Raffles Infrastructure Eyes Smart City Projects with Magic Micro as Controlling Shareholder
03 Oct 2019
- Magic Micro, KOSDAQ-listed, South Korean electronic component company is the second major shareholder with 20.3% stake, after state owned enterprise, China Capital Investment (Group)
- Raffles Infrastructure and Magic Micro to explore potential partnerships in infrastructure and Smart City Projects
Raffles Infrastructure Holdings Limited (SGX: LUY) (“Raffles Infrastructure” or the “Company”), together with its subsidiaries (the “Group”), is pleased to welcome KOSDAQ-listed Magic Micro Co., Ltd (MMC), as the Group’s new synergistic controlling shareholder with a 20.3% stake, following its acquisition of 13.8 million shares for about S$6.9 million (or S$0.50 per share) on 10 September 2019 and also to announce the signing of Memorandum of Understanding (“MOU”), to establish strategic cooperation in infrastructure investment opportunities in the global market.
Mr Eric Choo, Chief Executive Officer of Raffles Infrastructure, commented, “I couldn't be more thrilled to welcome Magic Micro into the RI family, as the Group’s new controlling shareholder. This is the beginning of our synergistic partnership, the benefits of partnering with Magic Micro are immeasurable. Together, we will unlock wider suite of opportunities globally. We are looking to tap into Magic Micro’s technological expertise and network for future projects. This is a vote of confidence in our long-term strategy of investing in Asia’s infrastructure, and we look forward to partnering together to transform cities.”