Author: Deal Street Asia Online News

Chinese property developer Greenland seeks to extend $488m bond payment

State-backed Chinese property developer Greenland Holdings said on Friday it plans to extend the repayment of its $488 million offshore bond maturing in June by one year, according to a transcript seen by Reuters and confirmed by sources who attended an investor call. Shanghai-based Greenland is the first state-backed developer to extend a dollar bond payment since the country’s property sector plunged into a debt crisis last year. Many private developers have already offered bond exchanges to… Continue reading Chinese property developer Greenland seeks to extend $488m bond payment

Elon Musk’s Starlink poised to foray into Philippine internet market

Billionaire Elon Musk’s high-speed satellite internet venture Starlink is set to enter the Philippines after its local unit secured regulatory approval from the country, which is grappling with slow internet speeds. The Philippines’ telecom regulator on Friday said it approved the registration of Starlink Internet Services Philippines Inc., “paving the way for the company to… Continue reading Elon Musk’s Starlink poised to foray into Philippine internet market

Delivery startup Airlift pulls out of several cities in Pak & S Africa; downsizes staff

Pakistan’s last-mile delivery startup Airlift, which raised $85 million in the largest-ever funding round by a local startup in 2021, has said it is pulling out of several markets citing adverse global market events. The startup – which was widely anticipated to become the South Asian country’s first unicorn – is closing down operations in… Continue reading Delivery startup Airlift pulls out of several cities in Pak & S Africa; downsizes staff

Taiwan raids Chinese firms in latest crackdown on tech talent poaching …

Taiwan authorities raided ten Chinese companies suspected of illegally poaching chip engineers and other tech talents this week, the island’s Investigation Bureau said on Thursday, the latest crackdown on Chinese firms to protect its chip supremacy. Home to chipmaker giant TSMC and accounting for the majority of the world’s most advanced semiconductor manufacturing capacity, Taiwan… Continue reading Taiwan raids Chinese firms in latest crackdown on tech talent poaching …

Chipmaker Broadcom to buy VMware in $61b deal

Broadcom Inc said on Thursday it will acquire cloud computing company VMware Inc in a $61 billion cash-and-stock deal, the chipmaker’s biggest and boldest bid to diversify its business into enterprise software. The acquisition is the second biggest announced globally so far this year, trailing only Microsoft Corp’s $68.7 billion deal to buy video game… Continue reading Chipmaker Broadcom to buy VMware in $61b deal

IFC mulls $14.5m loan for SG agri trading firm Agrocorp

The International Finance Corporation (IFC), a member of the World Bank Group, has proposed to invest up to $14.5 million in Singapore-based agricommodity trade Agrocorp International Pte Ltd, according to a disclosure. The proposed investment will be in the form of a subordinated loan for a project supporting Agrocorp’s trading flows of wheat and pulses… Continue reading IFC mulls $14.5m loan for SG agri trading firm Agrocorp

Asia-focused SPAC Aquaron Acquisition files for $50m US IPO …

Aquaron Acquisition, a special purpose acquisition company (SPAC) that targets the new energy sector in Asia, has filed with the US Securities and Exchange Commission (SEC) to raise up to $50 million in an initial public offering (IPO). The blank cheque company, led by CEO and chairman Jie Weng, the director of private equity and… Continue reading Asia-focused SPAC Aquaron Acquisition files for $50m US IPO …

Singapore’s OCBC hit by $240m extra capital requirement for phishing scam

Singapore‘s central bank said it has asked Oversea-Chinese Banking Corp Ltd (OCBC) to keep an additional S$330 million ($240 million) in capital for operational risk after hundreds of its customers were hit by an SMS phishing scam in December. “OCBC is required to apply a multiplier of 1.3 times to its risk-weighted assets for operational risk. This translates to an additional amount of approximately S$330 million in regulatory capital,” the Monetary Authority… Continue reading Singapore’s OCBC hit by $240m extra capital requirement for phishing scam

S Korea’s VIG Partners sees opportunities in “uncrowded” mid-market buyouts space

South Korea’s VIG Partners believes the mid-market buyouts segment, in which it operates, is still not crowded, compared with the large-cap buyouts space, leaving a lot of opportunities open for the firm. Chulmin Lee, managing partner at VIG Partners, told DealStreetAsia in an interview that mid-market deal flow comes from family businesses that do not… Continue reading S Korea’s VIG Partners sees opportunities in “uncrowded” mid-market buyouts space