Singapore’s sovereign fund GIC Thursday said it will invest HK$659 million ($85.03 million), and become a ‘key shareholder’ in Bloomage BioTechnology Corp, a leading medical cosmetic products and services firm in China.
The deal will see GIC invest HK$465 million in convertible bonds and HK$194 million in new shares, the Hong Kong-listed company.
Bloomage BioTechnology said it will use the proceeds to continue with its internal organic growth and external acquisitive growth strategy to inject vitality into the aesthetic medical ecosystem in China and to drive its domestic and global expansion in the aesthetic medical sector.
Jin Xuekun, the chief executive of Bloomage BioTech, said, “The investment shows GIC’s recognition on our track record and future potential as well as our strategy of building up aesthetic medical ecosystem in China, which not only provides the company with additional capital, but also further enhances the company’s global operation, improving the cash flow and keeping the leverage ratio at an appropriate level.”
Sharon Sun Xiaoning, chief representative of greater China and head of direct investments group (China), GIC Special Investments, said, As a disciplined, long-term value investor, GIC believes in the strong growth potential of China’s aesthetic medical sector.”