SG Dealbook: Updates from New Silkroutes, Hiap Seng & Fidmi Medical

Supertrees at Gardens by the Bay in Singapore.

New Silkroutes Capital has exited its asset management arm while Hiap Seng Engineering has invested in a sub-contractor and Fidmi Medical has closed an investment from Braun.

New Silkroutes Capital exits asset management arm

New Silkroutes Capital, a wholly-owned subsidiary of New Silkroutes Group (NSG), has offloaded its 28.41 per cent interest in New Silkroutes Asset Management (NSAM) for a cash consideration S$800,000 in a management buyout by CEO Terence Ong Sea Eng, a former UOB banker.

NSAM, founded in 2016 as a JV between China’s Nanshan Group and Ong, who initially held a 30% interest each, with Fuji Capital holding a 10 per cent stake. Its purpose was to develop private equity funds focusing on healthcare and infrastructure in the Asia Pacific region.

Hiap Seng Engineering invests in subcontractor

Hiap Seng Engineering is investing S$1.02 million in its scaffolding subcontractor through its wholly-owned subsidiary Hiap Seng-Sanko. The target firm is ProEn Scaffold, founded by Quek Hung Ling. The investment will make ProEn an indirect subsidiary of Hiap Seng Engineering.

Hiap Seng provides integrated services in relation to mechanical engineering, plant fabrication and installation and plant maintenance to the oil and gas, petrochemical and pharmaceutical industries in Singapore, Asia Pacific and other regions.

The deal will see them subscribe to 1.02 million new ProEn shares at $1 each, with Quek also subscribing to 930,000 new ProEn shares by capitalising $930,000. This was part of his outstanding loan to ProEn.

ProEn was incorporated on 1 December 2013 and is in the business of designing, erecting, modifying and dismantling scaffolds and related consultancy services.

Fidmi Medical secures $2m from Braun

Fidmi Medical, a portfolio company of The Trendlines Group, has closed a $2 million investment from B. Braun Melsungen AG.

Funds from the investment will be used to complete clinical trials of a new enteral feeding device Fidmi has developed.

Enteral feeding is common in people unable to receive nutrition and medication orally. “The investment by B. Braun affirms their confidence in the company and its achievements. We’re excited to have begun human trials and soon bring our product to a market eagerly awaiting better solutions,” says Fidmi CEO, Shahar Millis.

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