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Temasek-backed 65 Equity Partners invests in Singapore's Hi-P International
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Temasek-backed 65 Equity Partners invests in Singapore's Hi-P International
Jul 8, 2024 6:41 PM

By Yantoultra Ngui

SINGAPORE, July 9 (Reuters) - Temasek-backed 65 Equity

Partners has invested S$100 million ($74.15 million) into

Singapore-headquartered regional advanced manufacturing service

company Hi-P International, the latter company said in a

statement on Tuesday.

The Singapore-based investment firm made the fresh capital

injection to Hi-P International through its Local Enterprise

Fund, which is a S$1 billion joint fund with the Singapore

government and led by its trade and industry ministry, the

statement said, without disclosing further financial details of

the deal.

Hi-P aims for a public listing in the future, and 65 Equity

will have a seat on Hi-P's board and play an active role in

achieving these plans, the statement said.

65 Equity has appointed Lim Chin Hu as its representative on

Hi-P's board.

Founded in 1980, Hi-P provides advanced manufacturing and

production and assembly, testing and packaging services to

companies including Apple ( AAPL ), Dyson, Meta and

Tesla.

Hi-P, which was taken private and delisted from the

Singapore Exchange in 2021, said it expects its revenue to grow

to more than S$2 billion this year, compared with S$1.6 billion

in 2021.

($1 = 1.3487 Singapore dollars)

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