China's private-equity firm Hony Capital has invested $100m and secured a 60% stake in the Chinese glass maker, Yaohua Glass.
Out of the remaining stake 30% is held by state asset supervision and administration commission of Qinhuangdao while the remaining 10% vests with World Bank’s private sector investment arm, the International Finance, according to Nasdaq.
Hony Capital CEO John Zhao said the investment will support Yaohua in meeting its strategic targets and gain access to the integration in the country’s glass making industry.
Nasdaq also reported that the glass maker received $150m in long-term loans, with $50m from the IFC and the remainder from commercial banks under the IFC’s coordination.
Yaohua, established in 1922, has CNY4.38bn of total assets, CNY910m in registered capital and has plans to reach an annual sales target of CNY5bn in five years.
The glass maker also is planning to have 13 production lines for float glass, two for borosilicate glass and one line for aluminosilicate glass.