CMIA Capital Partners has picked up 14.76 per cent stake in Singapore-based hotel management company ICP in a share subscription deal worth $2.9 million (S$3.9 million). CMIA Capital Partners is a private equity firm focused on control and growth capital investments in China and Southeast Asia. According to local reports, the private equity firm acquired 460 million shares in ICP at $0.0063 (S$0.0085) apiece, at a discount of 3.41 per cent to the stock’s 0.88 per cent volume weighted average price on Jan 10. ICP said, it will use the proceeds for general corporate purposes.
CMIA has led over $1 billion in investments in companies including WatchBanQ, a luxury watch e-commerce platform; The Wine Advocate, a consumer guide for fine wines; Bitsmedia, the company MuslimPro, a mobile app for Muslims; Well Bright International, a Chinese meat processing business; and Shantong Yipintang, a Chinese healthy beverage business. CMIA has a presence in Hong Kong, Shanghai and Chongqing, and is regulated by both the Monetary Authority of Singapore (MAS) and China Securities Regulatory Commission (CSRC).