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

By: Alternatives.pe

Southeast Asia M&A Deals

Fuji Nihon Corporation, a Japan-based manufacturer and seller of refined sugar and sugar-related products, acquires a 49% stake in THAI WAH FUJI NIHON, a Thai company specializing in the trading, manufacturing, and distribution of tapioca-based products, from Thai Wah Public Company Limited for USD 14 million. The acquisition was done through its subsidiary, Fuji Nihon (Thailand) Company Limited. The transaction aims to enhance Thai Wah Public Company Limited and Fuji Nihon Corporation’s global market reach and drive innovation in tapioca-based food ingredients.

ASNOVA Co., Ltd, a Japan-based provider of wedge scaffolding rental services, has agreed to acquire 100% of 

QOOL ENVIRO, a Singaporean company that offers rental of portable toilets, cleaning services and waste management solutions, from Teo Beng Li Cindy, Koh Teck Huat Andrew and Ngui Kok Foong. The transaction of the acquisition reached USD 14 million.

U-Tapao International Aviation Company Limited, a Thailand-based company that manages U-Tapao International Airport, acquires 100% of

THE COMMUNITY ONE and THE COMMUNITY TWO, both being property and real estate companies in Thailand, from BTS Group Holdings Public Company Limited. The Community One was acquired for USD 6 million, while The Community Two was acquired for USD 12 million, for a total combined transaction value of USD 18 million. The transaction aims to streamline BTS Group Holdings Public Company Limited’s operations and improve its focus.

Dabaco Group, an animal feed production company in Vietnam, has acquired 83.25% of

KIM SON 1, a Vietnamese company engaged in agriculture and animal husbandry, for USD 1.9 million.

MGSM 2 Company Limited, a Thailand-based holding company, acquires a 99.99% stake in

SOLUTION MOTORS, a Thai car rental company, from Beyond Capital Company Limited, a subsidiary of AKS Corporation Public Company Limited, for USD 1.5 million. The divestment aims to improve AKS Corporation’s financial liquidity, and the proceeds from the sale will be used as working capital and reinvested into other business units that generate higher returns for the company.

 

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REVENUE UPDATES

TEMASEK LIFE SCIENCES, a Singaporean biotechnology and healthcare company that conducts research in molecular biology and genetics, reached USD 209 million in revenue for the FY ending in March 2024, a 29% year-on-year increase.

Comparable Companies:

  • BE VACCINES – Q1 2024 Revenue USD 140 million (51% growth)
  • CHITOSE BIO EVOLUTION – Q1 2024 Revenue USD 17 million (11% growth)
  • PROMEGA – Q1 2024 Revenue USD 9 million (-12% growth)

TATA COMMUNICATIONS INTERNATIONAL, a provider of communication services, achieved USD 571 million in revenue for the FY ending in March 2024, dropping slightly by 5% from the previous year. Its EBIT fell further, dropping by over 50%.

Comparable Companies:

 
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