Temasek, Hopu to purchase $213m stake in Yashili International
summary：Temasek, a sovereign wealth fund of the Government of Singapore, and private equity firm Hopu have agreed to purchase a $213m stake in Chinese infant formula maker Yashili International....
Temasek, a sovereign wealth fund of the Government of Singapore, and private equity firm Hopu have agreed to purchase a $213m stake in Chinese infant formula maker Yashili International.The move comes after Yashili's parent company China Mengniu Dairy has sold shares to meet Hong Kong listing requirements, reports Reuters.
Mengniu has offered $1.6bn for Yashili's complete shares in June 2013. However, it received offers only for 89.82% of stock.
Meanwhile, Yashili has requested for a three-month waiver in order to meet the minimum public float of 23.42%.
Yashili shares are expected to recommence trading on 11 November 2013, following a suspension since August.
Yashili International manufactures and sells diary and nourishment products in the People's Republic of China. The company provides pediatric milk formula products and milk formula for pregnant women under the brand names of Yashily and Scient.