Carlyle makes Haier investment
By Lydia Chen |
August 3, 2011, Wednesday
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Print Edition
Print Edition
GLOBAL buyout giant Carlyle Group LP has agreed to invest HK$1.07 billion (US$137 million) in its strategic partner Haier Electronics Group Co through convertible bonds and warrants, the Chinese company's parent said yesterday.
Hong Kong-listed Haier Electronics will issue 40 million units of equity warrants to Carlyle's subsidiary Hawaii Asia Holdings Ltd, which can buy shares in the company at HK$11.21 each 18 months after the issue takes effect, parent Qingdao Haier Co said in a statement to the Shanghai Stock Exchange.
The five-year bond, which carries a 3 percent interest rate, can be converted into Haier Electronics shares at HK$10.67 each, the statement added.
The Hawaii Asia also has inked a memorandum of understanding on a strategic cooperation with Haier Electronics, pledging to support the Chinese company by evaluating its investment strategy and providing advice, according to the statement.
Hawaii Asia is managed by Carlyle Asia Partners III, according to the statement.
Home appliance maker Qingdao Haier Co owns 50.85 percent of Haier Electronics.
Qingdao Haier shares fell 1.6 percent to 12.42 yuan (US$1.92) in Shanghai. Haier Electronics lost 2.1 percent to HK$9.29 in Hong Kong.
Hong Kong-listed Haier Electronics will issue 40 million units of equity warrants to Carlyle's subsidiary Hawaii Asia Holdings Ltd, which can buy shares in the company at HK$11.21 each 18 months after the issue takes effect, parent Qingdao Haier Co said in a statement to the Shanghai Stock Exchange.
The five-year bond, which carries a 3 percent interest rate, can be converted into Haier Electronics shares at HK$10.67 each, the statement added.
The Hawaii Asia also has inked a memorandum of understanding on a strategic cooperation with Haier Electronics, pledging to support the Chinese company by evaluating its investment strategy and providing advice, according to the statement.
Hawaii Asia is managed by Carlyle Asia Partners III, according to the statement.
Home appliance maker Qingdao Haier Co owns 50.85 percent of Haier Electronics.
Qingdao Haier shares fell 1.6 percent to 12.42 yuan (US$1.92) in Shanghai. Haier Electronics lost 2.1 percent to HK$9.29 in Hong Kong.
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