$100m raised for ASEAN investment<\/p>\n
SINGAPORE (AFP): An ASEAN regional investment fund to be
\nlisted this month in Singapore and Osaka has raised US$100
\nmillion, its lead managers and participating regional banks
\nannounced here yesterday.<\/p>\n
The ASEAN Supreme Fund Ltd. is aimed largely at investing in
\nequity markets in the seven-member Association of Southeast Asian
\nNations, which groups Brunei, Indonesia, Malaysia, the
\nPhilippines, Singapore, Thailand and Vietnam.<\/p>\n
The fund, the second of its kind, is supported by the ASEAN
\nBankers Association, which will subscribe to half of the 10
\nmillion redeemable preference shares in the fund, offered at $10
\neach.<\/p>\n
The remainder will be publicly offered by Nomura Securities
\nCo. Ltd. in Japan, and privately placed outside Japan by Nomura
\nSingapore Ltd.<\/p>\n
\"The investment objective of the fund is to achieve long-term
\ncapital appreciation in equity and equity-related securities of
\ncompanies in the ASEAN countries,\" said a statement from Nomura
\nand the ASEAN bankers' group.<\/p>\n
At least 80 percent of the fund's portfolio will be in listed
\nsecurities.<\/p>\n
\"The fund will provide another opportunity for the investors
\nto place their confidence in the continuing and robust economic
\ngrowth of the ASEAN countries,\" said Wong Nang Jang, chairman of
\nthe ASEAN Banking Council and director of the fund.<\/p>\n
The new regional fund comes eight years after the ASEAN Fund
\nLtd., which raised $150 million, was launched listed on the Stock
\nExchange of Singapore (SES).<\/p>\n
\"The fund has consistently performed very well and its net
\nasset value has more than doubled in recent years,\" the press
\nstatement said.<\/p>\n
The SES has approved in principle the new fund's listing, and
\nan application has been made with the Osaka Securities Exchange.
\nThe offer closes on September 18 and the fund is due to be listed
\non the two exchanges on Sept. 24.<\/p>\n
Officials said the fund would be closed-ended for 10 years,
\nafter which it may be converted to open-ended status depending on
\nshareholders' approval.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/100m-raised-for-asean-investment-1447893297",
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"sponsor": "Okusi Associates",
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