West Palm Beach (HedgeCo.Net) – Vega Co. Ltd has offered to buy Singapore based apparel manufacturer Sing Lun Holdings Ltd for $87 million.
Vega Co, which is a wholly-owned subsidiary of The HSBC Private Equity Fund 6, is seeking to privatize Sing Lun, along with placing two of their shareholders on the board of directors. They have offered Sing Lun $0.46 per share, and 18% increase over their last closing price of $0.39.
Sing Lun manufactures and distributes apparel to stores such as Banana Republic, Ralph Lauren and Old Navy through their factories in Singapore, Malaysia, Sri Lanka, Vietnam, China and Cambodia. It’s founding shareholders, who currently have a 53% stake in the company, have agreed to sell their shares.
The HSBC Private Equity Fund 6 currently manages around $1.25 billion, and focuses on investments through China, South Korea and other parts of Asia.
Julie Scuderi
Senior Editor for HedgeCo.Net
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