New Silkroutes Group forms joint venture

It will offer private equity funds in Asia-Pac.

New Silkroutes Group announced today that its wholly-owned subsidiary, New Silkroutes Capital (NSC) has together with Mr Ong Sea Eng, Nanshan Group Singapore Co., Fuji Capital, jointly incorporated a joint venture company in Singapore named New Silkroutes Asset Management (NSAM).

NSAM will be principally engaged in the business of providing fund management and financial advisory services in Singapore to clients (including collective or pooled investment schemes, funds, managed accounts and other mandates).

Each of NSC, Ong and Nanshan will subscribe for 30% of the shares and Fuji will subscribe for 10% of the shares within 60 days from the date of the Agreement.

The Initial Subscription will be funded internally and is not expected to have any material impact on the net tangible assets per share and earning per share of the Group for the current financial year ending 30 June 2017.