GIC-led group invests $132m in China dairy firm
CHINA'S Huaxia Dairy Farm said yesterday it has received US$106 million (S$132 million) in investment capital from a consortium led by Singapore sovereign wealth fund GIC and private equity firm Olympus Capital, to expand its farming operations and retail dairy business.
Huaxia, which operates three dairy farms in Sanhe outside Beijing, is building a fourth farm in Xinghua, Jiangsu, to meet growing demand for high-quality raw milk.
GIC is investing US$70 million, Olympus Capital is investing US$30 million, and other shareholders including Grand River Capital are investing US$6 million, Huaxia said.
Olympus Capital has now invested a total of US$108 million in the company and is its largest shareholder.
Huaxia Dairy was established in 2004, and has more than 13,500 cows at its three Sanhe farms. It sells products under the Wondermilk brand.