SEA Digest: VinFast acquires Australian asset; FWD invests in IPPFA

Vietnam’s homegrown car manufacturer VinFast has entered into an agreement to take over the Lang Lang Testing Centre in Australia from American car giant General Motors. Meanwhile, FWD, the insurance company of Hong Kong billionaire Richard Li, will be buying a minority stake in Singapore-based financial advisory company IPP Financial Advisers (IPPFA).

Vingroup’s automobile arm acquires Australian testing centre

VinFast, the automobile arm of Vietnamese conglomerate Vingroup, is acquiring the Lang Lang Testing Centre in Australia from GM Holden for an undisclosed sum.

As a testing facility of all Holden-branded cars since 1958, the Lang Lang Testing Centre has a total area of 872 hectares, with a test track system of more than 44 km simulating all kinds of terrain in practice, as well as other vehicle testing amenities.

In February this year, US-based General Motors announced its exit plan of the GM Holden brand in Australia and New Zealand. The firm agreed to sell Lang Lang to VinFast “to continue the mission of testing impressive new car models coming in the future”, VinFast said in a statement.

The acquisition was sealed after the Vietnamese carmaker established its Institute of Automotive Technology 2 and opened an office in Melbourne.

FWD buys minority stake in Singapore financial advisory IPPFA

Hong Kong-based insurer FWD will be buying a minority interest in Singapore-based financial advisory company IPP Financial Advisers (IPPFA), according to an announcement.

The strategic alliance will enable FWD to design more life insurance products while complements IPPFA’s existing range of financial products, financial planning services and investments capabilities.

IPPFA said it will retain its position as an open architecture financial planning institution with access to a comprehensive range of products from different insurers and fund houses.

 

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.