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

By: Alternatives.pe

Southeast Asia M&A Deals

Turtle 3 Company Limited, a Thailand-based food and beverage management company, acquires an additional 50% stake in BANGPAKONG INDUSTRIAL ESTATE, a Thai real estate development company, for USD 14 million. The investment aims to attract co-investors for a large-scale industrial development project by changing Bangpakong Industrial Estate, a subsidiary of Prospect Development Company Limited, to a joint venture.

Pertama Digital Berhad, a Malaysian investment holding company that develops and operates mobile messaging and payment applications, has agreed to acquire 80% stake in

D-RON SINGAPORE, a Singaporean surveillance and technology services provider, management and supporting services to all kinds of surveillance and technologies systems, from Hun Tock Juan Ronnie and Healin Tay Siang Yuan, for a consideration of USD 22 million.

Health Empire Corporation Public Company Limited, a Thailand-based company that specializes in health and medical technology, acquires a 99.92% stake in

KARABOON WELLNESS, a provider of Thai traditional medicine, massage, sauna, spa, and physical therapy services, through its subsidiary, Mediwell Company Limited, from Mr. Pakorn Laopiem for USD 386K. This acquisition aims to support Health Empire Corporation PCL’s expansion strategy, enhance its health business, and create new growth opportunities.

INNEOVA Group Limited, a subsidiary of INNEOVA Holdings Limited, has agreed to acquire 

POWER TRANS ENGINEERING, a Singaporean company that provides repair and maintenance of motor vehicles, from Soon Aik Global Pte. Ltd.

PT Alamtri Resources Indonesia Tbk, an energy company in Indonesia, announced that its subsidiary, PT Alam Tri Bangun Indonesia, will take over 

KALIMANTAN INDUSTRIAL PARK INDONESIA, an Indonesian national strategic project developed as a green industrial zone, through a debt-to-equity conversion scheme. As of the end of 2024, KIPI’s utilised debt facility reached USD 145 million, but an official transaction value has yet to be agreed upon. As of the date of the announcement, there has been no official information regarding ADRO’s ownership stake in KIPI after the debt conversion process is completed.

 

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REVENUE UPDATES

KPI OCEANCONNECT, a company involved in bunker trading, broking and provider of marine fuels service and solutions, reached USD 1.4 billion in revenue for the FY ending in March 2024, a 12% year-on-year increase, although its EBIT dropped by 40%.

Comparable Companies:

SINGAPORE AERO SUPPORT SERVICES, a Singaporean company that provides aircraft cabin maintenance services and apron support services in Changi Airport Singapore, reported USD 42 million in revenue for the FY ending in March 2024, an 25% increase from the previous year. It also grew its EBIT by over 170%, reaching a positive EBIT of USD 850K compared to a loss of USD 1 million in the previous year.

Comparable Companies:

 
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