23/01/2008
Automatic small car gearbox innovator Antonov has arranged a further £7.45 million loan facility for its Chinese joint venture.
Manchester-based Antonov has secured this new facility as an extension of a previous facility provided in August by Quivest, a Dutch investment group with a 17 per cent stake in the AIM-quoted company, and takes the total available facility to £20 million. This move is part of the preparation for the establishment of a joint venture in China between Antonov and Chinese group Loncin, to set up an automatic transmission manufacturing plant in the People's Republic.
The terms of the joint venture have yet to be finalised, but Antonov expects Loncin to have a small majority. The news has brought cheer to Antonov shares, which were floated at 24p 13 years ago and hit 145.5p later in 2005 before crumbling back to 24p earlier this month.
They are now 34.5p, up 10p today, and value the company at £18.3 million.
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