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
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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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