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Sovereign Wealth Funds Briefing - Categorized | Asset Allocation, Financials, Market

GIC buying in Sun Art’s $1 bln share sale

Posted on 29 June 2011

Sun Art Retail Group Ltd., the Chinese hypermarket operator backed by France’s Groupe Auchan SA, plans to raise as much as HK$8.2 billion ($1.1 billion) in a Hong Kong initial public offering.
The Shanghai-based company, which counts Wal-Mart Stores Inc. among its competitors, plans to sell 1.14 billion new shares for HK$5.65 to HK$7.20 each, according to a sales document obtained yesterday by Bloomberg News. About half the stock will go to nine so-called cornerstone investors, including Government of Singapore Investment Corp. and Tiger Global Management LLC, which agreed to invest $40 million each……………………………………….Full Article: Source


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