AIM shell Ninety changes its name to Sorbic International tomorrow after the reverse takeover of investment concern Honour Field.

Hong Kong financier Ray Ang Wee Boon, who controlled British Virgin Islands-based Honour Field, has masterminded the £20 million paper reverse for the company, which had in April agreed to buy a thriving Chinese group, LVST, which produces food preservatives sorbic acid and potassium sorbate and cannot meet demand. The company, which has had a one-for-60 share consolidation and raised £240,000 at 75p, hopes to increase pre-tax profits from £3.4 million to at least £4.38 million this year, now has £4 million cash and hopes to double capacity in the coming 12 months.

Ninety/Sorbic’s shares, down from 90p a year ago to 54p earlier this month, have rallied to 67.5p, up 4.5p this morning, where they value the company at £253million. With LVST founder Wang Yan Tin as president and Ray Ang Wee Boon as chief executive officer, they could attract a specialist following.

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Sorbic International	AIM	0pm	p	p
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Other company articles:
Ninety passes acid test			30/09/2008
Foods deal for Ninety			05/09/2008
Newcomers - Ninety			24/10/2007