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BUSINESS

Industronics, China's SDIC to team up on US$1 bln investment bank venture

02/08/2022 04:32 PM

KUALA LUMPUR, Aug 2 (Bernama) -- Industronics Bhd will collaborate with China’s state-owned investment holding company, State Development and Investment Corporation Ltd (SDIC), to set up a local investment bank in Labuan. 

In a statement today, Industronics said it would work with the regulators on the necessary compliance-related issues and other required approvals.

Meanwhile, the SDIC will provide access to an estimated US$1 billion in funding for the setup and expansion of asset management and capital market services.

The group said it has entered into a memorandum of understanding for this collaboration, in line with its proposed acquisition of a 10 per cent stake in Hong Kong-based renowned stockbroking, asset management and credit firm, Bluemount Financial Group Ltd.

Industronics executive director Datuk Chu Boon Tiong said the group is confident that its network and expertise on the local front will help to expedite the setup of the investment bank in Labuan.

“Industronics’ expertise in cloud solutions and digital offerings, the proposed acquisition of Bluemount and collaboration with SDIC, will put the group in the driver's seat to push for digital brokerage services in the region, capturing the potential delisting of China companies in the United States Stock Exchange,” he said.

Chu also stated that future collaboration plans involved an acquisition or collaboration with a local stockbroking firm in Malaysia.

-- BERNAMA


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