Velocity Capital Partners Berhad has received the Companies Commission of Malaysia approval for the incorporation of a new wholly-owned subsidiary, namely Velocity PE Sdn Bhd which it said will be involved primarily in investment related businesses.
Velocity PE is incorporated under the Companies Act with an issued share capital of RM100 divided into 100 ordinary shares and it is 100% owned by Velocity with Directors of Velocity PE are Mr. See Toh Kean Yaw and Mr. Lim Peng Tong. The company was incorporated for the purpose of involvement in investment activities, particularly focusing on the investment in quoted shares as well as participation in Initial Public Offerings.
VCP said the establishment aligns with its strategic objectives to venture into equity investments and capitalise on opportunities within the equity market. The incorporation of Velocity PE is not expected to have any immediate material effect on the earnings or net assets of the Velocity Group.
