The firm bought 7.34 million shares through its $2.5bn Baring Private Equity Asia V fund, which is now the single largest shareholder in the company with a 21 per cent interest, according to a regulatory filing.
The deal follows Baring’s $18m share purchase in the business in June last year, which followed a $58m stake in January 2011.
Magic makes a diversified range of female facial mask products distributed through more than 8,400 points of sale across China.
The company said it plans to further diversify its cosmetic and skincare range to cater for different skin types and consumer trends.
Magic posted HK$272m of EBTIDA in 2012, up 27 per cent year-on-year, while revenue climbed 41 per cent to HK$1.35bn.
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