(HONG KONG) November 20, 2007 Export Development Canada (EDC) today announced that it will invest up to CAD 7.5 million in CMIA China Fund III L.P., a private equity fund managed by CMIA Capital Partners Pte. Ltd. based in China and Singapore.
The fund's investments will be directed towards companies undertaking projects in China with sourcing requirements that match the capabilities of Canadian companies.
"EDC's first equity transaction in China offers an exciting new avenue for Canadian companies to access mid-market business opportunities in China, including activities in key emerging Chinese cities," said Eric Siegel, President and CEO of EDC. "CMIA will work closely with EDC to develop opportunities for procurement, strategic partnerships and technology transfer between CMIA portfolio companies and Canadian companies."
This year EDC marks the 10th anniversary of its permanent representation in China (Beijing), which was expanded last year with a second representative in Shanghai.
CMIA Capital Partners was established in 2003 and has key offices in Shanghai, Hong Kong and Singapore. Its CMIA China Fund III L.P. is a USD 300 million fund that will provide development capital to mid-sized companies in China, primarily in the mining, agri-business, automotive, healthcare and natural resources sectors. The fund is expected to source most of its transactions from high-growth second-tier cities in the coastal provinces of Jiangsu, Fujian, Shandong and from the interior provinces of Chongqing and Gansu. The average investment size will range from USD 10-30 million.
EDC is Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC's knowledge and partnerships are used by 6,400 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining and is a recognized leader in financial reporting, economic analysis and has been named one of Canada's Top 100 Employers for seven consecutive years.
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Media contacts:
Phil Taylor Public Affairs Export Development Canada (613) 598-2904 ptaylor@edc.ca
Winston KanChief Representative, ChinaExport Development Canada(011) 8621-6279-8432wkan@edc.ca
