Perth's Port Bouvard eyes project acquisition

Jonathan ChancellorApr 10, 2013

Port Bouvard Limited has entered a trading halt on the ASX today pending an announcement in relation to a potential project acquisition and placement of new ordinary shares in the company.

The company has suggested a recommencement in trading by Monday April 15.

Earlier this month the FKP-appointed Port Bouvard board member Winson Chow was named non-executive chairman of the developer.

The appointment came after interests associated with FKP executive chairman Lee Seng Huang, the Malaysian business tycoon, took control of the ASX-listed developer in a discounted $23.8 million capital raising during January.

In February the beleaguered property group posted a $4 million first-half loss with revenue down 97% to $877,000 after a restructuring to the Perth-based company.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.