Blackstone invests in CAH to expand
By Ding Yining |
July 5, 2010, Monday
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Print Edition
Print Edition
BLACKSTONE Group has announced a strategic investment in Beijing-based China Animal Healthcare as it seeks to expand its presence in the animal vaccine market.
Under the deal Blackstone will inject US$44 million into CAH's new shares and convertible bonds, the Singapore-listed firm said in a statement at the weekend.
Blackstone will subscribe to US$40 million worth of convertible bonds and 20 million new shares of CAH at 25 US cents per share.
"We're proud to partner with CAH and we consider it a good opportunity to capitalize on the growth momentum in the animal drug sector," said Benjamin Jenkins, senior managing director of Blackstone.
CAH will use the funds as working capital, future expansion as well as a potential share buyback because the firm believes there remains "good growth opportunities available in the market," said Wang Yangang, executive chairman and CEO of CAH.
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