外國(guó)私人股本擬出售中國(guó)閩中食品股份

The foreign owners of a leading Chinese food processing company are to consider a sale, emphasising intense interest by private equity funds to exit investments due to strong Asian market performance.

一家領(lǐng)先中國(guó)食品加工公司的外國(guó)所有者將考慮出售所持股份，突顯私人股本基金在亞洲市場(chǎng)表現(xiàn)強(qiáng)勁之際退出投資的強(qiáng)烈意愿。

People close to the situation said China Minzhong, the food company, was delivering annual earnings before tax of about $60m and could be worth more than $700m.

據(jù)知情人士表示，閩中有機(jī)食品有限公司（下稱閩中）稅前年利潤(rùn)約為6000萬(wàn)美元，價(jià)值可能超過(guò)7億美元。

China Minzhong is majority-owned by the private equity arm of the Government of Singapore Investment Corporation and Olympus Capital, a US fund. It has appointed JP Morgan to advise on a possible sale, say people familiar with the situation. All declined to comment.

閩中的多數(shù)股權(quán)由新加坡政府投資公司的私人股本部門及美國(guó)基金Olympus Capital持有。據(jù)知情人士表示，該公司已經(jīng)聘請(qǐng)摩根大通(JP Morgan)擔(dān)任這筆可能的交易的顧問(wèn)。相關(guān)各方均拒絕置評(píng)。

Minzhong is one of China's big processors of dried, frozen and tinned vegetables, with 70 per cent of sales overseas.

閩中是中國(guó)烘干、冷凍與罐裝果蔬大型加工商之一，70%的產(chǎn)品銷往海外。

Based in Fujian province, it was acquired by the consortium – which includes another Singaporean private equity fund – in a management buy-out in April 2006.

該公司總部設(shè)在福建省，于2006年4月被上述銀團(tuán)（包括另一家新加坡私人股本基金）通過(guò)管理層收購(gòu)(MBO)收入囊中。

Minzhong has grown strongly, helped by its reputation as an early mover in China to adopt standards suitable for export markets.

閩中增長(zhǎng)強(qiáng)勁，得益于該公司在中國(guó)率先采用適合出口市場(chǎng)的標(biāo)準(zhǔn)的名聲。

People familiar with the matter said the consortium had discussed selling control to a private equity buyer by a structured deal to list China Minzhong on Singapore's stock exchange. That would allow existing shareholders to keep a minority stake and to benefit from growth.

知情人士表示，該銀團(tuán)曾討論通過(guò)讓閩中在新加坡證券交易所上市的結(jié)構(gòu)化交易，將控制權(quán)出售給一個(gè)私人股本買家。這將使得現(xiàn)有股東保留少數(shù)股權(quán)，并從增長(zhǎng)中受益。

Potential private equity buyers scoffed at the proposed structure. The consortium has fresh plans to pursue a sale.

潛在私人股本買家對(duì)這種擬議的結(jié)構(gòu)不以為然。該銀團(tuán)又提出了新的出售計(jì)劃。

Dealmakers who specialise in Asia's private equity scene said funds regionwide are combing portfolios to monetise assets.

專攻亞洲私人股本領(lǐng)域的交易撮合者表示，亞洲各地的基金正在梳理資產(chǎn)組合，將資產(chǎn)套現(xiàn)。

They said portfolio companies acquired in so-called “vintage” years of 2005 and 2006 could typically deliver up to three-times gains at current market levels. “Private equity funds need to recycle some of their investments to return cash to shareholders – and an asset like China Minzhong is ripe to divest because it was bought before prices took off in 2007 and 2008,” said one dealmaker.

他們表示，在所謂的2005和2006“釀制”年收購(gòu)的資產(chǎn)組合公司，按照目前的市場(chǎng)水平，一般可獲得高達(dá)3倍的增值。一名交易撮合者表示：“私人股本基金需要回收它們的一些投資，向股東返還現(xiàn)金——像閩中這樣的資產(chǎn)，剝離時(shí)機(jī)已經(jīng)成熟，因?yàn)樗窃?007年和2008年價(jià)格飛速上升前購(gòu)買的。”

Carlyle Group, the US fund, last week sold Kbro, its Taiwanese cable-television operator, to Taiwan Mobile in a cash and shares deal worth $1bn. TPG, another global fund, is preparing a $2bn Australian listing of its Myer department store chain.

美國(guó)基金凱雷集團(tuán)(Carlyle Group)上周通過(guò)價(jià)值10億美元的現(xiàn)金加股票交易，將旗下的臺(tái)灣有線電視運(yùn)營(yíng)商凱擘股份(Kbro)出售給了臺(tái)灣大哥大(Taiwan Mobile)。另一家全球性基金德州太平洋集團(tuán)(TPG)，正在準(zhǔn)備旗下連鎖百貨商店Myer價(jià)值20億美元的澳大利亞上市。

Wumart Stores – a Chinese supermarket operator in which TPG has a small stake – is in talks to acquire Times, a Hong Kong-listed rival, for about $600m, people close to the matter said.

據(jù)知情人士表示，德州太平洋集團(tuán)持有少數(shù)股權(quán)的中國(guó)超市運(yùn)營(yíng)商物美(Wumart Stores)，正就對(duì)香港上市競(jìng)爭(zhēng)對(duì)手——時(shí)代零售集團(tuán)有限公司(Times)價(jià)值約6億美元的收購(gòu)進(jìn)行談判。

譯者/董琴