Avic Trust to give up Asset Management Stake
Avic Trust, a Nanchang-headquartered, Chinese state investment vehicle and trust management firm, will reportedly be giving up its 20.48% stake in Singapore-based ARA Asset Management.
According to an article by Deal Street Asia, Warburg Pincus, a private equity investment firm founded in 1966, will increase its stake in ARA to 48.7%, up from 30.7%.
In addition to Warburg Pincus. CK Asset Holdings, The Straits Trading and businessman John Lim, who holds his shares through JL Investment Group and related vehicles, will also increase their holdings, amounting to 51.3%.
The changes in shareholding will follow a series of secondary transactions that are expected to complete by May 31, 2021, according to a press statement.