Director buys as Asian Citrus reaches new highs

Asian Citrus director Pang Yi has bought an initial shareholding in the China-based orange grower.

Pang Yi is the deputy general manager of the Hepu plantation, which is the most fully developed plantation in the group. AIM-quoted Asian Citrus has two main plantations, at Hepu and Xinfeng. It has bought additional land elsewhere and is developing another plantation.

Pang Yi bought 317,000 shares at an average price of HK9.12 (74.91p) a share. The total cost was £237,000.

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This follows the sale of 60,000 shares at HK$9.34 (75.5p) and 30,000 at $9.25 by executive director Cheung Wai Sun earlier this month. He raised £6.7m from the share sale.

Shares in Asian Citrus have doubled in price in the past year.

Orange sales rose 42% to 61,157 tonnes from 42,977 tonnes in the first half of 2010.

Asian Citrus has bought 92.9% of fruit juice and puree producer Beihai Perfuming Garden Juice for HK$2.04bn (£165m). Beihai produces approximately 60,000 tonnes of purees and fruit juices every year. Asian Citrus has wanted to become involved in these operations for a number of years.

Top Director Buys

Asian Citrus Holding (ACHL) Director name: Mr Pang YiAmount purchased: 317,000 @ 74.91p Value: £237,465

Cavanagh Group (CVH) Director name: Mr Andrew FayAmount purchased: 190,667 @ 45.00p Value: £85,800

Cavanagh Group (CVH) Director name: Mr Simon RedgroveAmount purchased: 190,667 @ 45.00p Value: £85,800

Top Director Sells

Mandarin Orirntal International (Singapore) (MDO) Director name: Mr Terry L StinsonAmount sold: 400,000 @ $1.89 Value: $757,000