(MENAFN- ProactiveInvestors - Australia) Australian & Sino focused ASF Group (ASX: AFA) has acquired the remaining 25% shareholding interest in its investment banking arm, ASF Balmoral Pty Ltd, which has now become a wholly owned subsidiary.
The company acquired the remaining interest in ASF Balmoral from Alan Humphris, a non-executive director of ASF Group, and his associates.
The plan is to change the subsidiary's name to ASF Capital Pty Ltd, which will continue to operate under its Australian Financial Services licence.
The newly named subsidiary will build on its investment banking activities by assisting Australian companies to access capital from China and advising Chinese businesses with proposals to make acquisitions in Australia or list on the ASX.
ASF is fairly unique among ASX-listed public companies in Australia as a creator and facilitator of two-way cross-border investments, trade and technology transfers between China and Australia.
It has access to significant pockets of funds from mainland China.
It will continue its present funds management operation by representing specialist Asian investment funds, which have an emphasis on China, to institutional and sophisticated investors in Australia.
Additionally, ASF Capital plans to form a regulated Managed Fund with a mandate for investing in Australia and which is designed to attract professional investors from China.
In this process ASF Capital will access ASF Group's substantial database of Chinese entrepreneurs and investors that has partnered and co-invested with ASF Group since its inception seven years ago.
Since its transformation into a Sino-Australian investment and trading house in 2006, ASF has focussed on the identification, incubation and realisation of early stage opportunities in the resources, commodities trading and residential real estate sectors.
The travel and financial services are more of a secondary nature.
ASF has monetised deals in 2011/12 and in the transformation of early-stage Australian resource opportunities into deliverable projects through joint venturing with its expanding network of major Chinese mining, trading and strategic investor partners.
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