Jade Road Investments, the AIM-listed pan-Asian diversified investment vehicle, has received the third and final tranche payment from Meize Energy Industries Holdings, thus completing JADE’s partial divestment in the company.
The US$400,000 payment follows two tranche repayment received from Meize in the previous two months for a total consideration of USD$1.2mln for 112,500 shares of the Series B Preferred Equity in Meize.
Chairman John Croft commented: "We are pleased to have completed this partial divestment from Meize, whilst retaining an ongoing interest in its future development.”
This divestment, of which the sale consideration is settled offshore, marks the culmination of a lengthy and successful turnaround effort by the company for private investment in China.
Croft added: “Achieving divestments in privately owned companies in China requires patience and persistence.
“This divestment demonstrates that JADE has the expertise and in-country resources to work closely with portfolio companies to achieve investment returns.”