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

By: Alternatives.pe

Southeast Asia M&A Deals

DEE Development Engineers Limited, an Indian company specializing in piping solutions, has acquired an additional 24.67% stake in DEE PIPING SYSTEMS, a Thai pipe fabrication company, for USD 2.4 million. The investment strengthens DEE Development Engineers’ international presence and enhances operational capabilities.

PT TBS Energi Utama Tbk, an Indonesian energy company engaged in oil, gas, and coal mining, has announced in November 2024 its plan to divest shares in 

MINAHASA CAHAYA LESTARI, a power generation company that operates a steam-powered power plant in Sulawesi, Indonesia, to PT Kalibiru Sulawesi Abadi, an Indonesian energy investment holding company affiliated with Indonesian businessmen Hilmi Panigoro and Benny Setiawan. PT TBS Energi Utama Tbk has successfully completed the sale of 90% of Minahasa Cahaya Lestari to PT Kalibiru Sulawesi Abadi for USD 93.6 million. PT Kalibiru Sulawesi Abadi also acquired a 10% stake from Sinohydro Corporation Limited.

PT United Tractors Tbk, an Indonesian mining corporation, has signed an agreement to divest its entire stake in

BORNEO BERKAT SENTOSA and BORNEO BERKAT MAKMUR, both are investment holding companies that holds concession rights for several coal mining operations in Indonesia. PT United Tractors Tbk will sell its stake in the two companies to PT Reswara Minergi Hartama, a subsidiary of PT ABM Investama Tbk, an investment holding company focused on mining. PT United Tractors Tbk’s subsidiary, PT Tuah Turangga Agung, will sell its 100% stake in Borneo Berkat Makmur for USD 34.2 million, with the transaction expected to be completed in Q2 2025. Additionally, ABMM plans to acquire Borneo Berkat Sentosa for USD 22.8 million as part of its broader strategy to acquire PT Piranti Jaya Utama, an Indonesian mining company. PT Borneo Berkat Makmur currently holds a 60% stake in PT Piranti Jaya Utama, while PT Borneo Berkat Sentosa owns the remaining 40%.

Hibino Corporation, a Japanese audio equipment manufacturer, has acquired 75% of

SPECTRUM AUDIO VISUAL, a Singaporean company that provides AV system integration services, from Chua Hua Kiang, for a cash consideration of USD 4 million.

 

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REVENUE UPDATES

SINGAPORE HEALTH SERVICES, a Singaporean company that owns a group of healthcare institutions in Singapore, operating public hospitals, specialty centers, and polyclinics, achieved USD 2.3 billion in revenue for the FY ending in March 2024, an 8% year-on-year growth, while its EBIT grew by 23%.

Comparable Companies:

CARGILL PALM PRODUCTS MALAYSIA, the Malaysian branch of Cargill, the American multinational food corporation, reached a revenue of USD 535 million for the FY ending in May 2024, an 18% drop from the previous year. However, it managed to grow its EBIT by over 300%, reaching a positive EBIT of USD 5.9 million despite a loss of USD 2.5 million in the previous year.

Comparable Companies:

 
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