August 25 News and developments in Asia private
equity from Reuters News for the week ending August 22.
PRIVATE EQUITY firms Affinity Equity Partners and CVC
Capital Partners are among potential bidders for South
Korea's No. 1 car rental company, KT Rental, in a sale expected
to fetch around 800 billion won ($786 million), people familiar
with the matter said.
ORCHID ASIA, one of China's oldest private equity firms,
said on Thursday it had closed its sixth private equity growth
fund, raising $920 million, well above its original target, on a
record of strong returns to investors.
CATALYST CEL Fund, jointly managed by Israel's Catalyst
Equity Management Ltd and Hong Kong listed China Everbright Ltd
, said it had agreed to invest $42 million in Lamina
Technologies, a Swiss-based maker of metal-cutting tools.
AUSTRALIAN INDUSTRY compliance firm and takeover target SAI
Global Ltd announced a return to an annual net profit
from a loss the previous year, hitting analysts' forecasts as it
fields a number of potential takeover offers.
THE PRIVATE equity arm of French luxury goods giant LVMH
will invest up to $80 million in South Korea's YG
Entertainment Inc, which manages a stable of K-pop
performers including "Gangnam Style" rapper Psy.
HONY CAPITAL said it bought a 20 percent stake in Chinese
farm machinery maker Chery Heavy Industry Co Ltd for 696 million
yuan ($113.3 million), seeking to profit from Beijing's drive to
modernise its farm industry.
CANADIAN RETAILER Alimentation Couche-Tard Inc and
China's Tencent Holdings Ltd are among suitors
short-listed to buy a $16 billion minority stake in China's
Sinopec Sales, the world's largest fuel retail network, people
familiar with the matter told Reuters.
CHINESE LIGHTING manufacturer NVC Lighting Holding Ltd
said it was taking emergency measures following its
chief executive's refusal to step down after its board of
directors adopted a resolution calling on him to quit.
WARBURG PINCUS and China's Shanghai Baosteel Gases
Ltd have agreed a deal to buy the industrial gas assets of Henan
Jinkai Chemical Investment Holding Group for 3 billion yuan
($489 million), the two partners said.
BIOSENSORS INTERNATIONAL Group Ltd said that a
private equity unit of CITIC Group has decided not to
proceed with its takeover bid of the company.
PARTNERS GROUP Swiss investment manager Partners Group
Holding AG has agreed to buy the majority of
China-focused elevator guide rail maker Savera Group for around
2 billion yuan ($325 million), people with knowledge of the
matter told Reuters.
KKR & CO LP and Australian property manager Abacus
Property Group have agreed to buy 70 percent of the
World Trade Centre in Melbourne for A$120.4 million ($112.1
million), Abacus said in a statement.
ING INVESTMENT Management International has hired two senior
portfolio managers to boost its emerging market equities team,
the money manager said.
(Compiled by Stephen Aldred in Hong Kong; Editing by Stephen