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27 September 2010 Camco International Limited Camco forms Joint Venture with Khazanah Nasional expanding its Operations in South East Asia Camco International Limited ("Camco", AIM:CAO), a global developer of emission reductions and clean energy projects, today announces the formation of a joint venture agreement with Khazanah Nasional ('Khazanah'), the investment holding arm of the Government of Malaysia. As a partnership between Khazanah, a leading regional investor with investments in over 50 major companies mainly in South East Asia, and Camco, a leading global company with a 20 year track record in project delivery and commercial excellence, the joint venture is strongly positioned to become the leading player in the emissions to energy market in the region. The joint venture will be capitalised with up to US$46.05 million to invest in the emissions to energy market in South East Asia, as well as carbon development and advisory services. On inception, the joint venture will be capitalised at $30 million, made up of $14.7 million from Khazanah as equity, $10.15 million as a convertible bond and $5.15 million from Camco as equity investment. In addition Khazanah has committed to contribute, on an earn-out basis, a maximum additional consideration of $16.05 million (up to 2013) into the joint venture subject to the performance of transferred existing carbon contracts and future carbon contracts to be undertaken by the joint venture. Camco will also hold a warrant to subscribe for additional equity in the joint venture of $3.7 million. On inception, Camco will have a 60.1% share holding in the joint venture and on a fully diluted basis (following the exercise/conversion of all outstanding warrants and convertible bonds) a 51% interest. Camco will contribute its nominal existing carbon projects in South East Asia (not including its China portfolio) and pipeline, its emission reduction project development and investment business pipeline for South East Asia, an employee platform for South East Asia, access to its global operations including advisory professional services, commercial carbon sales and qualification of carbon projects through specific service agreements, use of the Camco brand in South East Asia, and carbon development costs capitalised at $0.8 million and an investment of $5.15 million. As part of the transaction, Khazanah will invest £1.86 million into Camco through the subscription of 9,280,913 ordinary shares at a price of 20p per share. Application has been made for the 9,280,913 ordinary shares to be admitted to trading on AIM. The admission is expected on 30 September 2010. Scott McGregor, Chief Executive Officer of Camco, commented: "Khazanah is the optimal long term investor for Camco in the SEA region. The joint venture will leverage Khazanah's unrivalled local expertise, which will open a whole new vista for our operations in the region. We look forward to creating a market-leading business together, with the people, know-how and funding to deliver." Khazanah's Managing Director, Tan Sri Dato' Azman Hj Mokhtar, said: "We are very pleased to have formed a JV partnership with Camco to establish a SEA emission reduction company, which will be at the forefront of shaping the emission reduction / carbon abatement sector in the entire SEA region and most importantly in Malaysia. Furthermore, this entity will also serve as Khazanah's vehicle to grow the sustainable development sector as part of Malaysia's New Economic Model." |
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| aus der Diskussion: | Camco |
| Autor (Datum des Eintrages): | cmeise (27.09.10 12:13:28) |
| Beitrag: | 28 von 38 (ID:40215314) |
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