Receive $80 Grab vouchers valid for use on all Grab services except GrabHitch and GrabShuttle when you subscribe to BT All-Digital at only $0.99*/month.
Find out more at btsub.sg/promo
[SINGAPORE] GIC Pte said its private-equity unit invested HK$659 million (S$119 million) in Hong-Kong listed Bloomage BioTechnology Corporation Ltd., as it taps into China's growing medical cosmetics market.
The investment will consist of HK$465 million convertible bonds and HK$194 million new shares at a subscription price of HK$12 each, Singapore's GIC and Bloomage said in a joint statement on Thursday. Bloomage shares surged 8.2 per cent to HK$15 in Hong Kong at 2.55 pm.
Bloomage will use the funds to pursue its internal organic growth and external acquisitive growth strategy to "inject vitality into the aesthetic medical ecosystem in China and drive the Group's domestic and global expansion," it said in the statement.
GIC, manager of more than US$100 billion of Singapore's reserves, was founded in 1981 and invests almost exclusively in assets outside the city-state. GIC is increasing its investments in emerging economies as growth rates are expected to outpace those of developed markets.
Bloomage is mainly engaged in the development and sale of sodium hyaluronic acid, which is a common ingredient in cosmetic products, according to its website. In July, the company formed a joint venture with Korea's Medy-Tox Inc. to sell Type A Botulinum Toxin products, to expand the company's "competitiveness in the medical beauty industry," according to a statement filed at the time with the Hong Kong stock exchange. Botulinum Toxin is used in cosmetic treatments, and is marketed under brand names including Botox.
Barclays Plc was the sole bookrunner for the transaction, the bank said in a separate e-mail.