News and Announcements
iFAST Enter Joint Venture With PC International (HK)
- Published May 06, 2016 3:45PM UTC
- Publisher Wholesale Investor
- Categories Company Updates
4th May 2016, iFast Corporation
The board of directors (the “Directors” or the “Board”) of iFAST Corporation Ltd. (the “Company”, and together with its subsidiaries, the “Group”) wishes to announce that the Company has entered into a Joint Venture Agreement with PC International (HK) Limited (“PC International”) for the purpose of incorporating a new private limited company in Singapore under the name “PC iFAST Holding (SG) Pte. Ltd.” (“JV Company”).
PC International is incorporated in Hong Kong. It is an affiliated company of Paochu Investment Advisory Ltd and PC Securities Ltd. Paochu Investment Advisory Ltd has Type 4 and Type 9 licences with the Securities and Futures Commission of Hong Kong (“SFC”) which covers regulated activities relating to advising on securities and asset management respectively. PC Securities Ltd has Type 1 license with SFC which covers regulated activity for dealing in securities.
The Company will hold 25% equity interest in the JV Company while PC International holds the remaining 75% equity interest.
The Company expects the incorporation of a JV Company with PC International will enable the Group to increase business from offshore customers who wish to invest in the investment products distributed on its Singapore platforms.
The aforementioned transaction is not expected to have any material impact on the Group’s earnings per share and net tangible assets per share for the financial year ending 31 December 2016.
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