Singapore-listed technology company iWOW Technology has raised S$15 million ($11.7 million) through a fully-subscribed private placement, while Indonesia-based integrated logistics company Asian Bulk Logistics (ABL Group) has completed its acquisition of Australian harbour towage operator Engage Marine.
Singapore’s iWOW raises $11m in placement
Singapore-listed technology company iWOW Technology has raised S$15 million ($11.7 million) through a fully subscribed private placement, with proceeds to expand its clinical nutrition business, overseas growth, and product development.
The company issued 66.67 million new shares at S$0.225 apiece, with the placement attracting institutional investors, including fund managers under Singapore’s Equity Market Development Programme (EQDP), as well as strategic healthcare investors.
Among the strategic investors was Lim Cheok Peng, the former managing director of IHH Healthcare, who led the healthcare group’s dual listing on Bursa Malaysia and the Singapore Exchange in 2012. Other institutional investors included UOB Asset Management, Lion Global Investors, Value Partners Hong Kong, Tokio Marine Life Insurance Singapore, Avanda Investment Management, Areca Capital and Amova Asset Management, among others.
ZICO Capital acted as placement agent, while Maybank Securities was the sub-placement agent.
After deducting placement expenses, iWOW expects to receive net proceeds of about S$14.5 million. Around 25-35% of the funds will be used to expand the manufacturing capacity of GentleFoods, its texture-modified meals business acquired through The Gentle Group. In comparison, another 15% will support overseas expansion, including pilot projects in the United States and Japan.
The remaining proceeds will be allocated to research and development, sales and marketing, acquisition-related payments and general working capital.
The fundraising comes months after iWOW completed the acquisition of The Gentle Group, as the company broadens its business beyond Internet of Things (IoT) solutions into ageing-related healthcare and clinical nutrition. The company said it is building its business around three areas: AgeTech solutions under its Buddy of Parents brand, clinical nutrition products and smart city infrastructure.
Non-executive chairman and substantial shareholder Soo Kee Wee said the placement would strengthen the company’s capital base and support its next phase of growth. “Their participation not only strengthens our capital base, but also serves as a strong endorsement of the direction we are taking,” he said.
Indonesia’s logistics ABL completes acquisition of Australia’s Engage Marine
Indonesia-based integrated logistics company Asian Bulk Logistics (ABL Group) has completed its acquisition of Australian harbour towage operator Engage Marine, marking its latest deal to expand its presence in Australia’s maritime services sector. Financial terms of the transaction were not disclosed.
Engage Marine provides harbour towage, terminal towage and marine support services at ports across Australia, serving vessels ranging from Handy-size ships to Capesize bulk carriers. The business will become part of ABL’s Australian operations.
The acquisition is ABL’s latest expansion in Australia following a series of deals over the past three years. The group acquired rail freight operator One Rail Australia in 2023, followed by Transhipment Service Australia (TSA) in early 2025 and container solutions provider SCF Containers from alternative asset manager ICG in December 2025.
President director Ika Heru Beth Ari said the acquisition forms part of the group’s expansion strategy in Australia through its Australian holding company, Australia Global Infrastructure (AGI), and is expected to broaden its service offerings and customer base.
Ari also acknowledged the role of the financing consortium behind the acquisition, naming QIC, Balmain, PEP Credit, Indonesia Eximbank (LPEI), Indies Capital and SMG Capital, and said their financial and strategic support had been instrumental in completing the transaction.
Following the acquisition, ABL said it would continue supporting Engage Marine’s operations as part of its Australian maritime services business.
