Novo Tellus inks pact to invest in Catalist-listed Grand Venture Technology

Private equity firm Novo Tellus has signed a conditional placement agreement to invest S$23.6 million ($17.7 million) in Singapore’s Catalist-listed semiconductor supplier Grand Venture Technology (GVT), according to the stock exchange announcement.

The investment will be made through NT SPV 12, the Cayman Islands-based, a wholly-owned subsidiary of Novo Tellus PE Fund 2 L.P. The fund invests in mid-market technology and industrials sector firms in Southeast Asia.

NT SPV 12 will acquire 71.5 million new ordinary shares of GVT or 23.4% of the company’s enlarged share capital. The issuing price of S$0.33 per share represents an 18% discount over the volume-weighted average price (VWAP) of $0.40 per share based on the trades done on the SGX-ST on 11 January 2021.

GVT plans to use a majority of the proceeds to expand its business through mergers and acquisitions, joint ventures and partnerships. It will also deploy a part of the capital towards enhancing operational and engineering capabilities and for working capital, according to the announcement.

Following this investment, NT SPV 12 will nominate one director for appointment to the board.

Along with this transaction, existing controlling shareholders, Metalbank Singapore, have sold 19 million shares or 8.1% of GVT’s stake for S$6.27 million. When the transaction was announced, Metalbank held 133.47 million shares or 57% of GVT.

Novo Tellus’s earlier investments include Singapore-based data centre solutions provider Procurri Corporation; industrial automation firm ISDN Holdings and smart card IC module and test services player NovoFlex.

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.