Asia Digest: Cebu Pacific buys out JV partner; Dot Property acquires Hipflat

Aircraft visual from Cebu Pacific

Philippine-listed budget airline Cebu Pacific has acquired the majority stake of Singapore’s SIA Engineering Company in a JV that started in 2005, while Thailand’s Dot Property has acquired listing startup Hipflat for an undisclosed amount.

Cebu Pacific buys out Singaporean JV partner

Philippine-listed low-cost airline Cebu Pacific Air has acquired the majority stake of its joint venture partner, Singapore’s SIA Engineering Company Ltd, in Aviation Partnership Philippines Corporation (APPC).

SIA Engineering holds a 51 per cent stake in APPC, a joint venture company established in 2005 to maintain Cebu Pacific’s new fleet of Airbus aircraft and its existing fleet of DC9s and B575s. Cebu Pacific holds 49 per cent stake in the JV.

In a disclosure on Tuesday, Cebu Pacific said the acquisition cost of $5.6 million will be paid in cash. APPC will become a wholly-owned subsidiary of Cebu Pacific. “The acquisition is in line with Cebu Pacific’s overall strategy to closely align its line maintenance operations and strategic objectives with its network and service requirements,” according to a statement.

Thailand’s Dot Property acquires listing startup Hipflat

Thai-based real estate portals operator Dot Property has acquired property listing startup Hipflat for an undisclosed amount, marking the 13th startup to join the Dot Property group.

In a statement, Dot Property said the acquisition will allow it to further increase its foothold in the country. The firm runs Thailand-Property.com and dotproperty.co.th.

Hipflat, launched in 2013, has more than 200,000 property listings from all over the country through its English, Thai, Japanese, and Russian language websites. Under the acquisition agreement, Hipflat’s team, including its founder and CEO Denis Nemtsev, has exited the company.

Launched in June 2014, Dot Property Thailand has fast become one of the leading property websites and is one of a nine-country property portal operated by Dot Property Group, which began in May 2013 and is one of the largest property portal networks 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.

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.