The Carlyle Group Partially Exits Hong Kong-listed Haier Electronics, Partners with Investec Asset Management to Invest in J&J Africa (Asia, Sub-Saharan Africa)

Source: Haier Electronics Group, Asian Venture Capital Journal, Investec Asset Management  |  Author: Andrew Woodman

Global alternative asset manager The Carlyle Group has raised around US$285 million after selling part of its stake in Hong Kong-listed appliance maker Haier Electronics Group. Carlyle sold 100 million shares, by way of a block trade, at HKD22.10 (approximately US$2.85) a piece. In August 2011, Carlyle, structured through Carlyle Asia Partners III, had bought US$194 million worth of convertible bonds and warrants in the company. In a separate transaction, Carlyle, in partnership with global investment firm Investec Asset Management, has agreed to invest in Mozambique-based J&J Africa, a pan-African logistics company focused on road transportation of cargo along the Beira corridor. Financial details of the transaction, which was structured through Investec Africa Frontier Private Equity Fund 1, were not disclosed.