China-focused buyout shop Hopu Investment Management Co. sold half its stake in Winsway Coking Coal Holdings for about $82 million, Reuters reported. The company is one of China’s major integrated importers and distributors of coking coal. Hopu owns almost 5 percent of the company after the sale.
(Reuters) – China-focused private equity fund Hopu Investment Management Co sold nearly half its stake in Winsway Coking Coal Holdings for around $82 million on Friday, Winsway said.
Hopu subsidiary Winstar Capital Group sold 163 million shares at HK$3.92 at the end of a six-month lock-up period.
Winsway raised $473 million in a Hong Kong IPO last year.
The company is one of China’s major integrated importers and distributors of coking coal, accounting for around 65 percent of total Mongolian coal imported into China in 2009, based on SXcoal’s import data.
Hopu owns almost 5 percent of the company after the sale.
(Reporting by Stephen Aldred; Editing by Dan Lalor)
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