LONDON (Alliance News) - Adamas Finance Asia Ltd on Wednesday said the Greater China Credit Fund LP has achieved a successful exit from bridging-finance investment project Project Media, with funds freed up for future investments.
GCCF was launched in August 2013 by Hong Kong-based Adamas Asset Management (HK) Ltd, which since February 2014 has been has been acting as Adamas Finance Asia's investment manager. Adamas Finance Asia has invested USD4.0 million into GCCF in total, having made an initial USD1.0 million investment in 2013 and then investing a further USD3.0 million in March 2016.
Adamas Finance Asia said GCCF has successfully exiting from the Project Media, which has yielded a gross internal rate of return of 22.2%. The Project Media financing involved the provision by GCCF of around USD5.1 million in bridge funding to support the development of a media business listed on the Hong Kong stock exchange, which Adamas didn't name.
The successful exit has increased GCCF's net asset value by USD1.5 million, with the cash generated now available for future investment, Adamas Finance Asia said.
"This successful exit from Project Media provides another important example of how our Hong Kong advisory team is able to structure successful deals with strong Chinese partners who meet stringent due diligence standards. The bridging finance has been repaid in full and on schedule, and we look forward to further returns from our continuing investment in GCCF," said Adamas Finance Asia Chairman John Croft.
Shares in Adamas Finance Asia were untraded on Wednesday, having last traded at USD0.415.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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