Pilgrim Partners completed the acquisition of 30% stake in Fu Yu for S$58m.

Pilgrim Partners, a fund management firm incorporated in Singapore, completed its acquisition of 30% stake in Fu Yu, one of the largest manufacturers of high precision plastic parts in Asia, for S$58m ($44m). "The founders were recently presented with an opportunity to lower their shareholdings in Fu Yu, enter retirement and hand the reins over to a new leadership who they believe can bring value to the group. The founders' "interests remain aligned" with the other shareholders of the company they set up in 1978, given that they will retain a combined shareholding of 8.32%," Fu Yu.