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Sinjia Land investing S$2m in Fortune Asia Long Short Fund
SINJIA Land - formerly known as HLN Technologies - on Friday announced its plan to invest S$2 million in Fortune Asia Long Short Fund.
It will subscribe for 20,000 Class A redeemable participating shares at S$100 per share, to be funded by Sinjia Land's internal resources.
The fund - an open-ended fund structured as an exempted company incorporated with limited liability in the Cayman Islands - is managed by Fortune Capital Management.
Under its new agreement, Sinjia Land has the right to nominate its chief executive officer, Jeff Cheong, to be appointed as a non-executive director of the fund to monitor the investment.
Explaining the rationale behind its move, Sinjia Land said the investment provides the group with "an opportunity to deploy funds into an investment vehicle that invests into quoted securities and allows the company to utilise its cash reserves to obtain better returns".
Sinjia Land added that it is unable to determine the financial effects of the investment on the group's earnings per share and net tangible asset per share for the financial year ended Dec 31, 2015.