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Yashili soars after investors buy stakes
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Shares of Yashili International Holdings Ltd soared to a record high in Hong Kong after investors, including Singapore state investment company Temasek Holdings, bought stakes in the infant-formula maker from parent China Mengniu Dairy Co.
Temasek, China-focused private equity firm Hopu Investment Management and three other investors have agreed to buy an aggregate 471 million shares of Yashili from Mengniu at HK$3.50 each (45 US cents), Yashili said in a stock exchange filing yesterday.
Temasek bought 47 percent of the shares through one of its Mauritius subsidiaries while Hopu took 38 percent. The other three investors bought the remaining 15 percent, according to the filing.
Shares of Yashili, the Hong Kong-listed arm of Guangdong Yashili Group, surged 17 percent to end at HK$4.24 yesterday, the highest close since its flotation, after it resumed trading from a nearly three-month suspension.
Shares of Mengniu gained 2.7 percent to HK$32.10.
The share sale will pare Mengniu’s interest in Yashili to 76.58 percent after it acquired 89.82 percent of the stock in August. Mengniu failed to meet a 90-percent threshold that would allow it to launch a compulsory acquisition of Yashili’s remaining shares and de-list the company from the Hong Kong stock exchange.
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