FINANCIAL services group MBF Holdings has become the first Malaysian partner in the New China Hong Kong Group by taking a one per cent stake.
''The New China Hong Kong Group forms a bridge and link between the aspirations of Malaysian interests for doing business with China,'' said the MBF group's chief executive Loy Hean Heong.
The $5 million stake will be taken through Hong Kong-based MBF Asia Capital Corp (MACC), the holding company of the group's non-Malaysian financial services activities.
The Malaysian group, with growing interests in the development of financial services in Asia, said it was keen to enter China.
MACC president Leslie Merszei said the strong mainland interests in New China Hong Kong would provide MBF with a unique level of access to the China market and the earnings that would generate.
New China Hong Kong is an investment fund established in February to link investors from Hong Kong, China, Taiwan and ASEAN countries.