Kleinwort strikes two deals
THE China Investment and Development Fund (CIDF) manager, Kleinwort Benson China Management, has struck two deals to invest in two mainland manufacturing groups.
CIDF will hold a 28 per cent stake in Jiuhua Polyester Fibre Co in Zhejiang province. The mainland partner will own the other 72 per cent.
CIDF has also signed agreements with Qufu Brewery to establish a joint venture, Qufu Sankong Brewery Co, which will be 28 per cent owned by the fund.
The joint venture will have assets of US$19.6 million, of which $5.5 million will be subscribed by CIDF in cash.