HK PE Fund diversifies into Malaysia
Evergreen Offshore Inc zooms in on Malaysia’s tourism sector for long term gain
Kuala Lumpur, 14 October 2016 – Hong Kong based Evergreen Offshore Inc. (“Evergreen” or the “Company”) today launches private equity fund worth HKD10 billion called Asia Pacific One Belt One Road Tourism Industry Fund (“the Fund”), a private equity fund targeting the tourism sector inMalaysia.
Building on the existing strong bilateral relations between China and Malaysia, Evergreen aims to further boost the relationship by investing in the country’s tourism sector for long term gain. The decision to debut the Fund in Malaysia was strongly backed by the evident growth of its tourism industry and the government’s plan to increase its investment in developing the sector.
“The Fund is set up with a long-term vision to promote the tourism sector in countries and regions along the 21st Century Maritime Silk Road,” said Mr. Davy Chan, Chairman of the Evergreen Group. “Through our partners here in Malaysia, as well as our own findings, we understand that the Malaysian government will increase its investment in the tourism industry.”
Tourism and travels are Malaysia’s third largest source of foreign exchange earnings, which stood at RM61 billion, 5.7% of its total gross domestic product (GDP). The number is projected to reach RM262.2 billion, 15.8% of its GDP by 2025.
“By working with Hong Kong and Mainland China, Malaysia will gain better financial strength thus strengthening its existing foundation and infrastructure in the hopes of achieving more integrated productivity and attracting investment,” Chan said.
One Belt, One Road, OBOR, is a development strategy and framework proposed by Chinese
paramount leader Xi Jinping that focuses on connectivity and cooperation among countries primarily between the People's Republic of China and the rest of Eurasia. Malaysia is strategically situated on the south belt. In addition to the Chinese government, many private sectors, including Evergreen, have come together and aspire to contribute to the success of the ambitious initiative by investing in relevant projects in the OBOR trade route.
Evergreen is already in talks with a few potential project owners who are directly involved in the tourism development projects. And the Company has allocated HKD2 billion from the Fund to invest in Malaysian projects ahead of its other targeted markets including Thailand and Vietnam. The Fund is managed by Ever Centurion Limited based in Hong Kong. AFV Consultants Group Sdn Bhd is exclusive strategy partner in Malaysia involved in project assessment and due diligence process.
“Evergreen Offshore Inc.” is a wholly owned subsidiary of the “Evergreen Group”, it was incorporated at the British Cayman Islands in May 2012. The Company’s primary business involves Enterprises Analysis, Private Equity Funds and Listing Operations. Currently Evergreen Offshore Inc. holds two Trust Units: “Evergreen Offshore Fund Trust” and “Asia-Pacific One Belt One Road Tourism Industry Fund”. To date, the Company has a total of USD200 million in capital commitments and has invested over USD50 million in the first phase of its investment blueprint.
Distributed by RAPR Mileage Communications for Evergreen Offshore Inc.
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|Ticker Symbol||ABVN||Open Price||2.60|
|Day Range||Year Range||1.00 - 9.00|
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