Singapore, November 2, 2020 – Raffles Financial Pte Ltd, a wholly owned subsidiary of Raffles Financial Group Limited (CSE: RICH) (Frankfurt: 4VO) (OTC: RAFFF) (“Raffles”, “the Company” or “RF”), today announces that the Company has entered into a Joint Venture Agreement with Raffles Infrastructure Investment Pte Ltd. (“RII”), a subsidiary of Raffles Infrastructure Holdings Limited listed in Singapore under symbol LUY. The Parties intend to collaborate in a joint venture company (“JVC”), MFUND Limited, which upon completion shall be renamed into “Raffles Infrastructure Capital Limited”, a company incorporated in Hong Kong.
The joint venture is in line with the Company’s long-term objective of seeking opportunities and growth of its business and operations. "Asia infrastructure spending is forecast at US$5.3 trillion by 2025*. Raffles Infrastructure’s core competency is in the planning and developing of infrastructural projects in Asia, particularly China, while Raffles Financial is focused on the global fund raising and corporate finance advisory. The JV can provide a complete suite of infrastructure development solutions to governments and their developers," comments Dr. Charlie In, Chairman of Raffles Financial.
* Source: PWC APEC Infrastructure Development
The principal activity of the JVC will be to provide advisory and management services such as:
A. Funding of infrastructure projects commissioned by government and/or developers
B. Appointment & appraisal, including payment approvals, of EPC contractors and suppliers
C. Marketing and leasing of the projects to secure buyers and tenants
D. Sale of developments to REITS, Business Trusts and Funds
The key targets are Asian governments and developers of infrastructure projects such as highways, rail systems, air/sea ports, logistic hubs, clean energy stations, telecommunication towers, cloud & data centres, and government facilities like hospitals, schools, national parks, water plants, energy grids.
The JVC will not invest in these developments; it will provide advisory and management services.
Terms of the Joint Venture Agreement
The Parties shall procure that JVC is incorporated with an initial issued and paid up share capital of HKD 200 divided into 200 shares. The number of shares and the respective shareholding held by each party are set forth below:
Number of Shares
RII 100 Shares RF 100 Shares Percentage of Enlarged Share Capital
The Board shall comprise up to three Directors. RII shall be entitled to appoint two Directors to the Board and RF shall be entitled to appoint one Director to the Board.
About Raffles Financial Group Limited (CSE: RICH) (GR: 4VO) (OTC: RAFFF)
Raffles Financial Pte Ltd (a wholly owned subsidiary of Raffles Financial Group Limited) is an exempt corporate finance advisory firm, registered with the Monetary Authority of Singapore, which provides public listing advisory and arrangement services. Raffles Financial serves as advisor for family trusts, family offices and investment funds. Please visit www.rafflesfinancial.co for more information.
For more information, please contact:
Cathy Hume, Investor Relations Phone: 416-868-1079 x 231
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain statements contained in this release may constitute “forward–looking statements” or “forward-looking information” (collectively “forward-looking information”) as those terms are used in Canadian securities laws. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated”, “anticipates” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward looking information relating to the business of the Company, the anticipated partnerships with financial institutions worldwide and the growth potential through Province Representatives. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.