ASEAN's second funds

ASEAN's second funds

SINGAPORE (Reuter): The ASEAN Bankers' Association has signed a memorandum of understanding for the launch of the second ASEAN Fund later this year, an official from ASEAN Fund Ltd said yesterday.

The value of the fund, the ASEAN Supreme Fund Ltd, will be between US$100 million to $150 million and it will be invested in equity and equity-related securities of companies in ASEAN (Association of Southeast Asian Nations) member countries, the official said.

ASEAN groups Singapore, Malaysia, Indonesia, Thailand, the Philippines, Brunei and Vietnam.

An official from the Association of Banks in Singapore said lead-manager of the fund is Nomura Securities Co Ltd and Nomura Singapore Ltd who are underwriting at least $50 million in the fund.

Another $50 million will be underwritten by the national banking associations of five ASEAN countries.

Plans are for the fund to be listed on the Stock Exchange of Singapore and the Osaka Securities Exchange, the official said. The fund will be marketed to banks and financial institutions in Japan and the ASEAN region.