Business Activities News
- Guangdong News
Date: 26-Mar-2007 Sources: (Shenzhen Daily)
CVC Capital Partners Asia Pacific, a buyout fund partly owned by Citigroup Inc., is set to pay 1.65 billion yuan (US$213 million) for a controlling stake in a domestic bottle maker.
CVC Capital will buy a 29 percent stake in Shenzhen-listed Zhuhai Zhongfu Enterprise Co. from Zhongfu's parent, Zhongfu said in a statement Saturday. The fund paid 8.27 yuan a share, 20 percent more than the market price. 'Introducing foreign strategic investors can help the company absorb international management skills,'' Zhongfu, based in the southern city of Zhuhai, said. The sale would improve the company's performance, brand recognition and influence, Zhongfu said.
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