LCP Lon.Asia China

RNS Number:2328M
London Asia Chinese Private Equity
17 November 2006



London Asia Chinese Private Equity Fund Limited

("LACPEF" or "the Fund")



Investment in Devotion Eco-Thermal Ltd



LACPEF, the China focused investment fund, is pleased to announce that it is
investing #1.4 million for an 11.8% stake in Singapore listed Devotion
Eco-Thermal Ltd ("Devotion" or "the Company") via a subscription to a placement
of new shares and the acquisition of existing shares.



Devotion specialises in providing clean and alternative energy solutions, as
well as developing and making energy saving and environmentally friendly thermal
equipment and infrastructure.  The Company was listed on the Main Board of the
Singapore Stock Exchange in August 2003.



Victor Ng, Executive Director of the Fund, is also non-executive Chairman of
Devotion.



Mr Chang Houchun, Chief Executive of Devotion, said: "The Chinese Government's
commitment to developing a more energy efficient economy, and reducing the
reliance on fossil fuels, provides significant growth prospects for our Company.
"



Simon Littlewood, Executive Director of LACPEF, commented: "With the recent
tightening up of rules relating to the listing of Chinese assets and businesses
overseas by the Chinese Government, we are increasingly focusing on investing in
businesses which have already attained a listing or have restructured outside
China to reduce the time taken to invest in and list our investments."



"We have known Devotion for several years and believe that with the new projects
they are working on in the alternative energy space, they will be able to take
advantage of their strong reputation and Singapore listing to become a leading
player in the rapidly growing Chinese market for clean and alternative energy
solutions."



For further information please visit www.londonasiafunds.com or contact:


John West/Matt Ridsdale              Simon Littlewood                    Hugh Field
Tavistock Communications             London Asia Capital plc             Collins Stewart Limited
Tel: 020 7920 3150                   Tel 020 7355 7928                   Tel: 020 7523 8000



About Devotion

Founded in 1993, Devotion is a specialist in the development and fabrication of
energy saving and environmentally friendly central heating infrastructure and
related thermal equipment.



The Company's principal activities are carried out through two divisions:
Equipment and Installation. The equipment division designs and makes
eco-friendly thermal facilities for heating system used in buildings such as
hotels, shopping malls and residential estates, and also trades equipment and
parts. The installation division installs thermal facilities and operates other
ancillary services. The Group operates in China and other countries.



Main products include:

  * Thermal Equipments (Industrial and Domestic Boilers)
  * Home Applications for heating / bathing
  * Water Tar Slurry /Water Coal Slurry (Alternative Energy Sources)
  * Energy Saving and Environment Friendly equipments



In the year ended 31 December 2005 the Company reported revenue of RMB
173,788,000, gross profit of RMB 48,116,000 and profit after tax of RMB
10,677,000.  Results for the six months ended 30 June 2006 showed revenue of RMB
90,889,000, gross profit of RMB 22,797,000 and profit after tax of RMB
4,162,000.  Total assets at 30 June 2006 were RMB 276,063,000 with cash and cash
equivalents of RMB 41,037,000.



For additional information, visit www.devotioneco-thermal.com




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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