Eco World Intl drops SPAC plans, will IPO as ordinary firm raising $532m

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Eco World International Bhd (EWI) has opted to list on as an ordinary firm instead of as a special purpose acquisition company (SPAC) as planned earlier, in an initial public offering (IPO) that would raise as much as MYR2 billion ($532.34 million). EWI, a unit of property developer Bursa Malaysia-listed… Read more »

VC broad themes: online, mobility, speed & rising middle class

The online platform, mobility, speed and tackling the rising middle class in Southeast Asia continues to be among the broad current trends that venture capitalists (VCs) are keen on, a panel of VCs noted recently. In a panel session titled ‘In Search of the Next Big Global Innovation’ at the… Read more »


Formula One racing driver Alex Yoong joins iCar Asia

The first Malaysian to have raced in Formula One, Alex Yoong joined iCar Asia last month, in a move to further strengthen the automotive website’s rapid growth and capacity in providing automotive content in Southeast Asia. Yoong will play an important role in the video content space, regularly getting behind the wheel… Read more »


Felda assures investors it has capital & appetite for $680m Eagle High Plantations deal

The largest producer of crude palm oil Felda Global Ventures Holdings Bhd (FGV) has assured its investors that it has means to buy stake in the Indonesian plantation assets after concerns of its poor financial performance had been raised. The company had earlier announced that it would be buying 37 per… Read more »


VC KK Fund invests extensively in Malaysia: Report

Singapore-based KK Fund is investing heavily in the Malaysian startup ecosystem and also the emerging markets like the Philippines and Indonesia, says a media report by Singapore-based web technology portal e27, One of the investments that KK Fund has made is a $250,000 seed investment in Malaysia-based Be Malas and led the  $500,000 seed round. Commenting on the… Read more »


[Updated] Over priced Deal? Malaysia’s FGV’s buys 37% in Rajawali Group’s EHP for $680m

The world’s largest crude palm oil producer Felda Global Ventures Holdings Bhd (FGV) is acquiring a 37 per cent stake in Indonesia’s PT Eagle High Plantations (EHP) for $680 million in cash and shares, the Indonesian company’s majority shareholder Rajawali Group revealed in a statement. The deal includes 95 per cent… Read more »


Malaysia’s IHH Healthcare, Carlyle Group, Baring Private Equity Asia among suitors for Care Hospitals

US-based private equity firm Advent International will open bids for its controlling stake in Hyderabad-based Care Hospitals in the next six weeks, given the interest from various international funds. Indian business daily, Business Standard cited sources, as saying the formal bidding will begin in the next six weeks. “A lot of people… Read more »


AirAsia plans up to $300m bond issue & sale of jets as share price tumbles

Asia’s largest budget airline, AirAsia Bhd plans to raise funds for loss-making associates by issuing up to $300 million in bonds and may sell planes to help cut group debt, CEO Tony Fernandes told investors in a letter. In a copy of the letter that was obtained by Reuters, Fernandes said… Read more »


1MDB to seek investors for Bandar Malaysia development

Malaysia’s debt-laden state investment firm 1Malaysia Development Bhd (1MDB) said it was scouting for investors to pump capital into Bandar Malaysia – one of its two major property projects. The embattled state-fund’s chief executive Arul Kanda said Friday that it was looking for investors in its realty venture, and the development comes as pressure… Read more »


LTC Group acquires 50% in USP Equity for $18m

Singapore-listed LTC Corporation said that its wholly owned unit, LTC Capital Holdings Sdn Bhd, entered into a share purchase agreement on Friday with USP Resources Sdn Bhd to acquire a 50 per cent stake in USP Equity Sdn Bhd for MYR70.14 million ($18.17 million). Both companies had first agreed to the terms… Read more »