Big S'pore bank to launch Asia Infrastructure Fund<\/p>\n
SINGAPORE (AFP): One of Singapore's biggest banking groups has
\nset up a fund that will invest in Asian companies involved in the
\nregion's burgeoning infrastructure business, company officials
\nsaid.<\/p>\n
The Savers Asia Infrastructure Fund is to be launched today by
\nOCBC Asset Management Ltd., a wholly-owned subsidiary of the
\nOversea-Chinese Banking Corp., one of the city-state's \"big four\"
\nbanks.<\/p>\n
\"Governments in Asia will increasingly be privatizing such
\ninfrastructure projects to benefit from significant efficiency
\ngains. Securities of such privatized companies will thus be able
\nto offer investors good long-term growth potential,\" a statement
\nsaid.<\/p>\n
The World Bank has estimated that the fast-growing economies
\nof Asia will spend up to US$1.5 trillion over the next decade to
\nmeet demand for more electricity, roads, bridges, ports, piers,
\ndrinking water and sanitation.<\/p>\n
The infrastructure fund, an open-ended unit trust, is aimed at
\nmedium- and long-term capital appreciation from investments in
\nlisted securities of Asian companies involved in utilities,
\ntelecommunications, transportation, construction, engineering and
\nother related areas.<\/p>\n
It will initially invest in China, Hong Kong, India,
\nIndonesia, Japan, Malaysia, the Philippines, Singapore, South
\nKorea, Taiwan and Thailand, an OCBC statement said.<\/p>\n
The minimum initial purchase for investors in the fund was
\nplaced at S$10,000 ($7,142) at an offer price of S$1 per unit.<\/p>\n
Elena Chong, assistant vice president for marketing of OCBC
\nAsset Management, told AFP that the fund was expected to raise
\nabout $14 million in its first three months.<\/p>\n
The priority countries for investment are led by China, Hong
\nKong and Indonesia, while the priority sectors are by power,
\ntelecommunications and transportation, she said.<\/p>\n
Some of the stocks which could be initially bought by the fund
\nare Hutchison Whampoa in Hong Kong, Singapore Telecommunications
\nLtd., Telekom Malaysia Bhd, and Van der Horst Ltd in Singapore,
\nshe said.<\/p>\n
It will be the second investment fund aimed at infrastructure-
\nrelated firms to be launched in Singapore. Citibank NA has a
\nsimilar fund.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/big-spore-bank-to-launch-asia-infrastructure-fund-1447893297",
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"sponsor": "Okusi Associates",
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