Man Shing Raises Capital, Moves Ahead with Expansion
HONG KONG, Jan. 18 /PRNewswire-Asia/ — Man Shing Agricultural Holdings (OTC Bulletin Board: MSAH) are following through on their commitment to becoming China’s leading ginger producer. The company recently raised 1 million USD through the issue of 10 Debentures and 80,000 shares to China Angel Asset Management. The exercise price on the shares is $2.00. The debentures mature in 3 years and have interest payments set at 8% per annum, payable quarterly. This provides Man Shing with the working capital for securing their additional 2500-acre parcel of land. This parcel of land is being secured in time for planting this spring, increasing Man Shing’s October ginger harvest by an additional 45%.
The price of ginger has risen over the last year to an average price of 1300 USD per MT. Ginger prices are expected to continue to rise due to limited global supplies and an increase in demand related to its health benefits, particularly during flu season. “Everything is moving ahead according to our plan,” commented Eddie Cheung, Man Shing CEO. “With the capital raised from China Angel, we will continue to expand our operation and capture market share. Our revenues and net profits will see a proportional gain. We look forward to a very strong quarterly report next month, and an excellent 2010/11 year.”
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