TICON forms second JV with local listed firm for expansion in Indonesia

Image from Ticon.

Ticon Industrial Connection Pcl (TICON), a Thai-listed factory and warehouse developer, has formed a second JV firm with Indonesia’s property developer PT Surya Semesta Internusa Tbk (SSIA) to expand into South Sulawesi and South Kalimantan areas.

The new company, called PT Surya Internusa Timur (SIT), has an initial registered capital of $15 million, said TICON’s chief executive officer Virapan Pulges.

In 2015, the Thai company joined SSIA and Japan’s Mitsui & Co to set up the first joint venture company in Indonesia, named PT SLP Surya TICON Internusa (SLP), to develop rental factories and warehouses in Suryacipta Technopark Project in Karawang. Currently, SLP has a total area of over 62,000 square metres for lease.

“With close business relationship between TICON and customers, most of which are conglomerates from all over the world, including manufacturers to logistics providers, we believe we can make use of this competitive advantage to further develop and strengthen the new joint venture especially in terms of better understanding of customers’ design and engineering need,” said Pulges.

Founded in 1990, TICON has built factories and warehouses with a combined space of over 2.6 million square metres nationwide. In addition, TICON is the main sponsor of the country’s largest industrial property REIT, TICON Freehold and Leasehold Real Estate Investment Trust, with a total asset value of over 32 billion baht (around $100 million).

Also read:

Thailand: TICON plans to convert three property funds into REITs

SGX-listed Frasers Centerpoint buys 40% stake in Thai developer TICON for $378m

TICON forms JV with Indonesia’s property developer & Japan’s Mitsui

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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.