Progen: A new investor, private co Golden Wang Holdings is acquiring 54.4m shares approx 20% of share cap of Progen for $12.2m from the exec chairman, MD and founder of the co, Mr Lee. The founder Mr Lee will continue to hold a 9.7% stake in Progen. Golden Wang has diverse businesses involving mechanical and engineering, real estate dev and supply of building hardware...
Progen is an invt holding co dealing in air conditioning systems, cooling equipment as well as leasing of factory and office space. Progen is up 21.4% today on back of news trading at current P/E of approx 6.0x, and has most recently posted a FY10 net profit of $3.9m.
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