Indonesia‘s state airline Garuda Indonesia has offered to replace its liabilities to lessors and Islamic bondholders with new bonds and equity worth $1.13 billion, it told creditors in a meeting overseen by a Jakarta court on Thursday. Garuda proposed that lessors, vendors and other creditors take a large cut and replace the remaining amount with $800 million worth of new bonds and $330 million worth of shares,… Continue reading Garuda Indonesia offers to settle debt with $1.13b of new bonds, shares
Author: Deal Street Asia Online News
Beijing gives initial nod to reviving Ant IPO plans in Shanghai, HK
China’s central leadership has given a tentative green light to Jack Ma’s Ant Group to revive its initial public offering in Shanghai and Hong Kong, two sources with knowledge of the matter told Reuters on Thursday. Ant, an affiliate of Chinese e-commerce behemoth Alibaba Group Holding Ltd, aims to file the preliminary prospectus for the… Continue reading Beijing gives initial nod to reviving Ant IPO plans in Shanghai, HK
SEA Digest: Ninja Van to widen SME offerings; ComfortDelGro partners with Alipay+ …
Ninja Van Group has enhanced its supply-chain management solutions by expanding to new markets while Singaporean taxi operator ComfortDelGro has partnered with Alipay+. Ninja Van expands to new markets Ninja Van Group, Southeast Asia’s tech-enabled logistics company, has enhanced its supply-chain management solutions by expanding to new markets and making more services available to SMEs… Continue reading SEA Digest: Ninja Van to widen SME offerings; ComfortDelGro partners with Alipay+ …
Asian family offices favour PE, active strategies, tech and ESG integration: UBS report
Asian family offices are reducing their allocations in fixed income and increasing exposure to private equity (PE), real estate and private debt, according to UBS Global Family Office Report 2022. They are also seeking more active strategies and paying attention to areas like technology and sustainable investing, it added. This comes amidst emerging macroeconomic concerns… Continue reading Asian family offices favour PE, active strategies, tech and ESG integration: UBS report
Singlera raises $45m and 39 more deal updates from Greater China worth $556m
Singlera Genomics, a Chinese developer of non-invasive genetic diagnostics, announced on Wednesday the completion of its Series B+ funding round at 300 million yuan ($45 million). The round was led by Forestone Capital, with participation from Galaxy Yuanhui Investment and Qiandao Investment, among other domestic investors. The publicly-listed Sansure Biotech, which specialises in molecular diagnostics… Continue reading Singlera raises $45m and 39 more deal updates from Greater China worth $556m
Malaysia’s Top Glove sees slump in profit, cuts back capex as demand slows
Top Glove Corp, the world’s largest medical glove maker, posted a 98.6% drop in quarterly profit due to weaker demand for its products and higher production costs. The Malaysian firm, which saw profits and demand surge during the COVID-19 pandemic, has also deferred and reduced its capital expenditure for the near term due to moderating demand. Profit after tax… Continue reading Malaysia’s Top Glove sees slump in profit, cuts back capex as demand slows
Indonesia’s Lummo cutting jobs, halting LummoShop expansion …
Jeff Bezos-backed fintech startup Lummo [formerly known as BukuKas] is letting go of its staff and halting the expansion of LummoSHOP — its service that allows offline merchants to set up online stores, DealStreetAsia has learnt. So far, about 100 employees have lost their jobs, according to people familiar with the matter. The company is… Continue reading Indonesia’s Lummo cutting jobs, halting LummoShop expansion …
China Deal Review: Startups raise over $3.8b as PE-VC funding activity climbs in May
Startups headquartered in Greater China raised more than $3.8 billion in PE-VC funding in May 2022, up 41.2% month-on-month. At 190, the deal volume also increased by 11.8% from April — a sign that funding activity in the second quarter will overtake the previous quarter’s performance as the post-pandemic recovery continues. The number of venture… Continue reading China Deal Review: Startups raise over $3.8b as PE-VC funding activity climbs in May
India’s latest unicorn PW founder says not approached by any investor in first 18 months
The founder of Indian edtech startup PhysicsWallah (PW), Alakh Pandey, is overwhelmed by the sudden surge in media requests for interactions and investor interest a day after raising $100 million in its Series A round from WestBridge Capital and GSV Ventures and becoming a unicorn. At a time Indian edtech startups are grappling to stay… Continue reading India’s latest unicorn PW founder says not approached by any investor in first 18 months
Satellite internet poised for big bang of growth in Southeast Asia
Elon Musk’s SpaceX is among the many companies competing to provide satellite-based internet service in Southeast Asia, seeing it as the answer to the slow, unreliable communications the region’s vast number of netizens have been putting up with. “Starlink approved by The Philippines:” Musk tweeted as soon as the country’s telecommunications regulator approved SpaceX’s Starlink… Continue reading Satellite internet poised for big bang of growth in Southeast Asia