New Silkroutes in US$14m deal for stake in NY broker-dealer
Buying into CG Capital Markets Holdings and subsidiaries is part of strategy to expand investment, fund management arm
Singapore
INVESTMENT holding company New Silkroutes Group (NSG), which gets the bulk of its revenue from oil trading, has inked a deal to buy 80 per cent of an American broker-dealer and investment bank for US$14.4 million, it said Friday morning in a Singapore Exchange filing.
It wants to buy New York-based CG Capital Markets Holdings and all its subsidiaries, as part of a business strategy to expand its investment and fund management services division, the group said.
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