SG Dealbook: Top Glove to acquire Aspion; CapitaLand expands China presence

Lucas Loh CEO, CapitaLand China and Heng Swee Keat, Minister for Finance, Singapore. Credit: CapitaLand

Property major CapitaLand has entered into a strategic alliance with China UnionPay while Top Glove Corporation is set to acquire surgical glove manufacturer Aspion.

CapitaLand partners China UnionPay, venture fund to invest in China

SGX-listed CapitaLand has formed a strategic alliance with China UnionPay in a bid to enhance the cashless payment capabilities of its CapitaStar app. In addition, its VC arm will be looking to source deals in the China market.

CapitaStar will be integrated with China UnionPay’s debit and credit card facilities within the app.

The alliance, as well as the launch of a China-focused venture fund, was forged in Beijing at the IE Singapore – CapitaLand Tech & Innovation Summit.

This comes as the property major seeks to adapt to increasing digitalisation across both China and Singapore, host to 83 per cent of its total assets, according to Lim Ming Yan, President & Group CEO of CapitaLand Limited.

Top Glove to acquire Aspion Bhd

Top Glove Corporation Bhd, listed in Malaysia and Singapore, is to acquire Aspion Sdn Bhd in a deal that will see it emerge as the world’s largest surgical glove manufacturer, in addition to being the world’s largest rubber glove manufacturer. Financial terms of the deal are undisclosed.

The purchase consideration would be met through cash and the issuance of new ordinary shares in Top Glove.

According to a release, the acquisition accords immediate leadership in the rapidly expanding surgical glove sector, a recession-resilient market, with Top Glove. It also moves the firm further up the value chain.

It will also see it expand its geographical coverage and give it access to North America, Europe and Japan. Additionally, Aspion possesses a substantial intellectual property portfolio, with trademarks and patents registered in major countries.

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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.