Rowsley, Vietnam partner terminate JV project in Myanmar

Singapore-based lifestyle real estate and investment company Rowsley Ltd, that is part-owned by billionaire Peter Lim, has called off its pact with Vietnam’s Hoang Anh Gia Lai Joint Stock Company (HAGL) to jointly build and manage a $550-million (S$748-million) mixed-use development in Yangon, Myanmar.

The two companies had announced the deal in February this year, under which Rowsley was to invest $275 million for 50 per cent stake in one of the largest mixed-use developments in Yangon, while HAGL would have to make the remaining investments, and undertake construction of the entire project.

Rowsley and HAGL Land were initially to hold 50 per cent stakes in the joint venture, with the Singapore-based having the option to increase its interest in the joint venture in the future.

“The company will not enter into the proposed joint venture as the conditions precedent under the Heads of Terms Agreement have not been satisfied. The company will continue to explore other investment and development opportunities,” Rowsley said in a filing with the Singapore stock exchange.

Peter Lim holds a 49.55 per cent stake in Rowsley whose two key assets include RSP Architects and Vantage Bay, Iskandar in Malaysia.

Last month, the company had tapped the bond markets at an initial price guidance of 6.50 per cent coupon, in its debut three-year bonds issue.

Rowsley’s other investments include, Streamax International Holding Co Limited, a stainless steel recycling company in China that has a proprietary nickel bean manufacturing process; Auhua Clean Energy PLC, an environmental technology group based in the Shandong province of China that specialises in the development and application of green energy and energy efficient water heating solutions; FJ Benjamin Holdings Ltd, a mainboard listed co that is principally engaged in the business of luxury fashion and timepiece distribution and retailing and Epicentre Holdings Limited, that is listed on the Catalist board of Singapore Exchange and is a one-stop premium retailer specialising in the sale of Apple brand products and its complementary products.

Also Read: SG’s Rowsley inks JV for $550m Myanmar project 

Image:Freedigitalpictures.net

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.