SINGAPORE: A consortium led by Singapore's sovereign wealth fund GIC and private equity firm Olympus Capital has invested an additional US$106 million (S$132.1 million) in China's Huaxia Dairy Farm.
In a statement on Wednesday (July 2), GIC said it is investing US$70 million (S$87.2 million) in this latest round of funding, while Olympus Capital Asia is putting in US$30 million (S$37.4 million). Other existing shareholders, including Grand River Capital, are investing the remaining US$6 million (S$7.5 million), it added.
Combined with its previous investments, Olympus Capital Asia has now invested US$108 million (S$134.6 million) in the company and is its largest shareholder.
Huaxia, which was established in 2004, operates three dairy farms in Sanhe outside Beijing. The company is building a fourth farm in Xinghua, Jiangsu, to meet growing demand for high-quality raw milk.
The investment proceeds will be used to expand the company's farming operations and retail dairy business, GIC said. It will also be used to "further develop the company's industry-leading farm management technology, import additional heifers and drive the expansion of the Wondermilk brand", according to the statement. - CNA/kk
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