SEAVI Advent acquires 4.22% stake in Hu An Cable for $11.8m

Written by The Edge

Thursday, 18 November 2010 21:44

Mainboard-listed Hu An Cable Holdings, one of the top 10 wire and cable manufacturers in China, says institutional investor SEAVI Advent purchased a 4.22% stake, or 28 million ordinary shares, the company from Goka Limited for about $11.8 million. The offer price of $0.42 per share represents a 10.5% premium over the closing trade price of $0.38 per share on 15 November 2010. After the purchase, Goka’s stake in Hu An Cable is reduced to 19.56%. Goka is a company wholly-owned by Yeung Wai Wing, a non-executive board member and substantial shareholder of the group. SEAVI Advent is the Asian Affiliate of Advent International, a global private equity investment group that has raised more than US$26 billion in cumulative capital and invested in over 500 companies in 39 countries. Some of its prominent investments include Venture Corporation and Yangzijiang Shipbuilding (Holdings).