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Baring completes partial exit from China's Yingde Gases

  • Alvina Yuen
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Baring Private Equity Asia has exited part of its stake in Hong Kong listed Yingde Gases through a block trade worth of HK$414 million ($53 million). The partial exit comes after a 40% gain in Yingde’s share price since October 2011.

The gas company recorded a block transaction for a total of 50 million shares before trading began on Monday. The shares were sold at HK$8.29 apiece, representing a 6.9% discount on the Friday closing price. Following the transaction, Baring holds 31 million shares, or an approximate 1.7% stake.

Yingde, founded in 2001 in Shanghai, completed a Baring-backed management buyout in 2006. The company, which produces and distribues industrial gas products used in the iron and steel industry, has grown its operation from six gas plants to more than 20 in 2009. It has become the largest domestic independent industrial gas supplier specializing in on-site gas supply in China by total revenue.

Yingde listed in Hong Kong in 2009, raising $400 million. Baring divested a portion of its stake in the IPO, and sold another tranche in April 2010. Last November, Baring it also raised HK$402.5 million through the sell down of 50 million shares.

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