Asia Private Equity Weekly News, December 2, 2013

HONG KONG, December 2 Sun Dec 1, 2013 11:59pm EST

HONG KONG, December 2 (Reuters) - News and developments in Asia private equity from Reuters News for the week ending November 29.

NOVEMBER 29

AT LEAST four private equity bidders and one strategic investor have entered second-round bidding for Learning Labs Inc, a private Singapore education company that sources said is valued at up to around S$350 million ($279 million).

SHARES OF Phoenix Healthcare Group Co Limited, which operates hospitals in China, closed up 35.5 percent at HK$10 each on their trading debut, IFR reported. Phoenix raised HK$1.48 billion ($190.9 million) from a Hong Kong initial public offering.

NOVEMBER 28

CANADA PENSION Plan Investment Board will invest $200 million to get an 80 percent stake in a real estate joint venture with India's Shapoorji Pallonji Group, its first foray into the property market in Asia's third-largest economy.

U.S. BUYOUT firm KKR & Co LP has agreed to invest about $200 million in Indian drugmaker Gland Pharma Ltd, marking the largest private equity investment in the local pharmaceutical sector amid growing demand for generic drugs in overseas markets.

STANDARD CHARTERED Bank said it has closed a S$45 million financing for United Envirotech Water (Changyi) Co, a 70:30 joint venture between KKR-backed United Envirotech Ltd and Changyi Huade Weaving Co Ltd.

NOVEMBER 27

MINING SERVICES firm Bis Industries Ltd, owned by KKR, has called off a planned A$500 million ($456 million) IPO, underscoring the grim prospects for Australia's resource sector in an otherwise buoyant market for stock offerings.

CHINA CINDA Asset Management Co has spotted a clever arbitrage. The Chinese "bad bank", which is revving up for a Hong Kong initial public offering, has recently been doing brisk business by borrowing cheaply from other banks and using those funds to buy up companies' short-term loans to each other. In doing so, it has found a way to square China's dreaded "debt triangles".

CVC CAPITAL, backed Jintian Pharmaceutical Group Ltd , is seeking to raise up to $273 million in a Hong Kong IPO, IFR reported.

CARLYLE GROUP backed China Fishery Group Limited , a Singapore listed company, is in talks with banks to borrow an around $500 million refinancing loan, Basis Point reported citing sources.

NOVEMBER 26

CHINESE ONLINE game developer Giant Interactive Group Inc received a go-private offer from Chairman Yuzhu Shi and an affiliate of Baring Private Equity Asia, valuing the company at about $2.8 billion.

ASIA PRIVATE equity firm PAG, headed by former TPG Capital senior executive Weijian Shan, has hired former Shenzhen Development Bank chairman Xiao Suining to head its private equity operations in China, according to a source with direct knowledge of the matter.

AUSTRALIA'S ANSELL Ltd said it had agreed to buy U.S. gloves maker BarrierSafe Solutions International for about $615 million from private equity firm Odyssey Investment Partners, a move to expand Ansell's position in the hand protection market in North America.

NOVEMBER 25

CHINA CINDA lifted the lid on how Beijing turns bad loans from its banks into profits, issuing a prospectus for an initial public offering that has reeled in some of the world's biggest investors.

OAKTREE CAPITAL Group and China Cinda said that they have entered a memorandum of understanding to jointly invest in distressed assets in China and cooperate on markets outside China. The venture can be capitalised up to $1 billion, with each party investing up to $500 million, according to a source with knowledge of the matter.

SINGAPORE EXCHANGE and the China Securities Regulatory Commission (CSRC) said they would establish a direct listing framework for companies from China to list in Singapore. Chinese companies incorporated in China and which have obtained CSRC approval will be able to seek a listing on SGX under the new framework. ()

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