S'pore fund for Asia

S'pore fund for Asia

SINGAPORE (AFP): An umbrella group of Singapore industries launched an investment holding company yesterday to invest in quasi-government and private sector projects in the Asia-Pacific region.

The Singapore Confederation of Industries (SCI) said it was issuing a total of 50 million shares in the company to raise S$50 million (US$33.33 million).

One million shares in Manufacturers Investment Holding Ltd. (MIHL) can be allotted only to the SCI. Members of the organization and the public were invited to subscribe for 49 million shares in lots of 10,000 shares.

Chua said MIHL would also invest in growing private companies, particularly Singapore-based firms seeking to expand overseas, as well as in regional investment funds.

The primary focus of the company's investments will be in the manufacturing and related services industries, he said in a letter to SCI members released to media.