21 August 2019

Hopu, Temasek in HK$1.65 bln Yashili quintet, Reuters says

Singapore’s Temasek Holdings and China-focused private equity firm Hopu were among five investors buying a US$213 million stake in Yashili International Holdings Ltd., after parent China Mengniu Dairy Co Ltd sold down shares to meet Hong Kong listing requirements, Reuters reported Monday, citing a securities filing by the dairy companies. Temasek, through one of its Mauritius subsidiaries, Hopu and three individual investors agreed to buy 471.13 million shares of Yashili from Mengniu for HK$3.50 each, putting the total deal at HK$1.65 billion (US$213 million), the report said. Mengniu offered US$1.6 billion in June for all of Yashili, but the offers it received fell just short of a 90 percent threshold that would have enabled it compulsorily acquire the rest of the shares, the report said. Mengniu then had to sell down its stake in Yashili to ensure it met Hong Kong’s public float requirements.

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