SE Asia Digest: Gojek completes Moka deal; HC Surgical to pick 51% in GMH

Source: Hike Shaw/Unsplash

Indonesian ride-hailing major Gojek has completed the acquisition of PoS platform Moka while SGX-listed HC Surgical Specialists Limited has entered an agreement to acquire 51 per cent stake in GMH Endoscopy & Surgery Pte. Ltd.

Gojek completes acquisition in PoS platform Moka

Indonesian ride-hailing major Gojek has completed the acquisition of Jakarta-based PoS platform Moka, local media Kontan reported.

Gojek has submitted a filing to Indonesia’s Business Competition Supervisory Commission (KPPU), which requires companies to report M&A activity within 30 working days after the effective date.

KPPU commissioner Guntur Saragih confirmed to DealStreetAsia that the authority had received the filing from Gojek, but the authority has not yet released the [acquisition] assessment.

KPPU received the filing from Gojek on April 9. DealStreetAsia has reached out to Gojek and Moka for comment.

Founded in 2014 by Haryanto Tanjo and Grady Laksmono, Moka provides an end-to-end POS and payment solution to small and medium businesses in Indonesia. It claims to cater to over 18,000 stores across multiple verticals and process about $1 billion in annualised transactions.

Moka raised a $24-million Series B funding round in the second half in 2018, with Sequoia Capital and SoftBank on its cap table. Its other investors include Singapore’s EDBI, East Ventures, EV Growth, Mandiri Capital, Convergence Ventures and Pegasus Tech Ventures.

SG-listed HC Surgical picks 51% in GMH Endoscopy & Surgery

SGX-listed HC Surgical Specialists Limited (HCSS) has entered an agreement to acquire 51 per cent of the total issued and paid-up share capital of GMH Endoscopy & Surgery Pte. Ltd (GMHES) for a total purchase consideration of S$765,000 ($538,290).

Post-acquisition, GMHES will be a subsidiary of HCSS. The deal is in line with the group’s long-term plans for growth and will expand the group’s presence in Singapore, according to a statement.

Subject to completion of the proposed acquisition, HCSS will enter into a separate sale and purchase agreement to buy the remaining 49 per cent stake in GMHES at a later stage.

In February, we reported that private investment firm SIN Capital Group, the majority shareholder of Singapore-based managed healthcare platform Fullerton Healthcare Corporation, was considering a sale of its stake in the company.

A month later, Sheares Healthcare, a wholly-owned subsidiary of Singapore’s state investment firm Temasek, submitted its bid for the sale.

Last year, Singapore-based healthcare firm Novena Global Lifecare increased its footprint in Taiwan’s healthcare market with further acquisitions of three healthcare companies.

The company increased its stake in Hexin Health Corporation from 20 per cent to 50.1 per cent for an undisclosed cash amount. Novena, meanwhile, also acquired a 50.1 per cent stake in Bolian Biotech and Lianwei Biotech respectively, for approximately $10 million.

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.