In addition, MSPEA actively promoted the Tianhe Chemicals investment when it was raising its fourth and biggest Asia fund of $1.7 billion.
Homer Sun, MSPEA's chief investment officer and head of its China investments team, sits on the Tianhe Chemicals board as a non-executive director, along with specialists whose background includes stints at Dupont, Conoco and Standard Oil.
The completion of the deal is subject to the successful fulfillment of due diligence, approval by KPB Marketing shareholders and regulatory clearance, among other conditions.Country: Cayman IslandsSector: Banking/Financial ServicesTarget: Idea Thrive LimitedBuyer: Morgan Stanley Private Equity Asia Inc (MSPEA
) Vendor: KPB Marketing, China Financial Services Holdings LimitedDeal size in USD: 9.3mType: LBOStatus: Agreed
The deal, which would give MSPEA two seats on China XD's board, would help the Chinese company to boost capacity, upgrade production line and develop new products, its chief executive, Jie Han, said in a statement.
China XD, serving the automotive sector, raised its revenue forecast for 2011 by USD40m to between USD320m and USD350m.Country: China, Sector: Motor Vehicles, Machinery/EngineeringTarget: China XD Plastics Company Limited Buyer: Morgan Stanley Private Equity Asia (MSPEA)Deal size in USD: 100mType: LBO, StakebuildingStatus: Agreed
Modified plastics company China XD Plastics Company Limited (NASDAQ:CXDC) revealed on Wednesday the completion of the USD100m investment by Morgan Stanley Private Equity Asia (MSPEA).
Pursuant to the transaction, MSPEA has acquired China XD Plastics Company Limited's redeemable convertible preferred shares, and convertible into common stock at an initial conversion price of US$6.25 per share.