By Ka Kay Lum
Nazrin Hassan has been a strong supporter of Malaysia’s early-stage startups.
Andrew Tan, another former M&A banker at RHB, has joined Bintang as vice president of investments.
Munchy was 70 per cent owned by its founders while fund investor TAP Crunch Sdn Bhd with pension fund KWAP held the remaining 30 per cent stake.
It would provide respite to foreign firms including Great Eastern Holdings, Prudential, Tokio Marine Holdings and Zurich Insurance by putting off deals worth more than $2 billion that were being thrust upon them.
RHL had last year disclosed that the firm was aiming to raise $100 million from external investors.
GHL aims to complete the acquisition of Malaysia-based Paysys Communications Sdn Bhd and the purchase of a stake in Vietnam-based MPOS Global by the end of this month.
The funds will be used to drive GHL’s growth across the ASEAN region and will be made by way of 65 million newly issued shares subscription at the price of RM1.30 per share.
Upon completion of the transaction, eSports.com will own 19.5% of iCandy and will appoint a director to iCandy’s board.
The funding proceeds will allow Laka to further extend its reach across the UK and eventually bring its insurance model to Asia.
Straits Inter Logistics Bhd is planning to acquire 55 per cent stake in Tumpuan Megah for $9 million.