KUALA LUMPUR: Telecommunications solutions provider, Silver Ridge Holdings Bhd will have financial services as its new core business, said managing director Datuk Mohd Suhaimi Abdullah. Silver Ridge would work together with Huatai Financial Holdings (Hong Kong) Ltd to promote the Huatai Von Malaysia Fund, which has a fund size of US$500mil (RM1.5bil), Suhaimi said after the signing of memorandum of understanding between Huatai and Warrants Capital Sdn Bhd to jointly develop investment and business opportunities in Malaysia.
Strategic tie-up: (Huatai Financial Holdings (HK) Ltd director Stephen Wong (second from left)shaking hands with
Silver Ridge Holdings Bhd managing director Datuk Mohd Suhaimi Abdullah at the MoU signing between Huatai
with Warrants Capital Sdn Bhd for the development of investment opportunities in Malaysia on Wednesday.
With them are (from left) Deputy International Trande and Industry Minister Datuk Mukhriz Mahathir,
Deputy Prime Minister Tan Sri Muhyiddin Yassin and Silver Ridge chairman Datuk Seri Md Alwi.
Huatai is the Hong Kong arm of Huatai Securites Ltd, a large stockbroker in China, while Warrants Capital Ltd is owned by New Zealand-based financial services firm Warrants Capital Ltd. Warrants Capital Sdn Bhd is a wholly owned subsidiary of Warrants Capital Ltd.
In an announcement to Bursa Malaysia, Silver Ridge said its wholly-owned subsidiary, Silver Ridge Capital Sdn Bhd had subscribed for 2.5 million shares of 10 New Zealand cents each in Warrants Capital, allowing the latter to be jointly controlled by Silver Ridge and Von Capital Ltd. The fund will be launched next month.
Warrants Capital Ltd chief executive officer Alan Voon said: “Our fund is different as it will invest in hybrid stocks, loan stocks and warrants that are high-dividend yielding. We will be looking at a basket of warrants.
“Our fund will revive this previously neglected sector of financial instruments." Suhaimi said Silver Ridge planned to leverage on the subscription to participate in China’s financial services growth.
Warrants Capital, meanwhile, was also appointed by Huatai to market and distribute all their products and services outside of Greater China region.
“We see tremendous business opportunities in this area especially with regards to yuan-denominated products. The currency is commonly viewed as an appreciating currency and this is a must have in global investment portfolios,” said Silver Ridge chairman Datuk Seri Md Alwi.
Source: The Star online