Related News
KKR sells last stake in Chinese dairy firm
Print Edition
US private equity firm KKR & Co has sold its remaining stake in China Modern Dairy Holdings, raising around US$80 million, a source with direct knowledge of the matter said.
KKR sold around 168 million shares at HK$3.70 (48 US cents) per share versus Monday’s closing price of HK$3.85, the source said yesterday.
China Modern Dairy announced interim after tax profit for the six months ended on June 30 of 545 million yuan (US$88.6 million), a rise of more than three times from the previous year.
KKR confirmed the sale, without giving further details.
“We are very proud of the partnership we have had with Modern Dairy since 2007 in supporting their efforts to provide safe and healthy drinking milk to Chinese consumers,” said Julian Wolhardt, member of KKR.
Wolhardt added that KKR remains a believer in the long-term growth of China’s dairy sector. The New York-based firm is an investor with China Modern Dairy and private equity firm CDH Investment in Asia Dairy, a dairy farm venture established in 2013 to meet China’s rising demand for premium milk products.
KKR and CDH initially bought stakes in China Modern Dairy after the country’s milk industry was battered by a 2008 scandal involving chemical-laced products. KKR paid US$150 million in cash for a 34.5 percent stake.
After Modern Dairy’s 2010 IPO and the sale of a stake to Mengniu last year, KKR almost tripled its original investment.
China Modern Dairy grew its herd from 24,000 dairy cows and three farms to around 180,000 dairy cows and 22 farms during the five years after KKR and CDH invested.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
