GIC leads US$106m investment in Chinese dairy farm
Published on Jul 2, 2014 5:07 PM
SINGAPORE - A group of investors led by Singapore's sovereign wealth fund GIC and private equity firm Olympus Capital Asia has injected US$106 million (S$132 million) into Huaxia Dairy Farm, a milk producer headquartered in Sanhe, China.
The capital will be used to fund the expansion of the company's farming operations and its retail dairy products business, GIC said in a statement on Wednesday.
GIC will invest US$70 million in this round of financing while Olympus Capital Asia will put in US$30 million. Other existing Huaxia Dairy shareholders, including venture capital private equity fund Grand River Capital, will make up the balance US$6 million.
This round of investment will bring Olympus' total investment in Huaxia Dairy to US$108 million, making Olympus the company's largest shareholder.
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