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

By: Alternatives.pe

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Southeast Asia M&A Deals

Tokyu Development (Thailand) Company Limited, a property management and real estate development company in Thailand, along with Saha Pathana Inter-Holding Public Company Limited, a holding company investing in businesses and managing real estate projects, acquire a 40% stake in EKTANIN, a Thai property development company, from Sansiri Public Company Limited for USD 594K. This acquisition now makes Ektanin a joint venture between the acquirers with a 60:40 ownership split between them, aimed at developing a residential project for sale.

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Djarum Group, an Indonesian conglomerate with diversified interests spanning tobacco, property, banking, and technology, has entered into an agreement to acquire an 85% stake in BAKMI GAJAH MADA, a prominent noodle restaurant chain with a nationwide presence in Indonesia. The transaction is currently underway, with the deal value estimated to range between USD 126 million and USD 151 million.

Yanmade Electronic Pte. Ltd., a subsidiary of Shenzhen Yanmade Technology Inc., has acquired 51% of 

AXIS-TEC, a manufacturer and supplier of semiconductor assembly and testing equipment in Singapore, from Ellipsiz Ltd. for a total of USD 2 million.

Kasikornbank Public Company Limited (KBank), a commercial bank in Thailand, has acquired a 50.16% stake in T2P HOLDINGS, an investment holding company specializing in financial services. The transaction, carried out through KBank’s subsidiary Kasikorn Investure Company Limited, was completed for an undisclosed amount. This strategic acquisition aligns with KBank’s objective to strengthen its footprint in the digital payments and financial technology sectors, with a specific focus on the “Nano-Money Transfer-IT” business.

INNIO Group, an Austria-based provider of energy solutions and services, has acquired an unspecified stake in SOUER, a Thailand-based company specializing in the supply, servicing, and support of gas and diesel engines. The terms of the transaction, including the stake size and value, remain undisclosed.

 

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REVENUE UPDATES

BEAUTY ONE, a Singaporean company engaged skin care, hair care and slimming products, achieved revenue of USD 281 million for the FY ending in March 2024, a 124% year-on-year growth.

Comparable Companies:

LSG INSURANCE SINGAPORE, the Singaporean branch for UK-based insurance group, LSG Insurance, reached a revenue of USD 28 million for the FY ending in March 2024, a 367% year-on-year growth.

Comparable Companies:

 
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