CDIB completes acquisition of Taiwan's Jintex

The investor has acquired an 81.2% stake in the Taipei-listed company at NT$27.50 per share. This offer was first submitted in March, when shares were trading around NT$25.00 apiece. The stock has traded in a range around NT$26-27 since then and closed October 30 at NT$26.10.

It is expected that the remaining 18.8% will be acquired by way of a share exchange. The company will then be wholly owned by CDIB and delisted. It will maintain headquarters in Taipei, along with its existing distribution, sales and production networks across Greater China, India, Indonesia, and Vietnam.

Jintex was founded in 1978 and specializes in the production of chemical agents for textiles and leather goods, including bleaches, dyes, and paints. Operations also encompass metal detergents, cement chemicals, and firefighting chemicals for electronic industrial processing and antistatic packaging materials.

Revenue improved 4.5% during 2018 to NT$1.9 billion, while profit declined 19% to about NT$108.6 million. This coincided with the completion of a new R&D and production center in Vietnam. The company was an early adopter of global sustainable manufacturing standards in Taiwan and seeks to maintain this lead as it pursues further expansion overseas.  

"We are delighted to partner with Jintex, one of Taiwan's leading companies in the specialty chemical sector with unique proprietary competence in developing high end eco-friendly chemical auxiliary agents," Lionel de Saint-Exupery, chairman and CEO of CDIB, said in a statement. "Over its 40-year history, the company has strategically expanded its geographic footprint to encompass the entire APAC-region."

Hong Kong-headquartered CDIB Capital is the pan-Asian private equity arm of China Development Financial. The PE unit has more than $2.5 billion in assets under management, across funds ranging from early incubation to late-stage growth to buyout. It is most active in the consumer, advanced manufacturing, services, healthcare, and technology sectors.

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• Topics
• Greater China
• Buyouts
• Industrials
• Taiwan (China)
• CDIB Capital
• manufacturing
• Chemicals