Huiyuan to sell US$150m in bonds to grow globally
Print Edition
CHINA Huiyuan Juice Group Ltd will issue US$150 million worth of convertible bonds to a unit of Temasek Holdings, the Singapore state investment fund, as the Chinese company seeks to “borrow” its investment experience to expand globally.
The bonds will be issued to Baytree Investments (Mauritius) Pte, and due in 2019, according to a statement yesterday. The bonds can be converted to shares of Huiyuan. On full conversion, Temasek will indirectly hold 7.68 percent of the enlarged share capital of Huiyuan.
“We are glad to have investment from Temasek,” said Zhu Xinlin, Huiyuan’s chairman. “The investment reflects foreign capital’s confidence in our team, brand and outlook. We also wish to borrow Temasek’s successful global investment experience to drive internationalization of the Huiyuan brand.”
On Thursday, Huiyuan said it will spend 117.7 million yuan (US$19 million) to buy the entire Suntory (Shanghai) Foods Co and a 50 percent stake in Suntory (Shanghai) Foods Marketing Co to tap the tea and coffee beverage market on China’s mainland.
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