Yongye gets funds from PE investor
Source: Agencies |
June 1, 2011, Wednesday
|
Print Edition
Print Edition
CHINESE plant and animal feed maker Yongye International Inc yesterday said Morgan Stanley's Asian private-equity arm will invest US$50 million in the firm.
Yongye intends to use the proceeds to expand its production capacity, repay bank debt and for general corporate purposes.
In connection with the investment, Yongye has vowed to meet some multi-year profit goals and has agreed to have Home Sun, the managing director of Morgan Stanley Private Equity Asia, join Yongye's board of directors.
The deal may close on June 10. The investment will involve buying US$50 million of preferred shares that can be converted into common stock at an initial conversion price of US$8.80 per share.
The conversion price could also be raised or lowered up to a maximum of US$15 per share based on the company's cumulative net income between 2011 and 2014.
Yongye intends to use the proceeds to expand its production capacity, repay bank debt and for general corporate purposes.
In connection with the investment, Yongye has vowed to meet some multi-year profit goals and has agreed to have Home Sun, the managing director of Morgan Stanley Private Equity Asia, join Yongye's board of directors.
The deal may close on June 10. The investment will involve buying US$50 million of preferred shares that can be converted into common stock at an initial conversion price of US$8.80 per share.
The conversion price could also be raised or lowered up to a maximum of US$15 per share based on the company's cumulative net income between 2011 and 2014.
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