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Asian Citrus seeks sweet £15m
One of the quirkier forthcoming floats emanates from China, where Hong Kong-based entrepreneur Tony Tong is hoping to raise £15 million on AIM for Asian Citrus.
The company is China’s largest orange plantation group and Tong, the chairman, is aiming for a debut market value of £80 million this summer. Broker and adviser Evolution Securities China (a 70 per cent-owned offshoot of Evolution Securities) is handling the flotation.
Asian Citrus has two plantations covering about 6,800 hectares, an area the size of Guernsey, and will use the float funds to leverage its position as the biggest orange plantation play in the People's Republic, to establish an orange wholesaler and retailer network ‘with a national brand name’. In the year to 30 June 2004, Asian Citrus lifted profits from £8.6 million to £10.9 million, on a turnover of £18.2 million, up from £12.2 million.
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