April 29, 2013 / 3:00 AM / 5 years ago

Asia Private Equity Weekly News, April 29, 2013

HONG KONG, Apr 29 (Reuters) - News and developments in Asia private equity from Reuters News for the week ending April 26.


JAPAN‘S SUMITOMO Mitsui Banking Corp is in advanced talks to buy a $1.2 billion stake in BTPN, an Indonesian lender backed by TPG Capital, people familiar with the matter told Reuters.

INDONESIA‘S SARATOGA Investama Sedaya, an investment holding company, is expected to begin investor education for an initial public offering of about $250 million in early May, IFR reported.

AUSTRALIAN COPPER miner Discovery Metals Ltd’s top executive said the company has received no new bid from former suitor Cathay Fortune, adding the Chinese firm’s disparaging comments earlier in the week were part of an effort to snap up its Botswana copper project cheaply.

AS PART of Japan’s economic revival plan, the new government has added $3.2 billion to the spending power of state-linked funds investing in Japanese companies, effectively acting as venture capitalists much to the chagrin of private equity firms.

PRIVATE EQUITY firm KKR & Co LP said it will share 40 percent of profits from its own investments with shareholders and reported quarterly earnings that beat expectations, sending its shares to an all-time high.


PRIVATE EQUITY firm Permira has told investors it has raised 2.2 billion euros ($2.9 billion) in the first tranche of its latest fund, Permira V, half the amount of an already scaled back target.

CITIGROUP HAS appointed Chris Laskwoski, a 15 year veteran at the bank, as head of corporate and investment banking for Hong Kong, according to an internal memo seen by Reuters. Laskowski will continue to head the bank’s alternative assets group for Asia Pacific, the memo said.


CHINESE FIRM Cathay Fortune Corp, the top shareholder and a former suitor of Australia’s Discovery Metals Ltd, has proposed a fresh offer to buy the copper miner, as long as Discovery halts a planned equity raising.


3SBIO INC said a consortium comprising its Chief Executive Jing Lou and CITIC Private Equity has raised its offer for the Chinese biotechnology company for the second time to about $370 million.

AUSTRALIAN SURFWEAR maker Billabong International Ltd said it had granted a 10-day extension to the buyer consortium led by Sycamore Partners, which is in talks to take the company private.


TPG CAPITAL is putting China’s UniTrust Finance & Leasing Corp up for sale, seeking $800 million, and has hired Morgan Stanley and UBS to handle the deal, people with knowledge of the matter told Reuters.

DISCOVERY METALS’ top shareholder and former suitor, Chinese firm Cathay Fortune Corp, said it will not support the Africa-focused copper producer’s plan to shore up its funding.

STANDARD CHARTERED Bank said it has hired Petter Sternby, the former head of Nomura’s Asia FIG team as head, as head of Southeast Asia financial institutions coverage.

CHINA FOCUSED private equity firm Lunar Capital Management has taken a controlling stake for around $50 million in Guizhou Yonghong Food Co Ltd, which makes and sells beef products under the Bullhead brand, according to a source with knowledge of the matter.

LAW FIRM Morrison & Foerster said that Marcia Ellis has rejoined the firm as a corporate partner in the Hong Kong office, advising on debt financing, private equity transactions and cross border mergers and acquisitions.


BLACKSTONE GROUP Inc. founder Stephen Schwarzman will personally donate $100 million to a scholarship fund at China’s Tsinghua University as part of the largest internationally funded philanthropic project in the country’s history.

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