SINGAPORE (July 9): Temasek-backed 65 Equity Partners has invested S$100 million (US$74.15 million) into Singapore-headquartered regional advanced manufacturing service company Hi-P International, Hi-P said in a statement on Tuesday.
The Singapore-based investment firm made the fresh capital injection to Hi-P 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, 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.
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