Fosun gets 20% stake in Taiwan bakery store
Fosun has invested NT$360 million ($12.3 million) to acquire a 20% stake in Taiwan’s Vigor Kobo, a bakery chain that produces traditional cakes and pastries. The deal is said to represent the first Chinese conglomerate's first foray into Taiwan’s food sector.
The investment was made through Fosun's Hong Kong-based subsidiary Laxton Investments. Fosun will appoint a director to Vigor's board.
"The investment will create a win-win situation for cooperation between Taiwanese and Chinese private enterprises," said Liang Xinjun, vice chairman of Fosun, adding that Fosun will support Vigor's entry into the Chinese market by leveraging its local commercial networks. Vigor will launch its first flagship store in Shanghai next month.
The bakery chain plans to begin trading its shares on Taiwan's Emerging Stock Market next month, and then go public via the over-the-counter GreTai Securities Market.
Vigor's revenues reached more than NT$1 billion in the first 10 months of this year, compared to only tens of millions NT dollars before 2008.
The Investment Commission of Taiwan approved the deal last month.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.