New Silkroutes divests entire stake in asset management subsidiary for $0.8 mil

SINGAPORE (Sept 25): New Silkroutes Capital, a wholly-owned subsidiary of New Silkroutes Group (NSG), has divested its entire 28.41% interest in New Silkroutes Asset Management (NSAM) for a cash consideration of $0.8 million.

As a result of the disposal, NSAM is no longer an associated company of NSG.   

The buyer is former UOB banker Terence Ong Sea Eng, an existing shareholder, director and CEO of NSAM. NSAM was incorporated in 2016 as a joint venture between three parties: China’s Nanshan Group and Ong, who initially held a 30% interest each, with Fuji Capital holding a 10% stake.

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