LONDON (Alliance News) - Adamas Finance Asia Ltd on Wednesday said the Greater China Credit Fund LP has acquired the Renminbi Qualified Foreign Ltd Partner Vehicle of BRJ China Credit Fund Ltd.
GCCF was launched by Adamas Asset Management (HK) Ltd in 2013 with a strategy of providing high-yielding credit finance to operationally strong companies predominantly in Greater China.
BRJ was launched by Adamas HK to provide asset-backed, structured loans to Chinese small and medium-sized enterprises in need of short-term bridging finance.
Adamas Finance Asia committed USD1 million into GCCF on its launch in 2013 and a further USD3 million in September 2015.
In April and July 2014 Adamas Finance Asia made two investments into BRJ totalling USD800,000, since which it has received cash distributions of USD87,735.
As a result of the acquisition, Adamas Finance Asia will receive around USD840,000 in cash.
Following the acquisition, GCCF will be closed for further investment, therefore Adamas Finance Asia does not expect to make any further investments into GCCF or BRJ.
Shares in Adamas Finance Asia were untraded on Wednesday, last quoted at USD0.580.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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