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Malaysia's Industronics secures USD1bn for investment bank venture

Bursa Malaysia-listed firm Industronics Berhad has entered into a memorandum of understanding (MoU) with China’s state-owned investment holding company, State Development & Investment Corporation Ltd (SDIC) for collaboration on asset management and capital market services. Under the MoU, Industronics will set up a local investment bank in Labuan and work with the regulators on the necessary compliance-related issues and other required approvals. SDIC will provide access to an estimated USD1bn in funding for the setup and expansion of asset management and capital market services. SDIC is one of China’s largest state-owned investment holding companies established in 1995. According to the announcement, the MoU is in line with Industronics's proposed acquisition of a 10% stake in Hong Kong-based stockbroking, asset management and credit firm Bluemount Financial Group.


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