Singaporean sovereign wealth fund Temasek has received regulatory approval from the Competition Commission of India to acquire a ten percent stake in India-based pharmaceutical formulation development company Intas Pharmaceuticals from India-focused investment firm ChrysCapital. ChrysCapital, which holds a 16.8 percent stake in the company, had previously invested INR3.53 billion (approximately… Read More
China-focused private equity firm Hony Capital has agreed to acquire a 12.4 percent stake in Hong Kong-listed hotel company Shanghai Jin Jiang International Hotels Development for RMB15 billion (approximately US$243 million). Hony will buy 100 million shares in Shanghai Jin Jiang at RMB15 (approximately US$2.43) apiece. The price represents… Read More
China-based financial asset manager China Huarong Asset Management has signed an agreement with a consortium of investors, including private equity firm Warburg Pincus, to issue new shares amounting to a total of RMB14.5 billion (approximately US$2.4 billion), representing a 21 percent stake. China Huarong intends to make a public offering… Read More
ACO Investment Group, an infrastructure-focused alternative investment manager, has signed an agreement with the Burma Ministry for Electric Power to develop two 150MW solar energy plants in Myanmar. The project is valued at US$480 million. The plants are expected to account for ten percent to 12 percent of Myanmar’s power… Read More
India-based Snowman Logistics, a cold chain service provider backed by venture capital firm Norwest Venture Partners, is aiming to raise up to INR1.97 billion (approximately US$32.5 million) after launching its initial public offering last week. Anchor investors, including private equity firm Faering Capital and several hedge funds, subscribed to 9.45… Read More
The twelfth issue of the EMPEA Legal and Regulatory Bulletin echoes the dynamic, fluid nature of the emerging markets regulatory landscape. In this issue we explore how country-specific regulatory developments are creating challenges and opportunities for private equity investors and practitioners. The issue specifically looks at recent developments in Brazil,… Read More
Global investment firm KKR & Co. has signed an agreement to acquire an 18 percent stake in Shenzhen-listed chicken meat producer Fujian Sunner Development for approximately US$400 million. Sunner operates as a breeder, processor and supplier of chicken products, providing fresh and frozen chicken to China's fast food and food manufacturing… Read More
Private equity firms SAIF Partners and Aditya Birla Private Equity have invested just over INR700 million (approximately US$11.6 million) in a financing round for India-based juice manufacturing and marketing company Manpasand Beverages. The transaction valued the company at INR10 billion (approximately US$165 million). Post-investment, SAIF Partners and Aditya Birla Private… Read More
India’s corporate laws and exchange control regulations have been notoriously cumbersome in two areas critical to private equity and venture capital investments in Indian companies: capital structuring and distribution of profits. In April of this year, India’s Ministry of Corporate Affairs published rules (the “Rules”) to implement the Companies Act… Read More
Asia-focused investment group Orchid Asia has reached a first and final close on its sixth China-focused growth capital fund, Orchid Asia VI, with US$920 million in capital commitments, hitting the fund’s hard cap. Fund VI, which was originally targeting US$750 million, was oversubscribed with reported interest of more than US$1.3… Read More
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