Five investors including Temasek, Hopu, and three other individual investors have agreed to buy 471.13 million shares of Chinese infant formula maker Yashili International from China Mengniu Dairy for an amount of $213m.

The five investors are Dunearn Investments, VITEL Group, Diverse Profits, Lead Rich International and Wincon Capital Investment.

Dunearn Investments is an indirect wholly-owned subsidiary of Temasek, a Singapore state investor, while VITEL Group is indirectly and wholly-owned by China-based private equity firm Hopu.

Diverse Profits, Lead Rich International and Wincon Capital Investment are independent firms and are owned by individual investors.

The move by China Mengniu Dairy comes after it sold shares in early August 2013 to meet Hong Kong listing requirements, reports Reuters.

Mengniu had offered $1.6bn for Yashili’s complete shares in June 2013.

However, it received offers only for 89.82% of stock.

Meanwhile, Yashili has requested for a three-month waiver in order to meet the minimum public float of 23.42%.

Yashili shares are expected to recommence trading on 11 November 2013, following a suspension since August.

Yashili International manufactures and sells diary and nourishment products in the People’s Republic of China.

The company provides pediatric milk formula products and milk formula for pregnant women under the brand names of Yashily and Scient.