ASF GROUP LIMITED
29 September 2010
Dear Madam/Sir
ASF Group acquires control of Financial Services' company
ASF Group Limited (`the ASF Group") is very pleased to announce that it has acquired a 75% shareholding interest in Balmoral Capital Pty Limited ("Balmoral" or "ASF Balmoral").
Balmoral is a successful Sydney based investment banking firm which was established in 1996 operating under an Australian Financial Services licence. Balmoral has been controlled since its formation by Alan Humphris, who with associates, retains a 25% shareholding in Balmoral under a shareholders' agreement with the ASF Group. Mr Humphris remains as the Managing Director of Balmoral and is also a non-executive director of the ASF Group.
Balmoral has been renamed ASF Balmoral Pty Limited and is expanding its investment banking activities to include Funds Management, initially by representing specialist Asian investment funds which have an emphasis on China, to institutional and sophisticated investors in Australia. Additional Funds Management expertise and management have been brought into ASF Balmoral to head up this expansion.
ASF Balmoral will also assist Australian companies to access capital from China and advise selected Chinese businesses on their proposals to list on the ASX.
This acquisition of ASF Balmoral complements the existing business activities of the ASF Group, which are focused on two-way business flows between China and Australia. These activities now include financial services as well as previous business activities in mineral resources, travel, property and trading.
For further information contact:
Min Yang
Chairman
Ph: +612 92519088
Fax: +612 92519066
