CDIB-led Prime Express Completes Acquisition Of Jintex Corporation Ltd. (TWSE: 1787)Hong Kong, June 12, 2019
Prime Express International Limited (“Prime Express”), the special purpose vehicle of a consortium led by CDIB Capital, is pleased to announce that it has successfully acquired 81.2% of issued and outstanding common shares of publicly-listed Jintex Corporation Ltd. (“Jintex”, TWSE: 1787) for NT$27.50 per share, effectively becoming the majority shareholder of Jintex.
The tender offer was completed at a valuation, which represents total market capitalization, of NT$1.87 billion (US$60.7 million) and the transaction has been approved by the local regulators. It is expected that the company’s 18.8% of remaining outstanding shares will be acquired by way of a share exchange. Once the share exchange and purchase is completed, Jintex will be wholly owned by Prime Express and subsequently delisted from the Taiwan Stock Exchange to become a private company.
Jintex will maintain its corporate headquarters in Taipei, its existing global distribution and sales networks and its production plants in Taiwan, mainland China, India, Indonesia and Vietnam.
Prime Express, the offeror of the tender, is an investment company that is owned by a consortium of investors that include CDIB Capital Asia Partners L.P., Ms. Juang, and Mr. Weng, both directors of Jintex.
Lionel de Saint-Exupéry, Chairman and CEO of CDIB Capital, added “We are delighted to partner with Jintex, one of Taiwan’s leading companies in the specialty chemical sector with unique proprietary competence in developing high end eco-friendly chemical auxiliary agents. Over its 40 year history, the company has strategically expanded its geographic footprint to encompass the entire APAC-region. We believe that the partnership between CDIB Capital and Jintex will fully support the company’s ambition to become a regional leader in terms of size and technology. This is an exciting opportunity to work alongside an exceptional management team to capture growth opportunities in Taiwan and beyond.”
About Jintex Corporation Ltd.
Founded in 1978, Jintex is a leading manufacturer specialized in the production and distribution of textile and leather chemical auxiliary agents, which play an important role in endowing textile and leather products with various functional or technical qualities. The company has a full suite of products that address the increasingly environmentally conscious and regulatory compliant mandate international brand companies are compelled to satisfy. The company was a first mover in Taiwan to adopt and adhere to these new global standards for sustainability and has already secured top accreditations/certifications in this respect (i.e. Bluesign, ZDHC, etc.).
About CDIB Capital
CDIB Capital is a leading Asian private equity investor focused on middle market growth capital transactions. We invest in compelling growth-oriented companies in consumer/retail, value-added manufacturing, and new services, seeking to capitalize on cross market opportunities in the Asia-Pacific region. We are an affiliate of China Development Financial (“CDF”), one of the largest and most established merchant banking groups in Greater China with over US$88 billion in assets.
CDIB Capital is headquartered in Hong Kong and has offices in Taipei, Shanghai, Seoul and New York. For more information, please visit our website at www.cdibcapital.com.