Tianjin(GB)  |  Binhai(GB)  |  TJTV  |  Tianjin Free Trade Zone  | 

About Enorth.com.cn
  |  Chairman & President  |  Web Channels 
Home | News | Photo | Biz Tianjin | Travel in Tianjin | Learn About Tianjin | Talents in Tianjin | Binhai New Area
   

your position :enorth.com.cn > English > News > tianjin  content
PE fund to make debut
enorth.com.cn   2007-11-05 10:17

 

(China Daily)Bohai Industrial Investment Fund, the nation's first private equity firm, will make its debut investment today, a milestone for the nation's fledgling PE sector.

The private equity pioneer will acquire a minority stake for about 1.5 billion yuan in cash in Tianjin Pipe (Group) Corp, the country's largest maker of steel pipes for building oil pipelines, the fund said yesterday.

The two companies will sign the deal today in Tianjin, North China's largest port city, where both are located.

Tianjin Pipe estimates output of a million tons of steel pipes this year, accounting for 50 percent of the domestic market. The company was formerly backed by local government.

The pipe manufacturer said it will notch up 37 billion yuan in annual sales revenue and 1.6 billion yuan in net profit by the end of this year.

It posted net profit of 1.38 billion yuan for 2006, up 46 percent from the 947 million yuan in earnings the previous year. Its total assets were 21.14 billion yuan at the end of last year.

As China's first private equity fund, Bohai Industrial was approved on December 30 last year.

With 20 billion yuan in capital under management, the fund is 53 percent-controlled by Bank of China Ltd. Its other shareholders include BOC International (China) Ltd, China Life Insurance Co, the Postal Savings Bank of China, the National Council of Social Security Fund, China Development Bank and TEDA International Holding Co.


Editor:
 

Most Popular

Binhai heart to Tianjin's plans
Tianjin Tianlian to get 3b yuan injection
Tianjin: promoting the energy saving level through the optimization of structure and the improvement of awareness
Tianjin High-Tech Developmental Park improves independent innovation capacity
Tianjin builds 20 important service projects
Tianjin-Binhai Light Railway makes a breakthrough in passenger flow
Memory of An Jihe, Engineer of Tianjin Tiantie Group
Tianjin Railway Station Rebuilding Project to be finished in late 2007
Tianjin Petrochemical makes all-out to forge a state-level petrochemical base
Tianjin Binhai to attract foreign investment
Tianjin gives priority to the development of public transport
City card is available in Tianjin now
Tianjin Invests 14 Million yuan, Wuqing 180 Thousand Farmers No Longer Drink Fluoric Water
“General Director” Zhang Lili Wants to Build China’s Biggest Free Trade Zone
Tianjin: “Underwater Express” passing through Xidahu Lake

Editor: Zhang Jialu

Copyright (C) 2000-2008 Enorth.com.cn, Tianjin ENORTH NETNEWS Co.,LTD.All rights reserved