Dow Jones International News

Investor news

Published: 20 December

Author: Alan O'Brien

Type: Investor news

Year: 2007

LONDON (Dow Jones)--Sabien Technology Group, a U.K. company that owns the commercial rights to a system that is proven to help reduce energy consumption by up to 35% in commercial and industrial boilers, said Wednesday that it has raised GBP4 million and started trading on AIM.

The GBP4 million fund raising was conducted by Bell Lawrie and comprised a GBP3.2 million placing at 52 pence per share and GBP0.8 million through the issue of Loan Notes.

At the placing price, Sabien has a market capitalisation of GBP13.8 million.

The purpose of the fund raising is principally to enable Sabien to increase the scale of its U.K. operations, to expand into European markets and to further its product development.

Brewin Dolphin Securities is nominated adviser to Sabien and Bell Lawrie is broker.