OP Financial Forms Partnership with China Investment Corporation to Invest in Kazakhstan Agriculture sector
According to the press release, “OP Financial Investments Limited (“OP Financial” or “the Group”), is pleased to announce that on 25 August 2010 a limited partnership was formed with China Investment Corporation (“CIC”), both through wholly owned subsidiaries, with the principal purpose to invest directly or indirectly in the production, processing, transportation and trade of agricultural crops on a trial basis in Kazakhstan. Total paid up capital of US$ 16.5 million was received on 21September, 2010 to fund preliminary trials. CIC and OP Financial have injected US$15 million and US$1.5 million respectively to the project, led by Zhang Weidong, Deputy CEO and head of OP Financial’s private equity team.
As the General Partner, OP Financial shall manage and introduce technology partners to the project. This is OP Financial’s second arrangement with CIC to date.
Mr. Zhang Gaobo, CEO of OP Financial, said, “We are pleased to continue our partnership with CIC with this new project in Kazakhstan. The agriculture industry is becoming increasingly important, especially in light of growing global demand for food. Kazakhstan is a leader in energy such as oil and gas, but with technology and implementation of global best practices, we believe it can be a leading player in the agri–sector as well.”
Source: Press Release
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