Asean Digest: WeWork enters PH; Malaysia’s Securemetric raises $4m

WeWork Philippines
A guest attends the opening ceremony of WeWork Hong Kong flagship location in Hong Kong, China February 23, 2017. REUTERS/Bobby Yip

WeWork, which recently raised $3 billion in fresh funding from SoftBank, has opened its first hub in the Philippines while Malaysia’s Securemetric announced raising $4 million in its IPO.

WeWork opens first hub in the Philippines

New York City’s co-working space chain WeWork is opening its first hub in the Philippines in December, marking its foray into a market where startups and small entrepreneurs have limited co-working space options.

The WeWork hub occupies two floors of Uptown Bonifacio Tower in Fort Bonifacio, Taguig City. The hub can accommodate 800 members, according to WeWork officials. The amenities include community bars, phone booths, WiFi, and breakout areas that have Filipino-inspired designs.

The Philippine hub brings WeWork’s total market in Southeast Asia to four. It currently operates in Singapore, Indonesia, and Vietnam. WeWork’s regional managing director Turochas Fuad said the plan is to launch in six markets by the end of the year.

Early this week, SoftBank agreed to pay $3 billion to WeWork for the opportunity to buy shares before September 2019 at a price of $110 a share or higher, depending on whether WeWork goes public, is acquired or raises a $1 billion round before that date.

Malaysia’s Securemetric raises $4m in IPO

Securemetric, a digital security solutions provider based in Malaysia, has raised RM17 million ($4 million) on its debut in the ACE Market of Bursa Malaysia, according to its filing.

Securemetric’s IPO price was RM0.25 ($0.05) per share, with listing market capitalisation of RM60.9 million ($14 million). The firm earlier said it will use the capital raised for the development of new digital security solutions, among others.

Based in Kuala Lumpur, Securemetric and its subsidiaries offer digital security products and solutions in markets across Southeast Asia, including Malaysia, Vietnam, the Philippines, Indonesia, and Singapore.

For the financial year ended on December 31, 2017, more than 85 per cent of Securemetric’s revenue was derived from its overseas operations.

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