Evergreen Assets Management Announces Signing of MOU with Passion Venture Capital, a MAS- Licensed Venture Capital Fund Management Firm on Potential Investments into Evergreen Assets Management

08/05/2020 | 07:45am

Singapore,Singapore--(Newsfile Corp. - August 5, 2020) - Evergreen Assets Management Pte Ltd (EGAM) has entered into a memorandum of understanding (MOU) with Passion Venture Capital Pte Ltd (PVC) to invest into EGAM. EGAM has operations in Cambodia and Singapore, with further plans to expand existing businesses into Vietnam and Myanmar.

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The investment will be made by way of a fund (Fund) established by PVC in the form of the Variable Capital Company (VCC). VCCs are tailored for investment funds. Under the Monetary Authority of Singapore and the Accounting and Corporate Regulatory Authority framework, a VCC can be used for a wide range of investment funds to provide fund managers greater operational flexibility and cost savings.

EGAM has an extensive and proven track record in corporate financing and investments in Singapore, Myanmar and Vietnam. The creation of the fund will continue to fuel the company's expansion after it recently received a full financial institute license to operate in Cambodia. It will aim to finance businesses in Cambodia.

PVC is a Capital Market Services (CMS) licensed Fund Manager for venture capital fund management activities, founded by Davy J. Goh. Mr Goh has more than three decades of business, banking and finance industry experience serving both local and international companies. His passion with investing and growing Fintechs and innovative businesses led him to start PVC.

PVC will be managing the Fund and will be working with EGAM to support the necessary capital raise. Ryan Lin, Director of ZICO Insights Law LLC, led a team to counsel PVC on the legal aspects of the Fund. Anulekha Samant, Partner of Real Estate & Management, Tax at KPMG in Singapore, led a team to advise PVC on the tax matters in connection with the Fund.

"Evergreen Fund is a great vehicle for investors who are looking to invest into emerging countries leveraging on the very established business network and extensive experience of EGAM management team led by CEO, Mr David Yong." commented Mr Goh.

"Especially during this pandemic situation, even great companies require financing to get through this difficult phase. We are pleased to be able to support the cash flow needs of companies over the region." said Mr Yong.

The MOU was signed on 4 August 2020 by EGAM CEO David Yong and PVC CEO Davy Goh.

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For media enquiries or interview requests, please email Jolene Low at admin@evergreenassets.asia

About EGAM:

Evergreen Assets Management is a holding company of Evergreen Group, which specializes 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 6 countries - 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 the corporate financing, real estate and automobile industries.

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