SG Digest: Aspen backs food delivery firm; AIA to transfer Brunei business

Source: Team Picture At Delivereat Sdn. Bhd. (aCAT Penang)

Singapore-listed, Malaysian property developer Aspen (Group) Holdings Limited is investing RM5.0 million ($1.19 million) in a local food delivery company while AIA Singapore is seeking to transfer its Bruneian life insurance business back to the city-state.

Aspen Holdings investing in food delivery firm 

Catalist-listed property developer Aspen (Group) Holdings Limited (Aspen) is making a cash investment of RM5.0 million ($1.19 million) by way of subscription of 138,750 Series A redeemable convertible preference shares in the share capital of a Penang-based food delivery company called Delivereat Sdn. Bhd. (Delivereat).

The investment by Aspen marks its first entry into the Malaysian food delivery business that is dominated by local competitors such as Foodpanda, owned by Germany-based Delivery Hero, and GrabFood, part of ride-hailing major Grab.

Delivereat is an online food ordering and delivery platform founded in 2012 in Penang by two entrepreneurs, Leong Shir Mein, and Tan Suan Sear. According to the filing, the company has since grown to over 1,000 restaurants. Delivereat has also ventured into grocery deliveries, parcels, documents, and e-commerce, among others.

Delivereat’s existing backers include Crystal Horse Investments, and Gobi Mavcap ASEAN Superseed Fund, LP. In February 2017, Delivereat had bagged a RM2.0 million ($450,635) investment from Superseed in a pre-Series A funding round.

AIA Singapore  seeks to transfer Brunei operations to Singapore

AIA Company Limited and AIA Singapore Private Limited (AIA Singapore) announced that they intend to file a court application to seek the transfer of its life insurance business of AIA Company Limited (Brunei Branch) to AIA Singapore (Brunei Branch). The three AIA entities are part of the larger AIA Group Limited (AIA Group), an HK 908.41 billion ($115.81 billion) Asia-Pacific region insurance company listed on the Hong Kong Stock Exchange (HKSE).

AIA Brunei has established its presence in its home country for the past 60 years. The Brunei business is currently a branch of AIA Company Limited (AIA), a Hong Kong incorporated company, and regulated by the Hong Kong Insurance Authority.

The transfer does not impact AIA Brunei status and the operations will continue to be regulated as a licensed life insurer under the Authoriti Monetari Brunei Darrussalam, Brunei’s central bank and financial services regulator.