Jidong Development, the parent company of Jidong Cement, which is backed by New Horizon Capital and the Government of Singapore Investment Corporation Pte Ltd (GIC), has secured CNY 786m from two Tianjin registered private equity funds.
The two investors are Rongyuan Growth (Tianjin) Equity Investment LP and New Horizon Growth (Tianjin) Equity Investment LP, a fund under management of New Horizon Capital.
After the placement, Jidong Development is 90% owned by the Tangshan State-owned Assets Supervision and Administration Committee, 7.454% by Rongyuan and 2.546% by New Horizon Capital. The proceeds from the two investors will be used to develop cement-related business.
In June 2010, Jidong Cement issue 135 million additional shares for Diamondrock Investment Limited at RMB 14.21 per share, which accounts for 10% of the company’s total equity. The CNY1.9bn (US$281.6m) raised will all be used to supplement the company’s liquid capital.