Origo continues selldown with agreement to sell Rising Tech
China and Mongolia-focussed closed-end investment company Origo Partners, which is seeking to divest its entire portfolio by November 2018, has entered into binding agreements with ChinaEquity International for the disposal of its 2% equity stake in Rising Technology Corporation and its 1.6% beneficial interest in Beijing Rising Information Technology.
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16:34 19/11/24
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The AIM-traded company said the disposals, which were for a cash consideration of $1m, were expected to complete before 31 July.
In 2011, the company received gross proceeds of $2.5m from a partial sale of the Rising Interests.
Its residual interests in Rising Technology and Rising InfoTech had an audited aggregate carrying value of $1.0m as at 31 December, the board confirmed.
“As a result of the disposal, the company has now recouped a total of $3.5m, equal to the initial cash cost of the investment,” the board confirmed in its statement.
“The net proceeds of the disposal will be applied towards the company's general working capital requirements.”