KKR ups stake in Far East Horizon
KKR has upped its stake in Far East Horizon, a division of Chinese trading conglomerate Sinochem Group.
The private equity giant subscribed to a further 46.6 million shares in the Shanghai-based leasing company, which is listed on the Hong Kong Stock Exchange, at a price of HK$6.8 apiece.
In 2009, an investor consortium consisting of KKR, GIC Special Investments, a Singapore state-owned investment unit, and the state-owned China International Capital Corp, bought an approximately 30% stake in Far East Horizon for $160 million.
Far East Horizon, which listed in Hong Kong, saw Hillhouse Capital Management and Och-Ziff Capital Management become cornerstone investors in its IPO in March, by buying $80 million worth of shares. CICC, HSBC, Morgan Stanley and UBS were joint bookrunners for the deal.
The company generated a turnover of $327,000 and an EBITDA of $133,000 in 2010.
Last week, meanwhile, KKR became a cornerstone investor in the Hong Kong IPO of China Outfitters by subscribing to $60 million worth of shares.
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