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Biotech / Medical : Bodisen Biotech, Inc.(BBC) Making Your Money Grow..???
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To: Julius Wong who wrote (25)2/5/2006 1:04:43 PM
From: RealMuLan  Read Replies (1) of 44
 
Chinese are a £12 million hit on Aim
Andrew Leach, Mail on Sunday
5 February 2006

ORGANIC fertiliser producer Bodisen Biotech will become the largest Chinese company listed on the junior Alternative Investment Market when it makes its debut tomorrow after a larger-than-expected fundraising.


Bodisen, whose founder and chairman is Karen Qiong Wang, will be valued at more than £130m when it joins Aim.

Institutions invested £12m in the business, up from initial estimates of £10m.

The company, whose Aim admission was managed by Charles Stanley Securities, makes environmentally friendly fertilisers and pesticides and sells products to more than 150 wholesalers throughout China, the world's largest consumer of fertilisers.

Wang said: 'We are naturally delighted that demand for our shares has been so strong, and that we come to Aim with such a solid institutional base. This is an important step for Bodisen.'

The cash raised will be used to build two new manufacturing facilities in Xinjiang in north-west China and Heilongjiang in the north-east.

In addition, the cash will be used to upgrade existing factories and provide funding for growth.

Bodisen, which was founded in 2001, has seen its sales grow from £2.8m in 2002 to £13.3m for the nine months to September 2005, when net income was £3.6m.

Last month, the business was listed by Forbes magazine as the 16th-fastest growing company in China.

Bodisen, which recently announced £24 million of orders for this year, is already listed on the New York Stock Exchange.
thisismoney.co.uk
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