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Macquarie Fund takes stake in China petchem logistics firm

8:01 AM MDT | June 28, 2013 | Francinia Protti-Alvarez

Macquarie Everbright Greater China Infrastructure Fund (Megcif) has acquired a 35% stake in a wholly owned subsidiary of Singapore Stock Exchange–listed Hengyang Petrochemical Logistics (Hengyang, China), for 275.25 million renminbi ($44.2 million), says law firm Clifford Chance, adviser to Megcif during the transaction. The remaining 65% remains owned by Hengyang Petrochemical. Proceeds raised by Hengyang Petrochemical will be used to fund the group's business expansion along the Yangtze River and corporate restructuring exercise, including a buyback of a...

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