in the
British Virgin Islands to explore opportunities in the vehicle
financing sector in Laos. Mr. Wai Tak Jonathan Chu, a director of
Quick Win since 13 April 2015, is also an executive director of
AAA.
Pursuant to the LOI, both parties have agreed to explore the
development of Quick Win as a vehicle financing business including,
but not limited to, the leasing of vehicles such as motorcycles and
cars in Laos with potential future expansion into other Southeast
Asia regions. The LOI contemplates that Quick Win will require
initial capital of approximately US$1.5 million to set up the
business and to create a management team. Subject to the completion
of satisfactory due diligence by AAA and entering into definitive
agreements AAA intends to provide fund raising services to Quick
Win and, together with the existing shareholders in Quick Win,
intends to invest and procure co-investors to raise the necessary
capital.
The LOI is non-binding and any formal transaction to be entered
into between AAA and Quick Win will be subject to, inter alia,
further legal, financial and other due diligence, entering into of
definitive agreements between both parties and compliance with the
relevant AIM Rules for Companies (including AIM Rule 13 regarding
related party transactions).
Any investment made by AAA will be in line with the Company's
investing policy adopted at the Company's annual general meeting on
10 December 2013 and, if AAA decides to invest, it is expected that
it will hold a minority position in Quick Win.
Since the early 2000s, the government of Laos has implemented a
number of policies to develop the economy and enhance the
industrialisation of the country with the aim to graduate the
country away from its current status of being on the UN's list of
Least Developed Countries by 2020. It has gradually moved from
being agricultural based to setting up foundations for
industrialisation. According to a report published by the World
Bank, Laos' population was 6.7 million people in 2013. The GDP
growth for the past 5 years averaged at 7.8% per year with the
growth in 2015 projected to be 7.0% by the Asian Development
Bank.
The increased spending ability of the population has also been
reflected in the increasing number of vehicles in the country. In
2013, there were approximately 1.1 million registered motorcycles
in Laos, representing 78% of all registered vehicles in the
country, a sharp increase from around 800,000 registered
motorcycles in 2010. Both AAA and Quick Win have identified the
financing business for motorcycle leasing to be an attractive
business proposition with high growth potential.
Commenting on the signing of LOI, Dr. Sri Hartati Kurniawan,
Chief Executive Officer of AAA, said: "We are delighted to sign
this LOI with Quick Win and pleased with our ongoing effort in
identifying new and exciting business opportunities within the
region we operate. Laos has delivered remarkable economic growth in
the recent years due to robust exports and an increasing stream of
foreign direct investments into the country. Within the country
there are huge infrastructure and road development projects
ongoing, facilitating increasing number of vehicles which in turn
creates opportunities for AAA and Quick Win to enter this promising
market for financing services for vehicle leasing."
AAA will make further announcements as appropriate.
-Ends-
For further information:
All Asia Asset Capital Limited
Robert Berkeley, Executive Chairman
and Finance Director
Dr. Sri Hartati Kurniawan, Chief
Executive Officer
Tel: +44 (0) 207 621 8910
Tel: +852 3756 0124
www.aaacap.com
Allenby Capital Limited (Nomad
& Broker)
Nick Naylor / Nick Athanas /
Alex Brearley
Tel: +44 (0) 203 328 5656
www.allenbycapital.com
About AAA
AAA is an investment company that has been established as a
platform for investors looking to access growing markets in the
Asia-Pacific region. The Company invests in a portfolio of
companies with at least a majority of operations (or early-stage
companies that intend to have at least a majority of their
operations) in the Asia-Pacific region in industries with high
growth potential including, but not limited to: agriculture,
forestry and plantations, mining, natural resources, property,
and/or technology. AAA is publicly quoted and its shares are traded
on the AIM Market, which is operated by the London Stock
Exchange.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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