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November 19, 2009

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Xinfei sale eyed

HONG Leong Group, owned by Singapore billionaire Kwek Leng Beng, may sell its 90-percent stake in Xinfei, China's No. 3 refrigerator maker by market share, in a deal that could fetch more than US$700 million, a source with direct knowledge of the deal said yesterday. Hong Leong has hired a major global investment bank to explore strategic options for Xinfei and may sell its stake to a strategic buyer, said the source who declined to be identified because of the confidential nature of the deal.


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