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

By: Alternatives.pe

Southeast Asia M&A Deals

Saudi Agricultural and Livestock Investment Co. (SALIC), a Saudi Arabia-based investment company focused on the agrifood industry, entered into a definitive agreement to acquire a 44.58% stake in OLAM AGRI from Olam Group Limited for USD 1.8 billion. Upon completion of Tranche 1 of the acquisition, SALIC will own a controlling 80.01% stake in Olam Agri. Olam Group Limited will, upon the completion of the sale of Tranche 1, will proceed to Tranche 2, where it has a put option to sell its remaining 19.99% stake in Olam Agri to SALIC, exercisable on the third anniversary of completion of the sale of Tranche 1.

Hon Hai Precision Industry Co. Ltd., a multinational electronics manufacturer in Vietnam, has acquired a 25% equity stake in 

GOERTEK ELECTRONICS, Goertek Electronics Vietnam Co. Ltd. for USD 50 million. The acquisition was done through its subsidiary New Wing Interconnect Technology (Bac Giang) Co., Ltd.

Asia Industrial Estate Company Limited, a Thailand-based industrial estate company, acquires a 15.99% stake in

INTERNATIONAL RESOURCES DEVELOPMENT from Charn Issara Development Public Company Limited for USD 8.7 million. Charn Issara Development PCL’s sale of shares in International Resources Development is part of the company’s strategy to optimize its asset portfolio.

Titiwat Kuvijitsuwan, a Thai private investor, acquires a 47.5% stake in TONSON DEVELOPMENT, a Thai real estate development company, from Asset Five Group Public Company Limited for USD 1.6 million. The share disposal is part of Asset Five Group’s strategy to improve liquidity and generate working capital for various projects.

 

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REVENUE UPDATES

UNICORE FUEL, a Singapore-based company engaged in procurement and sales of various bunker grades including Exwharf trades and other related services, reached USD 2.5 billion in revenue for the FY ending in April 2024, a 26% year-on-year growth, although its EBIT dropped by 13%.

Comparable Companies:

LSG INSURANCE, a Singaporean insurance company that offers customised insurance-based solutions to help individuals and institutions, reached a revenue of USD 28 million for the FY ending in April 2024, a 367% growth compared to the previous year. It has also managed to finally gain a positive EBIT of USD 1 million, from a negative EBIT of USD 2 million for the previous financial year.

Comparable Companies:

 
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