A wholly owned unit of China First Capital Group (CFCG) has bought all the shares of Stirling Coleman Capital for an undisclosed cash sum. The move comes as part of CFCG's strategy to diversify its business in recent years, with the focus on education and investment, the Hong Kong-based company said on Tuesday.
The firm stepped up developing overseas markets in the middle of last year, with CFCG Investment Partners International (Singapore) - the unit that acquired Stirling Coleman - starting operations on Aug 1.
"The acquisition of Stirling Coleman has represented a new chapter for the group to commence financial business in Singapore," added CFCG.
Founded in 2001, Stirling Coleman is an independent corporate finance advisory firm based here and with representative offices in Shanghai, Tokyo and Bangkok.
It is chaired by Mr Keith Tay Ah Kee, a former independent director at Singapore Post.
Its services include initial public offerings (IPOs) on the Singapore Exchange (SGX), independent financial advisory for Singapore-listed companies and advice on mergers and acquisitions.
The firm has worked on the IPOs of 28 companies on the SGX since November 2003, including 22 from Greater China.
It has also arranged and advised in mergers and acquisitions and other transactions with an aggregate transaction value of more than US$3.7 billion (S$5.1 billion) for companies in Asia since March 2002.
CFCG president and executive director Yan Haiting said the group has extended its financial services platform to South-east Asia in a move that is aligned with the concept of economic cooperation under China's Belt and Road initiative.
"We believe Singapore as a major international financial centre is the gateway to enter the strategic financial and capital market of South-east Asia," he added.
Mr Yan noted that increased activity on the capital markets in China, Hong Kong and Singapore will generate more opportunities and attract quality assets from North Asia to South-east Asia, including Singapore.
This, in turn, should increase cross-border mergers and acquisitions across Asia.
"Stirling Coleman has an excellent track record and has established a famous and respected brand in Singapore.
Therefore, this acquisition provides a direct platform enabling the group to rapidly and directly access the Singapore equity capital market and provide related financial services and offerings," he said.