New Silkroutes Group (NSG) on Friday, announced it has formed a joint venture with three parties to develop private equity funds that will focus on healthcare and infrastructure in the Asia Pacific region, including Japan and Australia.
The new Singapore-incorporated entity, New Silkroutes Asset Management, will be 30% owned by NSG’s subsidiary New Silkroutes Capital, 30% by Nanshan Group Singapore, 30% by former United Overseas Bank executive Terence Ong Sea Eng, and 10% by Fuji Capital.
Ong will head New Silkroutes Asset Management, which is applying for the Capital Markets Services licence from the Monetary Authority of Singapore.
The veteran banker retired recently from UOB after a 34-year career. His last position at the bank was Head of Group Global Markets and Investment Management, where he drove UOB’s global treasury and asset management businesses, NSG says in the regulatory filing.
Nanshan Group is a privately-held company ranked among the top 500 enterprises in China, while Singapore-incorporated Fuji Capital provides strategic advisory and fundraising services to companies.
“The stakeholders in this joint venture have deep expertise in their respective fields. With this collaboration, I am confident we can offer investors an attractive alternative to generate a consistent stream of income,” says Ong.
“Leveraging on the networks and expertise of New Silkroutes Asset Management’s stakeholders, we will be able to source promising healthcare services companies in Asia Pacific and add value to the companies we invest in,” he adds.
“As an associate company of NSG, the new joint venture will complement our wholly owned investment management arm, New Silkroutes Capital, which is also exploring investment opportunities in healthcare, among other sectors,” says Dr Goh Jin Hian, Group CEO at NSG.
“Healthcare will be another engine of growth for NSG as we believe this is an area with huge potential in Asia Pacific,” he adds.
NSG announced in September that it would acquire a 51% stake in Singapore-based Healthsciences International for S$2.17 million.
Shares of New Silkroutes last closed at 76.5 Singaporean cents on Thursday.
Source: Press ReleasePrevious Next