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New Straits Times
18 hours ago
- Business
- New Straits Times
Malaysia's MMC Port lines up cornerstone investors aiming for October IPO
SINGAPORE: MMC Port Holdings aims to finalise its cornerstone investor lineup as early as August, ahead of a planned listing on Bursa Malaysia in October that could raise over US$1.5 billion, two sources with knowledge of the matter told Reuters. The IPO would be Malaysia's biggest since IHH Healthcare's US$2.1 billion debut in 2012, and Southeast Asia's largest since Indonesian tech firm Bukalapak raised US$1.5 billion in 2021, according to LSEG data. The country's biggest port operator, a wholly owned unit of conglomerate MMC Corp, is in talks with more than 20 potential cornerstone investors, the sources said. Cornerstone investors are typically large institutional funds that commit to buying shares before an IPO opens to the public. A strong lineup is expected to bolster confidence in the offering and lift sentiment in Malaysia's IPO market, which, according to LSEG, raised US$751.2 million in the first half of 2025, up 17.9 per cent from a year earlier. Both domestic and global institutions are involved in the discussions, including BlackRock, UBS Asset Management, Malaysia's largest fund manager Permodalan Nasional Bhd (PNB), and the Employees Provident Fund (EPF), the country's biggest pension fund, the sources said. The sources declined to be named as the information is private and discussions are ongoing. MMC Port and its parent company did not immediately respond to an emailed request for comment on Monday. BlackRock, PNB and EPF also did not immediately respond. UBS declined to comment. Reuters reported in February that MMC Port's IPO could raise more than 6 billion ringgit in the second half of 2025. The company, which operates five ports along the Straits of Malacca, one of the world's busiest shipping lanes, filed a draft prospectus with the Securities Commission Malaysia in late June without specifying the IPO size or timeline. According to the filing, MMC Port posted a 9.2 per cent drop in 2024 net profit to 636.6 million ringgit, despite a nearly 10 per cent rise in revenue to 4.36 billion ringgit. Proceeds from the IPO will go to MMC Corp, which plans to divest up to a 30 per cent stake in its port unit. MMC Port will not receive any funds from the listing. (US$1 = 4.2250 ringgit) (Reporting by Yantoultra Ngui; Editing by Kirsten Donovan)
Time of India
30-06-2025
- Business
- Time of India
NTT seeks up to $864 million in data centre REIT's Singapore IPO, term sheet shows
By Scott Murdoch and Yantoultra Ngui SYDNEY/SINGAPORE: Japanese telecom giant NTT is seeking to raise roughly $864 million in a Singapore IPO for a data centre REIT if an overallotment option is included, according to a term sheet that marked the start of the bookbuilding process. NTT DC REIT's portfolio comprises six data centre assets located in the United States, Austria and Singapore, according to a preliminary prospectus filed on Friday. The value of the base offering is between $772 million and $812 million while the overallotment option would add another $51.5 million, the term sheet sheet showed. "We are not able to provide further details except for those officially announced by our company," NTT said in an emailed response to Reuters' request seeking comment on Monday. If the yield is priced at 7.5%, the overallotment would exercised. If fully exercised, NTT would be left with a 20% stake in the REIT. The REIT is being marketed at an indicative forecast distribution yield of 7% to 7.5% for July-March on an annualised basis and 7.29% to 7.80% for the next financial year. The REIT would have a market cap of up to $1.08 billion, the term sheet also showed. Bookbuilding is due to end on Friday with listing set for July 14. Cornerstone investors in the IPO include Singapore's sovereign wealth fund GIC with a $101 million investment, according to the term sheet. The Singapore Exchange has seen growing interest from companies seeking to list after it announced measures in February to strengthen its equities market, including a 20% tax rebate for primary listings. Hong Kong-listed China Medical System said last week it had applied for a secondary listing of its shares on the bourse. Other companies seeking to list in Singapore include the city-state's Foundation Healthcare Holdings. IPO proceeds raised on the Singapore Exchange surged more than five-fold to $331.6 million in the first half of this year from a year earlier, while the last listing of similar size was a $977 million IPO for Digital Core REIT in 2021, according to LSEG.
Yahoo
19-06-2025
- Business
- Yahoo
Grab-GoTo merger talks face Indonesian regulatory hurdles, sources say
By Stefanno Sulaiman, Yantoultra Ngui and Fanny Potkin JAKARTA/SINGAPORE (Reuters) -Singapore-based Grab's plan to acquire Indonesia's GoTo to create a dominant Southeast Asian ride hailing and food delivery company has run into regulatory hurdles, three sources said, casting a cloud over a potential deal. Reuters reported in May Nasdaq-listed Grab was looking to strike a deal to buy smaller rival GoTo in the second quarter and had hired advisers to work on the proposed acquisition. A deal could value GoTo at around $7 billion. The two companies now need more time to agree on a deal after the Indonesian government proposed some conditions for the plan to go through, said the three sources, who have knowledge of the deal discussions. The Indonesian government is examining how the potential merger would impact job welfare and market competition in Southeast Asia's biggest and most populated economy, said two of the sources. In May, hundreds of ride-hailing drivers and riders joined protests in several cities across Indonesia over low wages and to oppose a Grab-GoTo merger, fearing the creation of a monopoly that would lead to job cuts and raise prices for consumers. The government also wants the merged entity to guarantee more benefits, such as better fees and bonuses to riders and drivers, said one of the sources, who did not wish to be identified as the deal talks are confidential. Grab said last week it stood by its previous statement that it was not involved in any discussions for a potential transaction with GoTo and has not entered into any definitive agreements. Separately, Grab also raised $1.5 billion in a convertible notes offer, citing acquisitions among the capital's intended uses. GoTo, which is trading at a valuation of $4.4 billion, referred Reuters to its previous regulatory disclosures that there has been no agreement with any party about a potential transaction. Indonesia's transport ministry declined to comment. OPTIMISING OPERATIONS GoTo is 73.90%-owned by foreign investors, including SoftBank Group and Taobao China Holding, a unit of China's Alibaba Group, with the rest owned by Indonesian investors, according to its 2024 annual report. SoftBank's SVF GT Subco (Singapore) Pte Ltd and Taobao are GoTo's top two shareholders, holding 7.65% and 7.43% stakes, respectively, the report showed. When asked to comment on a potential deal involving GoTo and Grab, Sufmi Dasco Ahmad, the deputy speaker of the Indonesian parliament, told Reuters the government wants GoTo to be majority-owned by Indonesians. Dasco, who is also a senior member of Indonesia President Prabowo Subianto's ruling party, did not detail how GoTo can be majority-owned by Indonesians. He also did not comment on any conditions the government has set for the potential merger. Deputy Indonesian manpower minister Immanuel Ebenezer, whose agency oversees employment, said he has no information on any conditions set for a Grab-GoTo merger. A merger would enable the two companies, which, according to LSEG data, have been posting annual net losses since their IPOs, to cut costs by optimising operations. Grab, with a current market value of about $19 billion, is currently worth about half the $40 billion when it merged with a blank-check company to list on the Nasdaq in December 2021. ($1 = 16,295.0000 rupiah) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
12-06-2025
- Business
- Yahoo
Temasek joins Microsoft, BlackRock and MGX to develop AI infrastructure
By Yantoultra Ngui SINGAPORE (Reuters) -Temasek has joined a consortium backed by Microsoft, BlackRock and tech investment company MGX to invest and expand artificial intelligence infrastructure, according to BlackRock's investor day presentation slides on Thursday. The Singapore state investment company has joined AI Infrastructure Partnership, a group that also includes BlackRock's Global Infrastructure Partners, the slides showed. AIP, formed in September with a goal to initially invest more than $30 billion in AI-related projects, is one of the world's largest efforts to invest in data centres and energy facilities needed to power AI applications such as ChatGPT. It aims to mobilise up to $100 billion including debt financing for such investments, which will focus on the United States. Temasek's participation comes after the Kuwait Investment Authority joined AIP earlier in June. The sovereign wealth fund of Kuwait was the first non-founder financial anchor investor to join the consortium, which also counts partners including Nvidia and billionaire Elon Musk's xAI. "Temasek's investment in the AI Infrastructure Partnership reflects our focus on the big shifts and trends of the future," Ravi Lambah, Temasek's head of strategic initiatives, said in an email to Reuters. "AI is potentially the most transformative and impactful technology for all sectors and businesses," he added. Temasek did not disclose financial details of the investment. The global investment company had a net portfolio value of S$389 billion ($304 billion) as of March 31, 2024, according to its website. ($1 = 1.2804 Singapore dollars) Sign in to access your portfolio
Zawya
05-06-2025
- Business
- Zawya
JPMorgan Chase sees growth in Asia Pacific private credit market
SINGAPORE - JPMorgan Chase sees significant growth potential in Asia Pacific's private credit market, focusing on countries across Asia and including Australia and India, Thursday. The U.S. bank has been actively building its private credit business in the region since 2019, targeting mid-sized companies without investment-grade ratings but with strong fundamentals. WHY IT'S IMPORTANT Globally, tariff uncertainty and market volatility have sent some companies to seek private credit as a flexible funding alternative to traditional lenders, benefiting the $2 trillion private credit industry, which has grown from $500 million over the past decade, according to analysts. CONTEXT In February JPMorgan Chase announced that it would allocate another $50 billion for its direct lending push as the bank looks to expand its foothold in the rapidly growing private credit market. KEY QUOTES "Asia is driving over 50% of the world GDP growth, and we have some of the biggest economies in the region," Chen said on Thursday. "And our overall debt market in Asia, in public format, is only about $1.5 trillion and the GDP growth is strong, and in private credit, from the deal size we have seen, it's probably only about $200 billion every year or so for the last two years so has a large gap to catch up so we see it's still at the beginning stage of Asia private credit market," she added. (Reporting by Yantoultra Ngui and Rae Wee, editing by Louise Heavens)
