Reuters: Private Equity: Asia Private Equity Weekly News, March 26, 2012

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Asia Private Equity Weekly News, March 26, 2012 Mar 26th 2012, 01:06 HONG KONG, March 26 | Sun Mar 25, 2012 9:06pm EDT HONG KONG, March 26 (Reuters) - News and developments in Asia private equity from Reuters News for the week ending March 23. MARCH 23 SHARES OF Chinese online retailer Vipshop Holdings fell as much as 12 percent in their New York market debut as even a sharp cut in the offer price failed to overcome concerns about mounting losses and a complicated corporate structure. KOREA LIFE Insurance Co Ltd said that it has placed a final bid for a controlling stake worth about $875 million in Tong Yang Life Insurance Co Ltd. TEAM BOSSES were cool on the idea of becoming actively involved in any flotation of Formula One on the Singapore stock exchange, instead preferring to focus on their own interests. MERGERS AND acquisitions activity hit its lowest quarterly level in more than seven years in the first quarter of this year, but investment bankers said a run-up in the markets will help turn the tide. IGATE CORP'S plan to delist its Indian subsidiary has set the stage for a battle next week with shareholders, who fear that the price being offered to sell their shares in Patni Computer Systems is too low. MARCH 22 CARLYLE GROUP has revived an initial public offering of AvanStrate Inc, a Japanese maker of glass used to make liquid crystal displays, taking advantage of the recovery in Japan's stock market. MARCH 21 FORMULA ONE chief Bernie Ecclestone said he had recommended Singapore as the best place to float the motor racing business, seeking to tap Asian enthusiasm for international sporting brands. MORGAN STANLEY'S Asia private equity arm has invested $300 million in China's Tianhe Chemicals Group, the two companies said on Wednesday, a deal that will help the specialty chemicals maker expand into the U.S. and European markets. FUBON FINANCIAL, parent of Taiwan's No.2 life insurance firm, said it will expand its local network by acquiring a bank, putting the spotlight on the Carlyle Group-controlled Ta Chong Bank. INDONESIA-FOCUSED private equity firm Saratoga Capital and two other investors have launched a sale of their 315 million shares in telecom tower firm PT Tower Bersama Infrastructure to raise up to 913.5 billion rupiah ($100 million), sources said. CHINA-FOCUSED private equity fund Lunar Capital has agreed to pay up to $50 million for a majority stake in privately held food company Sichuan Zhiqiang Food Co Ltd, according to a source with knowledge of the matter, placing a bet on the growth of home-grown consumer brands in China. MARCH 20 SOUTH KOREA state oil company Korea National Oil Corp is in talks to join a private equity-led consortium that agreed to buy El Paso Corp's oil and gas assets for $7.15 billion, a source with direct knowledge of the matter said. DEALTALK-WHEN Warburg Pincus sold a $150 million stake in India's Kotak Mahindra Bank last month, the U.S. buyout firm skipped past established investment banks such as Goldman Sachs and Morgan Stanley and chose a local house instead to handle the deal. FRANKLIN TEMPLETON is looking to raise $300 million for a fourth private equity fund that will provide growth capital to companies in emerging markets, the head of private equity at its emerging markets group said. MARCH 19 AUSTRALIA'S THIRD-ranked TV network, Ten Network Holdings Ltd, said it is considering selling its outdoor advertising business Eye Corp, following a spate of consolidation in the fast-growing outdoor ad market. CHINA REMAINS a key focus for Axiom Asia Capital Management, a private equity firm founded by former executives of Singapore sovereign wealth fund GIC, which said it had closed its third Asia fund at $1.15 billion. THE UNDERSEA cable unit of India's Reliance Communications , has applied to list in Singapore, two sources with direct knowledge of the matter said, a move that could raise $1 billion to help its parent company pare a heavy debt burden. WARBURG PINCUS said it has hired Simon Eyers, a partner from 4D Global Energy Advisors, as a Managing Director to concentrate on energy investments in Europe and emerging markets, based in London. MARCH 18 ABRAAJ CAPITAL, the Middle East's largest private equity firm, is set to unveil more deal-making soon and plans a major push into India. Link this Share this Digg this Email Reprints

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