SE Asia Digest: META Corp, Thai Union and JB Financial in M&A news

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In M&A news from the Southeast Asian region, Thailand’s META Corp has completed the acquisition of 9 per stake in Basic Energy while Thai Union Group has upped its interest in Thammachart Seafood Retail. Meanwhile, in Vietnam, JB Financial Group said it will acquire Morgan Stanley Gateway Securities for $16.7 million.

Thailand’s META Corp completes acquisition of 9% stake in Basic Energy

Philippines-based Basic Energy Corporation will issue another 180.4 million shares to Thailand’s META Corporation, formerly Vintage Engineering, to complete its sale of a 9 per cent stake to the Thai firm, according to a stock exchange filing.

The share issue is part of a subscription agreement between the companies signed in 2016 in which the Filipino company has completed selling the first two tranches of shares totaling 255.3 million units.

Under the agreement, the 9 per cent shares were determined to be sold for 139.4 million pesos ($2.76 million). However, the parties are still working on the subscription price for the third tranche, which is expected to be paid by the first quarter of next year.

Both companies are entitled to pursuing the exploration, development and production of renewable energy resources in the Philippines and abroad.

In June last year, Basic Energy said it acquired a 15 per cent interest in Vintage EPC and VTE International Construction, two businesses under the umbrella of META Corporation, which are involved in the construction of a 220-megawatt solar plant in Myanmar.

META Corporation was founded in 1992 originally as a contractor to set up electrical and communication systems for buildings. The company has now expanded into a developer of renewable energy power plants in Asia.

Thai Union Group ups stake in Thammachart Seafood to 65%

Seafood major Thai Union Group has enhanced its stake in Thammachart Seafood Retail to 65 per cent from 25.1 per cent in 2018, according to an announcement.

“Besides managing its own operations, Thammachart Seafood will bring their expertise in branding and marketing to Thai Union’s Qfresh branded products which will allow it to expand into both B2B and B2C segments,” said Rittirong Boonmechote, president of the global frozen and related unit at Thai Union Group.

The increased investment will fulfill the company’s goal of expanding further into the Thai domestic market and other markets including Laos, Cambodia and China.

JB Financial’s banking arm to acquire Morgan Stanley Gateway Securities

Kwangju Bank, a unit of South Korea’s JB Financial Group, has reached an agreement to acquire 100 per cent shares of Vietnam-based brokerage house Morgan Stanley Gateway Securities (MSGS) for 19.5 billion won ($16.7 million).

MSGS, founded in 2006, is a securities firm owned by Wall Street investment bank Morgan Stanley.

Kwangju Bank will also set aside 600 billion dong to increase MSGS’s capital, JB Financial said in a regulatory filing. The acquisition is expected to complete by the end of January 2020.

With this latest purchase, JB Financial has reinforced its Southeast Asian presence through its units,  Phnom Penh Commercial Bank in Cambodia and JB Capital Myanmar.

 

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.