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Et-China secures funding for acquisitions

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Date: Tuesday 06 May 2008

LONDON (ShareCast) - Travel operator Et-china (ETC) is to raise £5.5m through the issue of zero coupon convertible bonds to fund acquisitions in the southern Chinese travel market and step up its marketing campaign.

ETC, which organises travel tours around southern China and provides e-ticketing services to China Southern Airlines, said private equity group Och-Ziff had agreed to subscribe for £2.5m worth of the zero coupon convertible bonds due in 2011, with LFG Group subscribing for the remainder.

“We are delighted to have raised £5.5m which will allow us to enter the next phase of our development,” president and chief executive Matthew Ng said. “The travel market in China continues to provide tremendous opportunities and these new funds will enable Et-china to aggressively capture market share.”

Och-Ziff and Ellerston Capital have each agreed to subscribe for £2.5m worth of the bonds and LFG Group has subscribed for the balance.

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