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

By: Alternatives.pe

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Southeast Asia M&A Deals

MCSK has acquired the remaining 20% stake in KATONG HOLDINGS, a Thai real-estate development company, from Keong Hong Construction, a wholly owned subsidiary of Keong Hong Holdings. The transaction cost MCSK USD 25 million, driving the company’s valuation to over USD 128 million.

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PT Trimegah Bangun Persada Tbk, a mining company engaged in nickel mining in Indonesia, bought 10% of OBI NICKEL COBALT, a nickel mining company in Indonesia, belonging to Li Yuen Pte. Ltd. for USD 132 million. PT Trimegah Bangun Persada Tbk increased their portion in PT Obi Nickel Cobalt to increase value creation in line with its own shareholder interests. This acquisition is categorised as affiliate transaction, as Li Yuen Pte. Ltd. is also listed as the ultimate beneficial owner of PT Trimegah Bangun Persada Tbk’s shares.

OKH Global Ltd, a Singaporean property development company, has signed an agreement to acquire 100% of

CHIP ENG SENG CONSTRUCTION, a company engaged in construction, civil infrastructure, precast technology, and other industries, for an initial consideration of USD 87 million. The payment will be satisfied by the issuance of new OKH Global Ltd shares at an issue price of SGD 0.05252 per share.

PT Ancara Logistics Indonesia Tbk, an Indonesian company engaged in maritime transportation and shipping, has increased its stake in its subsidiary, MAHAKAM COAL TERMINAL, a shipping and transportation company that is engaged in logistics services for coal, from 70% to 78.12% for USD 19 million. Mr. Honardy Boentario, a director at Mahakam Coal Terminal, also participated and subscribed to newly issued shares for USD 2 million.

News Network Corporation Public Company Limited, a Thailand-based holding company investing in securities and financial technology, has reportedly acquired the remaining 33.96% stake in SUPER TRADER REPUBLIC, an education company specializing in investing and financial markets. The shares were acquired from Finnovate Limited for USD 10.5 million.

Genius Group Limited, a NYSE-listed AI-powered Bitcoin education group, has acquired Singaporean Bitcoin and blockchain learning platform XD ACADEMY. Terms of the deal remain undisclosed.

 

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REVENUE UPDATES

STRIPE, a Singaporean technology company that builds economic infrastructure for Internet businesses, recorded a revenue of USD 280 million for the FY ending in June 2024, an 11% year-on-year growth.

Comparable Companies:

  • WISE ASIA-PACIFIC – Q1 2024 Revenue USD 89 million (29% growth)
  • TRANGLO – Q4 2023 Revenue USD 31 million (-18% growth)
  • ALIPAY MS – Q4 2023 Revenue USD 92 million (283% growth)

HARVARD BUSINESS SCHOOL PUBLISHING, a Singaporean company under Harvard Business School Publishing, engaged in providing a complete catalogue of business case studies, articles, books, and simulations, achieved revenue of USD 1.9 million for the FY ending in June 2024, a 2% year-on-year growth.

Comparable Companies:

 
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