Asia Dealbook: Srisawad eyes Agribank arm; Kerry Logistics, E-Services Group in JV

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Thai financial firm Srisawad Corporation is looking to acquire ALC I, a financial leasing company wholly-owned by state-run bank Agribank while Hong Kong-based Kerry Logistics has established a joint venture with E-Services Group to strengthen its global e-commerce fulfillment capabilities, especially in China.

Thai Srisawad Corporation eyes Agribank’s financial arm

Srisawad Corporation, a Thai financial services company, is looking to acquire ALC I, a financial leasing company wholly-owned by State-run bank Agribank, for an estimated VND500 billion ($21.5 million), according to local media.

This deal is still pending the decision of the State Bank of Vietnam (SBV). The authority stated that Srisawad Corporation’s proposal will be processed after the ALC I restructuring plan is approved according to regulations.

Agribank and Srisawad earlier signed a memorandum of understanding (MoU) on the deal.

The total value of the deal was estimated at VND 523 billion, including 100 per cent of ALC I’s charter capital (VND 200 billion) and 100 per cent of the original debt of ALC I borrowed from Agribank (VND 323 billion) at the time of signing the MoU.

In 2017, Agribank announced the sale of ALCI company and invited investors to acquire ALCI. As of the end of the year, ALC I recorded accumulating losses of more than VND714 billion and liabilities of VND394 billion, according to financial statements of Agribank.

Kerry Logistics and E-Services Group establish a JV

Hong Kong-based Kerry Logistics has established a joint venture with E-Services Group, an international e-commerce company in Asia, to strengthen its global e-commerce fulfillment capabilities, especially in China.

According to an official release, the JV, named Kerry ESG, will combine Kerry Logistics’ global supply chain capabilities with ESG’s technology platform to offer retailers cost-efficient solutions internationally, focusing on increasing cross-border retail sales in Asia.

Kerry ESG will increase e-commerce fulfillment in Hong Kong, mainland China and Taiwan, as well as the 10 member nations of Southeast Asian including Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar (Burma) Philippines, Singapore, Thailand and Vietnam.

“This partnership gives e-tailers access to an extensive distribution network to support e-commerce fulfillment in every market and with every online channel,” said Alan Lim, founder and chief executive officer at ESG.

Kerry Logistics has identified cross-border e-commerce, particularly between Greater China and ASEAN, as a major growth sector, it said in the release.

The new partnership with ESG, which is the official partner of leading marketplaces including JD.id, Rakuten, and Newegg.com, will play a pivotal role in strengthening the foothold that the two companies have in this area.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.