Singaporean fund, Clearwater Capital Partners Singapore Fund III buys shares in the Indian company Oricon Enterprises

Clearwater Capital Partners’ majority owned unit, Clearwater Capital Partners Singapore Fund III reported that it had purchased shares in Indian firm, Oricon Enterprises. Clearwater Capital Partners Singapore Fund III is a Singaporean based fund and the deal will see the unit part with about 338.02 million Indian rupees.  The deal will as well see the Singaporean fund take about 961,641 shares, representing about 9.99% at 351.50 Indian rupees for every share.

In a filling to the Bombay Stock Exchange, the Singaporean firm expects the overall share purchase to sum up to the 338.02 million Indian rupees. Oricon Enterprises is involved in the making of pentanes, a petrochemical with industrial applications, and is also into trading in metals and chemicals and in the property business as well. The deal comes amidst a declining stock performance for Oricon Enterprises over the recent months. It is estimated the unimpressive performance resulted in a market decline of about 6.54% in Oricon.

Earlier in Sep 2009, Clearwater Capital had invested Rs 35 crore in Oricon through fully convertible debentures (FCD). Clearwater Capital Partners provides investors with access to a full spectrum of special-situation investments in public and private debt or equity of local, Asia-region issuers. In doing so, Clearwater also assists owners and management, particularly of the region's often capital-constrained small-to-medium-sized enterprises (SMEs), to create financial and operating restructurings that will allow their companies to succeed.

In addition, by facilitating these successful restructurings, the firm has become a valuable and trusted resource to the region's banks, brokers and other business intermediaries. From its inception in 2001, Clearwater has expanded its activities to eight global locations, including locally staffed offices in New York, Beijing, Hanoi, Hong Kong, Mumbai, Munich, Seoul and Singapore.

The breadth of the targeted investment market and Clearwater's established and experienced "on-the-ground" presence makes it possible for the firm to source, develop and capture value in diverse opportunities across capital structures that include but are not limited to investments in post-restructured or operationally sound public and private companies that are undervalued or poorly capitalized due to their inaccessibility to capital, financial restructurings, operational turnarounds and portfolios, pools and individual non-performing loans.

Oricon Enterprises Limited is an India-based company. The Company is engaged in the manufacturing of pentanes and the real estate business. The Company operates in two business segments: petrochemicals and trading.

3 Sep 2010