HONG KONG, June 10 News and developments in Asia
private equity from Reuters News for the week ending June 7.
SYDNEY-BASED Taurus Funds Management Pty Ltd has shut its
precious metals mutual fund as Australian and U.S. investors
fled after prices of gold began to decline in the beginning of
the year, director Gordon Galt told Reuters.
DAGONG EUROPE Credit Rating, a joint venture between Dagong
Global Credit Rating and Mandarin Capital Partners, has been
given the green light to operate in the European Union, the
Chinese rating agency's first international push to wrest market
share from the "Big Three" that dominate globally.
SOUTH KOREAN private equity firm IMM Investment is getting a
155 billion won ($139 million) 10-year financing to acquire new
shares issued by Hanjin Newport Co, Basis Point reported.
U.S. REGULATORS have obtained a court order freezing the
assets of a Thailand-based trader, saying he reaped $3.2 million
in illegal profits after getting a tip ahead of the announcement
that a Chinese meat company was buying Smithfield Foods Inc
SHARES OF private equity-backed LightInTheBox Holding Co Ltd
rose as much as 32 percent in their debut, valuing the
company at about $600 million, as U.S. investors show renewed
interest in Chinese stocks.
AUSTRALIA'S COMPETITION regulator has blocked an attempted
takeover of Rafferty's Garden, an organic baby food supplier, by
U.S.-based food giant H.J. Heinz Co, dealing a blow to
the private equity owner of Rafferty's, Anacacia
FIVE BANKS have launched a syndication of the $330 million
financing backing the buyout of China-based software and IT firm
AsiaInfo-Linkage Inc, Basis Point reported.
THREE SOUTH Korean banks are arranging 1.1 trillion won
($980 million) in financing to back Tong Yang Life Insurance's
bid for Dutch bank ING's South Korean
insurance business, Basis Point reported citing bank sources.
A PRIVATE equity fund run by Goldman Sachs has
invested $135 million in unlisted Indian wind energy firm ReNew
Power Pvt Ltd, a company official said, making it one of the
largest renewable energy investors in India.
CHINESE MEAT company Shuanghui International's plans to buy
U.S.-based pork producer Smithfield Foods has some lawmakers
worried the deal could create food safety issues for U.S.
INDONESIAN BILLIONAIRE Chairul Tanjung has agreed to buy an
80 percent stake in the country's second-biggest pay-TV
operator, Telkomvision, heating up competition in the emerging
pay television market currently controlled by another tycoon,
THE BLACKSTONE Group is in advanced talks to buy a
business park in India's financial capital Mumbai for about 10
billion rupees ($176 million), two sources with direct knowledge
of the situation said.
AUSTRALIAN SURFWEAR company Billabong International Ltd
said it has ended takeover talks with two potential
suitors and is now discussing refinancing options instead, as it
warned that full-year profit will sink below previous guidance.
JAPAN'S GOVERNMENT is set to urge the nation's public
pension funds - a pool of over $2 trillion - to increase their
investment in equities and overseas assets as part of a growth
strategy being readied by Prime Minister Shinzo Abe, according
to people with knowledge of the policy shift.
PRIVATE EQUITY firm TA Associates, with its Hong Kong-based
portfolio company SpeedCast Ltd, said it has completed the
acquisition of Australia satellite communications service
company Pactel International.
GOLDMAN SACHS has joined Alibaba Group's
$8 billion loan with $500 million in financing as the Chinese
e-commerce giant prepares for a massive initial public offering
expected to come as early as the fourth quarter of this year.
PACTERA TECHNOLOGY International special committe
has retained J.P. Morgan Securities as financial advisor for the
going private proposal from Blackstone which values the company
at around $680 million.
A GROUP of investors, including Chinese real estate tycoon
Zhang Xin, paid about $1 billion for a 40 percent stake in a
landmark New York office building, a person familiar with the
deal said. The sellers of the stake in the GM building, were
Goldman Sachs' U.S. Real Estate Opportunities Fund and Meraas