Singapore-owned Enterprise Evergreen Assets Management to Raise S$100 Million to Expand Financing Business in Indochina
- Evergreen to raise up to S$100 million in funds managed by Passion Venture Capital, a fund manager licenced by the Monetary Authority of Singapore, for financing and automotive business activities in Indochina and Singapore
- With the coveted Cambodian financial institute licence, Evergreen joins elite group of Singapore companies to conduct micro-financing in Cambodia
- Aims to secure financial institute licences in Vietnam and Myanmar to deepen roots in Indochina
- Micro-financing gives badly-needed credit lines to cash-strapped SMEs and low income groups, contributes to society in these countries
SINGAPORE – Media OutReach – 26 August 2020 – Evergreen Assets Management (“Evergreen AM”) has engaged Passion Venture Capital Pte Ltd, a fund manager licenced by the Monetary Authority of Singapore, to successfully set up a new fund to raise up to S$100 million.
Evergreen Assets Management Team, from left to right: Davy Goh (Evergreen Fund Manager), Isaac Chew (Vice President), Desmond Sim (Business Development Director), Yong Ing Fatt (Group Advisor), David Yong (CEO)
The five-year, closed-end fund is initially Cambodia-centric, focusing on Evergreen’s AM micro-financing business in the emerging market while a small portion of the monies is invested in its automotive business in Singapore. The fund’s geographic allocation will be diversified later to cover more Indochina countries such as Myanmar and Vietnam.
Mr David Yong, Chief Executive Officer of Evergreen AM, said, “The fund builds on Evergreen’s decades-long track record of doing business in Indochina.
“While the fund is primarily focused on Cambodia in the initial stage, we have a pipeline of investments in Myanmar and Vietnam which would materialise in the next 18 months. These investments will represent strong exposure to the Indochinese economies.”
Mr Desmond Sim, Business Development Director of Evergreen AM, said, “We have already received commitments of approximately S$25 million from accredited investors who recognise the growth opportunities in Indochina. We have the experience and track record as we have been offering private equity investments to our clients.”
Indochina growth plans
Evergreen AM has been awarded a financial institute (“FI”) licence to conduct micro-financing by the National Bank of Cambodia, the country’s central bank. The licence underlines the Cambodian government’s confidence in Evergreen AM which joins an elite group of Singapore companies to conduct micro-financing in the country.
Evergreen AM, which received the licence in March 2020, has hit the ground running in Cambodia given its longstanding presence there.
Over the past few years, Evergreen AM has been providing secured debt financing in the Indochina region via private equity, offering a non-bank alternative source of loans to businesses. The FI licence will enable Evergreen AM to help small businesses in a bigger way.
Mr Yong observed, “The award of the FI licence in Cambodia comes at an opportune time. As an entrepreneur, we empathise with the pains that small and medium-sized companies are now facing — they are without cash flow and credit — critical business lifelines because of the global Covid-19 pandemic.
“We hope our micro-finance business, under Evergreen will contribute to the growth of Cambodia where there is an urgent need for financing to keep SMEs and individuals going. We also intend to reach out to other demographic segments such as women in Cambodia who are usually overlooked by banks, to empower them to make their own livelihood.”
Evergreen AM, which made its mark in the timber business in Myanmar 30 years ago, is applying for FI licences in the country, as well as in Vietnam.
Added Mr Yong, “Our FI licence by Cambodia underlines the confidence the government has in Evergreen, and enhances our stature. We will build on it in our business plans.”
The fund is professionally managed by independent fund manager, Mr Davy J Goh of Passion Venture Capital Pte Ltd, a MAS Capital Markets Services Licence holder. An experienced professional in the financial services sector, Mr Goh has worked with major global financial institutions such as CS First Boston, Citibank N.A, ABN AMRO Bank and DBS Bank across Asia in 16 countries such as Myanmar, Vietnam, Cambodia, The Philippines, Malaysia, Indonesia, Singapore and Thailand.
About Evergreen Assets Management
Evergreen Assets Management is a holding company of Evergreen Group which specialises in the fundamental approach and growth of the existing businesses in the portfolio through meticulous planning and diligence in the ASEAN region. The Evergreen Group has a business presence in Singapore, Myanmar, Vietnam, Cambodia, Hong Kong and South Korea. It started in the timber processing and trading business before diversifying into a variety of fields that include corporate financing, real estate and automobile business.