SHANGHAI - China's private-equity firm Hony Capital Ltd. said Wednesday it has invested US$100 million in China Yaohua Glass Group Ltd. and secured a 60% stake in the Chinese glass maker, in its latest bid to gain access to the integration in the country's glass making industry.
The state asset supervision and administration commission of Qinhuangdao city in Shandong Province holds a 30% stake in the company, while the remaining 10% belongs to the World Bank's private sector investment arm, the International Finance Corp., Hony said in a statement.
The glass maker has also received US$150 million in long-term loans, with US$ 50 million from the IFC and the remainder obtained from commercial banks under the IFC's coordination, according to the statement.