Philippines-listed Phinma Corp unit has acquired Bataan cement processing terminal for $15.4 million while Indonesian regulator OJK has granted the first equity crowdfunding licence to fintech firm Santara.
Phinma unit acquires Bataan terminal for $15.4m
Philippines-listed holding firm Phinma Corp announced on Friday that its 60 per cent-owned subsidiary Philcement Corporation signed an agreement for the acquisition and takeover of Bataan cement processing terminal for 800 million pesos ($15.4 million).
The Bataan facility is expected to be functional by year-end. Philcement is Phinma’s vehicle for its cement industry comeback and is expected to contribute to the growing demand for reliable and quality cement and construction materials in the Philippines.
Phinma has investments in education, property development, and hospitality. It recently invested $50 million in Vietnam’s Song Lam Cement Joint Stock Corporation, a subsidiary of the Vissai Group.
OJK grants first equity crowdfunding licence to fintech firm Santara
Indonesia’s Financial Services Authority or OJK has granted the first equity crowdfunding licence to Yogyakarta-based fintech firm Santara, the regulator said in a statement.
Under the equity crowdfunding licence, startups are allowed to raise funding through the stock market.
The regulation also stipulated that the public offering should be implemented within 12 months, with the maximum fundraising cap fixed at Rp 10 billion ($709,845).
The equity crowdfunding move allows startups access to resources in the capital market.
Founded in 2012, Santara has disbursed loans over Rp 5 billion ($353,686), pooling funds from 1,082 investors. There are at least 15 small and medium businesses that have secured funding through Santara, ranging from Rp 76 million ($5,355) to Rp 1.2 billion ($84,558).