THE ALTERNATIVE VIEW
Private Equity and M&A – Southeast Asia

By: Alternatives.pe

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Southeast Asia M&A Deals

Saha Pathana Inter-Holding Public Company Limited (SPI), a Thailand-based holding company that primarily invests in businesses and manages real estate projects, has acquired a 51.57% stake in PANLAND, a real estate development company in Thailand, for USD 10 million. This strategic investment aims to enhance its competitiveness in the real estate development market and strengthen its land development business, supporting the company’s sustainable growth.

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M1 Limited, a telecommunications provider in Singapore, through its wholly owned subsidiary AP Tech Holdings Pte. Ltd., has signed an agreement to acquire a 70% stake in ADG, a Vietnamese distributor of IT and high-tech products, for a total purchase consideration of USD 28 million. This acquisition marks M1’s entry into the Vietnamese information technology market. 

Thai Wacoal Public Company Limited, a Thailand-based manufacturer and seller of ladies’ apparel products, has acquired a 10% stake in E-COMMERCE DIGITAL THAI HOLDING, a holding company that invests in e-commerce businesses in Thailand, from I.D.F. Company Limited for USD 574 thousand. This transaction is part of Thai Wacoal Plc’s strategy to tap into the e-commerce sector.

ARIP Public Company Limited, a Thailand-based company specializing in event management and marketing activities, acquired an additional 11.05% stake in ACIS PROFESSIONAL CENTER, a Thailand-based IT security training and consulting firm, for USD 607 thousand.

I&I Group Public Company Limited, a Thailand-based digital and technology consulting firm, has acquired a 51% stake in CONNECT X, a Thai customer data and marketing platform startup, for USD 2.6 million. This acquisition will make Connect X a subsidiary of I&I, driving business expansion, increased income, and synergies in areas such as digital transformation, CRM systems, and data analytics.

Mr. Viradeth Boutha and Mr. Sumet Nirapiyanan, two Thai private investors, have acquired a 99.99% stake in ALPHA BIOTECH, a Thai company that produces raw materials extracted from hemp and cannabis plants. The two buyers acquired the company from Alpha Divisions Public Company Limited for USD 3.4 million. In addition to the shares, the seller will transfer loan receivables of approximately USD 914 thousand, bringing the total transaction value to USD 4.6 million. Alpha Divisions sold its shares in Alpha Biotech to reduce regulatory risks and reallocate funds into its renewable energy and finance businesses, aiming to boost revenue, profitability, and long-term growth.

Muang Thai Life Assurance Public Company Limited (MTL), a Thailand-based life insurance company, acquired a 40% stake in LIVWELL LIVING, a Thailand-based company that provides management solutions for independent seniors and promoting successful aging. The terms of the deal remain undisclosed. MTL’s investment in Naya Residence and LiveWell Living leverages Thailand’s aging population to diversify its insurance offerings by integrating retirement planning with premium senior living services.

 

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REVENUE UPDATES

SWELECT, a Singaporean solar power company, hit a revenue of USD 15.3 million in revenue for the FY ending in March 2024, a 117% growth from the previous year.

Comparable Companies:

LIVEN AGRICHEM, a Singapore-based fertilizer trading company established as a joint venture between CI Resources Ltd. and Liven Agrichem, reached a revenue of USD 470.9 million for the FY ending in June 2024, an 11% year-on-year growth.

Comparable Companies:

 
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