Tuesday 15th April 2008
Geo Genesis soars after PLUS float
A company which invests in and advises businesses in China has floated on PLUS. Shares in Geo Genesis Group surged more than 60 per cent to 56p on their first day of dealings, and have increased further since the announcement of a partnership with a Chinese bank.
Geo Genesis and a wholly owned Chinese subsidiary signed a deal with the Qingdao office of Bank of Communications to provide corporate finance advisory services to joint clients. They will also work together to provide mixed equity and debt fundraising services, with Geo Genesis raising equity finance and Bank of Communications contributing debt.
Roger Bendelac, CEO of Geo Genesis says: ‘We are continuing to build our strategic relationships within China in order to fully utilise our corporate experience and secure both additional revenues and investment opportunities.’ The company is incorporated in the Marshall Islands and its head office is located in Qingdao, on China’s east coast.
Geo Genesis operates as an investment vehicle, strategic adviser, or both, to Chinese companies seeking to raise capital in the EU, Hong Kong or the US. The company’s market capitalisation at its placing price of 35p was £23.7 million and now stands at £40.6 million.
Founded in 1908, Bank of Communications became China’s first state-owned commercial bank in 1987 following a restructuring. While its head office is in Shanghai, its Qingdao branch has 16 sub-branches and more than 1,000 staff.
Nick Britton
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