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Sovereign Wealth Funds Briefing - Categorized | Asset Allocation, Fund Profile/New Launches

Li Ning raises funds in convertible bond sales

Posted on 20 January 2012

Li Ning Co. said Thursday that it sold 750 million yuan ($119 million) in convertible bonds to U.S. buyout firm TPG Group and Singaporean sovereign-wealth fund Government of Singapore Investment Corp., as the Chinese sportswear maker grapples with tough competition and inventory problems.
The bonds, if converted, would give TPG a 7.6% stake in Li Ning, and would give the Singaporean fund, known as GIC, a 7.9% stake, up from its current 6% stake, according to a filing late Thursday with the Hong Kong Stock Exchange and a company spokeswoman. TPG would also get two board seats………………………………………..Full Article: Source


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