March 31, 2014 / 7:47 AM / 4 years ago

Asia Private Equity Weekly News, March 31, 2014

HONG KONG, March 31 (Reuters) - News and developments in Asia private equity from Reuters News for the week ending March 28.


LOTTE SHOPPING, KB Financial Group and private equity-backed Tong Yang Life Insurance were among companies that submitted preliminary bids for a controlling stake in LIG Insurance, which is seen to be worth around 400 billion won ($373.31 million) or above, the bidders said on Friday.

AFTER WAITING nearly two years, India’s GMR Energy plans to file an IPO prospectus in coming days to raise about $250 million, sources with direct knowledge of the matter said, starting what bankers hope is an election-fuelled revival in equity raising.

CHINA PORK producer W.H. Group, which acquired U.S.-based Smithfield Foods last year, received approval from the Hong Kong stock exchange for its proposed up to $6 billion initial public offering, IFR reported.


THE AUSTRALIAN government’s planned multibillion-dollar sale of state health insurer Medibank Private could not have come at a more challenging time, with the shelving of three sales worth over A$1 billion ($922.45 million) in recent weeks.


SHARES OF Baring Private Equity Asia’s Nord Anglia Education Inc rose as much as 12 percent in their U.S. market debut, valuing the Hong Kong-based school operator at about $1.7 billion.

CHINA‘S TENCENT Holdings Ltd said it was buying a 28 percent stake in South Korean mobile gaming firm CJ Game for $500 million. The purchase will help Tencent, China’s biggest listed Internet company, expand its profitable online and mobile gaming business and grow its presence abroad.

W.H. Group has hired 28 book runners for its planned $5-6 billion Hong Kong initial public offering, a record number for banks working on an Asian IPO, IFR reported.


CANADA PENSION Plan Investment Board said it has formed a joint venture with real estate developer China Vanke Co Ltd , and will invest $250 million in China’s residential market over time through the venture.


JAPAN BANK for International Cooperation and Sumitomo Mitsui Trust Bank said they have agreed to invest in CVC Capital Partners Ltd’s fourth Asian fund, which is seeking to raise around $3 billion.

LI NING Co Ltd, China’s best known sportswear company, posted its second straight year of losses in 2013, but the loss was narrower than the previous year, thanks to fewer retail discounts, better turnover of new products and faster inventory replenishment.


CHINA‘S STATE Grid Corporation and Australian infrastructure fund IFM are in pole position to take stakes in a company that controls Italian energy grids, two sources with knowledge of the matter told Reuters. (Compiled by Stephen Aldred; Editing by Gopakumar Warrier)

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