GIC invests $120m in medical cosmetics firm
SINGAPORE sovereign wealth fund GIC will invest HK$659 million (S$120 million) in Bloomage BioTechnology Corp as it bets on China's leading medical cosmetic products and services firm.
The investment includes HK$465 million in convertible bonds and HK$194 million in new shares, the Hong Kong-listed company said in a statement, Reuters reported.
Bloomage is involved in making and distributing sodium hyaluronic acid, which is found in many cosmetic products. The company formed a joint venture in July with biopharmaceutical firm Medytox from South Korea to develop and promote Type A Botulinum toxin products, said Bloomberg.
GIC, which according to the Sovereign Wealth Fund Institute is the world's twelfth biggest sovereign wealth fund with assets estimated at US$344 billion (S$484 billion), has said it is keen on investing in technology companies in markets like China and India.