SINGAPORE (June 12): Sincap Group has agreed to sell its entire stake in subsidiary Beijing Raffles Investment Advisory Co for $10 million to Advanceleap Corporation.

Incorporated in China in 2007, the Beijing Raffles group is a wholly foreign owned enterprise with subsidiaries Beijing Sino-Lonther, Shandong Luneng and Shandong Sincap. The main business activities of the group include the sale of alumnia and the mining and sale of gypsum and gypsum-related products.

Advanceleap is a privately-held investment holding company. The directors of Advanceleap are Edy Sugianto and Lim Yi Harn. The sole shareholder of Advanceleap is Edy Sugianto.

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