China Huiyuan to issue $191.6m bonds to Singapore's Temasek
Published on Mar 21, 2014 12:32 PM
HONG KONG (Reuters) - China Huiyuan Juice Group will issue US$150 million (S$191.6 million) worth of convertible bonds to a unit of Singapore state investor Temasek Holdings, as China's top pure fruit juice producer aims to expand its investor base.
Huiyuan said it will issue the bonds due 2019 to Temasek's Baytree Investments (Mauritius). Temasek will indirectly hold 7.68 per cent of the enlarged share capital of Huiyuan on full conversion of the bonds.
Huiyuan, which holds as much as 56 per cent of China's pure juice market by sales volume, said on Thursday it would buy 117.7 million yuan (S$24.3 million) worth of assets from Suntory (China) Holding Co as the Hong Kong-listed firm expands its product portfolio to tea and coffee drinks.
Shares of Huiyuan fell 2.6 per cent as at 0317 GMT, lagging a 0.2 per cent gain in the benchmark Hang Seng Index.