Asian Citrus Holding Co, the largest orange plantation owner and operator in China, said yesterday that Temasek Holdings Pte Ltd, Singapore’s sovereign wealth fund, has bought a 5.37% stake in the Hong Kong-listed company.
Asian Citrus said in a statement filed with the Hong Kong Stock Exchange that Temasek on Dec. 30 subscribed a total of 65.13 million shares of the company.
The deal was done through Temasek’s two fully-owned subsidiaries, Maxwell (Mauritius) Pte Ltd and Mantaray (Mauritius), which subscribed 61.13 million shares and 4 million shares of Asian Citrus, respectively.
Asian Citrus in late November announced plans to place HK$1.55 billion worth of shares to eight investors to finance its takeover of Beihai Perfuming Garden Juice. The company said it would place 175 million shares at HK$8.88 apiece. HK$1.51 billion of the net proceeds from the deal will be used to finance its purchase of Beihai Perfuming Garden Juice and expand the production capacity of the target firm.
Asian Citrus Holding in October announced plans to purchase a 92.94% stake in Beihai Perfuming Garden Juice for HK$2.04 billion to enlarge its concentrate juice market in China.