CITIC PE Eyes Buyout Of Singapore-Listed Biosensors International

CITIC Private Equity Funds Management Co. Ltd. (CITIC PE) is considering a full buyout of Singapore-listed Chinese medical device maker Biosensors International, according to Chinese media reports.

Last November, CITIC PE bought a 21.7% stake in Biosensors from Hong Kong-listed Shandong Weigao Group Medical Polymer for US$312.3 million.

CITIC PE is currently in talks with several banks about financing for the deal.

Biosensors confirms that CITIC PE has held "very preliminary discussions" to explore options relating to its shareholdings, but no decision has been made.

In October 2010, another Chinese private equity firm, Hony Capital, acquired around 11% of Biosensors at a price of S$0.8888 per share, according to disclosure documents.

Established in 2008, CITIC PE is the private equity platform of CITIC Group and CITIC Securities.

It currently manages four funds, including CITIC Private Equity Fund I with RMB9.363 billion; CPEChina Fund, L.P. with US$990 million; CITIC Private Equity Fund III with targeted total fund size of RMB10 billion; and CITIC Mezzanine Fund I, targeting at RMB5 billion.

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