New Silkroutes to buy 80% stake in US broker-dealer for US$14.4m

NEW Silkroutes Group (NSG), which gets the bulk of its revenue from oil trading, has inked a deal to buy 80 per cent of a small New York broker-dealer and investment bank, CG Capital Markets, for US$14.4 million, it said Friday morning in a Singapore Exchange filing.

CG Capital Markets was founded in 2015 and does fixed-income market making and provides capital raising and advisory services, NSG said, adding that it will operate under NSG's investment arm New Silkroutes Capital after the acquisition.

It said it will issue new shares to fund the purchase, at a price to be determined.