MY Digest: PayrollPanda bags $700K; Sona Petroleum to de-list from Bursa

An investor monitors share market prices at a brokerage firm in Kuala Lumpur, Malaysia, August 24, 2015. REUTERS/Olivia Harris

SaaS startup PayrollPanda has closed a $700,000 seed funding round and Sona Petroleum Bhd will de-list from Bursa Malaysia this Thursday, June 28.

Launchpad’s PayrollPanda bags $700K seed funding

SaaS startup PayrollPanda has secured a $700,000 seed funding from family offices in the UK and Saudi Arabia, the startup said in a statement today. It is one of the eight startups under Malaysia-based venture builder LaunchPad.

The startup has also delayed its regional expansion plans and said it will remain focused in Malaysia until early 2019. The new funding will help PayrollPanda further enhance its product and focus on HR automation. It aims to increase its cystomer base to over 20,000 in Malaysia in five years.

LaunchPad CEO Asim Qureshi said, “Our revenues, number of customers, and growth rate are uncannily similar to New Zealand’s Xero soon after they IPO’d 11 years ago. That’s a great sign. This funding will keep us going until the end of the year before which we’ll be looking to raise again.”

Sona Petroleum to de-list from Bursa Malaysia

Sona Petroleum Bhd will be de-listed from Bursa Malaysia on June 28, 2018, the company said in a filing with the stock exchange.

“The entire issued share capital of Sona will be removed from the Official List of Bursa Securities with effect from 9am, Thursday, 28 June, 2018 pursuant to Paragraph 16.11(1)(d) of the Main Market Listing Requirements of Bursa Securities,” sai the company.

Sona was listed on July 30, 2013 as an oil and gas special purpose acquisition company (SPAC) and had proposed to acquire Stag oil field off northwestern Australia for $25 million in 2016.

However, the deal fell apart when Sona failed to secure shareholders’ approval and was wound up by the court.

Also Read:

Venture builder LaunchPad raises $6m for tech ventures, early-stage investments

Malaysia’s Sona Petroleum buys Australia oilfield from Santos, Quadrant Energy for $50m

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.