Hong Kong's AFC To Invest In Malaysian Agricultural Firms

KUALA LUMPUR, Oct 13 (Bernama) -- Hong Kong-based private equity firm AFC (Hong Kong) Investments Ltd plans to invest between US$10 million and US$20 million in start-ups as well as medium and large agriculture-related Malaysian companies including in food processing and farming. Chief Executive Officer Steven Fong said the investments are being made in tandem with the growing Chinese population and demand for food. "This is one of our initiatives to not only make capital injections, but also help businesses export to China," he told reporters after an introductory briefing by AFC to Malaysian companies here Tuesday. AFC, established by the republic's Chinese Academy of Agricultural Sciences with assets worth over US$175 million, currently manages assets worth over eight billion yuan globally with over 70 successful investments in 30 companies. Fong said AFC also is looking at investing in the Singaporean market. Meanwhile, he said AFC had put in place a risk control plan for every investment it made in the face of the current economic conditions. "We understand that there is a slowdown in economies and devaluation of different currencies, but at the end of the day we are talking not only about commodity products but necessity products. "The effect is not as crucial as expected," he added. -- BERNAMA