March 18 will go into China Eastsea Business Software history, as the company opened doors to the London Stock Exchange.The company announced the successful admission to trading on AIM on 24 January 2008. Previously, the company was admitted to PLUS Markets. The company joined AIM at a mid price of 26.5p, valuing the company at £18.4m and no money was raised on admission to AIM.
"We are very pleased with our successful admission to AIM. This will increase the public profile of the company and should lead to increased recognition and confidence from potential customers towards our IT outsourcing services. We hope moving to AIM will broaden the current shareholder base and enable investors to share in any future success of the Group through increased liquidity. It will also give China Eastsea access to funds to aid our future development and assist possible acquisitions," Eric Zhu, Chairman and CEO of China Eastsea, commented.
This China-based company provides information technology and business process outsourcing services. The company provides IT consulting and a broad range of project work to clients in the petrochemical, petroleum, power and telecommunications industries, as well as to ministries, state authorities, municipalities, agencies and other organisations throughout the government sector in China.
China Eastsea Business Software Ltd said it has completed a software implementation project for Zhejiang Telecom worth £1.06m and that these revenues will contribute to the full year.
At the time of polishing up this article, the stock was trading at a price of 26.65p.
Reference
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