Singapore’s New Silkroutes launches private equity JV

The Singapore-incorporated entity, New Silkroutes Asset Management (SAM), will be owned by NSG's investment arm New Silkroutes Capital, China's Nanshan Group, Fiji Capital and Terence Ong, former executive from United Overseas Bank. Ong will be in charge of SAM's investments. 

The JV will initially focus on the healthcare investments. According to a release, the size of Asia's middle class is expected to reach 3.2 billion by 2030, up from 525 million in 2009, and tihs is expected to drive demand for better quality medical treatment and care.

NSG's operations cover oil and gas trading, enterprise information systems integration, and network security. Revenue fell from $49.93 million in 2014 to $38.69 million last year, and the company moved from a net profit of $2.48 million to a net loss of $1.33 million. It has recently expanded into healthcare with the acquisition of a 51% stake in Singapore-based hospitals and clinics operator Healthsciences International for S$2.71 million ($2 million).

Nanshan Group started out as an aluminum producer but has since expanded into areas such as textiles, financial services, education and aviation. The Chinese conglomerate is also involved in building hospitals, nursing homes and other healthcare-related facilities in China. It will invest in the JV through a Singapore subsidiary primarily engaged in real estate development and aluminum trading.

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• Topics
• Southeast Asia
• Greater China
• Healthcare
• Infrastructure
• Fundraising
• Singapore
• Joint Venture
• China
• Asia