GIC and INA are bidding for a stake in Indonesian toll road operator PT Jasa Marga’s Transjawa Tol, while Biofourmis has laid off 45 employees in Singapore.
PT Jasa Marga looking to sell 35% stake in Transjawa Tol
Consortiums led by Singapore’s sovereign wealth fund GIC and the Indonesia Investment Authority (INA) are bidding for a stake in Indonesian toll road operator PT Jasa Marga’s Transjawa Tol, reported Bloomberg News.
PT Jasa Marga is looking to sell a 35% stake in the unit, which would bring in at least $750 million. The talks are still ongoing, while other firms are also showing interest, added the report.
PT Jasa Marga is the first and largest toll road developer and operator in Indonesia with a market share of 49% for the length of commercial toll roads in operation. The company currently manages 35 toll road concessions with a total road length of 1,736 km.
As a state-owned enterprise, 70% of PT Jasa Marga’s shares are owned by the Indonesian government. Since 2007, the company went public following an IPO and listed its shares on the Indonesia Stock Exchange.
Biofourmis lays off 45 employees in Singapore
Digital therapeutics firm Biofourmis has laid off 45 employees in Singapore and will be vacating its office in the country by December this year, reported The Business Times.
The remaining employees will be working from home permanently. Biofourmis has also let go of 85 employees globally, added the report.
The company confirmed laying off 120 employees worldwide in July, just a year after it raised $300 million in Series D funding that anointed it as a unicorn with a $1.3-billion valuation. Kuldeep Singh Rajput, the founder and chief executive officer, stepped down abruptly in August.
The Boston-headquartered company had raised $100 million in a Series C round led by SoftBank Vision Fund 2 in 2020.
Biofourmis’s clients include Novartis, AstraZeneca, Mayo Clinic, the University of Hong Kong, Massachusetts General Hospital, and Chugai Pharmaceutical, according to its website. It also works with hospital groups such as the Blessing Health System and UCI Health Partners to provide monitoring services to at-home and discharged patients.