NEWS & UPDATES

Vietnam

Investment/M&A activities:

• AEON Vietnam announces major retail expansion: AEON Vietnam announced on October 24, 2025, a significant expansion of its retail footprint. The plan includes the development of new large-scale shopping malls and a rapid increase in the number of its compact "AEON MaxValu" supermarkets, aiming to deepen its presence in both major cities and new provinces across the country. Read more here.

• Phu My Hung launches 'The Sculptura' luxury project: Phu My Hung Development Corporation officially launched its new luxury residential project, 'The Sculptura', on October 20, 2025. The project, located in Ho Chi Minh City, is a limited-edition development aimed at the high-end market, signaling continued investor confidence in Vietnam's luxury real estate segment. Read more here.

Philippines

Others:

• AirAsia named Asia's Leading Low-Cost Carrier for 13th year: AirAsia was named "Asia's Leading Low-Cost Airline" at the World Travel Awards ceremony held on October 22, 2025. This marks the 13th consecutive year the airline has won the prestigious award, reinforcing its dominant position in the regional aviation market. Read more here.

EMEA

Others:

• SFC Energy takes 15% in Singapore’s Oneberry Technologies: Announced October 22, 2025, Germany’s SFC Energy agreed to acquire a 15% minority stake in Oneberry Technologies via a capital increase, with an option to acquire a majority stake later. The deal, aimed at integrating fuel-cell power into AI-enabled security systems and accelerating Asia expansion, is expected to complete in Q4-2025. Read more here.

🚀 Vietnam’s Dealmaking Market on the Rise: Recovery Building Towards 2025 🌏

According to Julien Curtet, Managing Partner at Index Partners, Vietnam’s M&A market has transitioned from a slow start to a robust recovery in 2025. While Q1 saw a dramatic drop in deal value (82% decrease), momentum picked up in Q2 with 34 deals valued at $786 million.

🔑 Key Insights:

• Foreign Investment Surge: Foreign direct investment (FDI) hit $21.5 billion in H1 2025, with manufacturing leading at $12.1 billion, showcasing Vietnam’s ongoing strength as a global manufacturing hub.

• Real Estate: Driven by regulatory reforms, urban expansion, and projects like Capitaland’s $553M Binh Duong acquisition, real estate remains the most active sector.

• Healthcare: High-margin specialties like ophthalmology and oncology continue to attract investment.

• Telecom: Investment in semiconductor and AI platforms accelerates.

• Consumer: From retail (Masan’s rapid expansion of WinMart+ stores) to F&B manufacturing, Vietnam’s consumer sector stays strong, fueled by fundamentals and growing investor interest.

With clear regulatory frameworks (e.g., Land Law 2024) and robust macroeconomic policies targeting above 8% GDP growth, the outlook for dealmaking in Vietnam is strong, despite short-term challenges. The recovery is gaining momentum as 2025 unfolds, positioning Vietnam for continued growth in key sectors and a potentially brighter year for deal-making in 2026

See more at: https://lnkd.in/gk-gF73k‍

#VietnamM&A #IndexPartners #EmergingMarkets #InvestmentRecovery #RealEstate #Healthcare #Tech #ForeignInvestment

Vietnam

Investment/M&A activities:

Government issues decree for National Venture Investment Fund: On October 15, 2025, the Vietnamese government issued Decree No. 264/2025/ND-CP, establishing the legal framework for the National Venture Investment Fund. The decree outlines the fund's operational structure, state capital contributions, and private capital mobilization mechanisms, aimed at providing critical seed and early-stage funding to support Vietnam's innovation and startup ecosystem. Read more here.

• EuroCham BCI hits three-year high: EuroCham announced on October 15, 2025, that its Business Confidence Index (BCI) for the third quarter of 2025 climbed to 66.5 points. This marks the highest level of optimism among European firms operating in Vietnam in three years, driven by expectations of economic stabilization, forward-looking visa reforms, and growing momentum in green investment. Read more here.

Philippines

Investment/M&A activities:

• ADB approves $400m loan for Philippines insurance sector: The Asian Development Bank (ADB) announced on October 14, 2025, that it had approved a $400 million policy-based loan to help the Philippines modernize its insurance industry. The financing aims to strengthen the regulatory framework, promote climate and disaster resilience, and support the development of long-term capital for infrastructure projects. Read more here.

• STT GDC Philippines announces new connectivity partners: ST Telemedia Global Data Centres (STT GDC) Philippines announced on October 15, 2025, that it had secured its first connectivity partners, including Globe Telecom, Radius Telecoms, and Source Telecoms, for its new 124MW STT Fairview data centre campus. This move establishes a carrier-neutral ecosystem to support the country's growing demand for AI and digital services. Read more here.

EMEA

Others:

• Algeria inks $5.4bn Illizi Basin production-sharing pact: On October 13, 2025, Sonatrach signed a 30-year production-sharing contract with Saudi Arabia’s Midad Energy for the Illizi South area. Midad funds a seven-year exploration phase (c.~$288m) and the project targets an estimated ~993 mmboe over the contract life, including ~125 bcm of gas—aligning with Algeria’s broader $60bn five-year upstream push. Read more here.

Vietnam

Investment/M&A activities:

• MyStorage secures investment from EMIA: Vietnamese self-storage company MyStorage announced on October 8, 2025, that it had secured an investment from Emerging Markets Investment Advisers (EMIA). The funding is earmarked for expanding its network of "mini-warehouse" facilities in Ho Chi Minh City and Hanoi to meet rising demand from urban residents and small e-commerce businesses. Read more here.

• OCI Holdings acquires 65% stake in Vietnam solar wafer plant: OCI Holdings, a major South Korean chemical and renewable energy firm, announced on October 14, 2025, that it had acquired a 65% stake in a solar wafer plant in Vietnam. This strategic acquisition is part of OCI's plan to strengthen its solar energy supply chain and expand its production base in Southeast Asia. Read more here.

Philippines

Investment/M&A activities:

• $1B investment from Korean firm approved under CREATE MORE Act: The Philippine government announced on October 9, 2025, that a $1 billion investment from a Korean company had been approved, marking it as the first major beneficiary of the new CREATE MORE Act. The investment is reportedly for a new high-tech manufacturing facility for electric vehicle components, underscoring growing investor confidence in the country's new incentive program. Read more here.

EMEA

Others:

• EU expands "AI Factories" network with six new sites: The European Commission announced on October 10, 2025, a major expansion of its "AI Factories" network, adding six new sites in the Czech Republic, Lithuania, the Netherlands, Romania, Spain, and Poland. The initiative, backed by over €500 million in joint investment, aims to accelerate the uptake of AI across key sectors and strengthen Europe's high-performance computing capacity. Read more here.

⚡ 𝗥𝗲𝗳𝗹𝗲𝗰𝘁𝗶𝗻𝗴 𝗼𝗻 𝗘𝗻𝗲𝗿𝗴𝘆 𝗦𝘁𝗼𝗿𝗮𝗴𝗲 𝗦𝘂𝗺𝗺𝗶𝘁 𝗔𝘀𝗶𝗮 𝟮𝟬𝟮𝟱

‍Index Partners recently took part in the Energy Storage Summit Asia in Manila, which brought together developers, investors, utilities, and policymakers to discuss how storage is emerging as an enabling technology for Asia’s clean energy transition.

Our Director for Infrastructure and Renewables, Aljon Del Rosario, joined two panel discussions:

🔹 GEA-4 and the Road Ahead — examining the Philippines’ first renewable auction to include energy storage and its implications for delivery, investor confidence, and auction design. You can revisit our detailed insights here: https://lnkd.in/gv_e6tvs

🔹 Driving Competitiveness in Storage Through Reduced CAPEX and OPEX — exploring cost reduction strategies, financing structures, and the steps needed to make storage commercially viable at scale.

💡 𝗞𝗲𝘆 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆𝘀

• 𝗧𝗵𝗲 𝗿𝗲𝗻𝗲𝘄𝗮𝗯𝗹𝗲 𝗮𝘂𝗰𝘁𝗶𝗼𝗻 𝗳𝗿𝗮𝗺𝗲𝘄𝗼𝗿𝗸 𝗶𝘀 𝗺𝗮𝘁𝘂𝗿𝗶𝗻𝗴. GEA-4 reflected a stronger understanding of risk and value among participants, signaling that the market is moving from experimental bidding to disciplined, delivery-focused competition.

• 𝗖𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝘃𝗲𝗻𝗲𝘀𝘀 𝗲𝘅𝘁𝗲𝗻𝗱𝘀 𝗯𝗲𝘆𝗼𝗻𝗱 𝗵𝗮𝗿𝗱𝘄𝗮𝗿𝗲 𝘀𝗮𝘃𝗶𝗻𝗴𝘀. IRENA data show that battery costs have declined by roughly 40 to 50 percent since 2022, yet overall project economics are still shaped by Balance of Plant, insurance, and financing costs.

• 𝗕𝗮𝗻𝗸𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗮𝗻𝗱 𝗽𝗼𝗹𝗶𝗰𝘆 𝗰𝗹𝗮𝗿𝗶𝘁𝘆 𝗿𝗲𝗺𝗮𝗶𝗻 𝗱𝗲𝗰𝗶𝘀𝗶𝘃𝗲. Transparent contracting, clear revenue mechanisms for flexibility and capacity, and predictable market frameworks are what enable lenders and investors to price risk effectively.

• 𝗦𝘁𝗼𝗿𝗮𝗴𝗲 𝗶𝘀 𝗮𝗻 𝗲𝗻𝗮𝗯𝗹𝗶𝗻𝗴 𝘁𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆. It bridges the gap between variable renewable generation and grid reliability, unlocking greater penetration of renewables while improving system efficiency and resilience.

• 𝗗𝗲𝗹𝗶𝘃𝗲𝗿𝘆 𝗽𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲 𝗶𝘀 𝘁𝗵𝗲 𝗻𝗲𝘅𝘁 𝗳𝗿𝗼𝗻𝘁𝗶𝗲𝗿. Timely grid integration, defined dispatch rules, and credible compensation mechanisms will determine whether awarded projects translate into real system flexibility.

As Asia continues to expand its renewable capacity, storage will remain a critical enabler of grid stability, investment confidence, and sustainable energy growth.

#EnergyStorage #RenewableEnergy #CleanEnergy #EnergyTransition #InfrastructureAdvisory #Philippines #BatteryStorage #IRESS

Vietnam

Investment/M&A activities:

• Royal De Heus acquires CJ Feed & Care's Vietnam operations: Dutch agribusiness Royal De Heus announced on October 1, 2025, that it had signed an agreement to acquire 100% of CJ Feed & Care's operations in Vietnam. The acquisition, part of a larger regional deal, reinforces De Heus's position in Vietnam’s animal nutrition sector, where it has operated since 2009, and aims to expand support for independent livestock and aquaculture farmers. Read more here.

• FTSE Russell announces Vietnam's upgrade to Emerging Market status: On October 7, 2025, index provider FTSE Russell announced that Vietnam will be upgraded from "Frontier" to "Secondary Emerging Market" status. The reclassification, which will take effect in September 2026, is a landmark event for the country's capital markets. The upgrade is expected to attract significant foreign capital inflows as global funds benchmarked to the index will be required to add Vietnamese-listed equities to their portfolios. Read more here.

SEA

Investment/M&A activities:

• Singapore’s Endowus secures over $70m in growth funding: Singapore-based digital wealth platform Endowus announced in early October that it had secured over USD 70 million in a new growth funding round. The raise was led by Illuminate Financial, with participation from Prosus Ventures and Citi Ventures, bringing the firm's total funding to over USD 130 million. The capital will be used to scale its operations in Singapore and Hong Kong, where its assets under management have crossed USD 10 billion. Read more here.

EMEA

Others:

• Germany’s ‘HammerHAI’ positioned as future EU AI hub: Following a visit from the EU Digital Commissioner in early October, Germany’s "HammerHAI" AI factory in Stuttgart is being positioned as a potential hub for a future EU "AI Gigafactory." The facility, backed by the Schwarz Group and the High-Performance Computing Center Stuttgart (HLRS), is one of 13 initial AI factory sites and serves as a key incubator to help Europe build its own large-scale AI infrastructure and strengthen digital sovereignty. Read more here.

‍

🌍 Index Partners participating at the 7th APAC Family Office Investment Summit

‍Minh-Thu Nguyen Thi, ACCA, Director at Index Partners, recently participated in the 7th APAC Family Office Investment Summit, held in Singapore on 23–24 September 2025. Thu joined an insightful panel discussion on “A Spotlight on Asia’s Incoming Economic Trends”, where we explored the current shifts and opportunities in the region's economic landscape. 🚀

📌 Key Insights from the Panel:
- In an increasingly complex macroeconomic and geopolitical environment, family offices must prioritize diversified asset allocations to safeguard resilience.

- Keeping an eye on emerging technologies, including AI and digital assets, will unlock future innovation-driven opportunities.

- Strong attention to cybersecurity and privacy is crucial for building trust in today’s digital-first world.

- The ability to balance sustainable growth investments with innovation-driven opportunities will define long-term success.

This event provided a fantastic platform to share perspectives and engage with industry peers about strategic investment approaches in the evolving Asia-Pacific market.

At Index Partners, we remain committed to helping clients navigate this rapidly changing landscape and identify growth opportunities across the region. 📈

‍#IndexPartners #FamilyOffice #Investing #Innovation #AI #DigitalAssets #CyberSecurity #InvestmentSummit #AsiaEconomy #SustainableGrowth

AI is no longer just a technology race — it is fast becoming a competition between nations. Hyperscalers and global investors are deciding where to place billions of dollars in AI data center infrastructure, and only those countries that prepare the right foundations will capture this opportunity.

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The reality is simple: AI workloads demand unprecedented levels of power, connectivity, and supportive policy. Without them, even the most ambitious AI strategies will remain only on paper. With them, a country can position itself as a true hub for the digital economy of the future.

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Here are the three fundamentals that matter most:

1. Power – AI data centers consume huge and constant baseloads. Governments must deliver low-cost, long-term power contracts, build high-voltage grid access into designated AI and data center zones, and ensure redundancy. Stability and green sourcing are no longer optional — they are investment prerequisites.

2. Connectivity – Global AI players look for subsea diversity, open landing stations, and edge-ready 5G. Open-access CLS hubs lower costs and boost competition, while widespread 5G and edge deployments unlock the ultra-low latency that AI workloads demand. Without these, a country cannot integrate into the global AI network.

3. Policy & Ecosystem – Regulation and talent pipelines decide whether infrastructure turns into a sustainable AI hub. Governments must create predictable licensing regimes, mobilize sovereign and co-investment capital, and issue fast-track visas for AI and data talent. Investors back ecosystems that combine regulatory clarity with skilled people and capital depth.

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At Index Partners, we advise corporates, and investors on how to seize this opportunity through fundraising, JV structuring, and M&A in digital infrastructure and AI data centers.

‍

Read more at:

https://www.linkedin.com/posts/indexpartners_becoming-a-regional-dc-champion-activity-7377223322713071616-zIAd?utm_source=share&utm_medium=member_desktop&rcm=ACoAADL_CqIBat8kYPhVxiwAsHIwUSCsQEVvEhs

Vietnam

Investment/M&A activities:

• VinFast secures $100m green loan facility from MUFG Bank: Vietnamese EV manufacturer VinFast has secured a $100 million green loan facility from MUFG Bank to support its global expansion and reinforce its commitment to sustainable mobility. The financing will be deployed across key international projects aimed at boosting revenue and optimizing costs, as VinFast intensifies its push to become a pure-play electric vehicle company. Despite strong topline growth—revenues rose 57.9% to $1.8 billion in 2024—net losses widened to $3.18 billion due to surging cost of sales and mixed operating expenses. The partnership marks MUFG’s first green credit facility with VinFast and aligns with its broader strategy to promote net-zero initiatives and ESG development in Vietnam. Read more here.
• Vietnam's Techcom Securities raises $410m via IPO: Techcom Securities, a subsidiary of Vietnam’s Techcombank, has successfully raised 10.82 trillion dong ($410 million) in one of the country’s largest IPOs of 2025. The firm sold all 231.15 million shares at 46,800 dong each, with 52.44% allocated to domestic investors and 47.56% to foreign entities. This landmark offering aligns with Vietnam’s broader push to upgrade its stock market to emerging market status, with expectations of a formal FTSE Russell reclassification next month. While the listing date remains undisclosed, the IPO underscores growing investor confidence in Vietnam’s capital markets and financial sector reform. Read more here.

Philippines

Investment/M&A activities:

• IFC mulls $10m investment in Philippine hard-discount retailer Dali: The International Finance Corporation (IFC) is evaluating a quasi-equity investment of up to $10.07 million in Dali Discount AG (DALI), a fast-growing hard-discount retailer in the Philippines and subsidiary of Switzerland-based Dali Hard Discount. The funding aims to scale DALI’s operations, strengthen supply chains, and improve access to affordable household goods for Filipino consumers. This follows prior investments from the Asian Development Bank ($10 million in 2024) and Venturi Partners ($25 million), supporting DALI’s expansion to over 1,000 stores across Luzon. Read more here.

EMEA

Others:

• Seacom reveals plans for AI-ready ‘Seacom 2.0’ subsea cable: Seacom has announced plans to build “Seacom 2.0,” a next-generation, AI-ready subsea cable system spanning 25,000 km to connect Singapore, South Africa, and key coastal nations along the Indian Ocean Basin, Red Sea corridor, and Mediterranean. Unveiled at Submarine Networks World 2025, the cable will feature 48 fibre pairs and open, carrier-neutral landing stations designed to support high-capacity, low-latency AI workloads and enhance digital sovereignty across Africa. By transforming landing points into AI communication nodes, Seacom aims to position African nations as active participants in global data flows, reduce reliance on single routes, and enable landlocked regions to become digital hubs. Read more here.

Vietnam

Investment/M&A activities:

• IFC mulls $38m investment in VN engineering solutions firm DDC: The International Finance Corporation (IFC) is considering a quasi-equity investment of up to VND1,000 billion (approximately USD38 million) in Dai Dung Metallic Manufacture Construction and Trade Corporation (DDC), a leading Vietnamese provider of mechanical engineering solutions. The funding will support the construction of two new factories in Ho Chi Minh City and Thanh Hoa, part of a USD152 million expansion plan that includes capex and working capital. IFC views the investment as a strategic move to boost Vietnam’s competitiveness in producing large-scale structures and delivering complex engineering services. Read more here.

SEA

Investment/M&A activities:

• Astra buys additional stake in Hermina hospital for $164m: Indonesian conglomerate PT Astra International has acquired an additional 12.77% stake in hospital operator PT Medikaloka Hermina for USD164 million through its healthcare unit, Astra Healthcare Indonesia, bringing its total holding to 20%. The move reinforces Astra’s strategic pivot beyond its core automotive business into healthcare, investing in platforms like Halodoc and Heartology. Hermina, which operates 51 hospitals across 36 cities with a focus on women’s and children’s care, is expanding with two new facilities in Bali and Central Java. Read more here.

EMEA

Others:

• MTN in talks to build AI data centres across Africa: MTN Group is in advanced talks with U.S. and European partners to co-invest in AI-focused data centres across Africa, aiming to address the continent’s minimal share—just 1%—of global AI infrastructure capacity. The initiative, led by MTN’s specialist unit Genova, includes a USD240 million facility underway in Nigeria and plans to lease compute capacity to businesses continent-wide. With commercial negotiations ongoing and partner selection expected within 12 months, MTN is positioning itself as a key enabler of AI services in Africa. Read more here.

Department of Energy Philippines has released the preliminary list of accepted bids for Green Energy Auction 4. With 111 bids totaling 9.4GW accepted, the round drew broad participation across technologies and investor types.

Key signals from this round:

- Strong local demand and concentration of scale, with much of the capacity taken by established incumbents and nearly half secured by the top three developers (San Miguel Global Power, Citicore Renewable Energy Corporation (CREC), and SunAsia Energy, Inc.)

- OEMs pivoting towards self development, underscoring the growing role of technology players in project pipelines

- Diverse investor participation, ranging from domestic conglomerates to international developers and financial sponsors

- Foreign appetite expanding, as global players capture meaningful shares in onshore wind and broaden their role in the market

- Hybrid and storage linked models gaining traction, with IRESS bids pointing to the rising importance of diversification and resilience in future rounds

These outcomes highlight both the strength of domestic champions and the expanding role of global entrants in shaping the Philippine renewables sector.

Read more at:

https://www.linkedin.com/posts/indexpartners_gea4-preliminary-results-of-accepted-bids-activity-7372187303202471937-VmbK?utm_source=share&utm_medium=member_desktop&rcm=ACoAADL_CqIBat8kYPhVxiwAsHIwUSCsQEVvEhs

Vietnam

Investment/M&A activities:

• Parent company of Highlands Coffee acquires Paris Baguette: Viet Thai International (VTI Group), parent company of Highlands Coffee, has acquired Paris Baguette, South Korea’s leading bakery brand, expanding its food and beverage portfolio that already includes Pho 24 and The Coffee Bean & Tea Leaf. Paris Baguette, which entered Vietnam in 2012 and currently operates around 10 stores, brings a premium bakery-café model with global reach—over 4,000 outlets worldwide. Read more here.
• Vietnam's SonKim Land in private credit deals: Vietnamese luxury real estate developer SonKim Land has raised USD200 million in private credit, advised by Jefferies. The undisclosed investor backs SonKim’s long-term strategic expansion across residential, office, and hospitality sectors. The firm has previously attracted capital from EXS Capital, ACA Investments and Skymont Capital. Read more here.

SEA

Investment/M&A activities:

• Malaysia's Sunway plans to list healthcare unit in 2026: Malaysian conglomerate Sunway plans to list its healthcare division, Sunway Healthcare Holdings by Q1 2026, targeting an IPO exceeding MYR3 billion (USD713 million). Proceeds will fund hospital expansion and new developments, with Sunway Healthcare aiming to grow its current five-hospital, 1,818-bed capacity to over 3,400 beds by 2032. Read more here.
• Carro eyes 2-3 M&As, Australia foray ahead of potential dual listing: Carro, Southeast Asia’s largest used-car marketplace backed by Temasek and SoftBank, is preparing for a potential listing in the U.S., Hong Kong, or Singapore, targeting a valuation above USD3 billion. To strengthen its position, Carro plans to enter the Australian market, and pursue 2–3 acquisitions next quarter, following its recent expansion into Hong Kong via the acquisition of Beyond Cars. CEO Aaron Tan emphasized that IPO timing will depend on achieving near-term EBITDA targets of USD120–150 million. Discussions with HSBC and UBS are underway, though no advisers have been appointed yet. Read more here.

Others:

• Malaysia reins in data centre growth, complicating China's AI chip access: Malaysia is tightening controls on its booming data centre sector, the country, which hosts over two-thirds of Southeast Asia’s data centre capacity under construction, has attracted major investments from U.S. and Chinese tech giants due to low costs and strategic location. Johor, the leading hub with 42 approved projects worth USD39 billion, is now enforcing sustainability standards (due to constraints on power and water resources), rejecting 30% of applications in 2024. Read more here.

EMEA

Investment/M&A activities:

• Vantage Capital exits Moroccan investment: Vantage Capital, a leading African mezzanine finance fund manager, has exited its investment in Morocco-based Equity Invest, a diversified IT group spanning electronic security, multimedia systems, renewable energy, digital payments, e-commerce, and hospital software. Read more here.

Others:

• DPA and iXAfrica announce African data centre partnership: Digital Parks Africa (DPA), a South African-owned data centre provider, has partnered with Kenya’s iXAfrica Data Centres to deliver integrated, hyperscale, AI-ready data centre services across Southern and East Africa. This reciprocal alliance enables multinational clients to access infrastructure in both regions through a unified platform, streamlining cross-border operations and expansion. Read more here.

Vietnam

Investment/M&A activities:

• A.P. Moller, VinaCapital invest in Vietnam's ALS Cargo Terminal: Danish infrastructure fund manager A.P. Moller Capital, in partnership with Vietnam’s VinaCapital, has invested in ALS Cargo Terminal, a key logistics operator at Hanoi’s Noi Bai International Airport. The deal was made through A.P. Moller’s Emerging Markets Infrastructure Fund II (EMIF II), marking its third investment in South and Southeast Asia and its second in the air cargo sector. ALS currently handles up to 250,000 tonnes of cargo annually, with plans for expansion through automation, pricing optimization, and ESG initiatives. This move strengthens A.P. Moller’s transport footprint in Vietnam, complementing its renewables platform Verdant Energy and recent investment in the Philippines’ AC Logistics. Read more here.
• Japan's Gakken, Vietnam's ABB buy majority stake in edtech firm QIG: Japan’s Gakken Holdings and Vietnam-based private equity firm ABB have jointly acquired a 54.5% majority stake in Quang Ich Technology Group (QIG), a leading Vietnamese edtech company specializing in learning management systems and digital education tools. Gakken now holds a 40.5% stake, while ABB owns 14%, marking a deepening partnership between the two firms following prior deals in Vietnam’s education sector. QIG’s platforms serve major cities like Ho Chi Minh City, Hanoi, and Hai Phong, and support over 500 schools and organizations. The acquisition reflects growing investor interest in scalable education technology in Southeast Asia. Read more here.

SEA

Investment/M&A activities:

• SE Asian D2C brand operator DACHIN bags fresh funds: Singapore-based D2C brand operator Dachin Etech Global (DACHIN) has raised USD16.7 million through a preference share issuance, with Jungle Ventures leading the round by acquiring USD13.1 million worth of shares. DACHIN, which has raised USD21.7 million to date, operates a data-driven brand ecosystem across categories like cookware, photography accessories, and skincare, with top-performing labels in Indonesia’s online marketplaces. Read more here.

Others:

• I Squared-backed BDx Data Centers, HEXA ink green energy deal: BDx Data Centers, backed by I Squared Capital, has partnered with HEXA Renewables to inject over 50 MW of clean energy into the Singapore-Malaysia grid, marking a strategic move to align hyperscale data center growth with sustainability goals. HEXA, also backed by I Squared, is targeting 5 GW of renewable and battery storage projects across APAC, with a USD5 billion investment pipeline. Read more here.

EMEA

Others:

• Indus Towers sets sights on African markets where Airtel operates: Indus Towers, one of India’s largest telecom tower operators, is planning to expand into African markets where Bharti Airtel already operates, starting with Nigeria, Uganda, and Zambia. The move aims to diversify revenue streams and leverage Indus’ strong financial position and existing relationship with Airtel to establish a competitive foothold. Read more here.

Developers in the Philippines have multiple options to bring projects to market, including DOE-led GEAP auctions, bilateral PSAs with distribution utilities and electric cooperatives, corporate PPAs under RCOA, merchant sales in WESM, and opportunities in NGCP ancillary services.

In this brief, we highlight:

- The mechanics of each offtake pathway

- Structuring and bankability considerations

- Tariff benchmarks across routes and technologies

At Index Partners, we support developers and investors in navigating these pathways through project assessment, strategic advisory, transaction structuring, and capital raising.

Read more at:

https://www.linkedin.com/posts/indexpartners_ph-offtake-route-activity-7367012667909120002-FjK8?utm_source=share&utm_medium=member_desktop&rcm=ACoAADL_CqIBat8kYPhVxiwAsHIwUSCsQEVvEhs

Vietnam

Investment/M&A activities:

• Switzerland's SIFEM reups in Excelsior Vietnam with $20m commitment: Switzerland’s development finance institution SIFEM has committed USD20 million to Excelsior Capital Vietnam Partners’ second fund (ECVP II), a USD200 million growth equity vehicle targeting mid-sized companies in Vietnam. This follows SIFEM’s earlier USD12 million investment in Excelsior’s debut fund in 2019. ECVP II will focus on sectors including healthcare, consumer, education, and technology, deploying capital via active minority stakes in equity or quasi-equity. Read more here.
• South Korea's HD KSOE to acquire Doosan Vina for $207 million: HD Korea Shipbuilding & Offshore Engineering (HD KSOE), a subsidiary of HD Hyundai, has announced the USD207 million acquisition of Doosan Vina, a Vietnamese manufacturer specializing in thermal power plant boilers, port cranes, and LNG modules. The deal, finalized with Doosan Enerbility, enables HD KSOE to expand its production of eco-friendly vessels and establish a strategic base in Asia for building independent tanks and port infrastructure. Proceeds from the sale will allow Doosan Enerbility to scale up operations in high-growth sectors such as small modular reactors and gas turbines, aligning with global energy transition trends. Read more here.

Philippines

Investment/M&A activities:

• IFC weighs another $250m sustainability-linked loan for PH's Ayala Land: The International Finance Corporation (IFC) is proposing a new PHP14.3 billion (USD250 million) sustainability-linked loan to Ayala Land Inc. (ALI), the Philippines’ largest property developer, to finance the construction of two shopping malls in Makati’s Greenbelt district and Kawit, Cavite. Building on a 2024 loan that supported renovations of 10 flagship malls, this eight-year local currency facility will fund developments on brownfield sites, with completion expected between 2027 and 2028. Read more here.

EMEA

Investment/M&A activities:

• Finnfund raises €80m for digital access fund: Finnfund, the Finnish development financier, has achieved the first close of its Digital Access Impact Fund I (DAIF), raising EUR80 million with anchor commitments from Finland’s Ministry for Foreign Affairs and Finnfund itself. The fund targets investments in digital infrastructure and scalable technology solutions across underserved regions in Africa, Asia, and Latin America, focusing on telecom towers, connectivity platforms, and financial inclusion tools. Read more here.
• Japanese LP backs Novastar Ventures fund: Japan’s Sumitomo Mitsui Banking Corporation (SMBC) has committed capital to Novastar Ventures’ Africa People and Planet Fund III, signaling growing Japanese institutional interest in African venture capital. The fund, managed by Nairobi-based Novastar Ventures, targets early-stage startups that drive inclusive economic growth and address critical social and environmental challenges across the continent. SMBC’s investment aligns with its broader strategy to support innovation and social value creation in emerging markets. Read more here.

Vietnam

Investment/M&A activities:

• Vietnam sees $786 million in July M&A across key sectors: Vietnam’s M&A market recorded USD786 million in deal value across 34 transactions in July 2025, with robust activity in real estate, technology, energy, logistics, infrastructure, and healthcare. Healthcare saw Singapore’s Dale Investment Holdings acquire a 73% stake in Tam Tri Medical, and in energy, EnQuest PLC purchased Harbour Energy’s Vietnam assets for over USD85 million. Despite policy uncertainties, the M&A outlook remains cautiously optimistic amid Vietnam’s projected GDP growth and expanding investor interest. Read more here.

Others:

• FPT Corporation inaugurates its fourth data center in Vietnam: FPT Corporation has inaugurated its fourth data center in Vietnam—FPT Fornix HCM02—located in Saigon High-Tech Park, Ho Chi Minh City. Spanning eight floors and 10,000 square meters, it houses 3,600 racks, making it the largest in the country by rack count. Built on a Carrier Neutral model, the facility enhances connectivity, cost efficiency, and digital sovereignty. This launch expands FPT’s national footprint to four major data centers with a combined capacity of over 7,000 racks. The move underscores Vietnam’s accelerating digital infrastructure growth, further evidenced by Viettel’s concurrent USD664.9 million investment in the An Khanh Data Center in Hanoi, and its hyperscale facility underway in HCMC, designed to support high-performance AI workloads. Read more here.

SEA

Investment/M&A activities:

• IFC proposes to invest up to $60m in Lakeshore's third, Thai-focused PE fund: The International Finance Corporation (IFC) is proposing up to USD60 million in investment for Lakeshore Capital III, the latest private equity fund from Thailand-based buyout firm Lakeshore Capital Asia Ltd, targeting a USD250 million fund size. The commitment includes a USD30 million direct investment (capped at 20% of total commitments) and a USD30 million co-investment envelope. Lakeshore III will focus on mid-sized companies in Thailand, with up to 30% of capital allocated to Vietnam, Cambodia, and Laos, across sectors such as consumer, healthcare, business services, and industrials. IFC’s support aims to mobilize institutional capital, improve governance and sustainability, and promote gender inclusion, while also aligning the fund with Paris climate goals and providing ESG guidance for healthcare investment. Read more here.

EMEA

Investment/M&A activities:

• AfricInvest backs Kenyan medical oxygen provider: AfricInvest, via its Transform Health Fund, has invested USD10.5 million in HewaTele, a Kenyan medical oxygen provider, to support the construction of a large-scale liquid oxygen facility producing 99.6% purity oxygen—well above WHO’s 90% standard. This investment addresses a critical gap in East Africa’s healthcare infrastructure, where over 70% of Kenya’s existing oxygen plants are either non-functional or substandard. Structured as a senior secured bridge facility, the funding complements backing from existing investors including Soros Economic Development Fund, Finnfund, UBS Optimus Foundation, and Grand Challenges Canada. The deal highlights growing investor interest in scalable healthcare solutions across underserved African markets. Read more here.
• Cygnum Capital in Seychelles energy deal: Cygnum Capital, through its Facility for Energy Inclusion, has extended a USD5.7 million senior debt facility to Qair Group to support renewable energy development in Seychelles. The financing will fund the construction and operation of a 5.80 MWp floating solar PV plant in Providence Lagoon on Mahé Island, marking a significant step in the country’s energy diversification strategy. This initiative aims to reduce dependence on imported fossil fuels, stabilize electricity costs, and help Seychelles reach its goal of sourcing 15% of its energy from renewables by 2030. Read more here.
• Africa50 green infrastructure fund achieves first close at $118m: Africa50 has announced the first close of its Alliance for Green Infrastructure in Africa Project Development Fund (AGIA-PD) at USD118 million. The fund aims to expand the pipeline of bankable projects and attract private sector investment, with AfDB contributing USD40 million through a mix of grants, junior equity, and commercial equity. Read more here.

Others:

• New data centres on the way in Dubai and Oman: Turner & Townsend, global consultancy firm, has been appointed to manage a landmark hyperscale data centre project in Dubai, set on a 20,000 sqm greenfield site to bolster local operator du’s cloud infrastructure. Designed for high resilience and energy efficiency. Meanwhile, Ooredoo is launching a dual-purpose data centre and submarine cable landing station in Salalah, Oman—marking the first of its kind in southern Oman. Strategically positioned to link Asia, Europe, and Africa, the Salalah hub will initially support 125 server racks, scaling to 500, and is expected to attract hyperscalers and global cloud providers. Read more here.

Index Partners and Syneria are pleased to have completed a joint strategic advisory engagement in support of a global renewable energy developer evaluating long-term investment opportunities in the Philippine Solar PV sector.

This collaboration brought together technical, commercial, development, financial, and transaction advisory capabilities of Index Partners and Syneria to deliver an integrated view of the sector and actionable investment pathways. Scope of work included:

- Power market structure and RE regulatory environment

- Permitting, land, and grid connection processes

- Site selection and development risk screening

- Offtake strategies via GEAP, bilateral PPAs, and merchant models

- Co-development structuring and entry route analysis

- Bankability pathways and financing benchmarks

- Review of recent transactions and valuation norms

- SWOT analysis to guide investment decision-making

This partnership reflects our ability to deliver holistic advisory across a wide range of technical and commercial topics. It also reinforces our shared commitment to supporting international investors entering dynamic and evolving renewable energy markets, like the Philippines.

We look forward to working with Syneria on future engagements in support of the global energy transition.

For further information, please contact:

Index Partners

Email: contact@index-partners.com

Website: www.index-partners.com

Read more at:

https://www.linkedin.com/posts/indexpartners_renewableenergy-solar-philippines-activity-7360528826327592960-WXaa?utm_source=share&utm_medium=member_desktop&rcm=ACoAADL_CqIBat8kYPhVxiwAsHIwUSCsQEVvEhs

SEA

Investment/M&A activities:

• Ninety One's EAAIF secures $100m from Export Finance Australia: Ninety One’s Emerging Africa & Asia Infrastructure Fund (EAAIF) has secured a USD100 million debt facility from Export Finance Australia (EFA) to support its expansion into South and Southeast Asia. The funding will be used to accelerate investment in strategic infrastructure projects including energy access, solar solutions for commercial and industrial use, digital communications, and sustainable transport. Read more here.
• Keppel raises $4.9b for private fund strategies: Keppel Corporation has raised SGD6.3 billion (USD4.9 billion) in funds under management so far in 2025 for its private fund strategies. The capital includes commitments from global investors for Keppel Education Asset Fund II and Keppel Data Centre Fund III, underscoring investor appetite for education infrastructure and digital economy enablers. With a long-term goal to manage USD150 billion by 2030, Keppel continues to scale its asset management platform. Read more here.

Philippines

Investment/M&A activities:

• PH Digest: SM Investments to exit data centre biz: SM Investment Corp is planning to divest its stake in YCO Global Cloud Centers Holdings Inc., citing unsustainable electricity costs in the Philippines. The conglomerate, which holds an 18.1% stake in YCO after subscribing to shares in April 2023, recorded a PHP200 million (USD3.5 million) impairment on the investment last year. YCO operates cloud computing and data storage facilities for enterprise clients. Read more here.

EMEA

Investment/M&A activities:

• Morocco: Mediterrania invests in a unit of Dislog's health division: Mediterrania Capital Partners (MCP), alongside CDG Invest Growth, has invested MAD540 million (USD59 million) into Dislog Dispositifs Médicaux (DDM), the medical device arm of Morocco’s Dislog Group. DDM specializes in designing, manufacturing, and distributing medical equipment for healthcare professionals, with ambitions to become a comprehensive provider across therapeutic areas. MCP aims to build a leading regional platform through a buy-and-build strategy. Read more here.
• North African fund secures $80m from the European Investment Bank: The European Investment Bank (EIB) has committed USD80 million to North Africa Fund III (NAF III), managed by RMBV, marking a significant endorsement of the fund’s strategy to empower mid-market companies across Egypt and North Africa. NAF III targets sectors such as healthcare, education, consumer goods, and financial services, with a strong emphasis on job creation, gender inclusion, and climate-conscious operations. Read more here.

‍

Market Summary

The Philippine deal landscape in August 2025 remained active, though with a more modest aggregate compared to July. Total Aggregate deal value reached approximately USD681m, led by Manila Water’s landmark USD657m acquisition of Prime Infra’s stake in WawaJVCo.

Complementing this were smaller transactions across utilities, real estate, and education, alongside undisclosed but strategic moves in healthcare, insurance, and consumer dining. Fundraising momentum also continued in the financial sector, with Philippine Savings Bank raising USD670m through bonds.

Overall, deal flow reflected steady investor appetite in core sectors such as infrastructure, financial services, and healthcare, even as several major transactions remained undisclosed.

Aggregate Deals Value = c. USD681m

This month's top deals

Energy & Utilities

San Miguel acquiring Manila Electric 's shares

San Miguel Corporation completed its acquisition of 1.03 million shares of Manila Electric Co. (Meralco) from the Land Bank of the Philippines via a block sale on August 22, 2025. The shares were purchased at PHP 90 each, for a total of PHP 93.1 million (approx. USD1.62 million). The move expands San Miguel’s infrastructure and utilities portfolio.

Article link: San Miguel acquiring Manila Electric 's shares

Manila Water acquires WawaJVCo stake

Manila Water Co. Inc. signed a share purchase agreement with Prime Infrastructure Inc. on August 13, 2025, to acquire the latter’s interest in WawaJVCo, operator of the Wawa Bulk Water Supply project in Rizal, for approximately PHP37.8 billion (approx. USD657 million, based on USD1 = PHP7.50). The agreement, structurally aligned with Manila Water’s long-term water security goals, is expected to close by the end of September.

Article link: Manila Water acquires WawaJVCo stake

Telecommunications & Media

Nexscient to acquire Flipside Digital

Nexscient, Inc. signed a non-binding letter of intent to acquire substantially all the assets of Flipside Digital Content Company, Inc. for PHP5.9 million (approx. USD0.10 million) on August 6, 2025. The consideration includes cash, a convertible debenture and Nexscient restricted common stock. As part of the transaction, Flipside’s CEO Anthony De Luna will remain as head of the new subsidiary and join Nexscient’s Board of Directors.

Article link: Nexscient to acquire Flipside Digital

Real Estate

Cityland takes full control of City & Land Developers

Cityland Development Corporation agreed to acquire an additional 19.35% stake in City & Land Developers, Inc. for approximately PHP160 million (USD2.74 million) on August 26, 2025. The transaction will bring Cityland’s ownership to 100%, consolidating all assets, liabilities, and ongoing projects.

Article link: Cityland takes full control of City & Land Developers

Healthcare & Life Science

Nephrocare expands with five dialysis clinics

Nephrocare Health Services Limited acquired five dialysis clinics in the Philippines on August 12, 2025, expanding its national network to 39 centers. The acquisition underscores Nephrocare’s strategy to scale renal healthcare services in the country ahead of its planned IPO.

Article link: Nephrocare expands with five dialysis clinics

AC Health gains ABC World Asia as new investor

Ayala Healthcare Holdings, Inc. (AC Health), a subsidiary of Ayala Corporation, welcomed ABC World Asia as a new strategic investor with a 16% stake acquired on August 22, 2025. The investment, valued at approx. USD16 million, will support AC Health’s expansion across hospitals, pharmacies, and digital health services.

Article link: AC Health gains ABC World Asia as new investor

Financial Services

Philippine Savings Bank raises USD670 million via bonds

Philippine Savings Bank launched the first tranche of its PHP40 billion bond program on August 20, 2025, raising PHP40 billion (USD670 million). Proceeds will be used for funding diversification, capital management, and general corporate purposes.

Article link: Philippine Savings Bank raises USD670 million via bonds

Ayala increases stake in iPeople

Ayala Corporation (PSE:AC) completed the acquisition of 29.24 million shares in iPeople Inc. from A. Soriano Corp. for PHP351 million (approx. USD6.1 million) on August 16, 2025. The deal strengthens Ayala’s exposure to the education sector through iPeople, which operates schools and universities under the Mapúa brand.

Article link: Ayala increases stake in iPeople

FPG Insurance to acquire Mercantile Insurance

FPG Insurance, Inc. signed a definitive agreement to acquire Mercantile Insurance Co., Inc., a non-life insurer, on August 14, 2025. The acquisition enhances FPG’s market presence and product portfolio in the Philippine non-life insurance sector. Transaction value was not disclosed.

Article link: FPG Insurance to acquire Mercantile Insurance

SMFL acquires 30% of RCBC Leasing

Sumitomo Mitsui Finance and Leasing Co., Ltd. agreed to acquire a 30% stake in RCBC Leasing and Finance Corporation from Rizal Commercial Banking Corporation on August 18, 2025. The investment strengthens SMFL’s footprint in the Philippine leasing and financing market.

Article link: SMFL acquires 30% of RCBC Leasing

Consumer & Retail

Inoza acquires majority stake in The Bistro Group

Inoza Business Holdings, the parent company of Yellow Cab Pizza Co. and other food brands, acquired a majority stake in The Bistro Group on August 5, 2025. The deal adds over 100 casual dining restaurants under brands such as TGI Friday’s, Italianni’s, and Denny’s to Inoza’s portfolio, strengthening its market leadership in the Philippine food and beverage sector. Transaction value was not disclosed.

Article link: Inoza acquires majority stake in The Bistro Group

Others

Vitarich acquires Broilers Club and breeder farms

Vitarich Corporation signed an agreement to acquire Broilers Club Inc. and certain breeder farm facilities in Davao del Sur for PHP280 million (approx. USD4.9 million) on August 30, 2025. The acquisition expands Vitarich’s production capacity, strengthens its integrated supply chain and supports the company’s growth in the Mindanao region.

Article link: Vitarich acquires Broilers Club and breeder farms

Note: (1) Deal values include disclosed announced & closed deals with amounts restricted to the local scene i.e., amounts related to the Vietnam entity and/or business. Rumored deals are not included. Cross-posted deals are also adjusted to avoid double counting.

Market Summary

In August 2025, the Vietnamese market witnessed transactions totaling around c.USD461 million. Notably, the Technology, and Energy & Utilities sectors were prominently involved:

• The Technology sector featured a notable transactions including Appirits and Bunbu JSC, with a total deal value of c. USD240 million.
• The Energy & Utilities sector featured South Korea's HD KSOE acquiring Doosan Vina for c. USD207 million.

Aggregate Deals Value = c.USD461m1

This month's top deals

Technology

Appirits Inc. agreed to acquire Bunbu Joint Stock Company

Appirits, a Japanese-listed technology company, has acquired Vietnam-based software developer Bunbu Joint Stock Company for USD240m to enhance its digital integration and accelerate its “VISION2030” growth strategy. The acquisition, finalized on August 29, 2025, will strengthen Appirits’ talent pool, optimize costs, and drive international expansion.

Article link: Appirits Inc. agreed to acquire Bunbu Joint Stock Company

Energy & Utilities

South Korea's HD KSOE to acquire Doosan Vina for $207 million

HD Korea Shipbuilding & Offshore Engineering (HD KSOE) has acquired Doosan Vina for USD207m to enhance its operations in energy transition sectors. The acquisition will support Doosan Enerbility’s expansion into high-growth areas like small modular reactors and gas turbines, aligning with global energy trends.

Article link: South Korea's HD KSOE to acquire Doosan Vina for $207 million

Note: (1) Deal values include disclosed announced & closed deals with amounts restricted to the local scene i.e., amounts related to the Vietnam entity and/or business. Rumored deals are not included. Cross-posted deals are also adjusted to avoid double counting.

Market summary

The Philippine deal landscape in July 2025 was highlighted with announcements in various sectors including Financial Services, Energies, Real Estate and Healthcare

• Fundraising dominated the month, particularly by financial institutions, with BDO (USD2.0bn), RCBC (USD212.3m) and DBP (USD143.5m) raising fresh capital through peso-dominated sustainability and fixed-rate bonds.
• In energy, I Squared Capital committed an additional USD350m to solar platform HEXA Renewables, while ib vogt secured USD80m in green financing from HSBC. Petron also raised USD556.5m via bond issuance to close its funding program.
• Strategic activity included GIP’s planned 40% acquisition in Aboitiz InfraCapital and Macquarie Capital’s tower stake divestment, reinforcing investor appetite for long-term infrastructure assets.
• Bon Secours Mercy Health pledged up to USD500m to develop a hospital in the Philippines, highlighting rising interest in healthcare infrastructure.

Overall, investor sentiment remained positive toward Philippine assets with long-term growth drivers such as clean energy, financial inclusion, and healthcare access.

*Aggregate Deal Values = c. USD26.28m

This month’s top deals

Energy and Utilities

I Squared Capital is looking to invest more in the Philippines

I Squared Capital plans an additional USD350 million investments for HEXA Renewables, which is developing a 1.5-gigawatt pipeline of utility-scale renewable projects, including a 280-megawatt solar facility in Batangas.

Article link:

I Squared Capital is looking to invest more in the Philippines

ib vogt secures green financing for power renewable projects in the Philippines

International solar develop “ib vogt” has announced that it has reached financial close for its Tantangan solar power project in the Philippines. The project has secured PHP4.49 billion (approximately USD80 million) in green financing from HSBC, which will support the development and construction of a 99 MWp solar photovoltaic (PV) plant in South Cotabato. This project is set to play an important role in delivering affordable and renewable electricity to the region, contributing to the Philippines’ national clean energy transition goals.

Article link:

ib vogt secures green financing for power renewable projects in the Philippines

Petron successfully raised PHP32 billion through fixed rate bonds

Petron Corporation, the country’s largest oil company, successfully raised PHP32 billion through its issuance of fixed rate bonds listed today, July 7, on the Philippine Dealing and Exchange Corporation (PDEx). The issuance marks the final tranche of the company’s PHP50-billion shelf registration approved by the Securities and Exchange Commission (SEC).

Article link:

Petron successfully raised PHP32 billion through fixed rate bonds

Telecommunications & Media

Macquarie seeks new advisor for Philippines tower sale

Macquarie Capital is seeking a new advisor to sell its entire 45% stake in a Philippines telecommunications tower operator, two sources familiar said. The Australia-based investor’s advisory and principle investing unit is holding a bake-off for potential advisors after distributing request for proposals, according to one of the sources.

Article link:

Macquarie seeks new advisor for Philippines towers sale

Real Estate

SSS acquires a stake in Trump Tower builder

Century Properties Group, Inc. (CPG) announced that the Social Security System (SSS) acquired a strategic stake in the company through a block sale, marking a significant milestone for CPG. Century Properties, Inc. (CPI), the majority shareholder of CPG, sold 740,740,741 common shares, with a transaction value of Php500 million, to SSS.

Article link:

SSS acquires a stake in Trump Tower builder

Filinvest gets PSE approval for PHP8 billion preferred share offer

GOTIANUN-LED conglomerate Filinvest Development Corp. (FDC) has secured approval from the Philippine Stock Exchange, Inc. (PSE) for its planned PHP8 billion preferred share offering.

Article link:

Filinvest gets PSE approval for PHP8 billion preferred share offer

Healthcare & Life Science

US healthcare group pledges USD500 million hospital investment in the Philippines

US HEALTHCARE GROUP Bon Secours Mercy Health (BSMH) has committed to invest up to USD500 million to develop a hospital in the Philippines, a presidential adviser said.

Article link:

US healthcare group pledges USD500 million hospital investment in the Philippines

Financial Services

BDO raises USD2 billion from sustainability bonds

Philippine lender BDO Unibank Inc. has announced raising 115 billion pesos (USD2 billion) from its fourth peso-denominated ASEAN sustainability bond issuance. In a statement, the bank said the amount raised was significantly higher than its initial target of 5 billion pesos due to strong demand from the retail and institutional investors.

Article link:

BDO raises USD2 billion from sustainability bonds.

DBP nets PHP8.5 billion from latest bond offer

THE DEVELOPMENT Bank of the Philippines (DBP) has raised PHP8.25 billion in fresh funds from its second dual-tenor bond offering for this year. DBP President and Chief Executive Officer Michael O. de Jesus said in a statement that this was above the minimum issue size of PHP5 billion and marked the seventh drawdown under its expanded PHP150 billion bond program.

Article link:

DBP nets PHP8.5 billion from latest bond offer

RCBC raises PHP12.21 billion via sustainability bonds

RIZAL COMMERCIAL Banking Corp. (RCBC) has raised PHP12.21 billion from its offering of peso-denominated 2.5-year sustainability bonds.

Article link:

RCBC raises PHP12.21 billion via sustainability bonds

Other

SEC approves casino operator's PHP11.4 billion IPO

The Securities and Exchange Commission (SEC) said it approved the initial public offering (IPO) of Hann Holdings Inc. The SEC said that at its July 17 meeting, the commission en banc resolved to make effective the registration statement of Hann Holdings, covering up to 2,500,003,000 common shares. This is subject to the company’s compliance with certain remaining requirements.

Article link:

SEC approves casino operator Hann Holdings’ PHP11.4 billion initial public offering

Note: Deal values only include disclosed completed deals with amounts restricted to local scene i.e. amounts related to the Philippine entity and/or business. Rumored deals and announced deals are not included in the aggregated value. Cross-posted deals are also adjusted to avoid double count.

*USD 1.00 = PHP57.50 as of 06/08/2025

Market Summary

In July 2025, the Vietnamese market witnessed transactions totaling around c.USD643m. Notably, the technology, and transportation sectors were prominently involved:

• The technology sector featured a notable transaction including VETC, OKXE and AI Hay, with a total deal value of c. USD43m.
• The transportation sector featured Vinfast raising USD510m in private credit from Deutsche Bank and SeaTown.

Aggregate Deals Value = c. USD43.6m

Technology

Asia Digest: IFC backs Vietnam's VETC

International Finance Corporation (IFC) has invested USD19 million (VND500 billion) in VETC via convertible bonds to scale Vietnam’s electronic toll collection (ETC) systems by 2030. The investment will boost road efficiency and support VETC’s expansion into digital payments, including e-parking and cashless fueling.

Article link:

Asia Digest: IFC backs Vietnam's VETC

Vietnamese used motorcycle platform OKXE completes USD14.5 million Series A round

Used motorcycle platform OKXE has raised USD14.5 million in a Series A round led by Kwangju Bank to expand its store network in Vietnam and develop AI-driven maintenance, financing, and insurance services. The company aims to become a leading mobility commerce platform across Southeast Asia.

Article link:

Vietnamese used motorcycle platform OKXE completes USD14.5 million Series A round

Vietnam's AI Hay raises USD10 million Series A round led by Argor Capital

Vietnamese AI platform AI Hay has raised USD10 million in Series A funding led by Argor Capital to expand its web-based tools and develop AI companions for education and entertainment. With over 15 million downloads and 100 million monthly interactions, AI Hay blends local data and LLMs to deliver culturally relevant, scalable AI experiences.

Article link:

Vietnam's AI Hay raises USD10 million Series A round led by Argor Capital

Transportation & Logistics

Vingroup arms secure private credit from Deutsche Bank, SeaTown

VinFast has raised USD510 million from Deutsche Bank and SeaTown to accelerate its electric vehicle expansion in India and Indonesia, including a USD114 million syndicated loan for its West Java factory, despite reporting a 2024 net loss of USD3.18 billion.

Article link:

Vingroup arms secure private credit from Deutsche Bank, SeaTown

Note: Deal values include disclosed announced & closed private equity deals with amounts restricted to the local scene i.e., amounts related to the Vietnam entity and/or business. Rumored deals and announced deals are not included. Cross-posted deals are also adjusted to avoid double counting.

The global IT outsourcing market is projected to grow at a 9% CAGR through 2029. As businesses increasingly look for skilled, cost-effective solutions, Vietnam is emerging as a major player, ranking as one of the most prominent software outsourcing destinations in the world

What Drives High Valuations in the IT Services Industry?

- High-value services (consulting, digital solutions) consistently outperform commoditized offerings.

- A diversified revenue base and strong customer retention (80%+) increase a company’s attractiveness.

- Specialized solutions in cloud, cybersecurity, and AI are essential for securing premium valuations.

- Recurring revenue and strong profit margins (15%+ EBITDA) are highly favored by investors.

- Recent M&A transactions show increased interest in companies with expertise in cloud, cybersecurity, and AI.

At Index Partners, we help our clients navigate these high-growth trends with tailored financial strategies, capital raising, and M&A advisory.

Read more at:

https://www.linkedin.com/posts/indexpartners_ma-in-it-services-industry-activity-7344249886281801728-ImEX?utm_source=share&utm_medium=member_desktop&rcm=ACoAADL_CqIBat8kYPhVxiwAsHIwUSCsQEVvEhs

Market Summary

In June 2025, the Vietnamese market witnessed transactions totaling around c.USD217m. Notably, the materials, and education sectors were prominently involved:

• The materials sector featured a notable transaction where SCG packaging acquired a 30% stake in Duy Tan Plastics, to consolidate ownership.
• The education sector featured East Ventures investing USD10m in Galaxy Education, a Vietnamese edtech company.

Aggregate Deals Value = c.USD217m

Consumer & Retail

SCGP acquires additional 30 per cent stake in Duy Tan Plastics

SCG Packaging (SCGP) has acquired the remaining 30% stake in Duy Tan Plastics for USD109 million, making it a wholly owned subsidiary. The move strengthens SCGP’s consumer packaging business in Vietnam and supports its ASEAN expansion strategy, with a focus on sustainable packaging and integrated solutions.

Article link:

SCGP acquires additional 30 per cent stake in Duy Tan Plastics

Education

Vietnam's Galaxy Education raises USD10 million from East Ventures, others

Vietnamese edtech firm Galaxy Education has raised c. USD10 million from East Ventures and other investors to scale its AI-powered platforms and national ESL program, following full profitability in Q1 2025. Galaxy Education now serves over 8 million learners across Vietnam and 34 countries through its HOCMAI, ICAN, and FUNiX brands.

Article link:

Vietnam's Galaxy Education raises USD10 million from East Ventures, others

Note: Deal values include disclosed announced & closed deals with amounts restricted to the local scene i.e., amounts related to the Vietnam entity and/or business. Rumored deals are not included. Cross-posted deals are also adjusted to avoid double counting.

Market summary

The Filipino deal landscape has been very dynamic in June 2025, with very notable acquisitions and fundraisings in the real estate & hospitality, finance and energy sectors.

• The real estate & hospitality sector saw the acquisition of famous New World Makati Hotel by Ayala Land Hospitality, a subsidiary of Ayala Land Inc, consolidating the position of the group within the hospitality sector in Metro Manila.
• The financial & fintech sector has also seen significative movement with the closing of a USD28m equity deal by Salmon Group as part of an ongoing USD88m debt and equity fundraising process, and a USD75m non-convertible debt facility secured by Cashalo from global private equity firm CIM.
• Lastly, the energy sector has witnessed significant transactions, with MGen Renewable Energy increasing its stake in Solar Philippines company by USD110m to secure control of major utility scale solar assets in the country, and Razon acquiring a controlling stake in First Gen’s gas-fired power assets for a whopping USD896m.

*Aggregate Deal Values = c. USD1.1bn

This month’s top deals

Real Estate

Ayala Land Hospitality acquires New World Makati Hotel

Ayala Land Hospitality, a subsidiary of Ayala Land Inc., completed the acquisition of the entire New World Makati Hotel on June 30, 2025. The deal marks a strategic consolidation of Ayala’s prime hospitality assets in the Makati CBD. While the valuation was undisclosed, the hotel has historically been a top-performing asset in Ayala's portfolio. The acquisition is expected to support yield optimization in its recurring income segment, with management continuity under the New World brand.

Article link:

Ayala Land, Inc. acquires New World Hotel Makati Manila Philippines

Financial Services

Salmon Group closes USD28 million equity funding round

Fintech lender Salmon Group closed a USD28 million equity financing round on June 17, backed by institutional and strategic investors. The raise is part of a broader USD88 million debt and equity package, supporting its expansion across consumer lending, POS financing, and eventually digital banking in the Philippines and Vietnam. The capital structure includes a previously announced USD60 million debt facility, emphasizing investor confidence in its regional lending model and balance sheet scalability.

Article link:

Salmon group raises USD88 million from latest funding round

Cashalo secures USD75 million non-convertible debt facility

Cashalo, a joint venture between JG Summit and Oriente, secured a USD75 million non-convertible debt facility from CIM. The June 16 transaction reinforces Oriente's ability to tap global debt markets amid growing demand for consumer credit in emerging Asia. Proceeds will be deployed toward enhancing AI-driven credit scoring models and scaling unsecured lending products across underserved demographics.

Article link:

Cashalo secures USD75 million non-convertible debt facility

Energy & Utilities

MGen Renewable Energy increases its stake in SP New Energy Corp. by USD110 million

On June 25, MGen Renewable Energy Inc. (a Meralco subsidiary) entered into a USD110.15 million share purchase transaction to acquire a further 5.01 billion SPNEC shares from Solar Philippines founder Leandro Leviste. Structured as an exchangeable note, the deal will increase MGen’s stake to 60.9%. The transaction consolidates control of the 3.5 GW Terra Solar project, the country’s largest solar energy pipeline, enhancing MGen's renewable portfolio ahead of its potential listing.

Article link:

MGen Renewable Energy increases its stake in SP New Energy Corp. by USD110 million

Razon acquires 60% stake in SP New Energy Corporation's gas-fired power assets for USD896 million

Enrique Razon’s Prime Infrastructure Capital announced the acquisition of a 60% stake in First Gen’s gas-fired power assets for USD896 million (PHP50 billion) on June 2. The assets include Santa Rita and San Lorenzo plants in Batangas, pivotal to grid stability amid the Philippines’ energy transition. The partial divestment allows First Gen to redeploy capital into its 4x renewables capacity expansion plan by 2030, aligning with global decarbonization trends.

Article link:

Razon acquires 60% stake in SP New Energy Corporation's gas-fired power assets for USD896 million

Infrastructure

Web3 startup Shards Protocol raises USD2 million in pre seed round

On June 4, Filipino-founded Web3 startup Shards Protocol raised USD2 million in a pre-seed round led by Animoca Brands, Kyber Ventures, and Yield Guild Games. The protocol is building a decentralized reputation infrastructure for Web3 applications, aimed at standardizing digital identity across DeFi, gaming, and social finance. While early-stage, the cap table reflects strong institutional alignment in the APAC blockchain ecosystem.

Article link:

Web3 startup Shards Protocol raises USD2 million in pre seed round

Note: Deal values only include disclosed completed deals with amounts restricted to local scene i.e. amounts related to the Philippine entity and/or business. Rumored, announced, or planned deals not included. Cross-posted deals are also adjusted to avoid double count.

*USD 1.00 = PHP56.5561 as of 07/09/2025

Index Partners is pleased to share our thoughts on salary-based lending—an innovative model bridging credit access gaps across Southeast Asia.

Why it matters:

- Traditional lending faces high default rates and low credit access, especially for informal workers

- SEA’s young, underbanked population presents a massive opportunity for alternative models

Why salary lending works:

- Proven model: Salary lending allows employees to borrow a portion of their wages, reducing bad debt with automatic payroll deductions, ensuring predictable repayments.

- Scalable model: Integration with employer payroll systems enables low infrastructure investment and scalable growth while maintaining regulatory alignment.

- Empowers workers with little to no credit history

Connect with Index Partners to discuss how we can support your ventures in this rapidly growing market.

Read more at:

https://www.linkedin.com/posts/indexpartners_sea-salary-lending-overview-activity-7326428651648929792-CpQQ?utm_source=share&utm_medium=member_desktop&rcm=ACoAADL_CqIBat8kYPhVxiwAsHIwUSCsQEVvEhs

Market summary

The Philippine deal landscape remained promising in May 2025, with notable capital raises and strategic M&A across key sectors. Investors continued to back platforms aligned with long-term themes such as infrastructure development, renewable energy, and healthcare.

• The infrastructure sector saw continued movement, with I Squared Capital acquiring a controlling stake in Royale Cold Storage and consolidating its strategy to build a leading institutional cold storage platform in the Philippines.
• The renewable energy sector remained active amid continued momentum in the energy transition with ACEN Corp. announcing plans to raise up to PHP30b (USD511.9m) through a stock rights offering the proceeds of which are intended to fund clean energy projects.
• The Consumer and Retail sector saw growing M&A activities, with Agrotex Commodities, Inc. acquiring c.30% of C-Joy Poultry Realty, Incorporated from Jollibee Foods Corporation for PHP33.9m (USD0.6m).
• The Real Estate sector experienced exceptional movement with Clark Freeport securing PHP300m (USD5.4m) from Harness Master Wiring Systems to fund its growth.

*Aggregate Deal Values = c. USD755m

This month’s top deals

Infrastructure

I Squared Capital Acquires a Leading Cold Storage Operator in the Philippines

I Squared Capital, a leading independent global infrastructure investment manager, announced today that it has agreed to acquire a controlling stake in Royale Cold Storage (“RCS”), a leading cold storage operator in the Philippines.

This investment is the first step in I Squared’s strategy to build a leading institutional cold storage platform in the Philippines. RCS operates five strategically located cold storage facilities that serve as key distribution hubs for Metro Manila and surrounding provinces, supporting a blue-chip client base across quick service restaurants (QSRs), meat processors, agriculture, and food retail.

Article link:

I Squared Capital Acquires a Leading Cold Storage Operator in the Philippines

Energy & Utilities

ACEN Corp. announces up to PHP30 billion in stock rights offering

Ayala-led energy company ACEN Corp. said it plans to raise up to PHP30 billion through a stock right offering (SRO) to pay off debt and fund its renewable energy (RE) projects. The indicative price of the SRO is a minimum of PHP2.30 per share, ACEN said in a regulatory filing. The planned issuance secured board approval on the same day.

Article link:

ACEN Corp. announces up to PHP30 billion in stock rights offering

Financial Services

GoTyme Receives USD10.4 million Capital Infusion from Parent Companies

Philippine digital bank GoTyme has successfully secured USD10.4 million in fresh capital infusion from its parent companies, JG Summit Holdings and Tyme Investments.

GoTyme’s parent companies are earmarking this significant funding injection to accelerate the bank’s lending operations. It will also help propel its broader expansion plans within the Philippine digital banking landscape.

Regulatory filings in Singapore confirmed the capital infusion. USD4.6 million came from JG Summit Holdings, with an additional USD5.8 million provided by Tyme Investments, a subsidiary of Singapore-based Tyme Group.

Article link:

GoTyme Receives USD10.4 million Capital Infusion from Parent Companies

Consumer & Retail

Agrotex Commodities, Inc. acquired 30% stake in C-Joy Poultry Realty, Incorporated from Jollibee Foods Corporation for PHP33.9 million

Agrotex Commodities, Inc. executed a Share Purchase Agreement to acquire 30% stake in C-Joy Poultry Realty, Incorporated from Jollibee Foods Corporation (PSE:JFC) for PHP33.9 million on May 26, 2025. A cash consideration valued at PHP299.16 per share will be paid by Agrotex Commodities for 113,250 shares.

The transaction has been approved by board of Jollibee Foods Corporation.

Article link:

Agrotex Commodities, Inc. acquired 30% stake in C-Joy Poultry Realty, Incorporated from Jollibee Foods Corporation for PHP33.9 million

Real Estate

Clark Freeport secures PHP300 million investment from car parts manufacturing firm

Clark Development Corporation (CDC) has secured a PHP300 million investment from Harness Master Wiring Systems (HMWS) Inc. as part of the company’s expansion plans within the Clark Freeport Zone.

The project is expected to generate at least 200 new jobs.

Article link:

Clark Freeport secures PHP300 million investment from car parts manufacturing firm

Note: Deal values only include disclosed completed deals with amounts restricted to local scene i.e. amounts related to the Philippine entity and/or business. Rumored, announced, or planned deals not included. Cross-posted deals are also adjusted to avoid double count.

*USD 1.00 = PHP56.0414 as of 13/06/2025

Market Summary

In May 2025, the Vietnamese market witnessed transactions totaling around c.USD359m. Notably, the consumer and retail, and healthcare sectors were prominently involved:

• The consumer and retail sector featured a notable transaction where UOB invested in Bien Hoa Consumer.
• The healthcare sector featured Livzon investing USD219m in Imexpharm, a manufacturer and distributor of pharmaceutical products.

Aggregate Deals Value = c.USD359m

This month's top deals

Consumer and retail

Singapore's UOB Venture Management invests in Vietnam's Bien Hoa Consumer JSC

UOB Venture Management (UOBVM) has acquired a 12% stake in Bien Hoa Consumer JSC (BHC) to support its expansion and future IPO. The investment will enhance distribution, fund a high-tech manufacturing facility, and strengthen BHC’s presence across 69 countries. UOBVM sees Vietnam as a key market, aligning with its long-term, sustainable investment strategy.

Article link:

Singapore's UOB Venture Management invests in Vietnam's Bien Hoa Consumer JSC

Healthcare & Life Science

China's Livzon buys 65% in Vietnam's Imexpharm for over USD219 million

China’s Livzon Pharmaceutical Group has acquired a 64.81% stake in Vietnam’s Imexpharm Corporation for approximately USD219 million via its subsidiary LIAN SGP HOLDING PTE, becoming Imexpharm’s largest shareholder. The acquisition includes shares previously held by SK Investment, Binh Minh Kim Investment JSC, and KBA Investment JSC, while Vietnam Pharmaceutical Corporation retains a 22.04% stake. Livzon aims to use this acquisition to expand its footprint in Southeast Asia, adding to its existing global presence across over 30 countries.

Article link:

China's Livzon buys 65% in Vietnam's Imexpharm for over USD219 million

Note: Deal values include disclosed announced & closed deals with amounts restricted to the local scene i.e., amounts related to the Vietnam entity and/or business. Rumored deals are not included. Cross-posted deals are also adjusted to avoid double counting.

Index Partners is proud to announce the relocation of our Vietnam office to 35bis Mac Dinh Chi, District 1, Ho Chi Minh City.

Today, we celebrated Lễ Nhập Trạch — an office warming ceremony as we prayed to the Gods to invite peace, prosperity, and positive energy into our new home.

As we expand our presence in Vietnam, we remain committed to delivering on-the-ground, world-class financial advisory across Southeast Asia.

A heartfelt thank you to our team, partners, and clients who continue to be part of our journey.

Read more at:

https://www.linkedin.com/posts/indexpartners_indexpartners-vietnam-mergersandacquisitions-activity-7317413967256068096-Gz8n?utm_source=share&utm_medium=member_desktop&rcm=ACoAADL_CqIBat8kYPhVxiwAsHIwUSCsQEVvEhs

Key Trends and Opportunities in Vietnam's M&A Landscape (2024–Early 2025)

Consumer/Retail: Focus on F&B chains and retail expansion, targeting brands with strong market presence and O2O capabilities.

Manufacturing: Growing interest in eco-friendly vehicles and capacity expansion, fueled by net-zero emissions targets.

Technology: Rising investments in AI development and semiconductors, as manufacturing shifts from China to Vietnam.

Healthcare: Increased investment in private healthcare, including genomic testing and preventative care, particularly in tier 2 cities.

These trends offer valuable investment opportunities across various sectors as Vietnam’s M&A landscape continues to evolve into 2024–2025.

Connect with Index Partners to explore how we can support your next strategic move.

Read more at:

https://www.linkedin.com/posts/indexpartners_vietnam-ma-market-update-activity-7308470159059390464-396-?utm_source=share&utm_medium=member_desktop&rcm=ACoAADL_CqIBat8kYPhVxiwAsHIwUSCsQEVvEhs

Market summary

The Philippines recorded a mix of M&A and fundraising activities, demonstrating robust market activity across the construction, real estate, logistics, financial services, healthcare, utilities and tech sectors.

• The real estate sector saw significant activity with Cebu Landmasters Inc. (CLI) listing its P5-billion sustainability-linked bonds on the Philippine Dealing & Exchange Corp. (PDEx). This will support CLI’s commitment to addressing the Philippines' extensive housing backlog, with the targeted construction of 16,000 affordable homes by 2028.
• The logistics sector continued to see strategic acquisitions, with AyalaLand Logistics Holdings Corp. (ALLHC) acquiring two key logistics parks: 3M Pangasinan and 3M Iloilo. This expansion adds 11,200 pallet positions and boosts its cold storage capacity to 31,500 pallet positions, enhancing its ability to serve businesses in the agricultural and seafood industries.
• The financial services sector saw continued growth with Arthur J. Gallagher & Co.'s finalization of its acquisition of Philpacific Insurance Brokers & Managers Inc. (Philinsure). This move strengthens Gallagher's presence in Asia and expands its retail brokerage capabilities across the Philippines.

*Aggregate Deal Values = USD101.8m

This month’s top deals

Construction

EEI invests SAR49m (USD13.m) in offshore unit, sets up training arm

EEI Corp. is investing SAR49m (USD13.1m) into EEI Ltd., its British Virgin Islands-based subsidiary, to support international projects. EEI Ltd. handles labor supply and project management and holds stakes in joint-ventures abroad. The company also approved the creation of a new vocational training subsidiary with an initial PHP30m investment.

The move comes amid a management buyout led by President & CEO Henry Antonio, who is acquiring a 20% stake from RYM Business Management. EEI, backed by the Yuchengco and Chua Groups, is looking to diversify into real estate and power, while continuing to pursue major infrastructure projects like railways.

Article link:

EEI infusing fresh capital into foreign unit | Philstar.com

Transportation and Logistics

ALLHC acquires two logistics parks to expand cold storage capacity

AyalaLand Logistics Holdings Corp. (ALLHC) has acquired 3M Pangasinan and 3M Iloilo, expanding its logistics footprint and cold storage network under the Artico Cold Chain brand. The two new sites—now branded Artico Urdaneta and Artico Iloilo—add 11,200 pallet positions, bringing ALLHC’s total cold storage capacity to 31,500.

The deal also grows ALLHC’s ALogis portfolio by 15,000 sqm of dry storage GLA, enhancing services in key regional hubs. Both facilities are fully accredited by NMIS, BPI, and BFAR, supporting businesses in agriculture and seafood across Pangasinan and Iloilo.

Article link:

ADB, Ayala Corp. sign USD100 million financing deal for PH EV ecosystem dev't

Financial services

Gallagher completes acquisition of Philinsure to expand PH presence

Arthur J. Gallagher & Co. has finalized the acquisition of Philpacific Insurance Brokers & Managers Inc. (Philinsure), a Philippine insurance and reinsurance brokerage headquartered in Cebu City with branches in Metro Manila and Davao. Post-transaction, Philinsure’s leadership, including Gordon “Dondi” Joseph, will remain in place and report to Sarah Lyons, head of Gallagher’s retail property and casualty brokerage for Australia and Asia.

Gallagher’s expansion comes as the Philippine insurance industry posted double-digit growth in 2024, with premiums rising 12.81% to PHP440.39bn and net income up 15.88% to PHP56.29bn, according to the Insurance Commission.

Article link:

Gallagher expands in Asia with Philippine brokerage acquisition | Insurance Business Asia

Healthcare

ASKA Pharma acquires stake in MedChoice parent to expand in Southeast Asia

ASKA Pharmaceutical Holdings has agreed to acquire a 21% stake in FTS Ambrose Holdings Inc., the parent company of Philippine-based MedChoice Pharma. The move supports ASKA’s push into Southeast Asia under its Medium-Term Management Plan 2025, focusing on growth in emerging markets.

MedChoice, a branded generics company with strong sales in endocrine and CNS treatments, offers strategic value in the thyroid segment, where ASKA has established expertise. The partnership aims to create product synergies and expand both companies’ presence across the region.

Article link:

ASKA Pharmaceutical Holdings to Collaborate with MedChoice Pharma, Inc. through Share Acquisition of FTS Ambrose Holdings, Inc.

Utilities

Maynilad files for IPO to fund water and wastewater projects

Maynilad Water Services, Inc. has filed a registration statement with the SEC and a listing application with the PSE for a proposed IPO of up to 2.46 billion common shares at a maximum price of PHP20 per share, representing 30.45% of its post-IPO capital. Proceeds will support Maynilad’s 2025–2026 CAPEX program, covering water and wastewater infrastructure, customer service, and IT systems.

The offer includes primary shares, an overallotment option, and a potential upsize tranche. Joint Global Coordinators are BPI Capital, HSBC, Morgan Stanley, and UBS. If approved, the offer period will run from June 25 to July 2, 2025, with listing targeted for July 10.

Article link:

MAYNILAD FILES IPO REGISTRATION WITH SEC AND PSE - Maynilad Water Services, Inc.

Tech

Shoppable raises USD1.16M seed round to boost B2B supply chain tech

Filipino supply chain tech firm Shoppable Business has raised USD1.16 million in seed funding to expand its AI-driven B2B platform and digitize procurement for MSMEs. The round was led by Ignite House of Innovation, with participation from Tenco Capital, Indelible Ventures, ApolloTech Ventures, and other strategic investors.

The funds will accelerate the rollout of Quotable, Shoppable’s AI-powered middleware software, offered free to MSMEs, and help grow its network of over 1,000 buyers and 2,500+ suppliers. The company aims to drive profitability by end-2025 by automating quotes, invoicing, and payments—addressing inefficiencies in the Philippine supply chain landscape.

Article link:

Filipino startup Shoppable raises $1.16M in seed round led-by Ignite House of Innovation - TNGlobal

Other

Themis Group sets PHP284.8M tender offer for Ferronoux shares

Themis Group Corp. has launched a PHP284.8 million tender offer for publicly held shares of Ferronoux Holdings, Inc. at PHP2.22 per share, as part of its backdoor listing strategy. The offer period runs from March 19 to April 21, 2025, following a change in control late last year.

The move supports Ferronoux’s PHP4.31bn property-for-share swap with Eagle 1 Landholdings, involving 918 million new shares in exchange for 9.4 hectares of land near Okada Manila. Themis will also subscribe to 240 million shares, with a follow-on offering planned within a year to meet PSE backdoor listing rules.

Article link:

Themis Group sets Ferronoux tender offer price at P2.22 per share - BusinessWorld Online

Note: Deal values only include disclosed completed deals with amounts restricted to local scene i.e. amounts related to the Philippine entity and/or business. Rumored, announced, or planned deals not included. Cross-posted deals are also adjusted to avoid double count.

*USD 1.00 = PHP57.10 as of 03/04/2025

Market Summary

In March 2025, the Vietnamese market witnessed transactions totaling around c.USD187m. Notably, the healthcare sector was prominently involved:

• Private equity firm Mekong Capital has picked a 13.74% stake in listed healthcare company TNH Hospital. The investment was made through Mekong Enterprise Fund IV, a $246-million fund that was closed in 2021.
• Vietnam's primary care clinic chain FDCare raised funding led by Cercano and Golden Gate Ventures.

Aggregate Deals Value = c.USD187m

This month's top deals

Healthcare

‍Vietnam's Mekong Capital makes first hospital investment in TNH Group:

Mekong Capital’s $246-million Mekong Enterprise Fund IV has bought a 13.74% stake in Vietnam’s TNH Hospital, marking the fund’s first hospital investment. TNH operates one hospital in Thai Nguyen, is building two more, and plans to expand to 10 facilities nationwide by 2030. Mekong Capital’s healthcare portfolio also includes Entobel, LiveSpo, Gene Solutions, and Pharmacity. As it gears for exits and launches a $200-million climate fund, Vietnam’s healthcare sector remains attractive to private equity, with recent investments from Warburg Pincus, KKR, and GIC.‍

Vietnam's FDCare raises funding led by Cercano, Golden Gate Ventures:

Vietnam-based primary care clinic chain FDcare has raised $2.5 million in Series A funding led by US-based Cercano Management and Singapore’s Golden Gate Ventures, with existing investors including Bert Kwan and AiViet Venture participating. The funding will support the expansion of FDcare’s clinic network beyond District 7 and Thu Duc City and help extend its services into corporate healthcare. FDcare focuses on preventive care, integrating services from screening to chronic disease management amid growing investor interest in Vietnam’s healthcare market.

Article link:

Vietnam's Mekong Capital makes first hospital investment in TNH Group

Vietnam's FDCare raises funding led by Cercano, Golden Gate Ventures

Technology

‍SmartSolar raises seed funding:

SmartSolar, an energytech startup based in Ho Chi Minh City, has raised $1.85 million in seed funding from investors including Picus Capital, 2degrees, and Iterative. Founded by Kevin Junker, the company is focused on decarbonizing Southeast Asia’s power grid by promoting rooftop solar installations for SMEs and already has nearly 1MWp of installed capacity in Vietnam.‍

VinVentures, Nextrans, TheVentures back Vietnam-based Filum AI:

Filum AI, an AI-driven CXM platform founded in 2020, raised $1M in a seed round led by South Korean VCs (Nextrans, TheVentures) and Vietnam’s VinVentures, alongside key individual investors. Funds will be allocated as follows: 65% to product development, 20% to sales, and 15% to marketing. With significant traction among major enterprises (e.g., Audi, TheFaceshop) and a leadership team led by CEO Tran Van Vien (co-founder of Base.vn), Filum AI is well-positioned to disrupt the CXM market both in Vietnam and globally.

Article link:

Vietnam Digest: SmartSolar raises funds; HSBC provides loan to 315 Medical

VinVentures, Nextrans, TheVentures back Vietnam-based Filum AI

Note: Deal values include disclosed announced & closed deals with amounts restricted to the local scene i.e., amounts related to the Vietnam entity and/or business. Rumored deals are not included. Cross-posted deals are also adjusted to avoid double counting.

Vietnam’s Dental Market: A Billion-Dollar Growth Story

Vietnam’s dental services market is set to double from USD1bn in 2024 to USD2.2bn by 2030, growing at 10-15% annually. With a fast-growing middle class, increasing dental awareness, and a highly fragmented market, consolidation is inevitable.

Key trends:

- M&A Opportunities – Chain clinics hold just 3-4% of the market, leaving room for scaling and investment.

- Rising Demand – A wealthier, health-conscious population is driving premium dental care adoption.

- Barriers to Entry – Regulatory challenges, high CAPEX, and operational complexities favor well-structured chains.

The sector is primed for investment and consolidation, making it a hotspot for healthcare investors.

Read more at:

https://www.linkedin.com/posts/indexpartners_vietnam-dental-service-market-feb-2025-activity-7298565570931605504-kGpO?utm_source=share&utm_medium=member_desktop&rcm=ACoAADL_CqIBat8kYPhVxiwAsHIwUSCsQEVvEhs

Southeast Asia's Pet Care Market Gears Up for Consolidation

By 2029, the SEA pet care service market is projected to grow at a robust 10% CAGR, reaching USD6.1bn, driven by urbanization and pet humanization.

With 12,000+ vet clinics across SEA, the pet care service market is currently highly fragmented, with few multi-country players. However, the sector is expected to undergo rapid consolidation, mirroring global trends.

At Index Partners, we leverage deep expertise to help businesses lead in this evolving market through M&A advisory, deal structuring, and fundraising strategies.

Read more at:

https://www.linkedin.com/posts/indexpartners_sea-pet-care-market-feb-2025-activity-7293135213646204928-JWMR?utm_source=share&utm_medium=member_desktop&rcm=ACoAADL_CqIBat8kYPhVxiwAsHIwUSCsQEVvEhs

2025 begins with game-changing developments in Thailand’s digital landscape! Amazon Web Services (AWS) has launched its new Asia Pacific region, cementing Thailand's status as a key player in the global digital transformation journey.

With its robust digital ecosystem, Thailand is rapidly becoming a prime hub for hyperscale data centers. Here's why:

- Power availability: 74GW under plan by 2030 with power cost 50% cheaper than regional peers, and direct power purchase agreements are enabled.

- Sustainability: Ambitious plans to achieve 74% renewable energy by 2050.

- Connectivity: 8 submarine cables, widespread 5G, and 100% fiber-optic internet by 2025.

- Policy Support: 8-year corporate tax exemptions and no cap on foreign ownership for data center operators.

At Index Partners, we are proud to drive growth in this thriving sector. Our expertise includes:

- Fundraising for capital-intensive data center projects

- Structuring joint ventures and M&A transactions

- Strategic advisory for seamless market entry and expansion

Read more at:

https://www.linkedin.com/posts/indexpartners_thailand-dc-overview-jan-2025-activity-7285518027779907585-Jel7?utm_source=share&utm_medium=member_desktop&rcm=ACoAADL_CqIBat8kYPhVxiwAsHIwUSCsQEVvEhs

Market summary

The Philippine market recorded a mix of M&A and fundraising activities, demonstrating robust market activity across the energy, real estate, transportation, logistics, financial services and digital infrastructure sectors.

• The Transportation and Logistics sector saw robust investment activity, totaling c. USD100m in the recent month. ADB announced a their investment in the Philippines' conglomerate Ayala Corp. for the development and improvement of the country's electric mobility ecosystem.

• The financial services sector has seen a surge in deal activity, highlighted by GCash's engagement of Citi, Jefferies, and UBS to manage its USD1.5b IPO. If successful, this IPO would become the largest in the history of the Philippines.

*Aggregate Deal Values = USD230m

This month’s top deals

Real Estate

DoubleDragon boosting war chest with PHP51 billion fundraise initiatives

DoubleDragon Corp., the listed property developer owned by Edgar “Injap” Sia II and Tony Tan Caktiong, is bolstering significantly its war chest with capital-raising initiatives worth PHP51.3 billion planned for this year, the largest equity increases to be generated in the firm’s 13-year history.

Article link:

DoubleDragon boosting war chest with PHP51 billion fundraise initiatives

Transportation and Logistics

ADB, Ayala Corp. sign USD100 million financing deal for PH EV ecosystem dev't

The Asian Development Bank (ADB) and Ayala Corporation signed a USD100 million financing package to further develop the electric mobility ecosystem in the Philippines.

In a statement, ADB said the amount will be used to procure and install electric vehicle charging stations (EVCS) and to purchase electric vehicles for commercial distribution.

Article link:

ADB, Ayala Corp. sign USD100 million financing deal for PH EV ecosystem dev't

Financial services

‍KKR hires Goldman for selling stake in Philippine fintech Maya: Global investment firm KKR has appointed Goldman Sachs for the sale of its significant minority stake in Philippine fintech company Maya, according to two sources with knowledge of the matter.‍

IFC Invests in Asialink to Boost Small-Business Lending in the Philippines: In line with its goal to ramp up financial inclusion in the Philippines, the International Finance Corporation (IFC), the largest global development institution focused on the private sector in emerging markets and a member of the World Bank Group, announced last week it will provide up to USD130 million in investment to Asialink Finance Corporation (AFC).‍

Philippine fintech GCash hires banks for up to USD1.5 billion IPO:

‍GCash, a Philippine fintech firm, has hired banks, including Citi, Jefferies and UBS to work on an up to USD1.5 billion domestic initial public offering, three sources with knowledge of the matter said, in what would be the country's biggest ever stock offering.

The IPO is expected to take place as early as the second half of 2025 or in 2026, subject to broader market conditions, two of the sources said, declining to be named as the matter was private.

Article link:

KKR hires Goldman for selling stake in Philippine fintech Maya

IFC Invests in Asialink to Boost Small-Business Lending in the Philippines | News | FinDev Gateway

Philippine fintech GCash hires banks for up to USD1.5 billion IPO

Digital Infrastructure

PAG and Ayala JV secure USD41.1 million loan for Laguna data center build-out in the Philippines

A joint venture between Ayala Land, Inc. and PAG’s Flow Digital Infrastructure has secured a loan to fund the development of a data center outside Manila, the Philippines.

A-Flow Properties I Corp. (A-Flow), a joint venture between AyalaLand Logistics Holdings Corp. (ALLHC) and Flow Digital Infrastructure, and Land Bank of the Philippines (Landbank) announced the signing of a PHP2.4 billion (USD41.1 million) loan agreement representing Tranche 1 of a PHP10.8 billion (USD185 million) 10-year loan.

Article link:

PAG and Ayala JV secure USD41.1 million loan for Laguna data center build-out in the Philippines

Note: Deal values only include disclosed completed deals with amounts restricted to local scene i.e. amounts related to the Philippine entity and/or business. Rumored, announced, or planned deals not included. Cross-posted deals are also adjusted to avoid double count.

*USD 1.00 = PHP59.61 as of 31/01/2025

Market Summary

In January 2025, the Vietnamese market witnessed transactions totaling around USD274m. Notably, the Consumer & Retail, Energy & Utilities, and Healthcare & Life Science sectors were prominently involved:

• In the Consumer & Retail sector, Hasfarm secured an equity investment from TPG.
• Energy & Utilities sector featured 2 notable transactions where CME Solar received USD20m funding from EAAIF & EnQuest acquired Harbour Energy’s business in Vietnam for USD84 million.
• Healthcare & Life Science sector highlighted a new funding from August Global Partners to Gene Solutions.

Aggregate Deals Value = USD274m

This month's top deals

Consumer & Retail

Asian floriculture business Hasfarm Holdings secured investment from TPG

The deal may include a strategic buyer partnering with TPG. Founded in 1992 in Da Lat, Vietnam, Hasfarm distributes temperate flowers across Asia. The company has production sites in Vietnam, China, and Indonesia, along with wholesale operations, and maintains a vertically integrated model with both online and offline retailers. Additionally, it exports from Vietnam and China to Japan. Recently, Hasfarm has diversified its offerings to include greenhouse horticulture and clean vegetables.

Article link:

Asian floriculture business Hasfarm Holdings secured investment from TPG

Energy & Utilities

‍CME Solar received USD20 million funding from EAAIF:

The Emerging Africa & Asia Fund (EAAIF) invested in the Vietnam-based rooftop solar company after extending its mandate to South and Southeast Asia in 2024. With the funding from the transaction, SME Solar aims to scale its projects beyond 260 MWp.‍

Harbour Energy’s operation in Vietnam acquired by UK’s EnQuest for USD84 million:

British energy firm EnQuest PLC has agreed to acquire Harbor Energy's Vietnam business, including a 53.125 per cent stake in the Chim Sao and Dua fields. This move supports EnQuest’s strategy to expand internationally by investing in low-capex, fast-payback assets with reduced carbon intensity. Upon completion, EnQuest will operate the fields, leveraging its FPSO and late-life asset management expertise. The fields hold an estimated 7.5 million boe in net reserves and 4.9 million boe in contingent resources, with 2025 net production expected to average 5,300 boe per day.

Article link:

CME Solar received USD20 million funding from EAAIF

Harbour Energy’s operation in Vietnam acquired by UK’s EnQuest for USD84 million

Financial Services

AEON Financial completed the acquisition of Post and Telecommunication Finance Company (PTF)

AEON Financial Service, a subsidiary of Japan’s largest retailer AEON Group, has finalized the acquisition of SeABank’s consumer finance unit, PTF, for approximately USD170 million. The State Bank of Vietnam (SBV) approved the transaction over a year after SeABank and AEON Financial signed the stake transfer agreement. This acquisition aligns with a capital restructuring strategy aimed at enhancing financial capacity, investing in technology, and expanding operations.

Article link:

AEON Financial completed the acquisition of Post and Telecommunication Finance Company (PTF)

Education

Asia Business Builders (ABB) led Series B funding round in Kyna English

DTP Education Group and Kyna English’s co-founder Ho Hong Bao Tram participated in the round. Kyna English will enhance its personalized online tutoring platform with AI and machine learning, offering a flexible and affordable learning solution. Partnering with DTP, it will leverage digital content and teaching resources for new courses and expansion. The funding will support growth in Vietnam and expansion into Thailand, Indonesia, and Laos, while exploring further opportunities across Asia.

Article link:

Asia Business Builders (ABB) led Series B funding round in Kyna English

Healthcare & Life Science

Gene Solutions raised new funding from Singapore-based August Global Partners (AGP)

Vietnamese genomic testing startup has secured new funding to advance its mission of making early cancer detection technology and precision therapeutics widely accessible across Asia. The partnership will grant Gene Solutions access to top-tier research resources and regional collaborators. Additionally, the company aims to collaborate with biopharmaceutical firms in Asia to co-develop innovative cancer treatments, including targeted drugs, neoantigen vaccines, and cell therapies.

Article link:

Gene Solutions raised new funding from Singapore-based August Global Partners (AGP)

Note: Deal values include disclosed announced & closed deals with amounts restricted to the local scene i.e., amounts related to the Vietnam entity and/or business. Rumored deals are not included. Cross-posted deals are also adjusted to avoid double counting.

Index Partners is pleased to announce its role as the exclusive financial advisor to the shareholders of Customore, a Singapore-based B2B e-commerce SaaS company providing data consolidation solutions to global FMCG brands across the Southeast Asia region, in its recent strategic divestment to ADA, a regional leader in data, AI, and ecommerce solutions backed by Softbank, Axiata, Mitsui, and Sumitomo Corporation.

This acquisition will enable ADA to launch the most advanced Intelligent Commerce Solution for the Consumer-Packaged Goods (CPG) industry. By integrating Customore’s data accelerators with ADA’s CoPilot for AI-driven predictive analytics, this innovative platform will empower businesses to optimize performance across the digital commerce value chain.

Christophe Péron, Partner at Index Partners, commented:

"We are proud to have played a pivotal role in this transaction. By advising Customore, we facilitated a strategic partnership that will help CPG businesses optimize performance across all stages of the customer journey. This deal highlights our capabilities and commitment in the fast-growing Southeast Asian technology and consumer sector."

For further information on this transaction, please contact:

Index Partners

Email: contact@index-partners.com

Website: www.index-partners.com

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About Customore

Customore a Singapore-based B2B e-commerce SaaS company providing ecommerce data consolidation, helping FMCG brands in Southeast Asia extract and unify ecommerce data into a centralized, versatile data layer, creating the foundation for brands to build data-driven workflows and business cases.

For more information, visit: https://www.customore.co/

About ADA

ADA is the leading Data and AI company and the largest integrated ecommerce provider in Asia. With a robust presence in 12 countries, ADA combines the best of AI and analytics to provide comprehensive digital solutions that drive business performance. ADA's shareholders include SoftBank, Axiata, Mitsui, and Sumitomo Corporation.

For more information, visit: www.ada-asia.com

About Index Partners

Index Partners is a corporate finance advisory boutique specializing in mid-market transactions across Southeast Asia, the Middle East, and Africa, having presence in Hong Kong, London, Ho Chi Minh City and Manila. With a proven track record in TMT, healthcare, consumer and retail sectors, Index Partners delivers tailor-made advisory services that unlock value and drive impactful outcomes.

Index Partners is pleased to announce its role as financial advisor to CREI Management Services FZE ("CREI") in the successful agreement to sell its Philippine tower portfolio to Frontier Tower Associates Philippines Inc. (“Frontier”), a Towerco operator backed by KKR.

The transaction involves the sale of 100% shares in PH1 Holding FZ-LLC, the UAE-based parent company of Communication and Renewable Energy Infrastructure CREI Phils Inc., adding over 400 telecom towers with a colocation ratio of 1.25x to Frontier’s network of nearly 5,000 towers. This strategic divestment represents a significant milestone in CREI’s broader vision to drive sustainable energy and connectivity solutions across Asia and Africa.

This transaction highlights Index Partners’ capabilities in advising complex, high-value deals within the digital infrastructure sector in Southeast Asia, and its commitment in advancing connectivity and empowering businesses to scale through strategic, innovative transactions in the digital space.

Index Partners, together with Global Gate Capital, are the exclusive financial advisors to CREI on the transaction. Legal counsel for CREI was provided by Jones Day, King & Spalding, and MVGS.

About CREI

CREI is part of “Two Thirty Three Holdings SA” Group, a global telecom and energy services group. CREI is a UAE established asset management company holding through its subsidiaries a portfolio of telecom towers and renewable power assets across Africa and Asia. Its main activities entail providing sustainable energy and connectivity to Mobile Network Operators (MNOs) and rural communities across developing countries. CREI capitalizes on the expertise and synergies created throughout its group of affiliated companies to provide a full service to Operators and deliver efficient solutions that are integrated along the value chain. Through managing a portfolio of Telecom ESCO, TowerCo, and Network as a Service (NaaS) projects, CREI delivers agile solutions to all its stakeholders including the MNOs, addressing specific social and environmental needs to achieve lasting positive impact, decreasing the carbon footprint while improving the operator’s network performance and reach.

About Frontier

Frontier is a subsidiary of Pinnacle. Pinnacle invests in, builds and operates telecommunications infrastructure with a focus on towers and related assets. Pinnacle is an Asia-focused digital infrastructure platform with a strong focus on the rapidly growing Philippines market. Frontier’s leadership team includes founders of a number of highly successful tower companies and former C-level executives from some of the world’s leading wireless operators. Pinnacle is backed by leading global investment firm KKR.

About Index Partners

Index Partners is a corporate finance advisory boutique specializing in mid-market transactions across Southeast Asia, the Middle East, and Africa, having presence in Hong Kong, London, Ho Chi Minh City and Manila. With a proven track record in telecommunications, healthcare, consumer and retail sectors, Index Partners delivers tailor-made advisory services that unlock value and drive impactful outcomes.

For more information, visit: https://www.index-partners.com/.

We are thrilled to share the great performance and significant milestones achieved by Index Partners in Q2 2024, building on the investment and robust growth experienced in Q1 2024.

Q2 Highlights:

• Secured transactions exceeding USD 100 million, demonstrating strong closing momentum.
• Expanded our team with seven new hires across all offices to support our growing operations.

Key Achievements:

• Successful opening and development of our London office in Q1 pursued in Q2, enhancing our global footprint and coverage of EMEA.
• Ongoing projects across our key verticals (Consumer & Retail, TMT, and Healthcare) valued at over USD 700 million.
• Continued recognition by the market as experts in retail and digital infrastructure (articles link in comments).

Looking Ahead:

With the momentum carried from the first half of the year, we are confident in achieving a strong year-end performance. Our strategic initiatives and expansion efforts position us well to capitalize on emerging opportunities in Southeast Asia and beyond.

Stay tuned for more updates as we continue to drive growth and build a leading M&A boutique in emerging markets.

Following our previous GEAP Primer, we are excited to release our latest update on the Philippine Green Energy Auction Program (GEAP) as the country advances its renewable energy goals.

Key Development: The Notice of Auction and Terms of Reference (TOR) for GEA3 were officially released by the Department of Energy Philippines (DOE) and the Energy Regulatory Commission (ERC) Philippines, with critical details to guide the upcoming auction. This development marks a step forward in achieving the country’s renewable energy targets.

This update highlights:

• ‍Expanded Technology Options: Including Run-of-River Hydro, Geothermal, Impounding Hydro, and Pumped-Storage Hydro.‍
• Updated GEAR Pricing: Featuring the latest price ceiling for ROR Hydro set by the ERC to guide competitive bidding.‍
• New Price Determination Methodology (PDM): Structured to ensure fair and sustainable pricing for non-FIT-eligible technologies through a two-step evaluation and DCF-based pricing model.‍
• Reduced Performance Bond Requirements: Lower obligations for bidders, making participation more accessible while maintaining project accountability.

As these updates set the stage for GEA3, we are happy to discuss this development with anyone looking to participate in the auctions, enter, or consolidate their presence in the renewable energy sector in the Philippines.

Let’s work together to achieve the country’s renewable energy targets of 35% by 2030 and 50% by 2040.

Read more at: Philippines Green Energy Auction Program (GEAP) Update - November 2024

The Green Energy Auction Program (GEAP) is transforming the Philippines' path toward sustainable energy. We're excited to share a GEAP Primer to help developers and investors understand the auction process, key mechanics, and opportunities in upcoming rounds.

With up to 16GW of renewable energy capacity - including solar, wind, battery, hydro, and biomass - up for bidding in GEA3, GEA4, and GEA5, GEAP aims to significantly bolster the country's renewable energy goals. The program ensures transparency through Green Energy Auction Reserve (GEAR) prices, facilitating cost-effective bids while maintaining developers' financial viability. Winning bidders secure Renewable Energy Payment Agreements (REPAs), ensuring long-term revenue stability.

At Index Partners, we provide full support—from pre-qualification to bid submission—helping developers secure offtake contracts and forge strategic partnerships. Our deep expertise in auction mechanics ensures compliance and maximizes bid value.

Join us in this renewable energy revolution!

Download the GEAP Primer and contact us to explore how you can participate in this transformative program.

Read more at: PH Green Energy Auction Program Primer (2024)

The M&A landscape in the Philippines is demonstrating strong resilience and growth despite global economic uncertainties. While global M&A activity saw a decline in both volume and value, the Philippine market exhibited a contrasting trend. Globally, M&A deal value dropped by 30% from 2021 to 2023, while the number of deals also fell. In contrast, the Philippines maintained a robust M&A environment, driven by strategic investments in high-growth sectors.

1. Consumer & Retail:

The implementation of the 2022 Retail Trade Liberalization Act, which allows 100% foreign ownership and lowers the minimum capital requirement, has significantly boosted M&A opportunities. This has led to increased consolidation and market expansion efforts by both local and foreign firms. Notable transactions include Diageo's acquisition of Don Papa Rum, reflecting the growing interest in premium local brands for enhancing the global portfolio of consumer goods.

2. Telecommunications, Media, and Technology (TMT):

The Common Tower Policy and efforts to expand digital connectivity have spurred investments in telecom infrastructure. The demand for data centers is growing rapidly due to digital transformation, creating substantial M&A opportunities. Noteworthy transactions include Equinix acquisition of data centers from TIM, or the acquisitions of towers of Smart Communications, Inc. and Globe Telecommunications, Inc. by various Towercos.

3. Healthcare:

The healthcare sector remains active with significant investments aimed at expanding medical services and infrastructure. Major moves include CVC's acquisition of a majority stake in The Medical City Clinic, highlighting the sector's attractiveness to both local and international investors.

4. Renewable Energy:

The push towards renewable energy is evident with multiple high-value deals, aligned with the government's goal to have 50% of the country's power sourced from renewables by 2030. For instance, Singapore’s sovereign wealth fund GIC invested significantly in ACEN renewable projects, emphasizing the sector's pivotal role in the country's energy strategy.

Index Partners is uniquely positioned to drive and advise on M&A transactions in the Philippines and other emerging markets. Our extensive experience across key sectors such as Consumer & Retail, TMT, Healthcare, and Renewable Energy allows us to provide tailored financial advisory services to ensure the successful execution of deals.

For more insights and updates on market trends and strategic opportunities, reach out to us at contact@index-partners.com

Read more at: Philippines M&A Landscape Update Q2'2024

Despite the global drop in M&A activity over the past two years, 2024 is off to a promising start with a significant uptick in Vietnam, boasting an impressive 80% increase year-to-date in deal value (at USD3.5 billion for the first 5 months of the year).

Southeast Asia focused funds are holding an unprecedented USD18 billion in dry powder across Private Equity and Venture Capital, which shall be deployed over the next couple of years.

Vietnam's M&A scene is bustling, with Consumer and Industrials sectors leading in transaction volume, while Real Estate and Financial Services dominate in deal value due to large-sized transactions.

Global PE giants like KKR, Bain Capital and CVC are ramping up their market presence. This acceleration is set to trigger a wave of deals, as consolidation is a key value creation strategy for these firms.

Looking ahead, we anticipate robust deal flow in Healthcare, Education, Consumer, and Digital Infrastructure. These areas are primed for investment, driven by a growing middle class, technological advancements, and ongoing infrastructure development.

At Index Partners, we are excited about the opportunities in Vietnam’s M&A market. For more insights, connect with us. Let's drive growth and create lasting value together.

Read more at: Update on Vietnam's M&A landscape 2024

Telecom towers market in Emerging Asia

• Ownership Shift: Half of the telecom towers in Emerging Asia are still owned by Mobile Network Operators (MNOs), but this is expected to shift towards greater TowerCo ownership through Sale & Leaseback and Built-To-Suit initiatives1.
• Market Trends: Increased M&A activity is noted, especially in the Philippines and Indonesia, to enhance TowerCos’ scale and efficiency.
• Growth Opportunities: Countries like Indonesia and Malaysia are experiencing significant growth in the tower market due to regulatory support, digital transformation policies, and the rollout of 5G networks.
• Challenges: Myanmar faces political challenges affecting its telecom tower market, while Vietnam’s independent TowerCo presence remains limited despite growth potential.

Specific countries highlights

Indonesia

• Leading Market: Over 95% TowerCo penetration.
• Growth Factors: Investment in rural areas, increasing mobile data, and 5G rollout.
• Regulatory Support: Amended Omnibus Law encourages growth and consolidation.

Malaysia

• Government Support: Public funding and proactive digital transformation policies.
• Growth Projections: Telecom tower market to grow at 14.0% CAGR from 2024 to 20294.
• JENDELA Policy: Aims for 100% 4G access and 5G preparation.

Myanmar

• Rapid Expansion: Significant growth from 2015 to 2020.
• Challenges: Political unrest and declining foreign investment.
• Future Prospects: Expected growth in 4G and 5G subscribers.

Bangladesh

• Market Expansion: Rapid growth with new TowerCos entering the market.
• Regulatory Changes: SLA guidelines promote TowerCo operations.
• 5G Trials: Expanding 4G adoption and preparing for 5G.

Philippines

• Policy Reforms: Common Tower Policy encourages shared infrastructure.
• Growth Needs: Significant investment required to meet coverage goals.
• New Players: Entry of DITO enhances competition and infrastructure sharing.

Vietnam

• Limited TowerCo Presence: Only around 9% of towers owned by TowerCos.
• Government Initiatives: Encouraging shared use of telecom infrastructure.
• Growth Potential: Higher CAPEX for 5G deployment expected to attract private investments.

Read more at: Telecom Towers Market in Emerging Asia

How Are TowerCos Revolutionizing Indonesia’s Telecom Industry?

The rise of TowerCos in Indonesia has reshaped the telecom landscape, driving network quality and nationwide coverage to new heights. TowerCo penetration has surged from 51% to 96% over the past decade, with leading players like Protelindo, PT and Tower Bersama Group. And this isn’t just happening in Indonesia—other countries across Southeast Asia are rapidly following suit.

Key insights:

- Explosive Growth: TowerCos are driving network expansion to underserved regions and enhancing network efficiency.

- Government Support: Strategic policies have accelerated this growth, creating vast opportunities.

- M&A Opportunities: The booming market offers significant M&A potential for those seeking to tap into telecom infrastructure.

At Index Partners, we’re experts in navigating the evolving TowerCo landscape, providing strategic guidance on capital raising, M&A advisory, and partnership development.

Read more at:

https://www.linkedin.com/posts/indexpartners_202411-towerco-evolution-in-indonesia-activity-7270299189895401472-uSBY?utm_source=share&utm_medium=member_desktop&rcm=ACoAADL_CqIBat8kYPhVxiwAsHIwUSCsQEVvEhs

Market summary

The Philippine market recorded a mix of M&A and fundraising activities, demonstrating robust market activity across the energy, real estate, transportation, logistics, financial services.

• The Transportation & Logistics sector saw robust fundraising activity, totaling c. USD731.8m in recent months. Singapore-based private equity firm Growtheum Capital Partners (GCP) announced a c. USD129.1m (PHP7b) investment in Mets Logistics, Inc., a cold storage logistics provider in the Philippines. This funding, along with an additional c. USD9.2m (PHP500m) from Mets’ founder shareholders, will support its nationwide expansion. Additionally, SMC Tollways Corp. (SMCTC) raised USD602.7m (PHP35m) through a fixed-rate bond issuance listed on the Philippine Dealing & Exchange (PDEx). The proceeds will refinance existing debt and expand the Skyway System, including Stages 1, 2, 3, and the Skyway Extension.

*Aggregate Deal Values = c. USD900.3m

This month’s top deals

Puregold acquires Puremart stores

Puregold is purchasing Puremart stores, including its leasehold improvements, furniture, fixtures, equipment, and merchandise inventory with up to PHP567.5 million book value from Tower 6789 Corp, which consists of at least 120 to 130 stores located across Metro Manila, CAMANAVA, Rizal, Bulacan, and South Luzon.

Article link:

Puregold acquires Puremart stores

Energy & Utilities

‍PCC approves LNG deal subject to competition safeguards:

The Philippine Competition Commission (PCC) has approved the joint acquisition of power facilities and a liquefied natural gas (LNG) terminal by Meralco PowerGen Corp. (MGEN), Therma Natgas Power Inc. (Therma), and San Miguel Global Power Holdings Corp. (San Miguel Power). The deal, which is considered critical for strengthening the country’s energy supply, is subject to conditions aimed at ensuring fair competition and promoting transparency. The transaction involves MGEN and Therma, through their joint venture Chromite Gas Holdings Inc. (Chromite), acquiring a 67% equity interest in South Premiere Power Corp. (SPPC), Excellent Energy Resources Inc. (EERI), and Ilijan Primeline Industrial Estate Corp. In addition, MGEN and Therma, through Chromite, along with San Miguel Power, will jointly acquire 100% of Linseed Field Corp. (LFC), which operates the LNG terminal in Batangas City. As a result of these acquisitions, MGEN and Therma, through their 60/40 ownership of Chromite, will control 67% of SPPC, EERI, and Ilijan Primeline, while San Miguel Power retains a 33% stake in these three entities and gains a corresponding interest in LFC.‍

ACEN acquires 49% stake in Bangladesh solar project:

ACEN Corp.’s joint venture, IBV ACEN Renewables Asia Pte. Ltd., has finalized the acquisition of a 49% stake in a 70-megawatt solar project in Bangladesh, the Ayala-led company announced. IBV ACEN has met all conditions under the sale and purchase agreements with Bangladesh holding firm Sonagazi Sun Holdings Pte. Ltd., ACEN said in a regulatory filing. IBV ACEN Renewables Asia is a joint venture between ACEN Renewables International Pte. Ltd., a unit of ACEN, and ib vogt (Singapore) Pte. Ltd.‍

MOHS acquires major pharma company:

On November 20, 2024, MOHS Analytics acquired Remed Pharmaceuticals with over 20 brands in its portfolio and whose products cover four different pharmaceutical categories - Vitacare, Respicare, Pediacare and Gastrocare. The acquisitions are in line with MOHS’s 5-year roadmap to grow into one of the major fully integrated health and wellness companies in the Philippines.

Article link:

PCC approves LNG deal subject to competition safeguards

ACEN acquires 49% stake in Bangladesh solar project

MOHS acquires major pharma company

Real Estate

‍SEC approves City & Land’s PHP400 million debt sale:

The Securities and Exchange Commission (SEC) has approved City & Land Developers, Inc.’s plan to issue PHP400 million in debt, the property developer said in a stock exchange filing. The SEC approved the permit on Dec. 20, it said. The issuance consists of PHP400 million in short-term commercial paper to be issued at face value and traded over the counter.‍

Filinvest Land plans PHP12  billion bond issuance:

Listed property developer Ayala Land, Inc. (ALI) has raised PHP2.78 billion by selling 75 million shares of AREIT, Inc., its real estate investment trust, at PHP37 per share. The sale was made through a placement agreement with BPI Capital Corp., the investment banking arm of Bank of the Philippine Islands, and UBS AG Singapore Branch, a global financial services company.‍

ALI raises PHP2.8 billion via placement of AREIT shares:

Listed property developer Ayala Land, Inc. (ALI) has raised PHP2.78 billion by selling 75 million shares of AREIT, Inc., its real estate investment trust, at PHP37 per share. The sale was made through a placement agreement with BPI Capital Corp., the investment banking arm of Bank of the Philippine Islands, and UBS AG Singapore Branch, a global financial services company.

Article link:

SEC approves City & Land’s PHP400 million debt sale

Filinvest Land plans PHP12 billion bond issuance

ALI raises PHP2.8 billion via placement of AREIT shares

Transportation and Logistics

‍Mets Logistics eyes expansion with PHP7 billion from Growtheum Capital:

Singapore-based private equity firm Growtheum Capital Partners (GCP) will invest PHP7 billion in Mets Logistics, Inc. to help advance its expansion in the cold storage logistics sector in the Philippines. Established in 2010, the Philippine-based cold chain solutions provider operates cold storage facilities nationwide with over 100,000 total pallet positions. GCP will invest PHP7 billion in Mets, while another PHP500 million from Mets’ founder shareholders will also be invested in the company to fund its expansion plans.‍

SMC Tollways lists PHP35 billion fixed-rate bonds:

SMC Tollways Corp. (SMCTC) listed its P3HP5 billion fixed-rate bond issuance at the Philippine Dealing & Exchange (PDEx) as part of the company’s funding initiatives. The bond offer consisted of PHP30 billion with an oversubscription option of PHP5 billion, SMCTC said in an e-mailed statement. It was given a “PRS Aaa” with a stable outlook credit rating by the Philippine Rating Services Corp. Proceeds from the bond issuance will be earmarked to refinance existing debt and support the Skyway System’s expansion, which consists of Skyway Stage 1, Skyway Stage 2, Skyway Stage 3, and the Skyway Extension.

Article link:

Mets Logistics eyes expansion with PHP7 billion from Growtheum Capital

SMC Tollways lists PHP35 billion fixed-rate bonds

Financial services

‍Insular Life to buy Generali PH in 2025:

Italian insurance firm Generali will sell its entire Philippine business to Insular Life Assurance Co. Ltd. to focus on its core markets. In a statement posted on its website, Generali said the sale of 100 percent of its stake in Generali Life Assurance Philippines Inc. will be finalized in the first half of 2025.‍

Meralco buys Japanese firm's Bayad Center stake:

Manila Electric Co. (Meralco) said that it had completed the acquisition of 28,053 common shares of CIS Bayad Center, Inc. (CBCI) from Japanese firm Densan System Co., Ltd. (Densan) for PHP241.5 million. The transaction gave Meralco a 5-percent stake along with units Customer Information Solutions Inc., which owns 85 percent), and Kayana Solutions, Inc. that has 10 percent.‍

PSE to acquire 61.92 percent of PDS for PHP2.32 billion:

The Philippine Stock Exchange, Inc. (PSE) is set to add 61.92 percent to its existing 20.98 percent stake in the Philippine Dealing System Holdings Corporation (PDS) after signing agreements with PDS shareholders, December 26, 2024. At an acquisition price of PHP600.00 per share, PSE will be purchasing a total of 3.87 million PDS shares for PHP2.32 billion. The transaction cost was based on the PHP3.75 billion enterprise value of PDS.

Article link:

Insular Life to buy Generali PH in 2025

Meralco buys Japanese firm's Bayad Center stake

PSE to acquire 61.92 percent of PDS for PHP2.32 billion

Technology

Ayala’s ACMobility acquires electric vehicle charging network Evro

ACMobility, the mobility provider of the Ayala Group, has acquired electric vehicle (EV) charging network Evro, which seeks to consolidate the country’s operators to make them more accessible and convenient to local EV users. Evro, developed by Globe Telecom Inc.’s 917 Ventures, is an e-mobility service provider (eMSP) that offers real-time information on charging station locations, availability, and functionality, with a mobile application that allows EV users to locate, reserve, and manage charging stations.

Article link:

Ayala’s ACMobility acquires electric vehicle charging network Evro

Others

‍PremiumLands takes over AsiaBest Group:

Asiabest Group International Inc. said that major stockholder Tiger Resort Asia Ltd. had sold its entire 66.67-percent stake in the company to a consortium led by PremiumLands Corp. for an undisclosed amount. Tiger Resort Asia, which controls the operator of integrated resort Okada Manila, acquired Asiabest in 2019 as a potential backdoor listing vehicle. PremiumLands, led by businessman and engineer Francis Lloyd Chua, is a real estate company whose portfolio includes The Mondrian and PMI Tower in Makati City and Market Mall in Ormoc City. It is also planning to develop affordable housing units under its Kabalayan project.‍

EasyCall sells BPO stake for PHP45 million:

Tech provider EasyCall Communications Philippines Inc. has disposed of its minority stake in a business process outsourcing (BPO) to raise PHP45 million for its future expansion. In a disclosure to the Philippine Stock Exchange, EasyCall said it sold all its shares in ePerformax International Inc. to affiliate company TDG Ventures Inc. (TVI) in line with its expansion strategy. EasyCall said it has signed a share sale agreement with TVI for the sale of its 3.8 percent stake in ePerformax, earning PHP44.93 million from the transaction.‍

Themis buys 23% stake in Ferronoux for PHP80M million:

Tech provider EasyCall Communications Philippines Inc. has disposed of its minority stake in a business process outsourcing (BPO) to raise PHP45 million for its future expansion. In a disclosure to the Philippine Stock Exchange, EasyCall said it sold all its shares in ePerformax International Inc. to affiliate company TDG Ventures Inc. (TVI) in line with its expansion strategy. EasyCall said it has signed a share sale agreement with TVI for the sale of its 3.8 percent stake in ePerformax, earning PHP44.93 million from the transaction.‍

Ayala Corp. secures EUR50 million from European lender:

‍Listed conglomerate Ayala Corp. has secured a social loan worth EUR50 million (PHP3.1 billion) from European bank ING Group to support its subsidiary Ayala Healthcare Holdings, Inc.’s (AC Health) portfolio growth. The EUR50-million social loan is the first Euro-denominated social loan that ING has structured for a Philippine conglomerate.‍

Phinma acquires St. Jude College Dasmariñas in Cavite:

Phinma Education Holdings Inc. is expanding its network with the acquisition of St. Jude College (SJC) Dasmariñas, Cavite for PHP432 million. SJC Dasmariñas, Cavite is Phinma Education’s 10th school in the Philippines and the 12th in its regional network. The acquisition adds 3,000 students to Phinma Education’s network, beefing up the company’s total network to 167,000 students.‍

Ayala Group buys PHP351 million iPeople shares from Anscor:

Conglomerate Ayala Corp. is increasing its stake in listed education firm iPeople Inc. by acquiring shares worth PHP351 million from A. Soriano Corp. (Anscor). iPeople is a holding company under House of Investments Inc. of the Yuchengco Group of Companies and Ayala Corp., with investments in the education sector. The acquisition of 29.239 million shares, equivalent to 2.8 percent of iPeople’s outstanding common shares, boosted Ayala’s stake in the company to 36.3 percent. Anscor’s stake in iPeople went down to 6.13 percent. The deal is subject to the Philippine Competition Commission’s approval.

Article link:

PremiumLands takes over AsiaBest Group

EasyCall sells BPO stake for PHP45 million

Themis buys 23% stake in Ferronoux for PHP 80million

Ayala Corp. secures EUR50 million from European lender

Phinma acquires St. Jude College Dasmariñas in Cavite

Ayala Group buys PHP351 million iPeople shares from Anscor

Note: Deal values only include disclosed completed deals with amounts restricted to local scene i.e. amounts related to the Philippine entity and/or business. Rumored, announced, or planned deals not included. Cross-posted deals are also adjusted to avoid double count.

*USD 1.00 = PHP58.1 as of 31/12/2024

Market Summary

In December 2024, the Vietnamese market witnessed transactions totaling around USD665m. Notably, the Technology, and Agriculture & Food sectors were prominently involved:

• The Technology sector featured a notable transaction where Techcoop has raised a USD70m Series A funding, the largest Series A investment in Southeast Asia agritech start up to date. Additionally, Customore, an advanced e-commerce data consolidation platform, was acquired by ADA, a prominent leader in the Data and AI industry.
• The Agriculture & Food sector featured Enfarm, Vietnam’s agritech company, successfully raised seed funding from Touchstone Partners.

Aggregate Deals Value = c. USD665m

This month's top deals

Technology

‍Vietnam’s Techcoop raises USD70 million Series A led by TNB Aura, AVV:

Vietnam’s agritech startup, Techcoop, has raised a USD70m Series A funding round, marking potentially the largest of its kind in Southeast Asia. The round consists of USD28 million in equity funding and USD 42million in debt financing. It was led by existing investors, Southeast Asia-focused venture capital firm TNB Aura and Vietnam-based Ascend Vietnam Ventures (AVV), according to regulatory filings. The fund is used for investing in technology and supporting the development of export infrastructure.‍

ADA acquires Customore, launching the most advanced Intelligent Commerce solution for CPG industry:

The leading Data and AI company and Asia’s largest integrated e-commerce provider has announced the acquisition of Customore, a prominent platform specializing in e-commerce data consolidation. This strategic move enables ADA to introduce the most advanced Intelligent Commerce solution for the CPG industry, designed to drive e-commerce success through enhanced data insights, AI-powered predictive analytics, and streamlined e-commerce operations.‍

Nvidia acquires AI unit of Vietnamese private giant Vingroup:

VinBrain, a startup specializing in AI-driven healthcare solutions, was acquired by Nvidia in December 2024. Previously owned by Vingroup, VinBrain focused on developing tools to help medical professionals improve efficiency and enhance patient outcomes. Following the acquisition, Nvidia signed an agreement to establish two AI research and data centers in Vietnam, highlighting its commitment to investing in the country’s growing technological landscape. These centers are expected to significantly bolster Vietnam’s AI and technology capabilities.‍

Vietnam's OnPoint acquires Thai e-commerce enabler CREA:

OnPoint, a SeaTown Holdings-backed e-commerce enabler in Vietnam, has acquired Thailand’s CREA, creating a Southeast Asian e-commerce enabler serving over 250 brands with expertise in warehousing, live streaming, and end-to-end operations. Based in Bangkok, CREA targets to support brands win millennials and Generation Z customers by creating solutions through social networks. OnPoint, backed by SeaTown (a Temasek subsidiary), previously raised USD35 million in its USD50 million Series B round in August 2022.‍

Vietnamese foodtech startup Kamereo raises USD7.8 million to expand operations:

Kamereo, a B2B e-commerce platform specializing in food supply, has successfully secured USD 7.8 million in a Series B funding round. The investment was backed by Sumitomo Corporation, Inspire Co., Ltd., SMBC Venture Capital Co., Ltd., Mitsubishi UFJ Capital Co., Ltd., Reazon Holdings, Inc., and other individual investors. This capital will be strategically utilized to expand product offerings, diversify business operations, launch new services, and enhance product features with innovative solutions.

Article link:

Vietnam’s Techcoop raises USD70 million Series A led by TNB Aura, AVV

ADA acquires Customore, launching the most advanced Intelligent Commerce solution for CPG industry

Nvidia acquires AI unit of Vietnamese private giant Vingroup

Vietnam's OnPoint acquires Thai e-commerce enabler CREA

Vietnames foodtech startup Kamereo raises USD7.8m to expand operations

Agriculture & Food

Touchstone Partners leads seed funding in Vietnamese agritech startup - Enfarm

Vietnam’s agritech company, Enfarm, received seed funding from Touchstone Partners with participation from Aiviet Venture and Conservation Vietnam. Founded to address gaps in traditional farming practices, Enfarm empowers farmers with data-driven solutions to optimize crop cultivation. Enfarm’s solution enables farmers to optimize fertilizer usage and minimize agricultural waste, leading to enhanced productivity and reduced costs. With the new funding, Enfarm will be able to scale operations, reduce product costs, cover more crops and enter into other ASEAN markets.

Article link:

Touchstone Partners leads seed funding in Vietnamese agritech startup - Enfarm

Note: Deal values include disclosed announced & closed deals with amounts restricted to the local scene i.e., amounts related to the Vietnam entity and/or business. Rumored deals are not included. Cross-posted deals are also adjusted to avoid double counting.

Market Summary

In November 2024, the Vietnamese market witnessed transactions totaling around USD110m. Notably, the Energy & Utilities, Agriculture & Food, and Technology sectors were prominently involved:

• The Energy & Utilities sector featured a notable potential transaction where Philippines’ ACEN announced to acquire stakes of c. USD71m (49%) in Vietnam’s BIM Energy.
• The Agriculture & Food sector saw a large acquisition of 49% stakes in Hop Tri Investment Corporation by Summit Agro International Ltd.
• The Technology sector featured with ABB and DTP Education Solutions. USD3m+ investment in Vietnamese Edtech startup Dream Viet Education JSC.

Aggregate Deals Value = c. USD110m

This month's top deals

Energy & Utilities

‍Philippines’ ACEN spends c. USD71 million acquiring 49% at Vietnam’s BIM Energy:

ACEN Corporation, a leading renewable energy company from the Philippines, has acquired a 49% stake in Vietnam-based BIM Energy Holding Corporation for USD70.5 million. The deal, executed through ACEN’s affiliate ACEN Vietnam Investments Pte. Ltd. was formalized with Huntington Renewable Investments. This acquisition enhances ACEN’s project pipeline in Vietnam, where BIM Energy owns two operational renewable energy assets: the 405-MW Ninh Thuan Solar and the 88-MW Ninh Thuan Wind, both located in Ninh Thuan Province.‍

Shizuoka Gas to acquire shares in My Son-Hoan Loc Viet Solar Energy:

Shizuoka Gas Co., Ltd. agreed with Hoan Loc Viet JSC (HLV) to acquire a 25% stake in My Son-Hoan Loc Viet Solar Energy JSC (MSHLV), marking Shizuoka Gas's first venture in Vietnam. MSHLV, an affiliate of HLV, manages the 50MW Myson Power Plant in Ninh Thuan province, which has been operational since 2019.

Article link:

Philippines’ ACEN spends c. USD71 million acquiring 49% at Vietnam’s BIM Energy

Shizuoka Gas to acquire shares in My Son-Hoan Loc Viet Solar Energy

Agriculture & Food

Sumitomo subsidiary acquires 49% stake in Vietnam’s top crop protection firm

Summit Agro International Ltd., part of Sumitomo, has acquired a 49% stake in Vietnam's Hop Tri Investment Corporation, a leading crop protection firm, and will rename it Hop Tri Summit JSC. While further deal details were not disclosed, Summit Agro highlighted that Vietnam, with a market size of USD971 million in 2023, is the second largest agricultural supplies market in Southeast Asia.

Article link:

Sumitomo subsidiary acquires 49% stake in Vietnam’s top crop protection firm

Technology

‍Vietnamese edtech firm Kyna English raises funds from ABB, DTP Education:

Vietnamese edtech startup Dream Viet Education JSC, which operates the Kyna English learning platform, has raised over USD3 million in the first tranche of a new funding round. The capital was secured from Vietnam-based private equity firm Asia Business Builders (ABB) and DTP Education Solutions, as per regulatory filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).‍

Foodtech startup Kamereo secures fresh funding as part of Series B round:

Vietnam-based foodtech startup Kamereo has raised USD2.8 million from Sumitomo Corporation in its Series B round, with potential to raise up to USD8.2 million from other investors, according to filings with Singapore’s ACRA. These filings reflect only the equity funding received so far, and the overall round could include other components such as debt.

Article link:

Vietnamese edtech firm Kyna English raises funds from ABB, DTP Education

Foodtech startup Kamereo secures fresh funding as part of Series B round

Note: Deal values include disclosed announced & closed deals with amounts restricted to the local scene i.e., amounts related to the Vietnam entity and/or business. Rumored deals are not included. Cross-posted deals are also adjusted to avoid double counting.

Market summary

The Philippine market recorded a balanced mix of M&A and fundraising activities, demonstrating robust market activity across the financial services/fintech, healthcare, renewable energy, retail, and real estate industries.

• Notable deals in the renewable energy, financial services/fintech, and healthcare sectors include Alternergy’s acquisition of Shell’s 40% stake in the Tablas Strait Offshore Wind Power Corporation, Metro Pacific Health Corp.’s acquisition of General Trias Doctors Medical Center and Noneaway Philippines Technology’s USD1.1m seed funding round.
• Additionally, Security Bank’s USD187.7m announced acquisition of a 25% stake in HC Consumer Finance and TCL Zhonghuan’s planned acquisition of SunPower Philippines reinforce the growth trajectory in financial services and renewable energy.

*Aggregate Deal Values = c. USD294.2m

This month’s top deals

Consumer & Retail

‍Anscor to acquire minority stake in resto operator The Bistro Group for PHP1.6 billion:

A. Soriano Corp. (Anscor) is expanding its investment portfolio after acquiring a minority stake in premium casual restaurant operator The Bistro Group for PHP1.61 billionn. On November 13, Anscor signed a deed of sale with private equity company Navegar I (Singapore) Pte. Ltd.‍

Puregold acquires Puremart stores:

Puregold is purchasing Puremart stores, including its leasehold improvements, furniture, fixtures, equipment, and merchandise inventory with up to PHP567.5 million book value from Tower 6789 Corp, which consists of at least 120 to 130 stores located across Metro Manila, CAMANAVA, Rizal, Bulacan, and South Luzon.

Article link:

Anscor to acquire minority stake in resto operator The Bistro Group for P1.61 billion

Puregold acquires Puremart stores

Energy & Utilities

‍Alternergy fully acquires Tablas wind projects:

Alternergy Holdings Corporation has acquired Shell Overseas Investment B.V.'s 40% stake in Tablas Strait Offshore Wind Power Corporation (TSOWPC), thereby gaining full ownership of the Tablas Strait 1, 2, and 3 offshore wind projects. ‍

TCL Zhonghuan Signs Term Sheet with Maxeon for Major Acquisition:

On November 26, TCL Zhonghuan announced that it signed a term sheet with Maxeon Solar Technologies, Ltd. According to the announcement, TCL Zhonghuan intends to purchase 100% of the equity in SunPower Philippines Manufacturing Ltd., to improve collaborative management capabilities, and drive TCL's global business development.

Article link:

Alternergy fully acquires Tablas wind projects

TCL Zhonghuan Signs Term Sheet with Maxeon for Major Acquisition

Healthcare & Life Science

‍Pangilinan-led MPH acquires 27th hospital:

Manuel V. Pangilinan-led Metro Pacific Health Corp. (MPH) has invested in City of General Trias Doctors Medical Center Inc. (Gentri), expanding its network of private hospitals to 27. This latest acquisition brings MPH's hospital capacity to around 4,400 beds, 11,000 doctors, and 16,000 healthcare staff capable of caring for 4.1 million patients a year, according to the company.‍

MOHS acquires major pharma company:

On November 20, 2024, MOHS Analytics acquired Remed Pharmaceuticals with over 20 brands in its portfolio and whose products cover four different pharmaceutical categories - Vitacare, Respicare, Pediacare and Gastrocare. The acquisitions are in line with MOHS’s 5-year roadmap to grow into one of the major fully integrated health and wellness companies in the Philippines.

Article link:

Pangilinan-led MPH acquires 27th hospital

MOHS acquires major pharma company

Real Estate

New investor joins IDC with PHP187.9 million deal

Italpinas Development Corp. (IDC) has secured a new investor via a private placement deal by signing an agreement with businessman Benjamin Tan Co, who purchased 15% of the company’s primary shares at PHP1.99 each, totaling PHP187.93 million.

Article link:

New investor joins IDC with PHP187.93 million deal

Technology

‍PH proptech startup NoneAway raises USD1.1 million:

Noneaway Philippines Technology, Inc., a Philippine-based startup that offers an (AI)-powered platform designed to make property buying, selling, and renting safer, smarter and simpler in the Philippines announced that PHP59 million was secured in a seed funding round on November 14, 2024. The transaction included participation from new investors, Wavemaker Partners, LLC, Vulpes Investment Management Private Limited, Forge Ventures, Kaya Founders and individual investors, Jani Rautiainen, and ER Rollan.‍

Wavemaker’s venture secures USD0.5 million to boost bamboo processing:

Numat, a venture by Wavemaker Impact, recently secured USD0.5 million in funding to improve bamboo processing. Numat, based in the Philippines, focuses on converting raw bamboo into sustainable products, starting with a robust processing framework.‍

MVP Group's Kayana will acquire an additional 57% Equity Interest in CIS Bayad Center:

The Board of Directors of PLDT Inc. (PLDT) approved the funding for PLDT’s pro rata interest in Kayana in connection with an increase in Kayana’s investment in Bayad, which will result in Kayana acquiring an additional 57% of Bayad’s outstanding capital stock for PHP2.9 billion, subject to the completion of due diligence review, procurement of internal corporate and regulatory approvals, and execution of definitive agreements.

Article link:

PH proptech startup NoneAway raises USD1.1 million

Wavemaker’s venture secures USD0.5 million to boost bamboo processing

MVP Group's Kayana will acquire an additional 57% equity interest in CIS Bayad Center

Financial services

Security Bank to acquire MUFG’s 25% stake in Home Credit Philippines

Security Bank has announced that it has entered into an agreement to acquire a 25% stake in HC Consumer Finance Philippines, Inc. (HCPH), also known as Home Credit Philippines. Through the agreement, Security Bank will purchase the 25% ownership stake in HCPH from MUFG Bank Ltd. for PHP11 billion. Krungsri (Bank of Ayudhya PCL and its business units) will continue to hold a 75% ownership stake in HCPH and remain the majority shareholder.

Article link:

Security Bank to acquire MUFG’s 25% stake in Home Credit Philippines

Others

Phinma raises PHP1.0 billion from SRO

Phinma Corp., the diversified conglomerate of the Del Rosario Group, will pursue its expansion initiatives after raising PHP1 billion from its successful stock rights offering. From November 13 to 19, the company sold 50 million shares for PHP20 each. The shares were listed at the Philippine Stock Exchange on November 27. The amount raised is expected to support the company’s investment and expansion opportunities. The expected completion of the transaction is in the first quarter of 2025.

Article link:

Phinma raises PHP1 billion from SRO

Note: Deal values only include disclosed completed deals with amounts restricted to local scene i.e. amounts related to the Philippine entity and/or business. Rumored, announced, or planned deals not included. Cross-posted deals are also adjusted to avoid double count.

*USD 1.00 = PHP58.6020 as of 02/12/2024

Market summary

• The Real Estate sector saw high-value activity, including Bloomberry Resorts Corp. securing a USD1.2bn refinancing loan to enhance financial stability. Additionally, Golden MV Holdings, Inc. acquired three companies and land for USD89.0m for urban development.
• The month saw multiple acquisitions take across several sectors. I Squared Capital completed a USD296.0m acquisition of Philippine Tank Storage International from Keppel Infrastructure Trust and Metro Pacific Investments Corp., marking a strategic move in the utilities sector. In manufacturing, DMCI Holdings, Inc. launched a USD33.2m tender offer for additional shares in Cemex Holdings Philippines. Most notably, Metro Pacific Tollways Corp., completed a USD1.0bn acquisition in Indonesia’s Trans-Java toll road network, and Mitsubishi Corp. acquired a stake in Mynt for approximately USD318.9m.

*Aggregate Deal Values = c. USD3.3bn

This month’s top deals

Energy & Utilities

‍GIC, Macquarie explore USD2 billion stake sale in Philippines’ EDC, sources say:

Singapore’s GIC and Australia’s Macquarie are looking at selling their stake of roughly 30% in Philippine renewable energy firm Energy Development Corp (EDC), a deal that could fetch USD2 billion.‍

Buskowitz Energy secures up to USD100 million investment:

Solar power provider Buskowitz Energy, Inc. has secured deals for an investment of up to USD100 million (approximately PHP5.6 billion) from global real asset investment manager PATRIZIA MBK Fund Management Pty Ltd. (PMBK).‍

Private equity firm takes over Philippines’ biggest oil import storage firm for USD296 million:

Private equity firm I Squared Capital, through its Philippine affiliate, will buy Philippine Tank Storage International from Singapore’s Keppel Infrastructure Trust and Metro Pacific Investments Corp in a USD296 million deal.‍

SEC clears PHP2.87 billion Topline IPO; Nov. 22 listing eyed:

The Securities and Exchange Commission (SEC) has approved the planned PHP2.87-billion initial public offering (IPO) of Cebu-based fuel retailer Top Line Business Development Corp. (Topline).

Article link:

GIC, Macquarie explore USD2 billion stake sale in Philippines’ EDC, sources say

Buskowitz Energy secures up to USD100 million investment

Private equity firm takes over Philippines’ biggest oil import storage firm for USD296 million

SEC clears PHP2.87 billion Topline IPO; Nov. 22 listing eyed

Telecommunications & Media

‍Globe earns PHP300 million from tower sale:

Globe Telecom Inc. received PHP300 million from a recent closing of its tower asset sale to Aboitiz-led Unity Digital Infrastructure, beefing up its coffers for expansion. In a disclosure, the Ayala-led telco giant said that it had transferred 25 towers to Unity’s portfolio.‍

PLDT secures PHP2 billion loan for expansion:

PLDT Inc. announced that it had secured a PHP2 billion social loan facility from HSBC Philippines to support the expansion of its fiber network. The expansion was said to be aimed at fourth- to sixth-class municipalities, including geographically isolated and disadvantaged areas (GIDAs).

Article link:

Globe earns PHP300 million from tower sale

PLDT secures PHP2 billion loan for expansion

Real Estate

‍Arthaland gets SEC approval for PHP3 billion follow-on offering:

Listed property developer Arthaland Corp. has secured the approval of the Securities and Exchange Commission (SEC) for its planned PHP3 billion follow-on offering (FOO). The FOO has a base offer consisting of up to four million cumulative, nonvoting, nonparticipating, nonconvertible, and redeemable peso-denominated Series F preferred shares and an oversubscription option of two million Series F preferred shares, both at PHP500 apiece.‍

Regulator clears PHP1 billion Cityland debt offering:

‍Cityland Development Corp. has obtained a permit from the Securities and Exchange Commission to offer PHP1 billion in short-term commercial papers (CP) to fund its corporate requirements. The property developer told the stock exchange that it received the permit to offer securities for sale after it immediately complied with required submissions detailed in an October 17 pre-effective letter.‍

Bloomberry refinances PHP72 billion loan:

Razon-led Bloomberry Resorts Corp. has refinanced a PHP72 billion loan to enhance financial stability and preserve cash. Bloomberry subsidiaries Bloomberry Resorts and Hotels, Inc. (BRHI), as borrower, and Sureste Properties, Inc. (SPI), as surety and third-party security provider, signed a PHP72-billion syndicated refinancing facility with a group of banks.‍

DoubleDragon readies PHP30 billion bond program:

‍DoubleDragon Corp. is returning to the bond market with a PHP30 billion debt program, its largest to date, intended to be issued in multiple tranches from 2024 to 2026. The property venture of tycoons Edgar “Injap” Sia II and Tony Tan Caktiong said its board of directors approved the multi-year shelf registration retail bond program meant to further strengthen its financial position.‍

Golden MV Holdings acquires 3 firms, land in Villar City for PHP5.2 billion:

Golden MV Holdings, Inc. has acquired 396.88 hectares of land in Villar City, a large-scale urban development project in southern Metro Manila and Cavite, for PHP5.2 billion. The company’s board also approved the acquisition of all the issued and outstanding capital stock of three companies from other companies owned and controlled by Manuel B. Villar, Jr.

Article link:

Arthaland gets SEC approval for PHP3 billipn follow-on offering

Regulator clears PHP1 billion Cityland debt offering

Bloomberry refinances PHP72 billion loan

DoubleDragon readies PHP30 billion bond program

Golden MV Holdings acquires 3 firms, land in Villar City for PHP5.2 billion

Transportation and Logistics

Metro Pacific, GIC close USD1 billion Java deal

Metro Pacific Tollways Corp. (MPTC), along with partner Singaporean investor GIC, has finalized the USD1 billion deal to acquire a 35-percent stake in the company that holds the concession to the 676-kilometer Trans-Java toll road network in Indonesia, expanding its tollway operations overseas.

Article link:

Metro Pacific, GIC close USD1 billion Java deal

Technology

Mitsubishi acquires half of Ayala's stake in fintech unicorn Mynt

Philippine conglomerate Ayala Corp is selling half of its stake in Mynt, the fintech unicorn which operates e-wallet brand GCash, to Japan's Mitsubishi Corp for a minimum of 18.4 billion pesos (USD318.89 million). The Japanese conglomerate will acquire the stake by buying 50% of Ayala-owned AC Ventures, the Philippine group said in a statement. Ayala owns a 13% stake in Mynt via AC Ventures.

Article link:

Mitsubishi acquires half of Ayala's stake in fintech unicorn Mynt

Others

Ayala Corp. secures USD200 million loan from Metrobank

Ayala Corp. has secured a USD200 million senior long-term loan from Ty-led Metropolitan Bank & Trust Company (Metrobank) to fund the expansion of the conglomerate’s investments in “emerging portfolios.” The loan was signed on September 16 and will be used to support the conglomerate’s financing initiatives for ongoing commitments and investments in technology and payments, health, logistics, and mobility, Ayala Corp. said in an e-mailed statement.

Article link:

Ayala Corp. secures USD200 million loan from Metrobank

Note: Deal values only include disclosed completed deals with amounts restricted to local scene i.e. amounts related to the Philippine entity and/or business. Rumored, announced, or planned deals not included. Cross-posted deals are also adjusted to avoid double count.

*USD 1.00 = PHP57.00 as of 09/10/2024

Market Summary

In October 2024, the Vietnamese market witnessed transactions totaling around USD640m. Notably, the Real Estate, Technology, and Consumer & Retail sectors were prominently involved:

• The Real Estate sector featured a notable potential transaction where Keppel announced to sell stakes of c. USD300m in Saigon Sports city and Saigon Centre.
• The Technology sector saw a large acquisition of USD300m in ISCVina by SK Group.
• The Consumer & Retail sector featured with Vertex Ventures USD6m investment in Vietnamese D2C startup Coolmate.

Aggregate Deals Value = c. USD640m

This month's top deals

Real Estate

Keppel sells stakes in Saigon Sports City and Saigon Centre

Singapore’s Keppel announced its plans to divest from two major real estate projects in Ho Chi Minh City, Saigon Sports City and Saigon Centre. These deals are expected to generate approximately USD270-308 million, pending regulatory approval and other conditions, as stated by Keppel. HTV Dai Phuoc Co., Ltd and Vinobly will buy in total of 70% of Saigon Sport City worth c. USD258 million, while Japan's Toshin Development has subscribed for c. USD46.4 million worth of ordinary shares of Saigon Centre.

Article link:

Keppel sells stakes in Saigon Sports City and Saigon Centre

Technology

‍SK Group acquires Vietnamese semiconductor firm ISCVina for USD300m:

South Korea’s SK Group has acquired ISCVina Manufacturing Co Ltd, a Vietnamese semiconductor manufacturing and trading company, for USD300 million. The acquisition was announced during a meeting between Tran Duy Dong, Chairman of the Vinh Phuc People’s Committee, and Hang Sung Won, SK Group’s manager in Vietnam. ISCVina Manufacturing, located in Ba Thien 2 Industrial Park, was previously fully invested by ISC Co Ltd, the leading global producer of semiconductor test sockets.‍

Singapore Telco M1 buys 70% stake in Vietnamese IT solutions provider ADG:

Singapore’s M1 Limited, a subsidiary of Keppel Ltd, has acquired a 70% stake in Vietnam-based ADG National Investment and Technology Development Corp for USD28.3 million through its wholly owned subsidiary AP Tech Holdings Pte. Ltd. The remaining 30% stake will be retained by ADG’s existing shareholders, including its chairman and founder, Vu Minh Tuan.‍

Kairous Capital leads investment in Vietnamese B2B startup PangoCDP:

Kairous Capital, a Malaysian private equity and venture capital firm, has led a USD1.5 million seed investment in Vietnam-based PangoCDP, a B2B startup that integrates social chat apps with a customer data platform. The investment, joined by CyberAgent Capital, aims to accelerate PangoCDP’s product development, enhance platform capabilities, expand market reach, scale the team, and forge new strategic partnerships.

Article link:

SK Group acquires Vietnamese semiconductor firm ISCVina for USD300m

Singapore telco M1 buys 70% stake in Vietnamese IT solutions provider ADG

Kairous Capital leads investment in Vietnamese B2B startup PangoCDP

Consumer & Retail

Vertex Ventures leads USD6m investment in Vietnamese D2C startup Coolmate

Coolmate, a Vietnam-based D2C men’s apparel brand, has completed a USD6 million Series B funding round led by Vertex Ventures Southeast Asia & India, with participation from Kairous Capital. The investment will support Coolmate’s international expansion, product innovation, and omnichannel retail presence across Southeast Asia.

Article link:

Vertex Ventures leads USD6 million investment in Vietnamese D2C startup Coolmate

Note: Deal values include disclosed announced & closed deals with amounts restricted to the local scene i.e., amounts related to the Vietnam entity and/or business. Rumored deals are not included. Cross-posted deals are also adjusted to avoid double counting.

Market Summary

In September 2024, the Vietnamese market witnessed transactions totaling around USD615m. Notably, the Consumer & Retail, Financial Services, and Healthcare sectors were prominently involved:

• The Consumer & Retail sector featured a notable transaction where Masan purchased USD200m of WinCommerce shares from SK Group.
• Financial Services sector saw a large USD163m private placement in Vietcap Securities, signaling improved liquidity in financial market and confidence in macroeconomic prospects for the upcoming year.
• The Healthcare sector featured public Taiwanese Lotus Pharmaceutical's USD50m acquisition of Alpha Choay® – an established and widely used treatment provided by Sanofi in Vietnam and Cambodia.

Aggregate Deals Value = c. USD615m

This month's top deals

Consumer & Retail

SK Group resold 7.1% stake in WinCommerce to Masan for USD200 million

According to the latest agreement, SK will transfer a 7.1% stake in WinCommerce to Masan for USD200 million, valuing the company at over USD2.8 billion. This partial stake sale enables SK to secure profits while extending its long-term investment in Masan through the continuation of the put option.

“WinCommerce is entering a new phase of profitability, and we anticipate this trend will accelerate through like-for-like growth, new store openings, and the ongoing development of Vietnam’s modern retail sector,” said Danny Le, CEO of Masan Group. “We appreciate SK Group’s collaborative approach, which has maximized shareholder value for all parties involved.”

Article link:

SK Group extends the put option for its long-term investment in Masan Group

Financial Services

Vietcap Securities Joint Stock Company announced a c. USD163 million private placement

Vietcap Securities Joint Stock Company announced a private placement to issue 143,630,000 shares at an issue price of VND28,000 per share for the gross proceeds of VND4,021,640,000,000 (c. USD163 million) on September 26, 2024, restricted to a hold period and will be implemented in Q4 of 2024 to Q1 of 2025 after being approved by the State Securities Commission of Vietnam.

This capital raising if successful can be viewed positively by the market, signaling growth prospects and confidence in the macroeconomy landscape.

Article link:

Vietcap Securities Joint Stock Company announced a c. USD163 million private placement

Healthcare & Life Science

Lotus acquires Alpha Choay® in Vietnam and Cambodia from Sanofi for USD50 million

Lotus Pharmaceutical Co., Ltd ("Lotus", Taiwan TWSE ticker: 1795), a multinational pharmaceutical company, has announced today that its Board of Directors has approved the acquisition of the trademark, marketing authorization, and manufacturing expertise for Alpha Choay® in Vietnam and Cambodia from Sanofi. Upon closing the transaction, Lotus will assume control of the Alpha Choay® business in these markets.

This USD50 million acquisition signifies a strategic move that enhances Lotus' market position and operational capabilities in Vietnam and Cambodia. This transaction has the potential to create new growth opportunities while also presenting challenges related to integration and regulatory compliance. The overall impact will depend on Lotus's ability to effectively manage the acquisition and leverage the strengths of the Alpha Choay® brand in the market.

Article link:

Lotus acquires Alpha Choay® in Vietnam and Cambodia from Sanofi for USD50 million

Energy & Utilities

SUSI Partners buys 39 MW wind farm in Vietnam from Norway's Scatec for USD40 million

SUSI Partners, a Swiss investment manager, is acquiring the 39 MW Dam Nai wind farm in Vietnam from Scatec ASA, a Norwegian renewable energy company. This acquisition is part of SUSI’s Asia Energy Transition Fund (SAETF) and aims to support their expansion in Vietnam. The Dam Nai wind farm will become a key asset for SAETF’s renewable energy platform, Sustainable Asia Renewable Assets (SARA), and will help drive further renewable energy projects in the country.

Article link:

SUSI Partnerss buys 39 MW wind farm in Vietnam from Norway's Scatec for USD40 million

Note: Deal values include disclosed announced & closed deals with amounts restricted to the local scene i.e., amounts related to the Vietnam entity and/or business. Rumored deals are not included. Cross-posted deals are also adjusted to avoid double counting.

Market summary

• Total value of deals in August 2024 reached USD816.5m.
• Most of the deal value came for 2 deals – a c. USD600m equity investment by Actis for 40% of the Philippines’ Terra Solar project, and the c. USD210m deal between a Japanese joint venture and Metro Pacific Investments Corp. (MPIC) which included the acquisition of 6.6% of share of Metro Pacific Tollways Corp. (MPTC).

*Aggregate Deal Values = c. USD816.5m

This month’s top deals

Telecommunications and media

Macquarie : Capital and partners complete transaction to create one of the Philippines’ largest independent tower companies

Macquarie Capital, the corporate advisory, capital markets and principal investing arm of Macquarie Group, today announced that PhilTower Consortium Inc (PhilTower) and Miescor Infrastructure Development Corporation (MIDC) have completed a transaction that creates one of the largest independent telecommunications towers companies in the Philippines.

This new entity is owned by a consortium of reputable global and local investors including Macquarie Capital, Stonepeak, Manila Electric Company (Meralco) and Global Network Inc.

Article link:

https://www.marketscreener.com/quote/stock/MACQUARIE-GROUP-LIMITED-6491460/news/Macquarie-Capital-and-partners-complete-transaction-to-create-one-of-the-Philippines-largest-in-47872846/

Energy & Utilities

Actis to invest USD600 million for 40% stake in Philippines’ Terra Solar project

British investment firm Actis has signed a strategic partnership with Meralco Powergen Corporation (MGen) and its subsidiary Solar Philippines New Energy Corporation (SPNEC) to invest USD600 million in the Philippines’ Terra Solar project.

Under the agreement, Actis will acquire a 40% equity stake in the project through the issuance of new shares by SPNEC.

Article link:

Actis to invest USD600 million for 40% stake in Philippines’ Terra Solar project

Real Estate

How Ayala Land, Inc. is leading the green revolution

Ayala Land acquired a commercial property in Quezon City as part of its ongoing strategy to expand its presence in Metro Manila's growing business districts. The acquisition is a strategic move to develop more mixed-use communities, integrating residential, office, and retail spaces in one location. The specific financial terms were not publicly disclosed; however, the development aligns with Ayala’s broader investment focus on sustainable and green projects across Metro Manila.

Article link:

How Ayala Land, Inc. is leading the green revolution

Infrastructure

‍SM Prime, Guun of Japan sign joint venture on material recovery facility:

SM Prime Holdings Inc. teamed up with Guun Co. Ltd of Japan to actively participate in developing infrastructure for systematic waste management and resource recovery, following the best practices of the north Asian nation.

The joint venture aims to reduce the landfill impact from both SM Prime and non-SM Prime managed properties, complementing the material recovery facility operations of the Local Government Units (LGUs). SM Prime holds 70 percent of the equity in the Philippine joint venture company.‍

Holcim to invest USD6.5m million in La Union cement plant:

Cement giant Holcim Philippines is ramping up its sustainability efforts with a hefty USD6.5m million investment in its Bacnotan plant in La Union province.

The company announced its plans to construct new storage and feeding facilities to boost the use of low-carbon alternative fuels and raw materials by 40 percent. The construction of the new facilities is set to be completed by the second half of next year, following an agreement with Sinoma CBMI PH Construction Corp., a long-time global partner of Holcim.

Article link:

SM Prime, Guun of Japan sign joint venture on material recovery facility

https://www.philippine-resources.com/articles/2024/9/holcim-to-invest-p370-million-in-la-union-cement-plant

Transportation and Logistics

Japan firm taking 6.6 percent stake in MPTC for USD210 million

A Japanese joint venture is set to take a 6.6% stake in Metro Pacific Tollways Corp. (MPTC) as part of a USD210 million deal with conglomerate Metro Pacific Investments Corp. (MPIC).

MPIC last week entered into a framework agreement with Mit-Pacific, a joint venture between Mitsui & Co. Ltd. and Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development, for a proposed share buyback and issuance of exchangeable bond.

Article link:

Japan firm taking 6.6 percent stake in MPTC for USD210 million

Note: Deal values only include disclosed completed deals with amounts restricted to local scene i.e. amounts related to the Philippine entity and/or business. Rumored, announced, or planned deals not included. Cross-posted deals are also adjusted to avoid double count.

*USD 1.00 = PHP57.00 as of 09/10/2024

As evidenced by the Nasdaq losing a third of its value in H1 2022, the global economy is facing headwinds and everyone is anticipating a Perfect Storm with ramping inflation, increased recession risk for most countries, and geopolitical tensions across the world.  As a result, investors are turning to asset classes perceived as safe, like Real Estate, Healthcare and Infrastructure. In the Private Equity (PE) and Venture Capital (VC) spaces, this translates into a change of paradigm:

Bye bye “turbo-charged revenue growth”, welcome to “profitable economics”

Southeast Asian countries, in particular Vietnam and the Philippines, are also affected by this trend while remaining a bright spot globally amongst the recent volatile market conditions. Our equity teams noted a strong momentum in Real Estate, Healthcare, and Infrastructure deals (e.g., PLDT selling 5,000 towers in April in the Philippines; Novaland landing a USD250m cheque from Warburg Pincus in June; EBITDA in the healthcare services now exceeding pre-pandemic levels for most peers and valuation remaining resilient) while PE and VC have been more cautious when investing as they re-focus on strong fundamentals and profitability. Profitable businesses have the advantage of increasing exit chances (through M&A, secondary PE transactions or dividends) and limiting downside risks, which are now key criteria under current market sentiments. Hence, we believe profitable companies with fast decision-making capabilities and an efficient M&A engine as well as earlier-stage ventures with a clear path to profitability are likely to become the new hype in the second half of 2022.

Dear friends, founders, entrepreneurs, CEOs, investors, to end on a note of hope, there is nothing better than a good crisis to beat the rest of the market. The most successful companies in previous crises were the most dynamic in optimizing their portfolio and re-orientating their strategy during the downturn and they kept this advantage long after the crises.

If you want to learn more and discuss how to outperform your peers in these troubled times, reach out to us.

Market summary

• Total value of deals in August 2024 reached USD745.3m.
• Most of the deal value came for 2 marquee deals – a c. USD290m debt raise by Globe Telecom from a consortium of lenders, and the c. USD305m acquisition of a Cemex Philippines subsidiary to the Consunji Group.

*Aggregate Deal Values = c. USD745.3m

This month’s top deals

Energy & Utilities

‍MGen unit signs solar deal with Singaporean firm: MGEN Renewable Energy, Inc. (MGreen), a subsidiary of Meralco PowerGen Corp. (MGen), recently signed an investment deal with Singapore-based Vena Energy to jointly develop and operate a solar power project in Bugallon, Pangasinan.‍

SMGP board approves USD300 million securities issue: SAN MIGUEL Global Power Holdings Corp. (SMGP), the power arm of conglomerate San Miguel Corp., said that its board of directors recently approved the offer and issuance of up to USD300 million in senior perpetual capital securities.

Article link:

MGen unit signs solar deal with Singaporean firm

SMGP board approves USD300 million securities issue

Telecommunications & Media

‍Globe secures PHP22 billion in loans from major banks: AYALA-LED Globe Telecom, Inc. said it has secured a total of PHP22 billion in loan agreements from China Banking Corp. (Chinabank), Land Bank of the Philippines (LANDBANK), and Metropolitan Bank & Trust Co. (Metrobank).‍

PT&T partners with Australian firm to advance broadband: PT&T Corp. (PTT) has formed a joint venture with Australian technology company Netlinkz Ltd. to expand satellite broadband services and introduce information technology solutions in the country, the listed telecommunications company said.

Article link:

Globe secures PHP22 billion in loans from major banks

PT&T partners with Australian firm to advance broadband

Real Estate

Vista Land unit issues USD50 million senior guaranteed notes

Vista Land & Lifescapes, Inc. said its subsidiary VLL International, Inc. has issued USD50 million in senior guaranteed notes as part of the company’s fundraising initiatives.

Article link:

Vista Land unit issues USD50 million senior guaranteed notes

Healthcare & Life Science

Ayala Corp. explores minority stake sale in AC Health — sources

Ayala Corp., the Philippines’ oldest conglomerate, is exploring selling a minority stake in Ayala Healthcare Holdings (AC Health) in a potential deal that could value its healthcare arm at up to USD500 million, two people said.

Article link:

Ayala Corp. explores minority stake sale in AC Health — sources

Note: Deal values only include disclosed completed deals with amounts restricted to local scene i.e. amounts related to the Philippine entity and/or business. Rumored, announced, or planned deals not included. Cross-posted deals are also adjusted to avoid double count.

*USD 1.00 = PHP56.5 as of 09/09/2024

Market Summary

In August 2024, the Vietnamese market witnessed transactions totaling around USD330m. Notably, the Agriculture, Telehealth, and Automobile sectors were prominently involved:

• The Agriculture sector featured a notable transaction where the Dutch fund - SAIL Investments' &Green Fund committed to invest USD25m in Phuc Sinh – Vietnam’s largest spice exporter.
• Telehealth sector saw a merger between two peers TrueDoc and AiHealth, followed by TNB Aura commitment to invest in TrueDoc pre-seed round (amount undisclosed) to help optimize the company’s platform, expand its current offerings and network.
• The Automobile sector featured InfraCo Asia USD4m’s convertible loan to DatBike – the only vertically integrated electric motorbike manufacturer in Vietnam.

Aggregate Deals Value = c. USD330m

This month's top deals

Agriculture & Food

Phuc Sinh secures USD25 million loan from Dutch fund

Phuc Sinh, Vietnam's largest spices exporter, will obtain a loan worth over USD25 million from SAIL Investments’ Netherlands-based &Green Fund – a fund promoting sustainable commodity production and higher productivity on agricultural land in selected countries with important tropical forest resources. Phuc Sinh, the first Vietnamese company to receive support from the environmentally focused foundation, specializes in the trading of black and white pepper, coffee, desiccated coconuts, chillis, star aniseed, cinnamon, tea, sesame and cashew nuts. The company will allocate the funds to ensure deforestation-free coffee supply chains.

Article link:

Phuc Sinh secures USD25 million loan from Dutch fund

Consumer & Retail

Vietnam’s Every Half Coffee secures new funding

Every Half Coffee Roasters, a specialty coffee brand, has received initial funding (amount undisclosed) in a round led by regional investor Openspace, with additional participation by DSG Consumer Partners. Starting out as an expert coffee roaster in 2021, Every Half went on to open its own cafes and now operates 8 outlets in HCMC, each outlet offering curated specialty beans from Vietnamese and foreign farms. The funding is intended for increasing collaboration with linked farmers, expanding retail chain, and enhancing the quality of coffee for customers.

Article link:

Vietnam’s Every Half Coffee secures new funding

Healthcare & Lifestyle

‍TrueDoc merges with peer AiHealth, raises funding from TNB Aura:

TrueDoc, a comprehensive healthcare solution provider, and AiHealth, Vietnam's fast-growing teleconsult platform, officially announced their merger on August 20. TrueDoc can leverage AiHealth’s technological capabilities and experienced development team to enhance its service platform and the overall customer experience. Following the merger, TrueDoc has secured pre-seed funding from TNB Aura, a Singapore-based venture capital firm, as part of their Scout Initiative. This funding will be directed towards optimising TrueDoc's technology platform, expanding service offerings, and broadening its operational network to increase user engagement.‍

STADA acquired Nizoral Cream brand in Vietnam:

Generic drugmaker STADA has acquired the existing distribution and Nizoral Cream business in Vietnam, the Philippines, and Thailand, as well as the trademark rights in Hong Kong, Australia, Indonesia, Malaysia, New Zealand, and Singapore. The move is a part of STADA's efforts to expand its consumer healthcare business in Asia-Pacific, and an extension of a previous asset deal in APAC in 2018. Nizoral Cream features the active ingredient ketoconazole, which is used for the treatment of fungal skin infections.

Article link:

TrueDoc merges with peer AiHealth, raises funding from TNB Aura

STADA acquires Nizoral Cream brand in Vietnam

Transportation & Logistics

‍Japan’s Mitsui becomes strategic shareholder in Tasco Auto:

The partnership between Tasco and Mitsui at Tasco Auto is considered a significant milestone that will enable Tasco to realise its strategic objectives. The initial investment was disbursed on July 31. Tasco is expanding its network of 90 showrooms with 14 car brands such as Volvo, Lynk&Co, Toyota, Ford, Mitsubishi, and Nissan, holding the largest market share in Vietnam (13.3 per cent in 2023). Through this partnership, Tasco Auto will have exposure to world-class operational and management standards, and to a worldwide network of partners. Furthermore, Mitsui brings advanced technological solutions and valued consultancy to enhance efficiency, improve governance structure, and streamline operations.‍

DatBike secures USD4 million convertible loan:

InfraCo – a Private Infrastructure Development Group (PIDG) company has provided a USD4 million convertible loan to Vietnamese electric two-wheeler manufacturing company DatBike. Dat Bike is the only vertically integrated electric motorbike manufacturer in Vietnam, and only one of three local e-motorbike producers. The loan is expected to facilitate the adoption of more than 30,000 two-wheelers in the next two years. These vehicles would be expected to avoid close to 26,000 tCO2e each year, and thus contribute to the decarbonization of the transport sector in Vietnam.

Article link:

Japans Mitsui becomes strategic shareholder in Tasco Auto

Dat Bike secures USD4 million convertible loan

Note: Deal values include disclosed announced & closed deals with amounts restricted to the local scene i.e., amounts related to the Vietnam entity and/or business. Rumored deals are not included. Cross-posted deals are also adjusted to avoid double counting.

Digital infrastructure revolution is underway in Emerging Asia, driving significant developments, especially in the telecom tower market.

Below are some key insights on this market:

• Rapid Growth: The telecom tower market in Emerging Asia has seen substantial growth, with MNOs shifting ownership to TowerCos through Sale & Leaseback and Built-To-Suit initiatives. This transition is driven by decreasing ARPU, increasing costs, and the need for heavy investment to support 5G deployment.

• Investment Opportunities: There is a substantial digital infrastructure gap, with experts estimating that a lot of additional towers are needed to meet coverage goals in underserved areas. This presents significant opportunities for TowerCos.

• Regulatory Support: Policies such as the 2020 Common Tower Policy in the Philippines or the 2023 Revised Law on Telecommunications in Vietnam as well as recent regulatory updates encourage shared infrastructure use, attracting independent TowerCos and facilitating faster network deployment.

Each market has its specificities, namely:

• ID - Indonesia: Leading with over 95% TowerCo penetration, Indonesia's market benefits from supportive policies, high 5G adoption rates, and investment prospects in rural areas.

• VN - Vietnam: Despite limited TowerCo presence, Vietnam's market is poised for growth with government initiatives promoting 5G and infrastructure sharing.

• PH - Philippines: Set for growth with policy reforms and increased competition, the Philippines' market is transitioning towards higher TowerCo ownership to improve nationwide coverage.

At Index Partners, we are committed to empowering digital connectivity and driving economic and sustainable growth in digital infrastructure.

Join us in shaping the future of telecommunications in Emerging Asia! For more information and partnership opportunities, reach out to us at contact@index-partners.com

Read more at: 202408 Telecom Towers in Emerging Asia

Market summary

• The Real Estate sector experienced notable activity in July 2024, with significant fundraising and acquisition deals highlighting the month. DoubleDragon Corp. successfully raised PHP10b (~USD170.2m) through a 3.5-year retail bond offering, while Starfleet Innotech, Inc. agreed to acquire a 60% stake in H. A. Duldulao & Co., Inc. for USD12m. PH1 World Developers, Inc. secured a PHP500m (~USD 8.6 million) loan from BPI for its Northscapes housing project, and Hann Resorts announced plans for a potential IPO worth PHP15b-20b (USD256.6m-342.2m). Additionally, Ayala Land Inc. received a sustainability-linked financing package from IFC worth up to PHP14.5b (~USD284.4m) to support its green development initiatives.

• The Healthcare sector in the Philippines was also active in fundraising, with Kindred Health Inc. securing USD5.5m in a pre-Series A round to advance its femtech solutions, and Hive Health raising USD6.5m in pre-Series A funding to expand digital health insurance access for SMEs. Key investors in these rounds included Integra Partners, Gentree Fund, BEENEXT.

*Aggregate Deal Values = c. USD1,508.8m

This month’s top deals

Energy & Utilities

‍Cosco Capital to acquire Matuno River Development Corp.:

Cosco Capital is expanding its firm’s renewable energy investments by acquiring another hydroelectric facility. Philippine Star reported that Cosco Capital Inc., Lucio Co’s listed retail firm, announced its plan to acquire 100% of Matuno River Development Corporation, the developer of the Matuno River hydroelectric power plant in Nueva Vizcaya.

‍Philippines’ Maynilad prepared to do IPO in 2025, CEO says:

Philippine utility firm Maynilad Water Services Inc. plans an initial public offering as soon as 2025, its CEO said. Under its 25-year concession, Maynilad, the water distributor in Manila’s west zone, is required to list on the stock exchange by January 2027.

Article link:

Cosco Capital to acquire Matuno River Development Corp.

Philippines’ Maynilad prepared to do IPO in 2025, CEO says

Telecommunications & Media

‍Equinix to Extend its Digital Infrastructure Platform to the Philippines with Acquisition of Three Data Centers:

Equinix, Inc. announced its planned entry into the Philippines with the acquisition of three data centers from Total Information Management ("TIM"), a leading technology solutions provider. Following the recently announced expansions in Malaysia and Indonesia, this strategic move aims to help businesses expand and capitalize on the digital opportunity of the fast-growing Southeast Asia region. The all-cash transaction represents a multiple of approximately 15x the projected EBITDA at full utilization and is expected to close in H2 2024, subject to customary closing conditions.‍

A-FLOW, LANDBANK ink PHP2.4 billion loan for data center in Laguna:

‍A-FLOW Properties I Corp. and Land Bank of the Philippines recently signed a PHP2.4 billion loan agreement for the establishment of a data center campus in Biñan, Laguna. The loan facility will be used for the development of the initial phase of the first A-FLOW data center campus and is the first tranche of a PHP10.8 billion ten-year loan facility with Landbank.

Article link:

Equinix to Extend its Digital Infrastructure Platform to the Philippines with Acquisition of Three Data Centers

A-FLOW, LANDBANK ink PHP2.4 billion loan for data center in Laguna

Real Estate

‍DD concludes PHP10 billion bond offering ahead of schedule, plans second tranche:

DoubleDragon Corp., the listed developer chaired by Edgar “Injap” Sia II, is making its return to the local bond market this month to raise as much as PHP10 billion. In a stock exchange filing, DoubleDragon said it has received from the Securities and Exchange Commission the green light to sell for its 3.5-year retail bond offering. The bonds carry a coupon rate of 8.008 percent per annum.‍

Starfleet Innotech Announces Agreement to Acquire 60% Majority Stake in H.A. Duldulao & Co.:

Starfleet Innotech (OTC: SFIO), a global investment holding company, is excited to announce the signing of a definitive agreement to acquire a 60% majority stake in H.A. Duldulao & Co. (HADCI), a sustainable real estate developer in the Philippines. This strategic acquisition is a pivotal milestone in Starfleet Innotech's growth and expansion strategy. H.A. Duldulao & Co. is currently developing the Heroes Lane project located in Gamu, Isabela, which has a potential value of USD35 million, with more than 46% of the total 668 units already reserved to date. The said project is proposed to be the first-ever green certified project in Northern Philippines under the Excellence in Design for Greater Efficiencies (EDGE) of the World Bank IFC.‍

PH1 World secures PHP500 million financing for Bulacan project:

Real estate company PH1 World Developers, Inc. has signed a PHP500 million loan deal with the Ayala-led Bank of the Philippine Islands (BPI) for its Northscapes housing project in San Jose del Monte City, Bulacan. The loan will finance the development of Northscapes, a 4.6-hectare residential project launched in September last year, PH1 said in an e-mailed statement.‍

Hann Resorts plans up to PHP20 billion IPO next year — gaming regulator:

Hann Resorts, an operator and owner of an integrated casino-resort in the Philippines, is planning an initial public offering (IPO) worth PHP15 billion to PHP20 billion (USD256.6 million to USD342.2 million), the chief of the country’s gaming regulator said. The deal could be the largest maiden share sale in the Philippines since MREIT, Inc.’s PHP15 billion IPO in 2021, and could match the amount raised by another integrated casino-resort IPO more than a decade ago.‍

Partners with Ayala Land on its First Sustainability-Linked Financing, Boosting the Market for Green Buildings in the Philippines:

As part of efforts to grow the market for green development in the Philippines, the International Finance Corporation (IFC) is partnering with Ayala Land Inc. (ALI) on its first sustainability-linked financing package, which will support the company in decarbonizing its commercial real-estate portfolio. IFC, a member of the World Bank Group and the largest global development institution focused on the private sector in emerging markets, is investing up to PHP 14.5 billion (USD250 million) in the form of a sustainability-linked loan (SLL) for ALI.

Article link:

DD concludes PHP10 billion bond offering ahead of schedule, plans second tranche

Starfleet Innotech Announces Agreement to Acquire 60% Majority Stake in H.A. Duldulao & Co.

PH1 World secures PHP500 million financing for Bulacan project

Hann Resorts plans up to PHP20 billion IPO next year — gaming regulator  

IFC Partners with Ayala Land on its First Sustainability-Linked Financing, Boosting the Market for Green Buildings in the Philippines

Consumer & Retail

‍JFC shares climb following acquisition in South Korea:

Shares in Tony Tan Caktiong-led Jollibee Foods Corp. (JFC) rose last week following a disclosure of its acquisition of a majority stake in South Korean brand Compose Coffee. Data from the Philippine Stock Exchange showed that a total of 2.71 million shares worth PHP623.46 million were traded from July 1 to 5, positioning JFC as the 10th most active stock in the local market during that period.‍

Local Beauty Brand Colourette Scores USD2 million Funding from Singapore-Based VC Firm:

Filipino cosmetics brand Colourette has raised USD2 million (about PHP117 million) in its latest funding round—making it the first Filipino brand to secure an investment from one of the leading venture capital firms in Southeast Asia. The amount came from Singapore-headquartered DSG Consumer Partners (DSGCP).

Article link:

JFC shares climb following acquisition in South Korea

Local Beauty Brand Colourette Scores USD2 million Funding from Singapore-Based VC Firm

Financial Services

‍BPI eyes PHP5 billion via ASEAN sustainable bonds:

Ayala-led Bank of the Philippine Islands (BPI) is set to raise at least PHP5 billion through the issuance of ASEAN sustainable bonds to diversify its funding sources for green projects. In a disclosure to the Philippine Stock Exchange, BPI said it plans to offer 1.5-year fixed-rate bonds from July 18 to Aug 2 that would be listed on the Philippine Dealing & Exchange Corp. (PDEx) platform on Aug 9.‍

Security Bank starts peso bond offer:

Security Bank Corp. is targeting to raise at least PHP5 billion from its offering of five-year peso-denominated bonds. The notes have a tenor of five years and one month and are priced at 5.7% per annum, Security Bank said in a disclosure to the local bourse.‍

BDO eyes PHP5 billion from new ASEAN sustainability bonds:

BDO Unibank Inc. is targeting to raise at least PHP5 billion through the issuance of peso-denominated fixed-rate sustainability bonds, marking the bank’s third green bond offering since 2022. In a disclosure to the local bourse, the country’s largest bank said it has started offering the 1.5-year bonds with a coupon rate of 6.325 percent per annum.‍

DigiCo Secures Stakes in Bayad and Multipay to Firm Up Digital Payments Footprint:

DigiCo, a digital entity owned by businesses led by Manuel V. Pangilinan (the MVP Group), has finalised separate agreements to acquire a 10% interest in Bayad Center and 100% of Multipay Corporation for a yet undisclosed amount. “Having both online and offline solutions, Bayad and Multipay are uniquely positioned to accelerate the country’s shift to digital payments,” the DigiCo Chairman said in a disclosure to the Philippine Stock Exchange.

Article link:

BPI eyes PHP5 billion via ASEAN sustainable bonds

Security Bank starts peso bond offer

BDO eyes PHP5 billion from new ASEAN sustainability bonds

DigiCo Secures Stakes in Bayad and Multipay to Firm Up Digital Payments Footprint

Healthcare & Life Science

‍Philippine femtech firm Kindred Health raises USD5.5 million in pre-Series A funding round led by Integra Partners:

Kindred Health Inc., a female technology (femtech) company in the Philippines, has announced the successful completion of its pre-Series A funding round, raising a total of USD5.5 million. The firm said in a statement that it is raising USD2.5 million in the first tranche. It has also secured commitments for a further USD3 million in the second tranche upon completion of key milestones.‍

Hive Health raises USD6.5 million to transform HMO access for more SMEs:

Digital health insurance company Hive Health raised USD6.5 million in Pre-Series A funding to transform healthcare access for more SMEs in the Philippines. Key investors of the fund raise included Sy family-backed Gentree Fund and global VC firm BEENEXT. Other institutional investors include Y Combinator, The Graduate Syndicate, Amasia, and Oak Drive Ventures. Angel investors include David Wells, former CFO of Netflix and chairman of Wise; Lee Kheng Nam, former deputy chairman of Temasek subsidiary Vertex Holding; Natasha Reyes, former owner of HMO HPPI; and Dr. Edwin Mercado, founder of one of the largest healthcare systems in the Philippines that is now part of the Healthway Qualimed network.

Article link:

Philippine femtech firm Kindred Health raises USD5.5 million in pre-Series A funding round led by Integra Partners

Hive Health raises USD6.5 million to transform HMO access for more SMEs

Technology

Packworks secures PHP3.5 million for AI-powered marketing solution for sari-sari stores

Startup Packworks said it received PHP3.5 million in research funding from the Department of Science and Technology (DoST) to develop its artificial intelligence (AI)-powered inventory management tools for sari-sari stores. In a media release, Packworks said the funding from DoST- Philippine Council for Industry, Energy and Emerging Technology Research and Development (PCIEERD) will support its machine learning-powered marketing model. The AI-powered capability will be launched as an in-app service on Packworks’ Sari.PH Pro app and is expected to benefit over 270,000 sari-sari stores nationwide.

Article link:

Packworks secures PHP3.5 million for AI-powered marketing solution for sari-sari stores

Others

SMIC issues record USD500 million bonds  

Sy-led SM Investments Corp. (SMIC) made its largest offshore bond issuance since 2014, raising USD500 million from the first tranche of its USD3 billion multi-issuer Euro Medium Term Note (EMTN) program established last May. The investment holding company of the Sy family said the notes issuance was 3.2 times oversubscribed, with final demand reaching USD1.6 billion. The net proceeds from the fund-raising activity will be allocated for general corporate purposes.

Article link:

SMIC issues record USD500 million bonds

Note: Deal values only include disclosed completed deals with amounts restricted to local scene i.e. amounts related to the Philippine entity and/or business. Rumored, announced, or planned deals not included. Cross-posted deals are also adjusted to avoid double count.

*USD 1.00 = PHP57.6 as of 31/07/2024

Market Summary

In June 2024, the Vietnamese market witnessed transactions totaling around USD115m. Notably, the Financial Services, Energy & Utilities, and Technology sectors were prominently involved:

• In the Financial Services featured a notable transaction where Vietnam’s Public Bank completed the acquisition of RHB Securities Vietnam for USD15.2m.
• Energy & Utilities sector saw Korea’s Hyosung Chemical Corporation’s add-on USD39.8m investment into Vietnam’s Hyosung Vina Chemicals.
• The Technology sector featured a USD42.4m capital injection into Fushan Technology Vietnam to expand phones, computer devices manufacturing.

Aggregate Deals Value = USD115m

This month's top deals

Financial Services

‍RHB Securities Vietnam, acquired by the Public Bank Vietnam for USD15.2 million:

A wholly owned subsidiary of Malaysia’s Public Bank, Public Bank Vietnam, recently completed its acquisition of RHB Securities Vietnam for USD15.2 million following the acquirer’s announcement in the beginning of the year. Such a deal would allow the Public Bank Vietnam to “expand its financial services offering to include securities trading” and to participate in Vietnam’s growing capital market. Additionally, this acquisition would also facilitate the Public Bank Vietnam to draw on its existing client base in the country to grow the securities trading business.‍

Leading Chinese Insurtech to acquire Vietnam's Multi-Line Insurance Platform Global Care:

Pioneer Insurtech in Vietnam specializing in digital transformation solutions for the insurance industry, Global Care was recently acquired by Chinese-based Insurtech Huize for an undisclosed amount. The acquisition is the first step towards global expansion for Huize – especially in ASEAN, where the region presents significant market parallels to China. Thus, Huize hopes to replicate its successful business model in China to ASEAN, starting with Vietnam.‍

Fintech Holdstation to secured 7-figure funding from SNZ Capital, Summer Ventures, and EVG:

Premier Web3 wallet infusing AI and trading, Holdstation recently secured an undisclosed, 7-figure funding from SNZ Capital, Summer Ventures, and EVG. The deal is set to drive Holdstation’s development of smart AI wallets – combining AI with simplified blockchain to revolutionize the way users manage their own trades and portfolios.

Article link:

RHB Securities Vietnam, acquired by the Public Bank Vietnam for USD15.2 million

Leading Chinese Insurtech to acquire Vietnam's Multi-Line Insurance Platform Global Care

Fintech Holdstation to secured 7-figure funding from SNZ Capital, Summer Ventures, and EVG

Energy & Utilities

‍Vietnam’s cleantech platform Stride to receive USD3 million in debt financing from Sweden’s Trine:

Clime Capital and Touchstone Partners-backed cleantech platform Stride has recently received USD3 million in debt financing from Sweden-based solar investment platform Trine. With the mission to remove barriers to clean energy adoption, Stride’s solutions are aimed at residential and SME consumers. Aligning. The debt funding will allow Stride to deploy solar energy solutions in Vietnam quickly to hit its target of 50% of residential homes and office buildings using self-produced rooftop solar power by 2030.‍

Hyosung Vina Chemicals secured USD38.8 million in add-on funding from Korea’s Hyosung Chemical Corporation:

Hyosung Vina Chemicals Co., Ltd. announced that it has USD38.8 million in a round of funding which included the participation from returning investor Hyosung Chemical Corporation. Through the deal, the company will issue the shares through Shareholder allocation increase method and aims to strengthen its propylene and polypropylene chemicals manufacturing capabilities.

Article link:

Vietnam’s cleantech platform Stride to receive USD3 million in debt financing from Sweden’s Trine

Hyosung Vina Chemicals secured USD38.8 million in add-on funding from Korea’s Hyosung Chemical Corporation

Technology

Fushan Technology Vietnam to receive 3rd capital injection of USD42.4 million

Fushan Technology Vietnam is expected to receive a third capital injection from FIH Mobile Limited of USD42.4 million. This additional capital injection will allow Fushan to focus and expand more of its manufacturing, processing, and assemblage of mobile phone devices and audio equipment, computer and optical devices in Vietnam and Southeast Asia.

Announcement link:

Fushan Technology Vietnam to receive 3rd capital injection of USD42.4 million

U2U Network to receive 7-digit seed round investment for DePIN technology advancement

Decentralized Physical Infrastructure Networks (DePIN) refers to the application of blockchain technology and decentralization principles to physical infrastructure and systems. Receiving seed funding, round led by Vietnam’s IDG Blockchain, U2U Network sets its sights on becoming a comprehensive ecosystem for Web3 builders and aims to create a decentralized, user-driven marketplace for digital resources – the DePIN marketplace.

Article link:

U2U Network to receive 7-digit seed round investment for DePIN technology advancement

Consumer & Retail

B2B startup Vigo Retail receives USD7.5 million in funding, led by Argor Capital

Vietnamese tech-enabled B2B startup Vigo Retail – connecting retailers to FMCG brands, distributors, and wholesalers – has secured USD7.5 million in most recent funding round with investors such as Wavemaker Partners and Patamar Capital and led by Argor Capital. The deal signals a more hopeful outlook from regional investors on Southeast Asia’s B2B e-commerce sector which has been questioned for its sustainability. In Vietnam, specifically, the B2B e-commerce sector is amid a transition poised for great potential – from reliance on a few top SKUs for high growth to diversification of products for a more sustainable platform.

Article link:

B2B startup Vigo Retail receives USD7.5 million in funding, led by Argor Capital

Note: Deal values include disclosed announced & closed deals with amounts restricted to the local scene i.e., amounts related to the Vietnam entity and/or business. Rumored deals are not included. Cross-posted deals are also adjusted to avoid double counting.

Market summary

• The majority of deals in June were fundraising transactions totaling c. USD148.5m, spanning the Real Estate, Technology, Transportation & Logistics, and Energy industries.
• Highlights include SM Prime Holdings raising USD42.5m through a bond offering, IFC USD7m in First Circle, BayaniPay securing USD3m in seed funding, Mober obtaining USD6m to expand its electric vehicle fleet, and Alabat Wind Power Corp. securing a USD90m loan facility for its wind project.
• Additionally, a notable M&A transaction in the real estate sector was announced, with Ayala Land Inc. acquiring Aboitiz Land and Aboitiz Equity Venture’s 50% equity interest in Cebu District Property Enterprise Inc. for c. USD30 million.

*Aggregate Deal Values = c. USD148.5m

This month’s top deals

Real Estate

‍Ayala Land buys out Aboitiz stakes in Cebu District Property for PHP1.81 billion:

Ayala Land, Inc. (ALI) will fully own Cebu District Property Enterprise, Inc. (CDPEI) after buying the stakes of Aboitiz Equity Ventures, Inc. (AEV) and AboitizLand, Inc. for PHP1.81 billion. In a stock exchange disclosure, ALI announced that it signed a share sale agreement with AEV and AboitizLand on June 14. Under this deal, ALI buys the 50% equity interest of AboitizLand, and AEV in CDPEI, in CDPEI, consisting of 18.1 million shares at PHP100 per share. The move is expected to strengthen ALI’s presence in Visayas.‍

SM Prime says retail bond offering generates PHP25 billion: Sy-led property developer SM Prime Holdings, Inc. successfully raised P25 billion through its fixed-rate retail bond offering. The company listed the bonds on the Philippine Dealing and Exchange Corp. on June 24, SM Prime said in a statement to the stock exchange. The funds generated will be used to refinance existing debt obligations and to further expand SM Prime’s property portfolio, the company said.

Article link:

Ayala Land buys out Aboitiz stakes in Cebu District Property for PHP1.81 billion

SM Prime says retail bond offering generates PHP25 billion

Technology

‍IFC invests USD7 million in local fintech firm First Circle: The International Finance Corp. (IFC) acquired a stake in fintech company First Circle for USD7 million (about PHP410 million), to help boost lending to small and medium enterprises (SMEs) in the Philippines. A June 15 disclosure showed that the IFC board approved on June 13 its equity investment in Singapore-registered Carabao Capital Global Pte Ltd., which operates in the Philippines as First Circle. The private sector arm of the World Bank Group said this investment aims to support First Circle as it raises funds to scale up its operations and loan book in the Philippines, where SME credit penetration is among the lowest in Southeast Asia.‍

BayaniPay secures USD3 million funding for expansion: Global payment solution platform BayaniPay is aiming to expand its services to at least four countries in the Southeast Asian region as it targets to lead the digital solution space in the Philippines by year end, its top official said. This comes after the company secured seed funding of USD3 million, which will help boost its expansion and bankroll new services.

Article link:

IFC invests USD7 million in local fintech firm First Circle

BayaniPay secures USD3 million funding for expansion

Transportation & Logistics

Green logistics firm Mober secures USD6 million to add new EVs to its fleet, develop new charging yard

Mober, a green logistics company in the Philippines, has secured USD6 million in fresh funding through a mix of equity and convertible notes. Singapore’s Clime Capital led the round under its Southeast Asia Clean Energy Facility II (SEACEF II). The money will support Mober’s goal of acquiring 238 electric vehicle (EV) units by 2025 and phasing out internal combustion engine (ICE) vehicles, with a target of operating at least 400 EV units by 2027.

Article link:

Green logistics firm Mober secures USD6 million to add new EVs to its fleet, develop new charging yard

Energy & Utilities

‍NexGen pegs IPO price at PHP1.68/share: Soon-to-be-listed renewable energy player NexGen Energy Corp. has priced the shares on its initial public offering (IPO) at the top end of its price guidance. The final offer price for NexGen’s common shares has been set at PHP1.68 apiece. With the offer price, the estimated gross proceeds from the sale of the firm shares will be at PHP504 million and an additional PHP75.6 million from the sale of option shares.‍

Alternergy secures PHP5.3 billion loan for Quezon wind project: Alternergy Holdings Corp., through its unit Alabat Wind Power Corp. (AWPC), has secured PHP5.3 billion in financing from Rizal Commercial Banking Corp. (RCBC) to partially fund the construction of its 64-megawatt (MW) wind project in Quezon province.

Article link:

NexGen pegs IPO price at PHP1.68/share

Alternergy secures PHP5.3-billion loan for Quezon wind project

Telecommunications & Media

PLDT inches closer to finalizing USD1 billion data center sale — Pangilinan

PLDT Inc. is now proceeding with the sale of 49% of its data center business to a foreign company for more than USD1 billion, the company’s chairman said. To recall, PLDT has been in talks to sell up to 49% of its data center business, ePLDT, Inc., to Japan’s Nippon Telegraph and Telephone (NTT), which valued its data center at USD1 billion.

Article link:

PLDT inches closer to finalizing USD1 billion data center sale — Pangilinan

Other

Ayala board okays PHP15 billion share offering

Ayala Corp.'s board of directors approved the issuance of peso preferred shares with a base amount of PHP10 billion and an oversubscription option for up to PHP5 billion, subject to regulatory requirements.

Article link:

Ayala board okays PHP15 billion share offering

Note: Deal values only include disclosed completed deals with amounts restricted to local scene i.e. amounts related to the Philippine entity and/or business. Rumored, announced, or planned deals not included. Cross-posted deals are also adjusted to avoid double count.

*USD 1.00 = PHP58.868 as of 28/06/2024

Market summary

• The Energy & Utilities sector saw a significant number of deals during the month. The volume of the deals in this sector amounted to USD763.8m. This is largely attributed to the fundraising efforts of Alternergy Holdings Corp., Maynilad Water Services Inc., and Energy Development Corporation who each fundraised USD170.6m.
• Two local firms in Utilities were the subject of acquisitions this month. Trident Water Company was the most notable of the month with its USD252m acquisition of the Manila Water Company. Additionally, in this sector, Tokyo Gas Co. finished its minority acquisition of FGEN LNG for an undisclosed account.

*Aggregate Deal Values = c. USD890.8m

This month’s top deals

Energy & Utilities

‍Alternergy gets PHP2 billion loan to finance RE projects:

Alternergy Holdings Corp. said it had signed a deal with BDO Unibank, Inc. for a PHP2 billion green corporate loan that will finance its renewable energy (RE) projects. The company’s board approved the financing, which can be increased to as much as PHP4 billion, on May 7, it said in a statement.‍

Alternergy gets PHP8 billion in loans for wind project:

Alternergy Holdings Corp. through its unit has obtained an PHP8 billion loan from two local banks for the development of its 112-megawatt (MW) wind project in Rizal province. Alternergy Tanay Wind Corp. got loans from Bank of the Philippine Islands (BPI) and Security Bank Corp., the publicly listed local renewable energy developer said. The company said the two banks lent PHP4 billion each, acting as co-lenders for the transaction, while BPI Capital Corp. and SB Capital Investment Corp. acted as joint lead arrangers.‍

Maynilad borrows PHP10 billion to fund capex:

Maynilad Water Services, Inc. announced a PHP10 billion loan from Metropolitan Bank & Trust Co. to fulfill its capital expenditure needs for 2024. “With this loan, we are in a better position to pursue our capital expenditure program that will further enhance water services for our over 10.3 million customers”, Maynilad Chief Operating Officer Randolph T. Estrellado said in a statement.‍

Ayala sells Manila Water stake to billionaire Enrique Razon for USD252 million:

Philippine conglomerate Ayala Corp sold its entire stake in utility firm Manila Water Company (MWC) to top shareholder Trident Water Company for a gross consideration of around PHP14.5 billion (USD251.87 million). Enrique Razon, a Philippine billionaire and a port and casino tycoon who owns Trident Water, acquired a 25% stake in MWC in early 2020. It currently holds 58.32% voting power in the utility firm.‍

EDC’s PHP10 billion Asean green bonds get SEC greenlight:

Energy Development Corp. (EDC) had obtained the green light from the Securities and Exchange Commission (SEC) to raise as much as PHP10 billion via the issuance of ASEAN green bonds. The corporate regulator has issued a Certificate of Permit to Offer Securities for Sale to EDC. The offer period was open from May 13 to 17.‍

Tokyo Gas finalizes acquisition of 20% stake in Batangas LNG terminal operator:

Lopez-led First Gen Corp.’s subsidiary has inked agreements with Tokyo Gas Co., Ltd. to finalize the latter’s acquisition of a 20% stake in FGEN LNG Corp., it said. First Gen LNG Holdings Corp. (FGEN LNG Holdings) executed a shareholders’ agreement and share subscription agreement with Tokyo Gas, which will acquire a minority stake in FGEN LNG, the listed company said in a regulatory filing.

Article link:

Alternergy gets PHP2 billion loan to finance RE projects

Alternergy gets PHP8 billion in loans for wind project

Maynilad borrows PHP10 billion to fund capex

Ayala sells Manila Water stake to billionaire Enrique Razon for USD252 million

EDC’s PHP10 billion Asean green bonds get SEC greenlight

Tokyo Gas finalizes acquisition of 20% stake in Batangas LNG terminal operator

Telecommunication

‍ACEN lends more funds for solar power projects:

ACEN, the listed energy platform of the Ayala Group, is lending more funds to one of its subsidiaries to bankroll solar power projects that will supply energy to local telecom towers. In a stock exchange filing, ACEN said it would raise the credit facility it provided to YMP Telecom Power Inc. to PHP466 million from the initial amount of P200 million.‍

PLDT takes out PHP4 billion green loan for expansion:

Telco leader PLDT Inc. has doubled down on its strategy to acquire sustainable loans as it took out PHP4 billion in green financing from Metropolitan Bank and Trust Co. to fund its network expansion. In a disclosure to the local bourse, PLDT said it landed a green loan worth PHP4 billion from Metrobank, the first of this kind secured by the telco from a local creditor.

Article link:

ACEN lends more funds for solar power projects

PLDT takes out PHP4 billion green loan for expansion

Real Estate

‍SEC approves SM Prime’s PHP100 billion bond program:

The Securities and Exchange Commission (SEC) has approved the shelf registration of Sy-led property developer SM Prime Holdings, Inc. for up to PHP100 billion of fixed-rate bonds. During a meeting on May 23, the Commission En Banc gave the green light for the registration statement of SM Prime’s peso-denominated bonds, which can be offered in one or more tranches, the SEC said in a statement.‍

Ayala Land, subsidiary raise PHP3.18 billion from sale of AREIT shares:

Zobel family-led property developer Ayala Land Inc. (ALI) and its subsidiary have sold PHP3.18 billion worth of their shares in the Ayala Group’s real estate investment trust arm (AREIT), a move that is related to an asset-for-share deal with the latter. ALI said the block sale, which it executed with subsidiary Westview Commercial Ventures Corp., involved 98 million AREIT common shares at PHP32.45 each.

Article link:

SEC approves SM Prime’s PHP100 billion bond program

Ayala Land, subsidiary raise PHP3.18 billion from sale of AREIT shares

Note: Deal values only include disclosed completed deals with amounts restricted to local scene i.e. amounts related to the Philippine entity and/or business. Rumored, announced, or planned deals not included. Cross-posted deals are also adjusted to avoid double count.

*USD 1.00 = PHP58.6 as of 30/04/2024

Market Summary

In May 2024, the Vietnamese market witnessed transactions totaling around USD477m. Notably, the Consumer & Retail, Energy & Utilities, and Agriculture & Food sectors were prominently involved:

• In the Consumer & Retail sector, Pharmacity secured a mix of debt and equity investment from Avenue Capital Group.
• Energy & Utilities sector featured a notable transaction where Mitsubishi acquired tungsten unit of Masan Group.
• Agriculture & Food sector highlighted an acquisition of a Korea-Vietnam fertilizer unit from the Petrovietnam fertilizer arm.

Aggregate Deals Value = USD477m

This month's top deals

Consumer & Retail

‍Pharmacity received USD40 million funding from US-based Avenue Capital Group:

Vietnam's leading pharmacy chain, Pharmacity, has raised a USD40 million mix of equity and debt funding from Avenue Capital Group, a US-based investment firm specializing in distressed assets. The deal aims to support Pharmacity's expansion and operational enhancement, positioning it to further solidify its market presence amidst increasing competition in Vietnam's retail pharmacy sector.‍

VNDirect has announced its decision on May 17th to acquire Goldsun Food JSC:

Securities firm VNDirect plans to acquire Goldsun Food JSC, which owns popular restaurant brands like King BBQ and ThaiExpress in Vietnam. The deal size is undisclosed, but VNDirect's acquisition aims to strengthen its portfolio by integrating Goldsun Food's established culinary brands, which include over 170 restaurants serving millions of guests annually.‍

Vuihoc made a strategic investment in The IELTS Workshop:

Vietnamese edtech startup Vuihoc has invested in The IELTS Workshop to tap into Vietnam's booming IELTS test preparation market. This move follows Vuihoc's recent USD6 million funding round led by TNB Aura. The collaboration aims to combine Vuihoc's technological strengths with The IELTS Workshop's expertise to create high-quality, AI-enhanced IELTS training programs, making them accessible and affordable for students nationwide.

Article link:

Pharmacity received USD40 million funding from US-based Avenue Capital Group

VNDirect has announced its decision on May 17th to acquire Goldsun Food JSC

Vuihoc made a strategic investment in The IELTS Workshop

Telecommunication & Media

Touchstone Partners led USD0.72 million seed round investment in Happynest

Vietnamese social commerce housing platform Happynest raised USD0.72 million in a seed round led by Touchstone Partners to expand its community and product offerings. Happynest has the largest home and living community with 1 million active users monthly, covering over 300,000 pictures and 10,000 articles of user-generated content about home and furniture ideas.

Article link:

Touchstone Partners led USD0.72 million seed round investment in Happynest

Energy & Utilities

Masan Group sold its tungsten unit to Mitsubishi for USD134.5 million

Mitsubishi Materials Corporation (MMC) has acquired H.C. Starck Holding GmbH, a tungsten powder unit from Masan High-Tech Materials, for USD134.5 million. The deal aims to reduce Masan's debt and is expected to generate a one-time profit gain of USD40 million and a long-term net profit uplift of USD20-30 million annually. Additionally, Masan retains its ownership in Nyobolt, a battery technology firm.

Article link:

Masan Group sold its tungsten unit to Mitsubishi for USD134.5 million

Real Estate

WeSale secured seed funding from Singapore-based Hitseries Capital

Vietnamese real estate platform WeSale has secured seed funding from Singapore's Hitseries Capital. The investment aims to enhance WeSale's technology, expand its market reach, and develop new products and services. WeSale focuses on offering advanced real estate transaction tools and CRM, leveraging generative AI to provide transparent and effective solutions for brokers, partners, and developers.

Article link:

WeSale secured seed funding from Singapore-based Hitseries Capital

Agriculture & Food

Petrovietnam fertilizer arm acquired a 100% stake in Korea-Vietnam Fertilizer for USD25 million

Petrovietnam Ca Mau Fertilizer JSC (PVCFC) has acquired the Korea-Vietnam Fertilizer Co., Ltd (KVF) for an estimated USD25 million. This acquisition aims to enhance PVCFC's presence in Vietnam's NPK fertilizer market, particularly in the Southeast, Central Highlands, and Central regions. The deal is expected to double profits from PVCFC's traditional NPK segment in 2024, offsetting losses from the newly acquired subsidiary. KVF, founded in 2015, operates a plant with a capacity of 360,000 tonnes annually.

Article link:

Petrovietnam fertilizer arm acquired a 100% stake in Korea-Vietnam Fertilizer for USD25 million

Healthcare & Life Science

WeCare 247 raised fund from Japan’ Mynavi, scoring its first healthcare investment in Vietnam

Japanese HR conglomerate Mynavi Corporation has made its first investment in Vietnam’s healthcare sector by backing the caregiving service provider WeCare 247. This move marks Mynavi's strategic entry into Southeast Asia's healthcare market, aiming to enhance WeCare 247's growth and service capabilities in the caregiving sector.

Article link:

WeCare 247 raised fund from Japan’ Mynavi, scoring its first healthcare investment in Vietnam

Note: Deal values include disclosed announced & closed deals with amounts restricted to the local scene i.e., amounts related to the Vietnam entity and/or business. Rumored deals are not included. Cross-posted deals are also adjusted to avoid double counting.

Index Partners, an independent corporate finance advisory firm specializing in emerging markets, is pleased to announce its role as financial advisor to Communication and Renewable Energy Infrastructure (CREI) in securing a USD 40 million financing facility led by FEI (Facility for Energy Inclusion) and Norfund. This significant funding will enable CREI to drive sustainability and enhance operational efficiency in the telecommunications industry in Mali.

The financing will support CREI’s commitment to the development of renewable energy solutions and sustainable infrastructure across Africa. CREI's unique approach combines the expansion of telecom services with Energy as a Service (EaaS), enabling the provision of reliable, clean energy while reducing the environmental footprint of telecommunications operations.

“CREI's business model perfectly aligns with the global shift towards sustainable and reliable energy solutions, and we are thrilled to have supported them on this important initiative,” said Benjamin Blanchard, Partner at Index Partners. “This deal highlights our ongoing focus on emerging markets and the significant opportunities for growth and impact in the telecom and renewable energy sectors across Africa.”

Energy as a Service (EaaS) is a rapidly growing model that allows companies to access renewable energy solutions without the need for upfront capital investment, while CREI leverages this model to support the telecom industry with energy-efficient infrastructure that fosters connectivity and reduces operational costs.

The financing is also supported by other institutional investors, reinforcing the significant demand for investments that promote sustainable growth and the transition to greener energy alternatives.

As Index Partners continues to expand its presence across Emerging Markets, this deal underscores the firm’s dedication to fostering impactful investments in telecom and energy infrastructure.

About Index Partners

Index Partners is an independent corporate finance advisory firm headquartered in Hong Kong, with offices in Vietnam, Philippines, and London. The firm provides bespoke financial advisory services to companies and investors focused on the emerging markets of Asia, the Middle East, and Africa. Specializing in M&A, fundraising, project finance, and strategic advisory, Index Partners delivers innovative and tailored solutions for clients across sectors including TMT, healthcare, consumer and retail, and renewable energy.

About CREI

Communication and Renewable Energy Infrastructure (CREI) is an infrastructure asset management company focused on the development and operation of telecom towers and power equipment. CREI is part of the TwoThirtyThree Group, a global telecom infrastructure group with a presence in over 20 countries. CREI’s mission is to provide sustainable energy solutions and reliable connectivity to mobile network operators and rural communities in developing markets, with a strong emphasis on renewable energy and Energy as a Service (EaaS) solutions.

About FEI

FEI (Fund for Energy Inclusion) is an impact-focused investment fund managed by global investment bank and asset manager, Cygnum Capital. FEI is dedicated to providing financing to renewable energy companies and projects across Africa. The fund focuses on supporting the Energy as a Service (EaaS) model, which allows energy access for underserved and off-grid communities through scalable and sustainable energy solutions. By investing in clean energy businesses that target underserved populations, FEI promotes economic growth, job creation, and environmental sustainability. The fund works alongside local and international partners to deliver affordable, renewable energy, helping to bridge the energy access gap across Africa and beyond.

About Norfund

Norfund, the Norwegian Investment Fund for Developing Countries, is a key partner in financing sustainable business ventures across Africa, Asia, and Latin America. As Norway's development finance institution, Norfund focuses on fostering economic growth and creating jobs through investments in sectors such as renewable energy, agribusiness, financial services, and technology. By targeting investments in businesses that contribute to environmental sustainability, Norfund plays a crucial role in supporting developing markets’ transition towards greener economies while ensuring long-term economic development. With a strong commitment to social responsibility and sustainability, Norfund continues to drive positive change in emerging economies.

For further information, please contact:

Index Partners

Email: contact@index-partners.com

Website: www.index-partners.com

Market summary

• The Industrial sector saw a significant increase in deal volume during the month, largely driven by the acquisition of Cemex Asian South East Corp (CASEC), the parent company of Cemex Philippines. This acquisition, valued at USD305.6m (~PHP17.6b), was spearheaded by DMCI Holdings and Semirara Mining and Power.
• Four local firms in Energy, Real Estate, Industrials, and Financial Services plan have planned for IPOs. Oceana Gold Philippines, Inc. targets May 2024, Nexgen Energy Corp. aims for July 2024, and Asialink Finance Corp. eyes 2028 on the Philippine Stock Exchange. Additionally, Hotel 101 Global Pte. Ltd. plans an IPO on the Nasdaq Stock Exchange with a valuation of over USD2.3b, expected to close in the second half of 2024.

*Aggregate Deal Values = c. USD565.9m

This month’s top deals

Energy & Utilities

‍Solar Philippines, Indonesian partner sign USD14 million loan for Bali solar farm:

Leviste-led Solar Philippines Power Project Holdings, Inc. and its partner in Indonesia have signed a USD14 million (P792 million) loan deal for a 25-megawatt (MW) solar farm project in East Bali. PT Medcosolar Bali Timur, Solar Philippines’ joint venture with Indonesian oil and gas firm Medco Energi (Medco), signed the loan agreement with Bank Negara Indonesia (BNI).

‍SPC sells P199.5 million stake in Bohol Light:

Cebu-based SPC Power Corp. is divesting its stake in Bohol Light Co. Inc. (BLCI), a power distributor that serves Tagbilaran City, to Razon group affiliate Primelectric Holdings Inc. In a disclosure, SPC Power said its board approved the sale of its 29.92 million common shares in BLCI to Primelectric Holdings Inc. for P6.67 apiece or a total of P199.5 million.

‍Japan’s Taisei takes 25% stake in PGEC unit:

Taisei Corp., one of Japan’s biggest general contractors, signed an investment framework and shareholders agreement with PetroGreen Energy Corp. (PGEC) to take a 25-percent equity stake in the latter’s subsidiary Rizal Green Energy Corp. (RGEC). The investment covers the funding, construction and operation of an initial portfolio of four solar power facilities totaling 112.6 megawatts (MW).

‍Pure Energy subsidiary eyes IPO:

Nexgen Energy Corp., a wholly owned subsidiary of Pure Energy Holdings Corp., said it is eyeing to go public as it aims to develop solar and wind power projects with a capacity of over 2,350 megawatts (MW). The company is preparing to list its initial public offering (IPO) in July this year and expecting to raise PHP500 million. The proceeds will be used to fund the projects and develop the said renewable energy capacity over the next 10 years.

‍ACEN secures USD150 million green term loan for projects:

Ayala-led ACEN Corp. has secured a USD150 million green term loan from Sumitomo Mitsui Banking Corp. Singapore Branch (SMBC) through its subsidiary ACEN Renewables International. The loan has a tenure of five years and was arranged by SMBC, which serves as both lender and green loan coordinator, the company said. Through the loan, the energy company seeks to expand into several key international markets, including Australia.

‍Maynilad plans sustainable water projects with PHP12 billion blue bonds:

West Zone concessionaire Maynilad Water Services, Inc. said it is seeking approval from the Securities and Exchange Commission (SEC) for a proposed public offering of up to PHP12 billion in fixed-rate blue bonds. The offering includes an oversubscription option of up to PHP3 billion. The blue bonds will be issued in up to two series with tenors of five years and/or 10 years. The company said the target offer period will run from May to May. It intends to issue and list the blue bonds on the Philippine Dealing & Exchange Corp. on June.

‍Manila Water subsidiary acquires 70% stake in Equipacific:

Manila Water Philippine Ventures, Inc. (MWPV), a subsidiary of Manila Water Co., Inc., announced its acquisition of a 70% stake in investment firm Equipacific HoldCo, Inc. (EHI) for PHP1.15 billion. MWPV signed a share purchase agreement with Equi-Parco Holdings Corp., Metropac Water Investments Corp., and TwinPeak Hydro Resources Corp. to acquire their respective interests of 30%, 30%, and 10% in EHI.

Article link:

Solar Philippines, Indonesian partner sign USD14 million loan for Bali solar farm

SPC sells P199.5 million stake in Bohol Light

Japan’s Taisei takes 25% stake in PGEC unit

Pure Energy subsidiary eyes IPO

ACEN secures UDD150 million green term loan for projects

Maynilad plans sustainable water projects with PHP12 billion blue bonds

Manila Water subsidiary acquires 70% stake in Equipacific

Media

Bitanga family moves Rappler stake to publicly listed MRC Allied

The Bitanga family, known for its diversified investment portfolio, is moving its 31.2% stake in Rappler Holdings Corp., the company behind news site Rappler, from privately held Dolphin Fire Group, Inc. to publicly listed MRC Allied, Inc., both owned by the family. MRC Allied, engaged in property development, mining exploration, and renewable power generation, plans to acquire Dolphin Fire’s ownership stake in Rappler Holdings through a share swap.

Article link:

Bitanga family moves Rappler stake to publicly listed MRC Allied

Real Estate

‍Hotel101 to list on Nasdaq through SPAC merger deal:

Hotel 101 Global Pte. Ltd. (Hotel101), a unit of Philippine-listed property developer DoubleDragon Corp., is nearing its planned listing on the Nasdaq Stock Exchange with a valuation of over $2.3 billion (P130 billion) following a merger deal with a special purpose acquisition company (SPAC) in the United States. Hotel101, a hotel property technology operator, and JVSPAC Acquisition Corp. have entered into a “binding definitive merger agreement,” DoubleDragon said in an e-mailed statement. The deal is expected to close in the second half of the year.

‍Robinsons Land’s REIT boosts public float to 49.95% in P8.50-B block sale:

The real estate investment trust (REIT) of Gokongwei-led property developer Robinsons Land Corp. (RLC) has increased its public float to 49.95% from 33.86% previously after completing an overnight block sale valued at P8.50 billion. RLC sold 1.73 billion common shares of RL Commercial REIT, Inc. (RCR) at P4.92 apiece to “high-quality long-only institutional investors,” the company said in a disclosure.

‍Rockwell Land board OK’s P5-B loan facility with BDO to fund capex projects:

The board of Rockwell Land Corp. has approved a P5-billion term loan facility with BDO Unibank, Inc. to fund its projects, the listed property developer announced. The loan will have a term of up to ten years, Rockwell Land said in a disclosure. “The proceeds of the loan will be used to fund capital expenditures, land acquisitions, and other investments,” the company said.

Article link:

Hotel101 to list on Nasdaq through SPAC merger deal

Robinsons Land’s REIT boosts public float to 49.95% in P8.50-B block sale

Rockwell Land board OK’s P5-B loan facility with BDO to fund capex projects

Industrials & Manufacturing

‍DMCI Holdings acquires Cemex PH parent company for $305.6-M:

DMCI Holdings and Semirara Mining and Power acquired Cemex Asian South East Corp (CASEC), the parent company of Cemex Philippines, in a deal worth $305.6 million (~P17.6 billion). CASEC owns 89.86% of CHP. The deal valued CHP at P1.42/share, and will result in a mandatory tender offer for the remaining 10.14% of the public float.

‍OceanaGold PHL sets final IPO price at P13.33:

OceanaGold Philippines, Inc. (OGPI) announced the final offer price for its upcoming initial public offering (IPO) at P13.33 per share, falling below the upper estimate of P17.28 per share projected by its parent company OceanaGold Corp. The IPO will consist of 456 million secondary common shares, with the company setting May 13 as the listing date for its IPO. OGPI operates the Didipio gold and copper mine in Nueva Vizcaya.

Article link:

DMCI Holdings acquires Cemex PH parent company for $305.6-M

OceanaGold PHL sets final IPO price at P13.33

Consumer & Retail

‍HOSHIZAKI strengthens its position in Southeast Asia with acquisitions:

Hoshizaki Corporation announces that at its meeting of the Board of Directors held on April 11, 2024, the Company has resolved to acquire all shares of Technolux Equipment and  Supply Corporation and a controlling interest in HKR Equipment Corporation, an importer and distributor of food service equipment in the Republic of the Philippines through Hoshizaki Southeast Asia Holdings Pte. Ltd., a subsidiary of the Company, which makes Technolux and HKR a subsidiary of Hoshizaki.

‍Balai Ni Fruitas acquires Sugarhouse:

Bakery chain Balai Ni Fruitas Inc. has acquired legacy brand Sugarhouse, allowing the company of businessman Lester Yu to diversify its product offerings to include cakes. In a stock exchange filing, Balai, which operates Balai Pandesal, said the acquisition included other assets, such as intellectual property, “technical know-how,” delivery, commissary, and store equipment.

‍Fruitas raises PHP200 million via private placement of corporate notes:

Listed food and beverage store operator Fruitas Holdings, Inc. has concluded its first private placement of corporate notes, raising PHP200 million. The proceeds will be allocated for working capital requirements and general corporate purposes, Fruitas said in a stock exchange disclosure. The corporate notes were issued to qualified individual or institutional buyers, with no more than 19 primary institutional lenders participating.

Article link:

HOSHIZAKI strengthens its position in Southeast Asia with acquisitions

Balai Ni Fruitas acquires Sugarhouse

Fruitas raises PHP200 million via private placement of corporate notes

Financial Services

Asialink Finance plans IPO by 2028

Asialink Finance Corp. (Asialink) is gearing up to conduct an initial public offering (IPO) by 2028, its chief executive officer said. In preparation for this milestone, the finance company is working to strengthen its financial standing, Asialink Chief Executive Officer Robert B. Jordan, Jr. said during a briefing. The total capital of Asialink increased to PHP12 billion from PHP8 billion at the end of 2023, spurred by a P4 billion investment from equity firm Creador.

Article link:

Asialink Finance plans IPO by 2028

Technology

‍Empower to Acquire Petal; Completes Acquisition of Cashalo:

‍Empower Finance, a San Francisco, CA-based financial technology company, acquired Petal, a NYC-based consumer credit card and financial technology company, and completed the acquisition of Cashalo, a Manila, Philippines consumer credit and lending company. The amount of the deals were not disclosed. Petal and Cashalo give Empower a strategic presence in the credit card category in the U.S. and the credit market in Southeast Asia, respectively.

‍Hubware launches digital construction ecosystem following investment from BuildMart PH:

‍BuildMart PH Technologies, Inc., a B2B e-commerce platform that connects manufacturers with hardware stores, has invested an undisclosed amount to Hubware Corporation, a leading online marketplace for builders, hardware stores, and construction suppliers, through the launch of “BuildHub.ph,” an online platform serving as a centralized system for the construction industry.

Article link:

Empower to Acquire Petal; Completes Acquisition of Cashalo

Hubware launches digital construction ecosystem following investment from BuildMart PH

Note: Deal values only include disclosed completed deals with amounts restricted to local scene i.e. amounts related to the Philippine entity and/or business. Rumored, announced, or planned deals not included. Cross-posted deals are also adjusted to avoid double count.

*USD 1.00 = PHP57.6 as of 30/04/2024

Market Summary

In April 2024, the Vietnamese market witnessed transactions totaling around USD126m. Notably, the Consumer & Retail, Healthcare, and Technology sectors were prominently involved:

• In the Consumer & Retail sector, CDH Investments completed an investment for a minority stake in Bach Hoa Xanh Investment.      
• Healthcare sector featured a notable transaction where Warburg Pincus announced its investment in Xuyen A private general hospital group in April 2024.  
• The Technology sector highlighted an investment, with a SaaS company Finviet receiving an undisclosed amount from Japan’s Sojitz Corporation.

Aggregate Deals Value = USD126m

This month's top deals

Consumer & Retail

‍Bach Hoa Xanh Trading secures investment from CDH Investment Management, acquiring 5% stake for USD72 million:

CDH Investments, through Green Bee 2 Private Limited, recently acquired a minority stake in Bach Hoa Xanh Technology and Investment JSC, a prominent grocery retail chain in Vietnam. With around 1,700 stores across southern and south-central Vietnam, Bach Hoa Xanh offers a diverse range of high-quality products in hygienic environments at competitive prices. This investment underscores CDH Investments' commitment to Vietnam's growing organized grocery retail sector. Mobile World Investment Corporation remains the controlling shareholder of Bach Hoa Xanh, alongside CDH Investments and the company's management. Nguyen Duc Tai, founder and chairman of Mobile World, welcomes CDH Investments as a partner, highlighting their history of productive collaboration and shared vision for the company's growth.

Homefarm International secures USD1.8 million investment from Mitsubishi Shokuhin Co., Ltd.

Mitsubishi Shokunin, the food arm of the Japanese keiretsu Mitsubishi, has invested USD1.8 million in Homefarm, a Vietnamese food import start-up, aiming to expand demand and market Japanese food in overseas markets, particularly in Vietnam. This investment aligns with Mitsubishi Shokunin's strategy to focus on international markets amidst domestic market challenges. The firm aims to leverage Homefarm's strengths, including its growing store network and focus on importing fresh salmon and frozen beef, to drive innovation and growth.

Digiworld Corporation agreed to acquire a 50.9% stake in B2X Vietnam Holding Joint Stock Company from B2X Care Solutions GmbH

Digiworld Corporation (DGW) announced its decision in April 24 to raise its ownership in B2X Vietnam Joint Stock Company from 49.1% to 100% by acquiring shares from B2X Care Solutions GmbH, with a value not surpassing VND30 billion. This strategic move aims to elevate after-sales service capabilities to international standards. B2X Vietnam, established in December 2017 as a joint venture between Digiworld and B2X Care Solutions GmbH, has an initial capital of VND6 billion. It operates warranty centers nationwide, serving major brands like Samsung, Xiaomi, and Acer, as well as retail chains including Dien May Xanh and FPT Shop.

Article link:

Bach Hoa Xanh Trading secures investment from CDH Investment Management, acquiring 5% stake

Homefarm International secures USD1.8 million investment from Mitsubishi Shokuhin Co., Ltd.

Digiworld Corporation agreed to acquire a 50.9% stake in B2X Vietnam Holding Joint Stock Company from B2X Care Solutions GmbH

Healthcare

Private equity firm Warburg Pincus announced on April 15, it is investing in Xuyen A private general hospital group

Warburg Pincus, renowned for its extensive investments in Vietnam, has solidified its position as the country's largest global private equity investor by backing Xuyen A, a leading healthcare player. Xuyen A, founded and led by Dr. Nguyen Van Chau, boasts a decade-long legacy of excellence in operating tertiary hospitals across southern Vietnam. This partnership aims to fuel Xuyen A's expansion and innovation in the healthcare sector. With a focus on enhancing care offerings and speciality services, Xuyen A inaugurates an oncology center at its flagship hospital, further cementing its commitment to providing comprehensive medical solutions. Warburg Pincus' strategic alliance with Xuyen A underscores its bullish outlook on Vietnam's healthcare landscape and its dedication to fostering sustainable growth in the region.

Article link:

Private equity firm Warburg Pincus announced on April 15 it is investing in Xuyen A private general hospital group

Technology

Finviet Technology Corporation secures funding round with Sojitz Corporation Investment

Sojitz Corporation has invested in Finviet Technology Corporation, a SaaS company in Vietnam introducing cashless payment smartphone apps and an online ordering platform for small-scale retail stores. Finviet aims to streamline supply chains and enhance convenience for retailers and consumers. With Vietnam's retail market expected to grow over 10% by 2027, Sojitz sees potential in Finviet's technology to enhance efficiency in the retail sector

CNV secures USD1 million from Wavemaker Partners

Vietnamese digital marketing firm CNV secured a USD1 million funding round from Wavemaker Partners on April 9. CNV specializes in cloud-based business solutions and marketing services for MSMEs, SMEs, and corporations in Vietnam. The funding will propel CNV towards becoming a no-code sales and customer care platform, streamlining campaign launches and customer engagement. The funding reflects CNV's growth amidst Vietnam's dynamic business landscape and promising e-commerce sector. Notable achievements include a 250% increase in revenue, sending six million Zalo messages, and closing USD30 million in annual GMV over 94,000 orders.

Happynest has bagged a seed round led by Touchstone Partners

Touchstone Partners is leading a USD720,000 seed round in Happynest, Vietnam’s pioneering home and living community and social-commerce platform. Happynest offers a one-stop platform for home inspiration, professional connections, and purchasing home-related products. With a large community and extensive product range, Happynest aims to streamline home care processes. The investment will support Happynest in expanding its user base, growing its community, and developing innovative features. Touchstone Partners sees potential in Happynest's unique offerings to capitalize on the growing online furniture shopping market in Vietnam.

Article link:

Finviet Technology Corporation secures funding round with Sojitz Corporation Investment

CNV secures USD1 million from Wavemaker Partners

Happynest has bagged a seed round led by Touchstone Partners

Agriculture & Food

Alterno secures USD1.5 million from leading impact and VC funds – the Radical Fund and TouchStone Partners

On April 2, Alterno achieved a major milestone in agricultural climate solutions by securing over USD1.5 million in an oversubscribed funding round, co-led by prominent impact and venture capital firms The Radical Fund (Singapore) and Touchstone Partners (Vietnam). Alterno offers an innovative sand battery thermal energy storage solution tailored for agricultural needs. This technology facilitates a shift towards low-carbon practices, yielding significant cost savings compared to traditional energy sources.

Article link:

Alterno secures USD1.5 million from leading impact and VC funds – the Radical Fund and TouchStone Partners

Note: Deal values include disclosed announced & closed deals with amounts restricted to the local scene i.e., amounts related to the Vietnam entity and/or business. Rumored deals are not included. Cross-posted deals are also adjusted to avoid double counting.

Market Summary

In March 2024, the Vietnamese market witnessed transactions totaling around USD33m. Notably, the Transportation & Logistics, Technology, Financial Services, Consumer & Retail, and Telecommunication & Media sectors were prominently involved:

• In the Telecommunication & Media sector, Kamereo LLP announced securing USD2.1m in funding, led by new investor Reazon Holdings.
• The Technology sector highlighted a significant investment, with Quickom receiving USD1.5m through a contract with the well-regarded VinaCapital investment fund.
• Financial Services also marked its presence with approximately USD20.2m raised through a private placement, which saw participation from returning investors.
• Consumer & Retail sector featured a notable transaction where Elan Corporation (TSE:6099) agreed to acquire a 51% stake in TMC Vietnam Trading And Service Company for approximately USD9m on March 22, 2024.

Aggregate Deals Value = c. USD33m

This month's top deals

Technology

‍Kamereo LLP announced that it has received USD2.1 million funding led by new investor Reazon Holdings to expand the food-sourcing program:
Vietnam-based B2B food-sourcing platform Kamereo has successfully raised USD2.1 million in a pre-Series B funding round led by Reazon Holdings and Thoru Yamamoto, CEO of Tokyo-listed B2B firm Foodison. Quest Ventures also participated in the financing. Established in 2019, Kamereo specializes in facilitating online marketplace transactions between farmers and food and beverage businesses, with a focus on fresh supplies. With the infusion of new capital, the company aims to bolster its presence in Vietnam, particularly in Hanoi, and intends to venture into the Cambodian market. Furthermore, Kamereo plans to allocate a portion of the funds towards enhancing its consumer retail business by selling ready-to-eat salads through supermarkets and convenience stores.

‍Quickom disclosed securing USD1.5 million in a funding round led by VinaCapital Ventures:

Quickom, founded in 2021 by Dr. William H. Nguyen, a pioneering entrepreneur in the technology sector and a Vietnamese national, has attracted investments from various sources.

Notably in March 2024, VinaCapital Ventures joined the ranks of investors, contributing USD1.5 million to the company's growth. Quickom stands out for its innovative approach to decentralized communication, enabling direct data transmission between users without reliance on centralized data centers. This architecture significantly reduces the cost of organizing online meetings while enhancing call quality. By successfully hosting over 500 online events in 2023, Quickom anticipates a yearly revenue growth of over 100% for the next three years. Currently, Quickom is pioneering Web3 technology with its Chat3 platform, a SocialFi solution enabling users to earn income from their online interactions and content through blockchain technology.

Article link:

Kamereo LLP announced that it has received USD2.1 million funding led by new investor Reazon Holdings to expand the food-sourcing program

Quickom disclosed securing USD1.5 million in a funding round led by VinaCapital Ventures

Financial Services

Phu Hung Securities Corporation announced a private placement, securing USD20.2 million from returning investors

PHS intends to privately offer 50 million shares to foreign investors, totaling c. USD20.2 million, aimed at bolstering working capital for business operations and various financial activities like pre-sale securities lending and margin trading to enhance financial security. The list of participating foreign investors, including Phu Hung Far East Holding Corporation, holding a 46% ownership stake, has been disclosed. This capital-raising initiative is slated for execution in 2024, aiming to fortify the company's financial capacity and competitiveness. In its business plan, PHS targets a 1.32% market share in stock brokerage, projecting revenues of USD29.8 million and post-tax profits expected to double to USD4 million compared to 2023.

Article link:

Phu Hung Securities Corporation announced a private placement, securing USD20.2 million from returning investors

Healthcare & Life Science

Elan Corporation (TSE:6099) agreed to purchase a 51% interest in TMC Viet Nam Trading and Service Company Limited for c. USD9 million

Since its establishment in 2002, TMC Vietnam has become a leader in the laundry and sterilization industry, continuously innovating to provide comprehensive solutions for professional laundry areas, sterilization centers (CSSD), and industrial laundry services in Vietnam.

Acquiring TMC Vietnam, a laundry equipment company, benefits Elan Corporation's nursing and medical-care business by providing in-house laundry capability, improving efficiency, reducing costs, ensuring quality control, and offering customized solutions tailored to the needs of hospital patients and nursing home residents. The transaction is expected to close in mid-June 2024.

Article link:

Elan Corporation (TSE:6099) agreed to purchase a 51% interest in TMC Viet Nam Trading and Service Company Limited for c. USD9 million

Note: Deal values include disclosed announced & closed deals with amounts restricted to the local scene i.e., amounts related to the Vietnam entity and/or business. Rumored deals are not included. Cross-posted deals are also adjusted to avoid double count.

Market summary

• The Energy sector saw large activity in the form of a USD3.3bn joint venture between Meralco PowerGen Corporation (MGen), Aboitiz Power COrporation (AP) and San Miguel Global Power Holdings Corp. (SMGP) in a fully integrated LNG project
• The private markets in Retail picked up in April, seeing two private placements: USD28m investment by Jollibee into Botrista, and USD25m by Venturi Partners into DALI.

Aggregate Deal Value = USD4,403.0m

This month’s top deals

Energy & Utilities

• ‍MGen, AboitizPower, and SMGP sign USD3.3 billion deal for Batangas LNG facility: PANGILINAN-LED MERALCO PowerGen Corp. (MGen), Aboitiz Power Corp. (AboitizPower), and Ang-led San Miguel Global Power Holdings Corp. (SMGP) have forged a deal worth USD3.3 billion, or around PHP 168 billion, to establish an integrated liquefied natural gas (LNG) facility in Batangas.

• ‍Alternergy consolidates wind assets: ALTERNERGY HOLDINGS Corp. has transferred 60,060 shares in its subsidiary Alternergy Tanay Wind Corp. (ATWC) to another subsidiary Pililla A VPC Corp. (PACO) to consolidate its wind assets. The listed energy company’s board of directors approved the sale of all of its shares in ATWC, it said in a regulatory filing.

• ‍CREC raises PHP5 billion from sale of shares to SMIC: Citicore Renewable Energy Corp. (CREC) said it raised PHP5 billion after selling its shares in its real estate investment trust to conglomerate SM Investments Corp. (SMIC).

Article link:

MGen, AboitizPower, and SMGP sign USD3.3 billion deal for Batangas LNG facility

Alternergy consolidates wind assets

CREC raises PHP5 billion from sale of shares to SMIC

Media and Telecommunications

• ‍PLDT secures PHP1 billion 'green loan': PANGILINAN-LED PLDT Inc. secured a PHP1 billion Green Loan facility from HSBC Philippines (HSBC) to partially fund the ongoing nationwide modernization and expansion of its fiber network supporting internet delivery platforms such as fiber fixed broadband, mobile data services and carrier-grade WiFi.

• ‍KKR to invest USD400 million in Philippine telecoms tower business: Private equity firm KKR & Co will invest USD400 million in telecoms tower operations and expansion in the Philippines, the U.S. Department of Commerce said, among a slew of deals in a USD1 billion investment announced in a landmark trade mission.

Article link:

PLDT secures P1 billion 'green loan'

KKR to invest USD400 million in Philippine telecoms tower business

Consumer & Retail

• ‍Jollibee group invests USD28 million for 10% stake in beverage tech company Botrista: Listed Jollibee Foods Corp (JFC) announced a USD28 million investment to acquire a 10% stake in US-based beverage technology company Botrista, Inc. “We look forward to Botrista’s rapid and asset-light distribution and channel expansion that will create more value to its partners and ultimately, the end consumers”,  JFC Chairman Tony Tan Caktiong said in a statement.

• ‍PHL discount grocery chain DALI secures USD25 million in fresh funding: Singapore-based growth equity firm Venturi Partners said it has invested USD25 million for the expansion of discount grocery chain DALI. This marked the company’s second investment in the Philippines, following its investment in the grab-and-go coffee chain Pickup Coffee the previous year, Venturi said in a statement.

Article link:

Jollibee group invests USD28M for 10% stake in beverage tech company Botrista

PHL discount grocery chain DALI secures USD25 million in fresh funding

Logistics

• ‍Metro Pacific Tollways finalizing IPO plans: THE METRO PACIFIC Tollways Corp. (MPTC) said it is currently finalizing its plans for an initial public offering (IPO) as it prepares to bid for a major project in Indonesia. “It is too early because we are still in the process of valuation between us and San Miguel (San Miguel Corp.) and whether they will accept to include Indonesia, so things will change definitely in the next few months”, Rogelio L. Singson, president and chief executive officer of MPTC, said on the sidelines of a briefing.

• ‍Philippines' San Miguel secures bank financing for USD3 billion airport: Philippine conglomerate San Miguel Corp said it has already secured financing from banks for its 170.6 billion pesos (USD3 billion) operation and overhaul of the country's main airport.

• ‍Metro Pacific-led consortium in talks to buy stake in Indonesian toll firm for USD750M: A consortium led by Metro Pacific Tollways Corp. (MPTC), the biggest toll road group in the Philippines, is in advanced talks to buy a minority stake in a unit of its Indonesian peer Jasa Marga, in a deal that could fetch USD750 million, two sources with knowledge of the matter said.

Article link:

Metro Pacific Tollways finalizing IPO plans

Philippines' San Miguel secures bank financing for USD3 billion airport

Metro Pacific-led consortium in talks to buy stake in Indonesian toll firm for USD750 million

Real Estate

• ‍Vista Land secures loan from Japan bank: Willar-led Vista Land & Lifescapes Inc. has secured a PHP2.0 billion loan from the Manila branch of Japanese banking giant Sumitomo Mitsui Banking Corp. (SMBC).

• ‍AREIT executes share-for-property exchange worth PHP28.6 billion: AREIT, Inc. announced a transaction exchanging shares for five properties valued at PHP28.6 billion. The swap deal involves AREIT, Ayala Land, Inc. (ALI) and its subsidiaries Greenhaven Property Ventures, Inc. and Cebu Insular Hotel Co., Inc., as well as ACEN Corp. unit Buendia Christiana Holdings Corp. (BCHC), the listed company said in a stock exchange disclosure.

Article link:

Vista Land secures loan from Japan bank

AREIT executes share-for-property exchange worth P28.6 billion

Others

• ‍AbaCore secures USD1.6 million investment from Singapore-based firm:
  
  • LISTED holding firm AbaCore Capital Holdings, Inc. said it has secured USD1.6 million in additional investment from a Singapore-based investment company.
  • The Singaporean company bought USD1.6 million more in shares and plans to buy up to USD4 million worth, AbaCore said in a statement, without disclosing the company’s name.

• ‍Belle offers PHO0.85 for each minority share in PLC: Belle Corp., a portfolio company of Sy family-led conglomerate SM Investments Corp., has set the tender offer price for all the outstanding common shares of Premium Leisure Corp. (PLC) at PHP0.85 each as the SM Group works to restructure its gaming assets.

Article link:

AbaCore secures USD1.6 million investment from Singapore-based firm

Belle offers P0.85 for each minority share in PLC

Note: Deal values only include disclosed completed deals with amounts restricted to local scene i.e. amounts related to the Philippine entity and/or business. Rumored, announced, or planned deals not included. Cross-posted deals are also adjusted to avoid double count.

*USD 1.00 = PHP56.45 as of 04/03/2024

Market Summary

• In February 2024, the Vietnamese market saw a dip in deals volume due to the country's Lunar New Year celebration.
• However, total deal value amounts to USD885m (+361.9% vs Jan-23), mainly thanks to SCB X's acquisition of Home Credit Vietnam with a total value of c. USD870m.

Aggregate Deals Value = c. USD885m

This month's top deals

Financial Services

‍SCB X Public Set to Acquire Home Credit Vietnam for c. USD870 million:

SCB X Public Company Limited announced that The Siam Commercial Bank Public Company Limited has agreed to acquire Home Credit Vietnam Finance Company Limited from PPF Group N.V. for VND20,973 billion (equivalent to approximately THB31 billion) on February 28, 2024. The transaction is expected to be completed by the first half of 2025, subject to approvals from the relevant competent authorities.

The consumer finance market in Vietnam has a high growth potential in Southeast Asia, driven by strong macroeconomic fundamentals, economic policies that support growth, favorable demographics, and growing middle class. Home Credit Vietnam has the second largest market share in Vietnam’s consumer finance market (after FE Credit), accounting for approximately 14% of the total market as of 30 June 2023. Previously in 2021, VPBank sold a 49% stake in FE Credit to Japan’s Sumitomo Mitsui Finance Group (SMFG) in a transaction that values the non-bank lender at USD2.8 billion.

‍Public Bank Berhad Poised to Acquire RHB Securities Vietnam by Q2 2024 for c. USD15 million:

Malaysia's Public Bank Berhad unit Public Bank Vietnam Limited has agreed to acquire RHB Securities Vietnam Company Limited from RHB Bank Berhad on February 19, 2024. Under the sale and purchase agreement, Public Bank Vietnam Ltd will acquire RHB Securities Vietnam for a cash consideration of VND374 billion (equivalent to c. USD15.2 million), subject to adjustments based on certain terms and conditions of the sale and purchase agreement. The transaction is expected to be completed in the 2nd quarter of 2024.

Public Bank’s CEO Tan Sri Dato’ Sri Dr. Tay Ah Lek said "Public Bank Vietnam Ltd currently has 40 branches located strategically throughout Vietnam and this acquisition will allow the bank to leverage its existing clientele to grow the securities trading business. As such, this acquisition marks another milestone for Public Bank Berhad to further strengthen our regional presence and be a stronger player in the Indo-China market".

Article link:

SCB X Set to Acquire Home Credit Vietnam for c. USD870 million

Public Bank Berhad Poised to Acquire RHB Securities Vietnam by Q2 2024 for c. USD15 million

Note: Deal values include disclosed announced & closed deals with amounts restricted to the local scene i.e., amounts related to the Vietnam entity and/or business. Rumored deals are not included. Cross-posted deals are also adjusted to avoid double count

Market summary

• The Real Estate sector saw movement from the fundraising of Filinvest worth USD177.9m from the first tranche of its three-year bond program. Century Properties Group also completed its USD35.6m preferred shares follow-on offering.
• The Mining industry also gained traction with Philex Mining Corp securing a USD70m loan for its operations in Surigao del Norte. OceanaGold Corp. also announced its IPO targeting a listing in May.

Aggregate Deal Value = USD455.3m

This month’s top deals

Energy & Utilities

ACEN secures AUD75 million for Australia projects

AYALA-LED ACEN Corp. said that it has borrowed approximately AUD75 million, or around PHL2.7 billion, from two Australian banks for the projects of its subsidiary. The company has signed agreements with New Zealand Banking Group Ltd. and Westpac Banking Corp., ACEN said in a disclosure to the stock exchange.

Article link:

ACEN secures AUD75 million for Australia projects

Real Estate

‍Century Properties completes PHP2 billion share offering:

REAL ESTATE developer Century Properties Group, Inc. (CPG) completed its PHP2 billion Series B preferred shares follow-on offering. “We are very pleased with the investors’ reception of our issuance which allowed us to price at the tighter end of the marketing spread and set the dividend rate at 7.5432%,” CPG Chief Finance Officer Ponciano S. Carreon, Jr. said in a statement.

‍Cebu Landmasters gets shareholders’ nod for PHP5 billion preferred shares offering:

CEBU Landmasters, Inc. (CLI) shareholders have approved the planned PHP5 billion preferred shares offering, the listed property developer announced. The shareholders approved the offer during a meeting on Feb. 14, the company said in a disclosure to the stock exchange.

‍Filinvest Development raises PHP10 billion from first tranche of bond offering:

FILINVEST Development Corp. (FDC) has raised PHP10 billion in the first tranche of its PHP3 billion three-year bond program, the Gotianun-led conglomerate said. In a filing, FDC reported raising PHP10 billion through 2.5-year peso fixed-rate bonds at a 6.3206% annual interest rate. The first tranche included a PHP7 billion base offer and an option for oversubscription of up to PHP3 billion.

Article link:

Century Properties completes PHP2 billion share offering

Cebu Landmasters gets shareholders’ nod for PHP5 billion preferred shares offering

Filinvest Development raises PHP10 billion from first tranche of bond offering

Consumer & Retail

Coca-Cola eyeing to invest additional USD1 billion in PHL

THE COCA-COLA Co. (TCCC) will invest USD1 billion, or around PHP56 billion, in the Philippines over a five-year period to sustain its domestic expansion, a company officially said. “In the next five years, we’re planning for USD1 billion investment, and in fact, we’ve even doing a new plant, which we are building in Tarlac,” Coca-Cola Europacific Partners Plc (CCEP) Chairperson Sol Daurella Comadrán said in a statement.

Article link:

Coca-Cola eyeing to invest additional USD1 billion in PHL

Financial Services

AsiaLink secures PHP4 billion investment from Malaysian equity firm Creador

ASIALINK Finance Corp. said that it received a PHP4 billion investment from Malaysian private equity firm Creador to fund its expansion plans. “With Creador, Asialink is primed for further growth to help the largely unbanked part of the business community. This partnership is envisioned to strengthen the small and medium enterprises and make them a major contributor to economic growth just like in other developed economies,” AsiaLink Chief Executive Robert B. Jordan, Jr. said in a statement.

Article link:

AsiaLink secures PHP4 billion investment from Malaysian equity firm Creador

Others

‍Philex’s Silangan completes USD170 million loan facility for Surigao project:

PHILEX MINING CORP. said its subsidiary, Silangan Mindanao Mining Co., Inc., has secured an additional USD170 million loan to initiate operations for its Surigao del Norte mine, slated to commence by 2025. “The signing of the agreement completes the total loan facility of USD170 million needed to bring the Silangan Project into commercial operation by the first quarter of 2025,” the company said in a disclosure.

‍OceanaGold Philippines eyes IPO by May:

‍THE PHILIPPINE subsidiary of Australian-Canadian mining company OceanaGold Corp. is targeting a public listing by May in compliance with its mining contract. OceanaGold Corp. said in its updated prospectus dated Feb. 26 that the proposed initial public offering (IPO) for OceanaGold Philippines, Inc. (OGPI) is tentatively scheduled for settlement and listing on May 7.

‍A Brown raises PHP1.44 billion from preferred shares offering:

A BROWN Co., Inc. (ABCI) announced that it had successfully raised PHP1.44 billion through a follow-on offering as part of its fundraising efforts. The offering involved Series B and C preferred shares, which were subsequently listed on the Philippine Stock Exchange, ABCI said in a regulatory filing. The offering was oversubscribed by 1.44 times the base amount, it also said.

Article link:

Philex’s Silangan completes USD170 million loan facility for Surigao project

OceanaGold Philippines eyes IPO by May

A Brown raises PHP1.44 billion from preferred shares offering

Note: Deal values only include disclosed completed deals with amounts restricted to local scene i.e. amounts related to the Philippine entity and/or business. Rumored, announced, or planned deals not included. Cross-posted deals are also adjusted to avoid double count.

*USD 1.00 = PHP56.20 as of 2/29/2024

Market summary

• The Financial Services sector accounted for majority of the deal volume for the month, with BDO raising USD1.1bn from its 2nd ASEAN Sustainability Bond issue, and RCBC securing USD400m from its note offering on the Singapore Exchange.
• In the Tech sector, the Philippine social commerce platform Toki secured USD1.8m in pre-seed funding from venture capital firms Kaya Founders and Foxmont Capital Partners. Additionally, Toki received support from strategic investors in the tech industry, including Anthony Oundjian, Brian Cu, and Ernest Cu.
  

Aggregate Deal Value = USD1,526.1m

This month’s top deals

Energy & Utilities

ACEN completes purchase of Indonesia wind projects

Ayala-led ACEN Corp. said its unit has completed the acquisition of three late-stage wind projects from Indonesia-based Barito Renewables, Inc. In a stock exchange disclosure, the listed energy company said ACEN Renewables International Pte. Ltd. through unit ACEN Investments HK Ltd. completed the purchase of shares from UPC Renewables Asia Pacific Holdings Pte. Ltd. for the three wind development assets.

Article link:

ACEN completes purchase of Indonesia wind projects

Basic Energy to list 450 million common shares

Basic Energy Corp. has received approval from its board of directors to list 450 million common shares on the Philippine Stock Exchange, Inc. (PSE), the holding company announced. In a regulatory filing, Basic Energy said that the approved listing is subject to compliance with the rules and regulations of the PSE.

Article link:

Basic Energy to list 450 million common shares

Alternergy board clears perpetual preferred shares listing

Alternergy Holdings Corp. said that its board of directors approved the listing of a total of 470.4 million perpetual preferred shares. In a regulatory filing, the listed energy company said that the board greenlit the listing and filing of 370.4 million perpetual preferred shares 1 and 100 million perpetual preferred shares 2 series A.

Article link:

Alternergy board clears perpetual preferred shares listing

SEC OKs Citicore Renewable IPO

The Securities and Exchange Commission (SEC) has given its green light to the PHP11.252 billion initial public offering (IPO) of Citicore Renewable Energy Corp. (CREC). CREC plans to conduct its share sale from March 4 to 8 with a target to list its shares on the main board of the Philippine Stock Exchange on March 15.

Article link:

SEC OKs Citicore Renewable IPO

Telecommunication & Media

PCC clears sale of ABS-CBN’s Sky Cable to PLDT

The Philippine Competition Commission (PCC) has approved the sale of Sky Cable, a subsidiary of media company ABS-CBN Corp., to telecommunications giant PLDT Inc. Competition watchdog PCC gave the go-signal for Sky Cable to be sold to Pangilinan-led PLDT, ABS-CBN said in a disclosure to the stock exchange. Sky Cable provides broadband, enterprise cable broadband, pay television, and cable services.

Article link:

PCC clears sale of ABS-CBN’s Sky Cable to PLDT

PLDT investing PHP2.11 billion for 34.9% stake in Meralco’s Radius Telecoms

PLDT Inc. said it plans to invest PHP2.1 billion in Radius Telecoms Inc., a telecommunications company with a strong fiber network infrastructure to strengthen its market position and increase its market share in the Philippines. The company’s strategic investment will see PLDT acquire 2.49 million shares, or 34.9-percent equity shares in Radius, bolstering its fiber network reach and unlocking potential synergies between the two firms. It said the indicative purchase price is subject to due diligence and execution of definitive agreements.

Article link:

PLDT investing PHP2.11 billion for 34.9% stake in Meralco’s Radius Telecoms

Real Estate

Ayala Land signs PHP15 billion loan deal with Metrobank

Listed Philippine property developer Ayala Land, Inc. has signed a 10-year loan deal with Metropolitan Bank & Trust Co. (Metrobank) worth PHP15 billion as part of its fund-raising activity. The loan would be used to partially fund capital expenditure requirements and debt refinancing, Ayala Land said in a statement.

Article link:

Ayala Land signs PHP15 billion loan deal with Metrobank

Cebu Landmasters board OK’s 3 million preferred shares offering

Cebu Landmasters, Inc.’s (CLI) board has approved a public offering of up to three million series A preferred shares, the listed property developer announced. The company said in a stock exchange disclosure that a special board meeting approved oversubscription for up to two million series A preferred shares at PHP1,000 per share.

Article link:

Cebu Landmasters board OK’s 3 million preferred shares offering

VLL International to sell USD2 billion notes

Villar-led property developer Vista Land & Lifescapes, Inc. said its unit had approved an USD2 billion medium-term note program as part of capital raising efforts. In a stock exchange disclosure on, Vista Land said VLL International, Inc. approved the program on Dec. 29 and hired DBS Bank Ltd. and HSBC as dealers for the offer, sale, and issuance of the notes. The notes are guaranteed by Vista Land and units Brittany Corp., Crown Asia Properties, Inc., Camella Homes, Inc., Communities Philippines, Inc., Vistamalls, Inc., and Vista Residences, Inc.

Article link:

VLL International to sell USD2 billion notes

Retail & F&B

PCC approves USD1.8 billion Coke PH sale to Aboitiz, partner

The USD1.8 billion acquisition of Coca-Cola Beverages Philippines Inc. (CCBPI) by Aboitiz Equity Ventures Inc. (AEV) and Coca-Cola Europacific Partners Plc (CCEP) takes a further step towards completion after getting the green light from the Philippine Competition Commission (PCC). In a disclosure to the Philippine Stock Exchange (PSE), AEV said they have received the PCC certificate of approval for their joint acquisition of 100 percent of CCBPI from The Coca-Cola Company (TCCC).

Article link:

PCC approves USD1.8 billion Coke PH sale to Aboitiz, partner

Financial Services

BDO board OK’s merger with SM Keppel Lands

BDO Unibank, Inc.’s board has approved its merger with SM Keppel Land, Inc. (SMKL) as part of its restructuring plans. In a regulatory filing, BDO said that it will be the surviving entity following the merger. The transaction is still subject to stockholders’ and regulatory approvals. The merger will be presented for shareholder approval during the annual shareholders’ meeting on April 19.

Article link:

BDO board OK’s merger with SM Keppel Lands

RCBC raises USD400 million from note offering

Rizal Commercial Banking Corp. (RCBC) has raised USD400 million from its offer of five-year senior unsecured sustainability notes, marking the lender’s return to the overseas debt market after over three years. “The transaction saw strong interest from a wide range of high-quality Asian and European investors, which allowed the bank to tighten final price guidance to 165 bps (basis points) over the five-year Treasury yield,” the Yuchengco-led bank said in a disclosure to the stock exchange.

Article link:

RCBC raises USD400 million from note offering

BDO raises PHP63.3 billion in 2nd ASEAN Sustainability Bond issue

BDO Unibank, Inc. successfully raised PHP63.3 billion in its second ASEAN Sustainability Bond issue, exceeding the original offer of PHP5 billion by more than twelve times. The issuance was backed by strong demand from retail and institutional investors, with a rapid build-up in orders resulting in the shortening of the offer period by a week to January 16, 2024. This marks the Bank’s largest single issuance, surpassing its first ASEAN Sustainability Bonds issue in January 2022 amounting to PHP52.7 billion.

Article link:

BDO raises PHP63.3 billion in 2nd ASEAN Sustainability Bond issue

Technology

Salmon to Own 60% of Rural Bank of Sta. Rosa (Laguna) Following BSP Approval

The Monetary Board of the Bangko Sentral ng Pilipinas (BSP), the Filipino regulator, has provided Salmon, the savings and investment fintech, with the approval to acquire the controlling interest in Rural Bank of Sta. Rosa (Laguna). The transaction has not been fully completed yet, but upon doing so in the next few weeks, Salmon will own 59.7 percent of the bank.

Article link:

Salmon to Own 60% of Rural Bank of Sta. Rosa (Laguna) Following BSP Approval

HR tech platform Sprout Solutions acquires PH operations of JustPayroll

HR tech startup Sprout Solutions has announced its acquisition of the Philippines operations of JustPayroll Inc., a provider of enterprise-grade payroll solutions, for an undisclosed amount. The acquisition includes all existing clients and employees of JustPayroll.

Article link:

HR tech platform Sprout Solutions acquires PH operations of JustPayroll

GCash eyes IPO by second half

Electronic wallet platform GCash is planning to conduct its initial public offering (IPO) by the second half of the year as the company awaits a more favorable market, its president said “We’re preparing internally so that we can be ready for this year; it is a question of the market”, Oscar A. Reyes, Jr., president and chief executive officer of G-Xchange, told reporters on the sidelines of a press briefing.

Article link:

GCash eyes IPO by second half

Philippine Social Commerce Platform Toki Secures USD1.8m Pre-Seed Funding

Toki, a social commerce platform based in the Philippines, has secured USD1.8 million pre-seed funding to address demands of untapped market. Toki said in a statement that the pre-seed funding comes from venture capital partners Kaya Founders and Foxmont Capital Partners. Toki has also received support from strategic investors in the tech industry such as Anthony Oundjian (BGC Philippines), Brian Cu (SariSuki), and Ernest Cu (Globe), to name a few. Additionally, Toki has received an investment from Bigboy Cheng, one of the most renowned sneaker, toy, and art collectors in Southeast Asia.

Article link:

Philippine Social Commerce Platform Toki Secures USD1.8m Pre-Seed Funding

Others

Sourcefit Secures Strategic Investment from 9 Basil, NextGen Ventures, and Rocket Equities

Sourcefit, a leading international business processing outsourcing (BPO) provider with operations centers in the Philippines, South Africa, Dominican Republic and Armenia, has successfully closed a significant strategic investment, attracting investments from prominent players 9 Basil, NextGen Ventures, and Rocket Equities.

Article link:

Sourcefit Secures Strategic Investment from 9 Basil, NextGen Ventures, and Rocket Equities

Metals Exploration to buy majority stake in Philippine YMC

Metals Exploration PLC said it has signed a conditional purchase agreement to buy a controlling interest in Philippines-based Yamang Mineral Corp Group. The Philippines-focused gold producer said the acquisition is for USD1.6 million in cash, as well as the option to subscribe for up to 41 million shares, for a share capital of around 73% of YMC. YMC holds the exploration tenement Abra, or EXPA-000129, a "highly prospective" exploration license covering 16,200 hectares on Luzon, Philippines.

Article link:

Metals Exploration to buy majority stake in Philippine YMC

Note: Deal values only include disclosed completed deals with amounts restricted to local scene i.e. amounts related to the Philippine entity and/or business. Rumored, announced, or planned deals not included. Cross-posted deals are also adjusted to avoid double count.

*USD 1.00 = PHP56.30 as of 1/31/2024

Market Summary

• In January 2024, the Vietnamese market witnessed transactions totaling around USD164m. Notably, Technology, Transportation & Logistics, and Consumer & Retail sectors were prominently involved.
• Technology experienced the noteworthy fundraises with a total investment amount of USD60.1m, with (i) MITAC Technology Ltd securing USD30m, (ii) ITM Semiconductor obtaining USD20.1m, and (iii) Shunsin Technology Ltd generating USD10m through a private placement.
• In the Transportation & Logistics sector, (i) Vinfast led the month's fundraising with the highest amount, securing USD100m through a convertible bonds contract with the investment fund YA II PN and (ii) BEgroup raised USD30.3m in its equity capital infusion, featuring participation from the new investor VP Bank.
• Consumer & Retail also played a significant role, contributing c. USD9.76m through Wengu Viet Nam High Technology and Zhou Lei’ capital infusion.

Aggregate Deals Value = USD164m

This month's top deals

Technology

‍ShunSin Technology Ltd announced a USD10 million private placement on January 19, 2024, with participation from a new investor, ShunSin Technology Holdings Ltd.‍

The new subsidiary, ShunSin Technology (Vietnam), is seen as a long-term equity investment by the company. ShunSin Technology (Bac Giang, Vietnam) Limited announced a private placement for the gross proceeds of USD10 million on January 19, 2024. The shareholders have approved the transaction of the company. The company will issue common shares in the transaction.

ShunSin has also stepped up its deployment in the co-packaged optics (CPO) field, said the company at a recent investors conference call. The company will produce its CPO products mainly at its plants in Vietnam.

ShunSin has been looking into Sip technology for optical transceivers for years and has already generated samples of co-packaged optics (CPO), which might see widespread deployment by AI server supply chains by 2025.

‍MiTAC Technology (Vietnam) Company Limited. announced that it expects to receive USD30 million in funding from Getac Holdings Corporation:Novaland shareholders have recently approved various stock issuance plans, including MiTAC Technology (Vietnam) Company Limited announced that it will receive USD30 million in a round of funding on January 1, 2024. The transaction includes the participation of a new investor, Getac Holdings Corporation for a 100% stake. The company has issued equity in the transaction. The transaction has been approved by the shareholder board.

Article link:

ShunSin Technology Ltd announced a USD10 million private placement on January 19, 2024, with participation from a new investor, ShunSin Technology Holdings Ltd

MiTAC Technology(Vietnam) Company Limited. announced that it expects to receive USD30 million in funding from Getac Holdings Corporation

Transportation & Logistics

‍The YA II PN investment fund managed by Yorkville has signed a contract to spend USD49 million to purchase VinFast shares and USD51 million to buy back VFS shares from Asian Star shareholders:

On December 29, 2023, VinFast entered into a securities purchase agreement with the YA II PN investment fund, managed by Yorkville and based in Mountainside, New Jersey.

According to the agreement, VinFast has agreed to issue and sell to Yorkville a convertible bond with a principal amount of USD50 million. The convertible bond will mature on July 1, 2024, unless converted by Yorkville or repurchased by VinFast. If converted, the conversion price will be USD10 per VFS share. Additionally, on December 29, 2023, Asian Star will sell its stake in VinFast to the YA II PN investment fund for USD49 million, and these shares are provided to the company under the terms of the previously signed funding agreement.

Following this funding round, VinFast plans to expand its distribution network for electric vehicles to 125 sales points across the United States. Additionally, VinFast currently operates 13 retail stores and service centers in the state of California.

‍Be Group has raised USD30 million from VPBank Securities to strengthen its competition with Singaporean rival, Grab:

In 2019, VPBank, the parent company of VPBank Securities, became a strategic partner of Be Group to provide financial services within Be's ecosystem, including payment functions, loyalty point accumulation, and other financial services.

Be Group announced that it will utilize the newly invested amount of USD30 million (c. VND740 billion) from VP Securities to expand and upgrade its existing ride-hailing, delivery, and digital financial services. Additionally, Be Group plans to explore new markets and segments within the consumer and transportation sectors.

Receiving funding from VPBank Securities, Be Group had secured investments from GSM, a subsidiary of Vingroup, in early 2023, although the specific amount was not disclosed.

Article link:

The YA II PN investment fund managed by Yorkville has signed a contract to spend USD49 million to purchase VinFast shares and USD51m to buy back VFS shares from Asian Star shareholders

Be Group has raised USD30 million from VPBank Securities to strengthen its competition with Singaporean rival, Grab

Consumer & Retail

J.Pond Precision Technology Co., Ltd. agreed to acquire a 55% stake in Wengu Viet Nam High Technology and Zhou Lei for USD9.76m

J.Pond Precision Technology Co., Ltd. (SZSE:301326) agreed to acquire 55% stake in Wengu Viet Nam High Technology Company Limited and Wengu Industrial (Shanghai) Co., Ltd. from Wengu Sealing System (HK) Limited, and Zhou Lei for CNY 70 million on January 16, 2024. The consideration consists of CNY 70 million in cash. The agreement outlines a three-stage payment plan.

Article link:

J.Pond Precision Technology Co., Ltd. agreed to acquire a 55% stake in Wengu Viet Nam High Technology and Zhou Lei for USD9.76m

Agriculture & Food

Mr. Trinh Trung Hieu, Chairman of the Board of Directors of Huu Nghi Food Joint Stock Company (Huu Nghi Food, stock code: HNF), has recently registered to purchase over 2.63 million HNF shares, equivalent to c. USD2.46 million, for investment purposes

The anticipated transaction is scheduled to take place from January 16 to February 6, using both negotiated and matching order methods. Currently, Mr. Trung Hieu holds 3.09 million HNF shares, accounting for 10.3% of the company's capital. HNF shares are priced at USD0.9 per share, representing an almost 70% increase from the lowest point in the past year. At this valuation, Mr. Trung Hieu is expected to spend approximately c. USD2.46 million to increase his ownership stake in Huu Nghi Food.

In the last months of 2023, the company consistently announced dividend payouts for the year 2022, with a total interim dividend rate of 50% in cash. Huu Nghi Food's impressive dividend distribution stems from its outstanding business performance, with record-breaking revenue and profit. The company achieved a profit of c. USD4.8 million, a 3.2-fold increase compared to the previous year.

Article link:

Mr. Trinh Trung Hieu, Chairman of the Board of Directors of Huu Nghi Food Joint Stock Company (Huu Nghi Food, stock code: HNF), has recently registered to purchase over 2.63 million HNF shares, equivalent to c. USD2.46 million, for investment purposes

Note: Deal values include disclosed announced & closed deals with amounts restricted to the local scene i.e., amounts related to the Vietnam entity and/or business. Rumored deals are not included. Cross-posted deals are also adjusted to avoid double counting.

*USD 1.00 = VND24,540 as of 02/20/2024

Market summary

• The Energy & Utilities sector accounted for the majority of the deal volume for the month. ACEN was particularly active, taking out 3 loans – USD100m from Mitsubishi UFJ Financial Group, Inc (MUFG) Bank, USD195.5m from Asian Development Bank (ADB) and Bank of the Philippine Islands (BPI), and USD50.3m from HSBC.
• Manila Water also announced multiple loan agreements. They signed a USD177.7m loan facility with Metropolitan Bank & Trust Company.

Aggregate Deal Value = USD1,248.6m

Energy & Utilities

‍Vivant unit seals PHP3.5 billion loan with BDO:

VIVANT Energy Corp. signed a PHP3.5 billion term loan facility agreement with BDO Unibank, Inc., its parent firm said.

Article link:

Vivant unit seals PHP3.5 billion loan with BDO

‍Manila Water signs PHP10 billion loan for capital spending:

MANILA Water Co., Inc. said on Thursday that it had signed a PHP10 billion term loan facility with a local bank to partly fund its capital expenditure projects. In a disclosure to the stock exchange, the east-zone water concessionaire said the 10 year term loan facility was extended by Metropolitan Bank and Trust Co.

Article link:

Manila Water signs PHP10 billion loan for capital spending

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Article link:

ACEN unit signs USD100 million loan to finance international expansion

‍ACEN raises PHP11 billion from sustainability-linked credit facility:

The Ayala group’s listed energy platform ACEN Corp. has obtained another loan this month, this time an PHP11 billion sustainability-linked credit facility with the Asian Development Bank (ADB) and Bank of the Philippine Islands (BPI), to fund the development of its renewable energy projects.

Article link:

ACEN raises PHP11 billion from sustainability-linked credit facility

‍Greenergy eyes up to PHP5 billion loan:

LISTED firm Greenergy Holdings, Inc. is set to apply for a loan or credit facility amounting up to PHP5 billion, the company said.

Article link:

Greenergy eyes up to PHP5 billion loan

‍SPNEC takes full control of Terra Solar for PHP6 billion:

SP New Energy Corp. (SPNEC) has acquired the stake held by its partner in Terra Solar Philippines, Inc. for PHP6 billion, giving the listed firm full ownership of the entity that plans to build a massive solar farm.

Article link:

SPNEC takes full control of Terra Solar for PHP6 billion

‍Vivant unit taps Metrobank for up to PHP2.75 billion loan:

A SUBSIDIARY of listed Vivant Corp. signed a five-year term loan facility agreement with Metropolitan Bank & Trust Co., securing additional funding for its power generation projects.

Article link:

Vivant unit taps Metrobank for up to PHP2.75 billion loan

‍Alternergy prepares up to PHP4 billion offering:

ALTERNERGY Holdings Corp. is set to apply for the issuance of green corporate notes amounting to up to PHP4 billion as part of the listed energy company’s capital-raising activities to support its renewable power projects.

Article link:

Alternergy prepares up to PHP4 billion offering

‍ACEN unit signs green loan to expand RE in Australia:

Ayala-led ACEN Corp., through its subsidiary, sealed a green term loan worth 75 million Australian dollars with Hongkong and Shanghai Banking Corp. Ltd. for its renewables expansion in Australia.

Article link:

ACEN unit signs green loan to expand RE in Australia

‍ACEN acquires two firms under Yoma Micro Power:

AYALA-LED ACEN Corp., through its subsidiary, took over two companies under Yoma Micro Power Pte. Ltd. to provide solar power to telecommunication towers as well as commercial and industrial sectors.

Article link:

ACEN acquires two firms under Yoma Micro Power

‍Manila Water inks PHP7 billion deal with Landbank for expansion:

Manila Water Co. (MWC) signed a 10 year term loan facility with Land Bank of the Philippines (Landbank) amounting to PHP7 billion.

Article link:

Manila Water inks PHP7 billion deal with Landbank for expansion

Real estate

‍Vista Land raises PHP6 billion from bond issue:

Vista Land & Lifescapes Inc. (Vista Land) has successfully raised PHP6 billion through the issuance of its fixed-rate peso denominated bonds. The bonds, issued yesterday, consist of Series F 2026 bonds with an interest rate of 7.5426 percent per annum and Series G 2028 bonds with an interest rate of 7.6886 percent per annum.

Article link:

Vista Land raises PHP6 billion from bond issue

‍D.M. Wenceslao takes majority stake in Bay Resources for PHP232 million:

LISTED D.M. Wenceslao & Associates, Inc. (DMW) subscribed to P232.17-million worth of shares in Bay Resources and Development Corp., providing fresh capital and securing a majority stake in the latter.

Article link:

D.M. Wenceslao takes majority stake in Bay Resources for P232M

Industrials & Manufacturing

MPAV finalizes deal to own 34.76% stake in Axelum

METRO PACIFIC Agro Ventures (MPAV), a subsidiary of Metro Pacific Investments Corp. (MPIC), has finalized a deal to acquire a 34.76% stake in Axelum Resources Corp., a food manufacturing company that exports coconut products, with some payments contingent on achieving specific financial goals.

Article link:

MPAV finalizes deal to own 34.76% stake in Axelum

Consumer and Retail

Cosco plans to acquire 60% stake in Catuiran Hydropower

RETAIL holding company Cosco Capital, Inc. has announced plans to acquire 60% of the outstanding shares in Catuiran Hydropower Corp., operator of the eight-megawatt hydroelectric plant in Naujan, Oriental Mindoro.

Article link:

Cosco plans to acquire 60% stake in Catuiran Hydropower

Transportation & Logistics

‍AirAsia parent considers IPO of Philippine operations:

AirAsia parent Capital A CAPI.KL said on Thursday it was exploring financing options for its Indonesian and Philippine operations, including a potential initial public offering (IPO) for AirAsia Philippines in the near term.

Article link:

AirAsia parent considers IPO of Philippine operations

‍Tollway operator inks PHP10 billion loan deal with BPI:

NLEX Corp. said it had signed a P10-billion term loan facility with Bank of the Philippine Islands (BPI) to fund ongoing and future projects. The operator of the North Luzon Expressway and the Subic-Clark-Tarlac Expressway said the loan would also be used to refinance maturing debt.

Article link:

Tollway operator inks PHP10 billion loan deal with BPI

Healthcare

Ayala unit invests in North Luzon-based pharma firm St. Joseph Drug

AYALA CORP., through its unit Ayala Healthcare Holdings, Inc. (AC Health), has acquired a minority stake in pharmaceutical company St. Joseph Drug, the listed company announced.

Article link:

Ayala unit invests in North Luzon-based pharma firm St. Joseph Drug

Note: Deal values only include disclosed completed deals with amounts restricted to local scene i.e. amounts related to the Philippine entity and/or business. Rumored, announced, or planned deals not included. Cross-posted deals are also adjusted to avoid double count.

*USD 1.00 = PHP56.27 as of 1/10/2024

Market Summary

• In December 2023, the Vietnamese market experienced a series of transactions amounting to approximately USD715m, prominently led by the Consumer & Retail, Real Estate and Financial Services sectors.
• The largest fundraising during the month was from NVB via its private placement with a total value of USD255m.
• Real Estate saw significant fundraises of USD53m from Phat Dat and USD81.6m from Nova Land to fund various projects.
• Within the Consumer & Retail, Masan Group raises its equity funding round by USD50m compared to previous announcement, which is led by Bain Capital.
• The Technology also played a significant role with a contribution of around USD 52m.

Aggregate Deals Value = USD715m

This month's top deals

Consumer & retail

Masan Group upsizes equity funding round to USD250 million, led by Bain Capital

Masan Group announced that Bain Capital, a leading private investment firm with approximately USD180 billion of assets under management, agreed to increase its equity investment into Masan Group to USD250 million from the previously announced USD200m. Transaction terms remain the same as per the initial agreement in October 2023. The proceeds will be used to strengthen the Company’s financial position and allocated to de-lever Masan’s balance sheet.

Article link:

Masan Group upsizes equity funding round to USD250 million, led by Bain Capital

Financial Services

National Citizen Commercial Joint Stock Bank (NVB) issues c. USD260 million of shares

The Board of Directors of NVB has approved a plan to privately sell 620 million NVB shares at USD0.41 per share to increase capital. The bank states that the targeted investors for this offering are committed, long-term securities investors who share a strategic vision with the bank. The transaction is anticipated to conclude the issuance in the fourth quarter of 2024.

According to the plan, the funds raised from this capital increase will be allocated by the bank for business operations supplementation (c. USD217 million), facility renovation and upgrades (c. USD8.13 million), brand identity development (c. USD8.13 million), and technology and digital transformation (c. USD20.4 million). Beyond financial resource mobilization, the bank aims to identify capable shareholders to contribute to enhancing both financial and operational capabilities.

Article link:

National Citizen Commercial Joint Stock Bank (NVB) issues c. USD260 million of shares

Healthcare & Life Science

Japanese company ASKA Pharmaceutical Holdings increased ownership to in Ha Tay Pharmaceutical (DHT) with amount of c. USD7.4m

ASKA Pharma has completed the purchase of 8.4 million DHT shares at the announced price of c. USD0.88 per share. Following the transaction, ASKA increased its ownership from 18.4 million to nearly 27 million shares, representing 24.9% of the capital and approximately 32.56% of the total shares. This acquisition is part of DHT's private share placement, with ASKA as a strategic investor acquiring the entire offering.

DHT's planned expenditures are approximately USD3.2m for the Hataphar high-tech pharmaceutical production plant project and USD4.2m for debt restructuring to enhance capital self-sufficiency and alleviate financial pressure.

Article link:

ASKA Pharmaceutical increased ownership to in Ha Tay Pharmaceutical (DHT) with amount of c. USD7.4m

Real Estate

‍Phat Dat aims to raise over USD53m from shareholders to fund various projects:

Phat Dat Real Estate (PDR) Board of Directors approved a plan to offer up to 134.3 million shares to existing shareholders at a 5.5:1 subscription ratio. Shareholders can buy 10 shares at c. USD0.41 each, with no transfer rights for subscription. The anticipated amount to be raised is c. USD54.8m.

PDR plans to allocate USD5.4m to the Urban Development Investment Project in zones 2 and 9 of the Ecological Urban Area Nhon Hoi, Binh Dinh Province. Additionally, c. USD20.9m will be invested in the Residential Area combined with urban refurbishment in Bac Ha Thanh. c. USD16.3m will be used for investing in a high-end commercial and hotel services center. The remaining USD12.3m will be invested in the high-rise residential complex in Thuan An 1, 2.

The company will utilize USD24.5m to repay the principal of bonds, and the remaining will be used to pay interest.

Article link:

Phat Dat aims to raise over USD53m from shareholders to fund various projects

‍Nova Land Investment Group Corporation announced a placement for the gross proceeds of c. USD81.6m on December 28, 2023:

Novaland shareholders have recently approved various stock issuance plans, including private placement, issuance to existing shareholders, and issuance to employees (ESOP) for the years 2022 and 2023, totaling 1.37 billion shares.

Specifically, Novaland plans to privately place 200 million shares for a maximum of 5 professional securities investors. Additionally, they will issue 1.17 billion shares to existing shareholders (unrestricted transfer) using the rights offering method. Furthermore, Novaland shareholders have also endorsed the ESOP issuance plan for 2022 and 2023, covering a maximum of 1.5% of the circulating shares.

Article link:

Nova Land announced a placement for the gross proceeds of c. USD81.6m

Technology

Hana Micron Vina raises funding of c. USD52 million for expansion of semiconductor business in Vietnam

On December 21, 2023, Hana Micron Vina Co., Ltd announced that it will raise c. USD52 million in an equity funding from its parent company, HANA Micron Inc. The transaction has been approved by the board of directors of the company and is expected to be closed on January 9, 2024.

Hana Micron Vina expects to earn revenue of USD300 million in 2023 and USD800 million in 2025 and by then invest the total of USD1 billion into chip production in Vietnam.

Article link:

Hana Micron Vina raises funding of c. USD52 million for expansion of semiconductor business in Vietnam

Transportation & Logistics

Vietjet (VJC) postpones dividend payment, planning to offer c. USD100 million of shares to settle the aircraft purchase deposit

On December 19, 2023, Vietjet shareholders approved the temporary postponement of issuing shares for the 2021 dividend to prioritize the sale of 24.5 million private shares at a offering price of c. USD4.07 per share to less than 100 professional securities investors. With an expected amount of c. USD100 million, Vietjet plans to allocate 70% of the proceeds to pay the Aircraft Purchase Deposit (PDP) and the remaining 30% for leasing fees to aircraft leasing entities and leasing aircraft engine purchases.

In case of insufficient funds from the offering, the Board of Directors is authorized by the General Meeting of Shareholders to actively seek alternative funding sources suitable for the company's current situation.

Article link:

Vietjet (VJC) postpones dividend payment, planning to offer c. USD100 million of shares to settle the aircraft purchase deposit

Note: Deal values include disclosed announced & closed deals with amounts restricted to the local scene i.e., amounts related to the Vietnam entity and/or business. Rumored deals are not included. Cross-posted deals are also adjusted to avoid double count.

Market Summary

• The Energy & Utilities sector accounted for the majority of the deal volume for the month. Energy transactions include GSIS’s subscription to Alternergy’s Perpetual Preferred Shares 2 Series A; and First Gen Corporation’s term loan agreement with BDO and BPI.
• In the Financial Services sector, the Bank of the Philippine Islands (BPI) raised PHP36.7bn from the sale of fixed-rate bonds. The 1.5-year bonds with an interest rate of 6.425 percent a year, were listed on the Philippine Dealing & Exchange Corp.
• Etaily, a Philippine-based e-commerce enabler, secured USD17.8m in a Series A funding round led by SKS Capital and Pavilion Capital.

Aggregate Deal Value* = USD776.8m

This month's top deals

Energy & Utilities

‍Alsons raises PHP1.1 billion from third tranche debt issue:

ALSONS Consolidated Resources, Inc. (ACR) has raised PHP1.149 billion from the third tranche of its commercial paper (CP) program. “The proceeds derived from this will primarily be used for ACR’s general working capital, showcasing the company’s unwavering commitment to steering economic progress in Mindanao”, the listed energy firm said in a stock exchange disclosure.

Article link:

Alsons raises PHP1.1 billion from third tranche debt issue

‍ACEN signs PHP20 billion term loan facility:

Ayala-led ACEN Corporation has inked PHP20 billion worth of term loan facility that will be used mainly to bankroll ongoing renewable energy (RE) projects as well as for general corporate purposes.

Article link:

ACEN signs PHP20 billion term loan facility

‍First Gen inks PHP20 billion term loan deal with BDO, BPI:

Lopez-led First Gen Corporation has signed PHP20 billion term loan agreement with major local banks – BDO Unibank, Inc. (BDO) and Bank of the Philippine Islands (BPI) – primarily to fund the acquisition of the 165-megawatt Casecnan hydroelectric power project (CHEPP) in Nueva Ecija.

Article link:

First Gen inks PHP20 billion term loan deal with BDO, BPI

‍GSIS buys PHP1.45 billion preferred shares in RE firm Alternergy:

State-run pension fund Government Service Insurance System (GSIS) has subscribed to renewable energy (RE) firm Alternergy Holdings Corporation’s Perpetual Preferred Shares 2 Series A amounting to PHP1.45 billion under a private placement.

Article link:

GSIS buys PHP1.45 billion preferred shares in RE firm Alternergy

‍DBP lends PHP1.4 billion for 8.4-MW Mindanao hydropower plant:

State-owned Development Bank of the Philippines (DBP) said it granted a PHP1.4 billion loan to a renewable energy firm to partially fund the construction of a 8.4-megawatt hydroelectric power plant in Bukidnon in line with the government’s efforts to expand new and sustainable energy sources. DBP president and chief executive Michael de Jesus said the loan granted to Investco BHPI Inc. was made under the bank’s Financing Utilities for Sustainability Energy Development (FUSED) program which seeks to help increase access to electricity services particularly in the countryside.

Article link:

DBP lends PHP1.4 billion for 8.4-MW Mindanao hydropower plant

Telecommunication & Media

Globe secures PHP12 billion loan from three banks

Globe Telecom, Inc. said it had secured funds from a loan facility amounting to a total of PHP12 billion which it will use to fund its capital expenditures (capex). The company said it signed the term loan with Bank of the Philippine Islands, China Banking Corp., and Robinsons Bank Corp. for PHP3 billion, PHP5 billion, and PHP4 billion, respectively.

Article link:

Globe secures PHP12 billion loan from three banks

Industrials & Manufacturing

Philex unit gets USD100 million loan for Silangan project

A wholly owned subsidiary of Pangilinan-led Philex Mining Corp., has entered into a USD100 million syndicated debt facility for the development of the Silangan mine project in Surigao del Norte.

Article link:

Philex unit gets USD100 million loan for Silangan project

Financial Services

‍BPI secures PHP36.7 billion from bond offer after huge order:

Bank of the Philippine Islands (BPI) raised PHP36.7 billion from the sale of fixed-rate bonds after noting “incredible” demand from buyers, prompting the Ayala Group’s banking arm to increase the offer size by over seven times. BPI, the country’s third-biggest lender, said the 1.5-year bonds, which will pay an interest rate of 6.425 percent a year, were listed on the Philippine Dealing & Exchange Corp.

Article link:

BPI secures PHP36.7 billion from bond offer after huge order

‍MAA Group sells 85% stake in Philippine arm:

Malaysian-based MAA Group sold 85% of its Filipino arm worth USD49.3 million to Triple P Philippines. Additionally, MAA Group has granted Triple P an option for the sale of the remaining 102,318 MAA General Assurance Philippines (MAAGAP) shares (Option Shares), representing a 15% equity interest in MAAGAP, under the terms and conditions outlined in the SSPA. The proposed disposal will result in MAAGAP, a subsidiary of MAA Group, exiting the nonlife insurance business in the Philippines.

Article link:

MAA Group sells 85% stake in Philippine arm

‍Paramount Life & General Insurance Corporation Acquires Macondray Finance Corporation (MFC):

Paramount Life & General Insurance Corporation (PLGIC) is pleased to announce its recent acquisition of Macondray Finance Corporation (MFC), a subsidiary specializing in consumer loan financing. This significant development marks an exciting chapter in PLGIC's journey towards continuous evolution and innovation.

Article link:

Paramount Life & General Insurance Corporation Acquires Macondray Finance Corporation (MFC)

Healthcare

Philippine Hive Health Acquires HMO Service Provider Health Plan Philippines, Inc.

Hive Health, a Philppine-based digital health insurance startup, has acquired Health Plan Philippines, Inc. (HPPI), one of the Health Maintenance Organization (HMO) service providers in the country. With this strategic initiative, Hive Health will be able to share its technology and data-driven innovations with HPPI’s existing members.

Article link:

Philippine Hive Health Acquires HMO Service Provider Health Plan Philippines, Inc.

Technology

‍Philippines’ Etaily secures USD17.8 million investment to fuel growth in Southeast Asia:

Philippine-headquartered commerce platform enabler Etaily has secured USD17.8 million in a Series A funding round, led by SKS Capital from China and Taiwan, and co-led by Pavilion Capital from Singapore, as it scales its ecommerce entry platform to enable brands to connect with consumers across Southeast Asia.

Article link:

Philippines’ Etaily secures USD17.8 million investment to fuel growth in Southeast Asia

‍Filipino Startup Swarm Raises USD1.1 million in Pre-Seed Funding Round:

Swarm, a Filipino tech company that connects startup founders with freelance tech builders, has announced that it has raised USD1.1 million in a pre-seed funding round. Leading the round are two early institutional investors, Hustle Fund and Plug and Play.

Article link:

Filipino Startup Swarm Raises USD1.1 million in Pre-Seed Funding Round

‍The Philippines’ edamama raises Series A+ funding led by Ayala’s ACTIVE Fund:

The Philippines’ online-to-offline (O2O) parenting platform edamama has closed its Series A+ financing, bringing the total funds raised by the company so far to USD35 million. The fresh investment was led by the Ayala Corporation Technology Innovation Venture (ACTIVE) Fund, the largest venture capital fund in the Philippines, which is managed by Kickstart Ventures and backed by Ayala Corporation and its subsidiaries.

Article link:

The Philippines’ edamama raises Series A+ funding led by Ayala’s ACTIVE Fund

Others

‍EEI sells 60% stake in subsidiary for PHP50 million:

EEI Corp. said its board had approved the sale of its subsidiary BiotechJP Corp. for PHP50 million to Earthman Consulting & Development Corp. The listed construction company is assigning its 181,815 common shares in BiotechJP, which accounts for 60% of the total outstanding capital stock, to Earthman. The sale of its BiotechJP interest is part of EEI’s exit from its noncore business.

Article link:

EEI sells 60% stake in subsidiary for PHP50 million

‍2x acquires StraightArrow to boost outsourced marketing services:

Marketing-as-a-service (MaaS) company 2x announced its acquisition of StraightArrow Corporation, a leading creative process outsourcing (CPO) company based in Manila, Philippines. The acquisition represents a milestone for 2x’s mission to disrupt the USD850 billion United States marketing services sector.

Article link:

2x acquires StraightArrow to boost outsourced marketing services

Note: Deal values only include disclosed completed deals with amounts restricted to local scene i.e. amounts related to the Philippine entity and/or business. Rumored, announced, or planned deals not included. Cross-posted deals are also adjusted to avoid double count.

*USD 1.00 = PHP55.53 as of 11/30/2023

Market Summary

• In November 2023, the Vietnamese market experienced a series of transactions amounting to approximately USD720m, prominently led by the Finance Services, Energy, and Automotive sectors.
• The largest fundraising during the month was from Thaco Group via its convertible bonds with a total value of USD350m, marking the largest single bond offering in Vietnam during the year.
• The USD180m transaction between AEON Financial and SeABank underscores the ongoing trends of strategic partnerships and realignment within the financial sector.
• The Energy sector also played a significant role with a contribution of around USD160m.
• The Food and Consumer & Retail sectors were also active, featuring key players such as Sojitz and Alibaba.

Aggregate Deals Value = USD720m

This month's top deals

Agriculture and Food

‍Sojitz expands footprint in Vietnam's food industry with full ownership acquisition of New Viet Dairy: On November 22, Sojitz Corporation, along with its subsidiaries Sojitz Asia Pte., Ltd. and Sojitz Vietnam Co., Ltd., jointly acquired full ownership of DaiTanViet JSC (New Viet Dairy), Vietnam’s largest wholesaler of commercial food. Vietnam is a crucial market for Sojitz, where it has established value chains for manufacturing, logistics, and retail industries to meet the growing demand from supermarkets and convenience stores. Through this acquisition, Sojitz aims to collaborate with its subsidiary, Huong Thuy Manufacture Service Trading Corporation, to create a broadline wholesale food distribution business serving retail stores, mass merchandisers, and hotels and restaurants. The acquisition allows Sojitz to utilize New Viet Dairy's and Huong Thuy's customer networks to expand its sales channels in Vietnam and promote seafood products.

Article link:

Sojitz expands footprint in Vietnam's food industry with full ownership acquisition of New Viet Dairy

‍Japan’s Marubeni acquires stake in Vietnam’s AIG Asia Ingredients:

Marubeni Corporation, through its subsidiary Marubeni Growth Capital Asia (MGCA), has invested in AIG Asia Ingredients Corporation (AIG), a leading player in food ingredients and packaged food products within the Vietnamese market. This investment aligns with the robust growth of Southeast Asia's food sector, driven by economic development and a growing middle class.

Marubeni's strategic partnership aims to support AIG's business transformation in Vietnam, one of the region's fastest-growing food markets. This transaction also marks MGCA's second investment in the food and beverage sector, following its successful master-franchise partnership with Tim Hortons.

Article link:

Japan’s Marubeni acquires stake in Vietnam’s AIG Asia Ingredients

Consumer & retail

Alibaba invests in Vietnamese beauty and personal care chain Hasaki

Alibaba has acquired a minority stake in Vietnam's beauty and cosmetics retailer, Hasaki, showcasing its strategic expansion in the thriving Vietnamese market. Hasaki is a leading Vietnamese beauty retailer with over 140 stores and clinics across Vietnam. The company runs a unique shop-spa-warehouse store model with retail on the ground floor, a skincare clinic and spa services on the upper floor, and a mini-distribution center servicing online orders. The terms and value of the deal are not disclosed.

Article link:

Alibaba invests in Vietnamese beauty and personal care chain Hasaki

Energy & Utilities

‍Semborp spends USD160 million to acquire majority stakes in Gelex's subsidiaries:

On November 10, Sembcorp Industries announced its subsidiary, Sembcorp Solar Vietnam, will acquire majority interests ranging from 73% to 100% in various subsidiaries of Gelex Group. This strategic move involves adding 245MW of operational renewable wind, solar, and hydropower assets to Sembcorp's Vietnamese portfolio, expanding its renewables presence to over 450MW.

Sembcorp plans to fund the maximum equity consideration of USD160 million through a mix of internal resources and external borrowings.

Article link:

Semborp spends USD160 million to acquire majority stakes in Gelex's subsidiaries

‍Coro Energy increases equity interest in its Vietnamese venture from 85% to 92.5%: Coro Energy Plc., a Southeast Asian energy company, has increased its equity in its Vietnamese venture from 85% to 92.5% through a restructuring with partners in Vietnam (including Invest Gains Viet Nam Co. Ltd. and Vinh Phuc Energy). The transaction, valued at approximately USD290,000, includes an immediate cash payment of USD100,000 and the issuance of shares.

Article link:

Coro Energy increases equity interest in its Vietnamese venture from 85% to 92.5%

Financial Services

SeABank sells entire stake in PTF to AEON Financial

SeABank has successfully sold its entire stake in Post and Telecommunications Finance Co., Ltd. (PTF), a consumer finance subsidiary, to Aeon Financial Service Co., Ltd. This strategic move aligns with SeABank's focus on core banking operations while allowing Aeon Financial to strengthen its presence in Vietnam's consumer finance sector. SeABank has transferred its entire capital contribution in PTF at a price of USD176.6 million to Aeon.

As a result of this transaction, Aeon Financial now holds full ownership of PTF, marking a significant development in its expansion strategy within the Vietnamese market. The deal underscores the ongoing trends of strategic partnerships and realignment within the financial sector to optimize operations and capitalize on emerging opportunities.

Article link:

SeABank sells entire stake in PTF to AEON Financial

Automotive and Transportation

Jardine Cycle & Carriage invests USD350 million in THACO

Jardine Cycle & Carriage Limited has subscribed to a private placement by Truong Hai Group Corporation for a domestic Vietnamese Dong convertible bond of VND 8,680 billion (c. USD350 million). Notably, this transaction stands out as Vietnam's most substantial single bond offering for the year. By participating in this placement, Jardine Cycle & Carriage further cements its enduring partnership with THACO, concurrently increasing its stake to 26.6%.

Article link:

Jardine Cycle & Carriage invests USD350 million in THACO

Note: Deal values include disclosed announced & closed deals with amounts restricted to the local scene i.e., amounts related to the Vietnam entity and/or business. Rumored deals are not included. Cross-posted deals are also adjusted to avoid double count.

Market Summary

• In October 2023, Vietnam market witnessed several transactions with a total value of USD1,251m mainly contributed by Vietnamese giants - Masan and Vinfast.
• The most active industry was Technology with USD914m transactions value, in which Vinfast acquisition of VinES Energy Solutions accounted for USD911m.
• The USD200m transaction from Bain in Masan is a landmark deal in the Vietnamese Consumer sector.
• Financial and healthcare services are other active markets with the contribution of USD47.8m and USD45.6m respectively.

Aggregate Deals Value = USD1,250.9m

This month's top deals

Agriculture and Food

‍Hong Ha Food Investment Development Joint Stock Company intends to issue 18,000,000 common shares:

Hong Ha Food Investment Development Joint Stock Company announced a private placement of 18,000,000 common shares at a price of VND10,000 per share for the gross proceeds of VND180,000,000,000 on October 3, 2023. The transaction will include participation from less than 100 investors. The shares are restricted to a hold period of 3 years from the ending of the issuance. The transaction has been approved in the 1st extraordinary general meeting of shareholders in 2023.

On October 12, 2023, the company announced that the transaction has been approved by the shareholders of the company and 6,000,000 shares will be subscribed by strategic investors and 12,000,000 shares for professional securities investors.

Article link:

Hong Ha Food Investment Development Joint Stock Company announced a private placement of 18,000,000 common shares

‍TLK Agriculture Joint Stock Company agreed to acquire Phu Ben Tea Company Limited from Borelli Tea Holdings Ltd.:

TLK Agriculture Joint Stock Company agreed to acquire Phu Ben Tea Company Limited from Borelli Tea Holdings Ltd. for USD2.15 million on October 25, 2023. As of December 31, 2022, Phu Ben Tea Company Limited reported total revenue of USD3.47 million (VND85.2 billion). The deal is expected to be completed on December 24, 2023.

Phu Ben Tea Company Limited (Phu Ben Tea Company Limited holds and manages tea factories and plantations and engages in growing, manufacturing, and selling of tea and produces around 4.5 million kgs of tea annually in the three tea processing factories owned by it. The company is based in Phu Tho, Vietnam. As of March 4, 2009, Phu Ben Tea Company Limited operates as a subsidiary of Borelli Tea Holdings Ltd.).

Article link:

TLK Agriculture Joint Stock Company agreed to acquire Phu Ben Tea Company Limited from Borelli Tea Holdings Ltd.

Consumer & retail

Bain Capital scores first deal in Vietnam, to invest at least USD200 million in Masan Group

On October 2, Masan Group Joint Stock Company (Masan) said that Bain Capital - the world's leading private investment fund with total assets under management of approximately USD180 billion, has agreed to invest at least USD200 million. USD equal to equity capital into Masan Group with a value of VND85,000 per share. This transaction marks Bain Capital's first investment project in Vietnam.

Article link:

Bain Capital scores first deal in Vietnam, to invest at least USD200 million in Masan Group

Energy & Utilities

Viet Nam Gas and Chemicals Transportation Corporation announced a private placement to issue common shares

Viet Nam Gas and Chemicals Transportation Corporation announced a private placement to issue common shares for the gross proceeds of VND224,355,970,000 on September 28, 2023. The transaction has been approved by the shareholders of the company.

Viet Nam Gas and Chemicals Transportation Corporation will use the proceeds of VND150,735,576,000 for Payment for Loyal ship purchase and VND73,620,394,000 for Supplement business capital and working capital of the Company.

Article link:

Viet Nam Gas and Chemicals Transportation Corporation announced a private placement to issue common shares

Financial Services

APG Securities Joint Stock Company announced a private placement of 70,000,000 common shares

APG Securities Joint Stock Company announced a private placement of 70,000,000 common shares at a price of VND11,000 per share for the gross proceeds of VND770,000,000,000 on October 30, 2023. The transaction has been approved by the shareholders of the company. The transaction is expected to close in quarter 4, 2023.

Article link:

APG Securities Joint Stock Company announced a private placement of 70,000,000 common shares

Heng Leasing and Capital Public Company Limited (SET:HENG) agreed to acquire 75% stake in S68 Capital Investment LLC

Heng Leasing and Capital Public Company Limited (SET:HENG) agreed to acquire 75% stake in S68 Capital Investment LLC from Nguyen Thanh Hien and Hoang Van Hung for VND4.3 billion on October 3, 2023. The acquisition will be funded from the working capital. Board of directors of Heng Leasing and Capital approved the transaction in its meeting held on October 3, 2023. The transaction is conditional upon S68 Capital receiving related approval and operational license in connection with its business from the relevant government authorities of Vietnam and may continuously operate its business, sellers agree to take responsibility for any liabilities related or associated with S68 Capital that exist or occur prior to Heng Leasing's acquisition of S68, no events or actions that may have significant adverse effects on S68 or prevent the acquisition of the capital contributions in S68 and no amendments to the law, announcements, regulations, orders or guidelines that would prohibit the parties from being able to proceed with the transfer and acquisition. The transaction is expected to close within March 2024.

Article link:

Heng Leasing and Capital Public Company Limited (SET:HENG) agreed to acquire 75% stake in S68 Capital Investment LLC

Viet First Securities Corporation announced a private placement to issue 39,750,000 shares

Viet First Securities Corporation announced a private placement to issue 39,750,000 shares at an issue price of VND10,000 per share for the gross proceeds of VND397,500,000,000 on August 22, 2023. The transaction will include participation from new investors EVN Finance Joint Stock Company for 12,000,000 shares, Tran Anh Thang for 7,000,000 shares, Pham Thi Nga for 2,000,000 shares, Dao Thu Ha for 2,000,000 shares, Hoang Minh Ngoc for 2,000,000 shares, Dao Thi Lan for 5,000,000 shares, Hoang Thanh Mai for 5,000,000 shares and Tran Thi Hue for 4,750.000 shares. The transaction has been approved by the shareholders of the company.

Article link:

Viet First Securities Corporation announced a private placement to issue 39,750,000 shares

Healthcare & Life Science

Scotts Capital Pte. Ltd. agreed to acquire an majority stake in American International Hospital

Scotts Capital Pte. Ltd. agreed to acquire an unknown majority stake in American International Hospital from My My Trading - Services Company Limited for USD45.6 million on October 2, 2023. Oh Hsiu-Hau and Tran Ngoc Hoang Phuong of Allen & Gledhill (Vietnam) acted as legal advisor to Scotts Capital.

Article link:

Scotts Capital Pte. Ltd. agreed to acquire an majority stake in American International Hospital

Real Estate

Sao Mai Viet Investment And Development Joint Stock Company announced a private placement of 40,000,000 common shares

Sao Mai Viet Investment And Development Joint Stock Company announced a private placement of 40,000,000 common shares at an issue price of VND10,000 per share for gross proceeds of VND400,000,000,000 on May 16, 2023. The common shares have a par value of VND10,000 per share. The common shares have a hold period of one year from the date of completion of the transaction. The company was expected to close transaction after the state securities commission approved the private placement. On May 20, 2023, the company announced that the transaction has been approved at the annual general meeting of 2023 shareholders of the company.

Article link:

Sao Mai Viet Investment And Development Joint Stock Company announced a private placement of 40,000,000 common shares

Technology

‍Nami Technology JSC, Inc. announced that it has raised USD2 million in a round of funding led by Thien Viet JSC:

Nami Technology JSC, Inc. announced that it has raised USD2 million in a round of funding led by new investor, Thien Viet Securities Joint Stock Company on October 17, 2023.

Nami Technology JSC, Inc. (Nami Technology JSC, Inc. develops and provides AI voice processing solutions for businesses to enhance their operations. The company offers Crystal Sound conference call enhancement boosters, VoiceDNA voice biometric authentication solutions, automatic speech recognition, and conversation intelligence solutions for business operations. The company is based in Ho Chi Minh City, Vietnam).

Article link:

Nami Technology JSC, Inc. announced that it has raised USD2 million in a round of funding led by Thien Viet JSC

‍VietDevelopers received USD150,000 in Seed round: VietDevelopers received USD150,000 from an angel investor in Seed round. VietDevelopers is a technology company that provides IT consultancy, AI development, and AI solutions. The company was founded in 2022 with the mission of enhancing IT capabilities through deep training, consulting, and developing quality, innovative, and professional solutions.

Article link:

VietDevelopers received USD150,000 in Seed round

‍VietGigs JSC received another USD10,000 from GoldenGate Venture: VietGigs JSC received another USD10,000 from GoldenGate Venture in its Pre-Seed round. Up to now VietGigs has succefully raised a total of USD128,000 from Amazon, IBM Venture and GoldenGate.

Article link:

VietGigs JSC received another USD10,000 from GoldenGate Venture

‍VinFast Auto Ltd. (NasdaqGS:VFS) agreed to acquire VinES Energy Solutions Joint Stock Company: VinFast Auto Ltd. (NasdaqGS:VFS) agreed to acquire VinES Energy Solutions Joint Stock Company from Pham Nhat Vuong on October 11, 2023. Vingroup's Chairman, Mr. Pham Nhat Vuong, announces that he will donate 99.8 percent of VinES Energy Solutions Joint Stock Company's shares to VinFast. The merger is designed to enhance VinFast's self-sufficiency in battery technology and its production chain, while increasing its competitive edge in the ever-growing electric vehicle market.

Article link:

VinFast Auto Ltd. (NasdaqGS:VFS) agreed to acquire VinES Energy Solutions Joint Stock Company

Others

‍An unknown buyer agreed to acquire 31.65% stake in Khang Minh Quartz Stone JSC: An unknown buyer agreed to acquire 31.65% stake in Khang Minh Quartz Stone Joint Stock Company from Khang Minh Group Joint Stock Company (HNX:GKM) for VND57.2 billion on October 10, 2023.

Article link:

An unknown buyer agreed to acquire 31.65% stake in Khang Minh Quartz Stone JSC

‍Plastic Additives Joint Stock Company announced a private placement of 3,299,993 common shares: Plastic Additives Joint Stock Company announced a private placement of 3,299,993 common shares at an issue price of VND10,000 per share for the gross proceeds of VND32,999,930,000 on September 30, 2023. The company has paid issuance expenses of VND134,050,000 and net proceeds will be VND32,865,880,000.

Article link:

Plastic Additives Joint Stock Company announced a private placement of 3,299,993 common shares

‍Pomina Steel Joint Stock Company announced a private placement of 10,604,038 common share: Pomina Steel Joint Stock Company announced a private placement of 10,604,038 common share at a price of VND10,000 per share for gross proceeds of VND106,040,380,000 on October 16, 2023. The transaction has been approved by board of directors of the company. The shares issued in the transaction is subject to transfer restrictions of 3 years from the date of closing the transaction. The transaction is expected to close in the 4th quarter of 2023.

Article link:

Pomina Steel Joint Stock Company announced a private placement of 10,604,038 common share

‍Truong Thanh Auto Corporation announced that it will receive VND12,000,000,000 in an equity round of funding:

Truong Thanh Auto Corporation announced that it will receive VND12,000,000,000 in an equity round of funding from returning investor Cencon Vietnam Joint Stock Company on October 17, 2023.

Truong Thanh Auto Corporation (Truong Thanh Auto Corporation engages in wholesale of cars and other motor vehicles. Truong Thanh Auto Corporation was formerly known as Cencon Electric Automobile Company Limited. The company is based in Ha Giang, Vietnam).

Article link:

Truong Thanh Auto Corporation announced that it will receive VND12,000,000,000 in an equity round of funding

Note: Deal values include disclosed announced & closed deals with amounts restricted to the local scene i.e., amounts related to the Vietnam entity and/or business. Rumored deals are not included. Cross-posted deals are also adjusted to avoid double count.

Market summary

• In the Telecommunications sector, PLDT had completed the sale of its 230      telecommunications towers to Frontier Tower Associates Philippines, Inc. for c. USD213.0m.
• Ayala Corp. and subsidiary Philwater Holdings Co. to sell c. USD100.3m in      Manila Water shares in a buyback deal, supporting Ayala's financial strategy.
• Singapore's Inteluck, a technology-driven supply chain solution provider, has secured USD34.0m in Series C funding, led by Navegar and with participation from East Ventures.

Aggregate Deal Value = USD400.6m

This month’s top deals

Energy & Utilities

‍Alternergy taps three investment banks to raise PHP12 billion for wind power projects: Alternergy Holdings Corp. said it had tapped three investment banks to lead in raising the PHP12 billion project financing for its two wind power projects. In a stock exchange disclosure, the energy company said it had mandated BPI Capital Corp., RCBC Capital Corp., and SB Capital Investment Corp., after a competitive process, to assist in finalizing the terms and structure of the debt financing for the projects.

Article link:

Alternergy taps three investment banks to raise PHP12 billion for wind power projects

‍ACEN secures PHP5 billion loan for corporate spending, RE projects: ACEN Corp. has secured a PHP5 billion loan from a local bank to partly fund the Ayala-led energy company’s renewables projects. “The proceeds will be used for general corporate purposes, including but not limited to capital expenditures for RE (renewable energy) projects of the ACEN Group,” the company said in a message sent via Viber. The loan was closed via a term loan facility with Metropolitan Bank & Trust Co., the company said in a disclosure to the stock exchange.

Article link:

ACEN secures PHP5 billion loan for corporate spending, RE projects

‍Meralco takes control of solar firm for PHP16 billion: Manila Electric Co. (Meralco) is bolstering its power generation business as it is poised to take majority ownership of SP New Energy Corp. (SPNEC). MGen Renewable Energy Inc. (MGreen), the renewable energy development arm of Meralco Powergen Corp. (MGen), will invest PHP15.9 billion in SPNEC to subscribe to 15.7 billion common shares and 19.4 billion redeemable preferred voting shares of SPNEC.

Article link:

Meralco takes control of solar firm for PHP16 billion

‍Ayala group sells PHP5.7 billion stake in Manila Water: Ayala Corp. and its subsidiary are selling common and preferred shares in Manila Water Co., Inc. worth about PHP5.7 billion via a buyback transaction. “The sale is aligned with Ayala’s strategy to rationalize its portfolio and raise PHP50 billion in proceeds. The proceeds will be used to pare down debt and/or fund future investments,” the listed conglomerate told the stock exchange. Ayala and its unit Philwater Holdings Co., Inc. will sell around 289 million common shares and 436 million participating preferred shares, respectively, to Razon-led Manila Water.

Article link:

Ayala group sells PHP5.7 billion stake in Manila Water

‍Phoenix Petroleum firms up ‘assets sale & lease-back deal’ with BDO: As it continues to traverse rough financial terrain on its operations, Uy-led Phoenix Petroleum Philippines Inc. indicated that it will be pursuing a sale-and-lease back arrangement for its assets with Sy-controlled BDO, which has been its long term go-to bank for credit line. According to Phoenix Petroleum President Henry Albert R. Fadullon, the ‘sale deal’ cemented with BDO will also have a re-purchase option that the company may exercise within 3 to 5-year timeframe.

Article link:

Phoenix Petroleum firms up ‘assets sale & lease-back deal’ with BDO

Real estate

‍Australia's Digital Classifieds Group acquired Lamudi Philippines and Indonesia: Australia-based Digital Classifieds Group (DCG) has acquired the assets of online property marketplace Lamudi in the Philippines and Indonesia to partly sustain its growth. In a statement, DCG said it had acquired Lamudi assets from Dubizzle Group, formerly known as EMPG. The recent deal came after DCG acquired Bangladeshi property portal Bproperty in January. DCG claims that the recent acquisition makes it the second-largest property portal operator in Asia.

Article link:

Australia’s Digital Classifieds Group acquires Lamudi Philippines and Indonesia

‍Properties board approves PHP5 billion preferred shares offering: Listed property developer Century Properties Group, Inc. said its board had approved the issuance of preferred shares that could generate up to PHP5 billion. In a regulatory filing, the board approved the offering of up to 50 million of the company’s Series B preferred shares, which would be for sale or subscription via a follow-on public offering at an offer price of PHP100 per share.

Article link:

Century Properties board approves PHP5 billion preferred shares offering

‍Arthaland set to acquire shares, add capital in Bhavya Properties: Listed property developer Arthaland Corp. is set to acquire shares in Bhavya Properties, Inc. to increase the latter’s working capital for the completion of a residential condominium project in Makati City. In a regulatory filing, Arthaland said it would subscribe to Bhavya Properties’ preferred shares amounting to 663,000, which will come from its unissued authorized capital stock. The subscription, which is set on Nov. 10, is priced at PHP100 per share totaling PHP66.30 million. Bhavya Properties is currently developing the Eluria residential condo project in Legaspi Village, Makati City.

Article link:

Arthaland set to acquire shares, add capital in Bhavya Properties

Industrials & Manufacturing

Dennis Uy's Phoenix to raise USD19.2 million from sale of SG unit

Phoenix Petroleum Philippines Inc. of Davao-based businessman Dennis Uy is poised to raise USD19.2 million from its divestment in its Singapore-based subsidiary. In a stock exchange filing, Phoenix said the amount to be raised from the transaction would be utilized to meet the immediate needs of the business for working capital to purchase inventory for its business-to-business customers.

Article link:

Dennis Uy’s Phoenix to raise USD19.2 million from sale of SG unit

Agriculture

Kita Agritech raises USD3 million Seed funding to digitize agri supply chain

Kita Agritech, an agricultural technology startup based in the Philippines, has announced raising USD3 million (about PHP 170 million) in seed funding, the largest seed round in the country so far this year. The oversubscribed funding round was co-led by Gentree Fund, the investment vehicle of the Sy Family Office, and Singapore-based early stage investor Altara Ventures.

Article link:

Kita Agritech raises USD3 million Seed funding to digitize agri supply chain

Consumer and Retail

Max's sets share buyback program

Listed restaurant chain operator Max's Group Inc. (MGI) has embarked on a one-year repurchase program involving PHP200 million worth of shares. "On August 14, 2023, the company's board of directors approved the buyback of its shares with a total acquisition value of up to PHP200 million," MGI told the stock exchange. It noted that the buyback program might be executed through several tranches for a period of one year ending on Aug. 14, 2024.

Article link:

Max's sets share buyback program

Transportation & Logistics

Singapore's Inteluck raises USD34 million in Series C funding led by Navegar

Inteluck, a Singapore-based technology-driven supply chain solution provider, has announce the successful completion of its Series C funding round, securing USD34 million in investment. Inteluck said in a statement that the round was led by Philippines-focused private equity firm Navegar and joined by existing investor East Ventures, a venture capital firm in Southeast Asia.

Article link:

Singapore’s Inteluck raises USD34 million in Series C funding led by Navegar

Financial Services

‍Kickstart completes funding round for RuralNet: Kickstart Ventures, Inc. has completed a fresh round of seed funding for a digital microinsurance distribution platform, RuralNet, Inc. The corporate venture capital firm said RuralNet has bagged a combined USD2.15 million from its investors that will be used for its expansion plans. The funding round, Kickstart Ventures said, was also participated in by other investors such as Gentree Fund, Foxmont Capital Partners, and Kaya Founders.

Article link:

Kickstart completes funding round for RuralNet

‍BPI to issue 314 million shares to Gokongwei Group: Bank of the Philippine Islands (BPI) is set to issue 314 million common shares to the Gokongwei Group to complete the planned merger with Robinsons Bank Corp. The Ayala-led bank executed a supplemental to the plan for merger with the Gokongwei-owned bank on Oct. 20 to comply with the requirements of the Securities and Exchange Commission (SEC).

Article link:

‍BPI to issue 314 million shares to Gokongwei Group

Healthcare

MPIC health unit buys Antipolo Doctors Hospital

The healthcare arm of conglomerate Metro Pacific Investments Corp. (MPIC) has acquired a majority stake in Antipolo Doctors Hospital (ADH), further expanding its hospital network. In a statement, MPIC’s subsidiary Metro Pacific Health (MPH) said it had secured a majority stake in Antipolo Doctors, Inc., which owns and operates ADH. The hospital is located along Manuel L. Quezon Extension in Antipolo, Rizal. The acquisition of ADH marks the first hospital of MPH in Rizal province.

Article link:

MPIC health unit buys Antipolo Doctors Hospital

Technology

‍SolX gets PHP22 million investment from NDC, Real Tech:

Tech startup Solx Technologies, Inc. received a PHP22 million investment from the National Development Co.’s (NDC) Startup Venture Fund (SVF) and a Japanese venture capital firm as it aims to deliver cheaper energy to businesses in the Philippines.

Article link:

SolX gets PHP22 million investment from NDC, Real Tech

‍Salon and wellness tech platform Parlon raises USD400,000 in pre-seed round:

Parlon, a salon and wellness tech platform based in the Philippines, recently announced raising over USD400,000 in a pre-seed funding round. The fundraise is expected to accelerate Parlon’s expansion throughout Southeast Asia, with the platform having previously launched Parlon Singapore to offer services in the Lion City. Parlon’s pre-seed funding round was led by WIP Global Ventures, A2D Ventures, and a consortium of angel investors with experience scaling high-impact companies.

Article link:

Salon and wellness tech platform Parlon raises USD400,000 in pre-seed round

Others

‍Century Pacific, JE Holdings increase Shakey's Pizza stake:

Century Pacific Group, Inc. and JE Holdings Inc. have increased their stakes in listed restaurant operator Shakey’s Pizza Asia Ventures, Inc. after buying out shares that were previously held by Arran Investment Pte. Ltd. In a stock exchange disclosure, Shakey’s said Century Pacific and JE Holdings bought the stake of Singapore’s sovereign wealth fund GIC Pte. Ltd., through affiliate Arran Investment, under a private placement scheme. Century Pacific and JE Holdings are the private holding firms of the Po and Gokongwei families, respectively.

Article link:

Century Pacific, JE Holdings increase Shakey’s Pizza stake

‍Philippines' most indebted company San Miguel in talks for USD2 billion loan:

San Miguel Corp., the Philippines’ most indebted company, is in talks with at least 10 banks for a USD2 billion loan as it looks to refinance a similar-sized facility maturing in December next year, according to three people familiar with the matter. The food-to-power conglomerate is looking for a five-year debt and aims to mandate banks and start marketing the deal before year-end, said the people who asked not to be identified as they aren’t authorized to speak publicly. San Miguel officials didn’t immediately respond to requests for comment.

Article link:

Philippines’ most indebted company San Miguel in talks for USD2 billion loan

Note: Deal values only include disclosed completed deals with amounts restricted to local scene i.e. amounts related to the Philippine entity and/or business. Rumored, announced, or planned deals not included. Cross-posted deals are also adjusted to avoid double count.

*USD 1.00 = PHP56.81 as of 10/31/2023

Market Summary

• The Vietnam investment market witnesses several large deal closings and announcements in September, despite expectation for a quiet H2-2023.
• The consumer & retail sector had the highest transaction amount among  all sectors with a total raise of USD200m from Bain Capital to Masan Group and an ongoing discussion of USD1.5bn to purchase Bach Hoa Xanh from Singapore GIC.
• Manufacturing followed with a closed deal of USD150m from Chinese battery manufacturer Gotion Inc. to VinFast and an announced investment of USD1bn from Hana Micron in chip production in Vietnam.
• Besides these notable deal closings in consumer and manufacturing, real estate, healthcare and technology are other sectors that welcome investments, deal announcements as well as some positive movements in the market.

Aggregate Deals Value = USD2,940.5m

This month's top deals

Consumer & retail

‍Bain Capital scores first deal in Vietnam, to invest at least USD200 million in Masan Group:

On October 2, Masan Group Joint Stock Company (Masan) said that Bain Capital - the world's leading private investment fund with total assets under management of approximately USD180 billion, has agreed to invest at least USD200 million. USD equal to equity capital into Masan Group with a value of VND85,000 per share. This transaction marks Bain Capital's first investment project in Vietnam.

Article link:

Bain Capital scores first deal in Vietnam, to invest at least USD200 million in Masan Group

‍GIC eyes potential M&A deal in Vietnam's retail sector:

GIC is among the bidders looking to acquire a stake in Bach Hoa Xanh in a transaction that could increase the grocery chain's valuation to USD1.5-1.7 billion. Other bidders include companies from Thailand. The deal is slated to be wrapped up in the first quarter of 2024 if the negotiations are successful.

Article link:

GIC eyes potential M&A deal in Vietnam's retail sector

Manufacturing

‍Chinese battery firm Gotion invests USD150 million in VinFast:

Chinese battery manufacturer Gotion Inc. has agreed to acquire 15 million ordinary shares of VinFast through a private issuance valuing the shares at USD10 apiece, with an investment totalling USD150 million, representing 0.7 per cent of VinFast's total equity.

Article link:

‍Chinese battery firm Gotion invests USD150 million in VinFast

‍South Korea's Hana Micron to invest USD1 billion in Vietnam chip production:

Hana Micron plans to pour USD1 billion into chip production in Vietnam by 2025, the latest in a wave of semiconductor investments flooding into the communist country.

The South Korean manufacturer of chip packaging and memory products told Nikkei Asia it is moving equipment to its new, second factory in Bac Giang province to "prepare for production and we have a busy schedule with customer audits, etc." The province hosts three Apple suppliers and, with neighboring Bac Ninh, is known for making the bulk of Samsung phones globally.

Article link:

South Korea's Hana Micron to invest USD1 billion in Vietnam chip production

Healthcare

‍Gene Solutions raises USD21 million series B, targeting regional expansion:

Gene Solutions, which bills itself as Vietnam’s largest genetic testing company, has raised USD21 million in a series B round from Mekong Capital. This follows a USD15 million investment that the private equity investor made in the company in 2021.

Gene Solutions is one of Mekong Capital’s recent bets in biotech, a sector that has been arguably underserved by venture capital firms in Vietnam.

Article link:

Gene Solutions raises USD21 million series B, targeting regional expansion

‍Parkway dental clinic chain secures USD5 million investment: Vietnamese dental clinic chain Parkway has wrapped up an investment of about USD5 million from 24hmoney. The fresh funds will be used to fuel Parkway's business expansion and facility upgrade. The dental clinic chain will also receive technology support from 24hmoney. Founded in 2017, Parkway has 11 dental clinics in five localities in Vietnam. The company plans to put another six dental clinics into operation by the first quarter of 2024.

Article link:

Parkway dental clinic chain secures USD5 million investment

‍KKR in talks to purchase Saigon Medical Group: US global investment firm Kohlberg Kravis Roberts & Co.(KKR) is currently in discussion with Singaporean investment fund Heliconia Capital regarding the acquisition of the Medical Saigon Group (MSG). This may pave the way for Heliconia Capital, which is wholly owned by Temasek Holdings, to divest its stake in MSG, having initially invested in 2019.

Article link:

KKR in talks to purchase Saigon Medical Group

Real estate

‍Malaysian developer SkyWorld makes first land acquisition in Vietnam:

In a Thursday announcement, SkyWorld said its wholly-owned subsidiary SkyWorld Vietnam has entered into a conditional shares sales and purchase agreement with Thuan Thanh Trading Production and Real Estate Training JSC and three individuals.

SkyWorld will spend VND350 billion (USD14.5 million) on acquiring 100% of the Vietnamese firm’s shares.

Upon completion of the deal, SkyWorld will own several land lots, including a 2,060-square-meter plot and five parcels of between 64 and 1,026 square meters each, all in District 8, HCMC.

Article link:

Malaysian developer SkyWorld makes first land acquisition in Vietnam

Knots untangling for top projects in Vietnam’s key cities

Ho Chi Minh City and Hanoi are working to resolve issues around delayed real estate projects, with Hanoi resolving more than 420 projects and Ho Chi Minh City resolving 67 projects in the last two years. The Ministry of Construction (MoC) has received 112 documents reporting problems and recommendations for over 170 other real estate projects. Efforts by the MoC and related bodies have increased confidence in the real estate market. Two projects from Hung Thinh Group, Moonlight Avenue and Moonlight Centre Point, have had investment procedure bottlenecks removed. The MoC is also working with relevant ministries to review and amend regulations for improving fire prevention conditions in more than 38,000 existing projects.

Article link:

Knots untangling for top projects in Vietnam’s key cities

Others

‍TopCV Vietnam secures strategic investment from Japan's Mynavi Corporation: TopCV Vietnam, a rising start-up within the human resources (HR) sector, in late August confirmed its continued receipt of strategic investment worth several tens of millions of dollars from Japan's HR conglomerate, Mynavi Corporation. Mynavi's initial equity contribution to TopCV's venture was made in 2021. Prior to the Japanese conglomerate's involvement, TopCV had garnered investments from various domestic and international funds, including South Korea's Nextrans, Next100, and VIC Partners, among others.

Article link:

TopCV Vietnam secures strategic investment from Japan's Mynavi Corporation

‍F88 successfully raised USD50 million from foreign funds:

F88 Business Joint Stock Company has just successfully mobilized a new foreign loan worth USD50 million  (VND1,200 billion) from Lending Ark Asia fund.

This is the second mobilization after the first time Lending Ark Asia fund poured into F88 in November 2022, bringing the total loan amount from this fund to USD100 million. Previously in March, this company also received an additional USD50 million from two foreign-invested funds in Vietnam.

Article link:

F88 successfully raised USD50 million from foreign funds

Note: Deal values include disclosed announced & closed deals with amounts restricted to the local scene i.e., amounts related to the Vietnam entity and/or business. Rumored deals are not included. Cross-posted deals are also adjusted to avoid double count.

Market summary

• Transportation & Logistics had a single transaction for the month of September, a USD750m loan agreement between International Container Terminal Services, Inc. and Metrobank.
• Financial Services saw an M&A transaction in September with Mynt, the parent company of GCash, acquiring ECPay from Globe for PHP2.31bn.
• DITO was able to secure a 15-year, long-term loan worth USD3.9bn from a consortium of lenders.

Aggregate Deal Value = USD1,398.2m

This month’s top deals

Energy

‍Greenergy subscribes to 480 million shares in Winsum: Greenenergy Holdings Inc., a company led by businessman Antonio Tiu, said it will subscribe to additional shares in wholly-owned renewable subsidiary Winsun Green Ventures Inc. for PHP480 million. The shares will come from the proposed increase in WGVI’s authorized capital stock to PHP500 million from PHP20 million.

Article link:

Greenergy subscribes to 480 million shares in Winsun

‍RCBC finalizing PHP20 billion renewable energy loans: Yuchengco-led Rizal Commercial Banking Corp. (RCBC) is arranging and about to complete a PHP20 billion renewable energy (RE) funding for 10 RE power plants in the country.

Article link:

RCBC finalizing P20-B renewable energy loans

‍Metro Global eyes PHP.75 billion share sale to build RE projects: Metro Global Holdings Corp. plans to conduct a PHP3.75 billion share sale to finance renewable energy projects. MGH said in a disclosure to the stock exchange it plans to issue new shares to partially cover the proposed increase in its authorized capital stock to PHP10 billion, or 10 billion shares from PHP5 billion, or 5 billion shares.

Article link:

Metro Global eyes PHP3.75 billion share sale to build RE projects

Telecommunication & Media

‍DITO secures USD3.9 billion loan for network expansion: DITO CME Holdings Corp. said its subsidiary DITO Telecommunity Corp. had secured a USD3.9 billion 15-year long-term loan facility.

Article link:

DITO secures USD3.9 billion loan for network expansion

‍Globe secures PHP15 billion loan from Metrobank for capex: Globe Telecom, the communications unit of Ayala Corporation has raised PHP15 billion from term loan facilities with Metropolitan Bank & Trust Company (Metrobank).

Article link:

Globe secures P15-B loan from Metrobank for capex

Real estate

‍PBCOM approves PH realty and Holdings Corp's 5-year term loan facility amounting to PHP3.8 billion: The Philippine Bank of Communications (PBCOM) has approved the Philippine Realty and Holdings Corp.’s application for a five-year term loan in the amount of PHP3.8 billion to partially finance the construction of the company’s Casa Unico project.

Article link:

PBCOM approves PH realty and Holdings Corp.’s 5-year term loan facility amounting to PHP 3.8 billion

‍Vista Land plans PHP35 billion bond offering: According to Vista Land, bonds will be issued in tranches within a three-year period. The initial tranche will involve the offer and issuance of up to PHP10bn fixed-rate bonds consisting of up to PHP6bn base offer and an oversubscription option of up to PHP4bn.  

Article link:

Vista Land plans P35-billion bond offering

Industrials & Manufacturing

Holderfin buys 3.62% of Holcim PH

Holderfin B.V., a Netherlands-based subsidiary of Holcim Ltd., has acquired 3.62 percent more of the outstanding shares of Holcim Philippines Inc. worth PHP1.25 billion from the first round of its tender offer to bring down the cement firm’s public float to just 1.43 percent.

Article link:

Holderfin buys 3.62% of Holcim PH

Consumer and Retail

JFC completes acquisition of brand's Hong Kong franchise

Jollibee Foods Corp. (JFC) has completed the acquisition of the majority stake in the Jollibee brand’s master franchisee in Hong Kong, which it considers an important market. In a stock exchange disclosure, JFC said its Singapore-based unit Golden Plate Pte. Ltd. finalized the deal to acquire 60% of master franchisee Meko Holdings Ltd. For USD16.08 million.

Article link:

JFC completes acquisition of brand’s Hong Kong franchisee

Transportation & Logistics

ICTSI secures USD750 million loan for overseas expansion

Razon-led International Container Terminal Services, Inc. (ICTSI) has signed a USD750 million loan agreement with Metropolitan Bank & Trust Co. (Metrobank).

Article link:

ICTSI secures USD750 million loan for overseas expansion

Financial Services

‍BPI to raise PHP5 billion from bond sale: Ayala-led Bank of the Philippine Islands (BPI) will issue PHP5 billion fixed-rate, 1.5-year bonds, proceeds of which will be used to finance operations and other “general corporate purposes”.

Article link:

BPI to raise PHB5 billion from bond sale

‍GCash's parent company Mynt acquires ECPay for PHP2.31 billion: Globe Fintech Innovations (Mynt), the parent company of GCash, is acquiring Electric Commerce Payments Inc. (ECPay) for PHP2.31 billion. Globe said it has agreed to sell its 77% stake in ECPay to Mynt while Payment One, a minority stakeholder, is also selling its stake, making the deal a full acquisition.

Article link:

‍GCash’s parent company Mynt acquires ECPay for PHP2.31 billion

Tech

‍TANGGapp raises USD2.5 million to make remittance easier for Filipinos: The company recently raised USD2.5 million in seed funding from various investors including Goodwater Capital, Foxmont Capital Partners, and Manila Angel Investors Network. TANGGapp lets users transfer money from the US to the Philippines quickly and with a low minimum amount.

Article link:

TANGGapp raises USD2.5 million to make remittance easier for Filipinos

‍NDC board approves PHP11 million investment in digital energy platform: The board of directors of state-owned National Development Co. (NDC) has approved an PHP11 million investment in a digital energy platform called SolX Technologies, Inc.

Article link:

NDC board approves PHP11 million investment in digital energy platform

Others

‍GSIS increases stake in MPIC

State pension fund Government Service Insurance System (GSIS) has increased its stake in Pangilinan-led Metropacific Investments Corp. (MPIC), the tollways and infrastructure conglomerate to 12 percent from three percent previously.

*Closing price of PHP5.12 per share on August 29, 2023

Article link:

GSIS increases stake in MPIC

‍AEV gains approval for PHP17.45 billion bond offer in final tranche: In a recent update, Aboitiz Equity Ventures Inc. (AEV) announced that it has gained regulatory approval to offer bonds worth up to PHP17.45 billion. This marks the final and second tranche of the PHP30-billion shelf registration programme.

Article link:

AEV gains approval for P17.45 billion bond offer in final tranche

‍DFNN clears sale of offshore gaming subsidiary: The board of listed gaming technology company DFNN, Inc. has approved the sale of an offshore gaming subsidiary to Vanguard Investments to streamline operations.

Article link:

DFNN clears sale of offshore gaming subsidiary

Note: Deal values only include disclosed completed deals with amounts restricted to local scene i.e. amounts related to the Philippine entity and/or business. Rumored, announced, or planned deals not included. Cross-posted deals are also adjusted to avoid double count.

Market summary

• Total deal transaction size was relatively high with over PHP2.1b worth of transactions, which mostly comprised of the acquisition of Coca-Cola Beverages Philippines, Inc. for USD1.8bn.
• The Real Estate industry had the largest deal count which included a JV agreement between The Philippines' Megaworld Corporation and Finnish firm SuperPark United.

This month’s top deals

Energy

‍ACEN secures PHP10 billion via term loan facility: ACEN Corp. said it had secured funds from a term loan facility amounting to PHP10 billion, the Ayala-led energy company said on Thursday.

Article links: ACEN secures PHP10 billion via term loan facility

‍Aboitiz, Singapore firm tie up for wind project in Rizal, Laguna: Aboitiz Power Corp. unit Aboitiz Renewables Inc. (ARI) said Thursday it partnered with Singapore-based Vena Energy for a greenfield 102-megawatt wind power project encompassing the provinces of Rizal and Laguna.

Article links:

Aboitiz, Singapore firm tie up for wind project in Rizal, LagunaAboitiz, partner offer USD1.8 billion for Coca-Cola in PHL

Telecommunication & Media

‍Dito reveals buyers of PHP2.2 billion new shares: Davao tycoon Dennis A. Uy’s telecommunications unit Dito CME Holdings Corporation has revealed that the identities of the two buyers of its PHP2.2 billion shares are two firms that have been recently registered in Singapore.

Article links:

‍Dito reveals buyers of PHP2.2 billion new shares

‍Globe Telecom gets PHP2.6 billion from sale of 200 towers: Globe Telecom Inc. received PHP2.6 billion from the recent closing of over 200 tower assets sold to Frontier Tower Associates Philippines Inc. and MIESCOR Infrastructure Development Corp. (MIDC).

Article links:

Globe Telecom gets PHP2.6 billion from sale of 200 towers

Real Estate

‍Megaworld enters joint venture with Finnish firm SuperPark United: MEGAWORLD Corp.’s retail and commercial arm Megaworld Lifestyle Malls has signed a joint venture deal with Finnish firm SuperPark United to bring its indoor activity brand SuperPark into the country. In a press release on Tuesday, the company said it would operate SuperPark Philippines outlets through a joint venture company, Megapark Philippines, Inc.

Article links:

‍Megaworld enters joint venture with Finnish firm SuperPark United

‍Italpinas unit signs joint venture for PHP1.2 billion project in Cagayan De Oro: Italpinas Development Corp. (IDC) has signed a joint venture agreement with Ms. Gilda Go for the development of a PHP1.2 billion (USD21.8 million) mixed-use project in Cagayan de Oro City.

Article links:

Italpinas unit signs joint venture for P1.2-billion project in Cagayan De Oro

‍PH1 World Developers secures PHP3 Billion loan facility with BDO Unibank: PH1 World Developers Inc. (PH1WD) – the property development arm of Megawide Construction Corp. (Megawide) – officially secured a PHP3 billion developmental loan with BDO Unibank during a signing ceremony held on Aug. 8, 2023, at the PH1WD showroom in Quezon City.

Article links:

PH1 World Developers secures PHP3 billion loan facility with BDO Unibank

Transportation & Logistics

‍Meralco agrees to sell electric vehicle solutions unit eSakay for PHP87 million: MANILA ELECTRIC Co. (Meralco) has sold its wholly owned subsidiary eSakay, Inc. to On-Us Solutions, Inc. for PHP87.4 million, the listed power distributor said on Tuesday. In a stock exchange disclosure, Meralco said it had signed a share purchase agreement with On-Us Solutions on Aug. 15.

Article links:

‍Meralco agrees to sell electric vehicle solutions unit eSakay for PHP87 million

‍Ayala Globe form JV with Taiwan's Gogoro to bring e-scooters to the Philippines: Philippines conglomerate Ayala Corporation has officially signed a joint venture deal with Taiwanese electric vehicle company Gogoro and Globe’s 917 Ventures Inc. to bring electric two-wheeler vehicles and open-battery swap network to the Philippines.

Article links:

Ayala, Globe form JV with Taiwan’s Gogoro to bring e-scooters to the Philippines

Retail & F&B

Aboitiz, partner offer USD1.8 billion for Coca-Cola in PHL

ABOITIZ Equity Ventures, Inc. (AEV) said on Wednesday that it plans to jointly acquire Coca-Cola Beverages Philippines, Inc. (CCBP), in partnership with Coca-Cola Europacific Partners PLC (CCEP) for USD1.8 billion.

Article links:

Aboitiz, partner offer $1.8B for Coca-Cola in PHL

Note: Deal values only include disclosed completed deals with amounts restricted to local scene i.e. amounts related to the Philippine entity and/or business. Rumored, announced, or planned deals not included. Cross-posted deals are also adjusted to avoid double count.

*USD 1.00 = PHP56.65 as of 09/11/2023

Market Summary

• This month, M&A activity in Vietnam is showing a resurgence with numerous significant deals across sectors. The total transaction value reached USD0.5bn, predominantly driven by Technology (USD171m), Healthcare (USD36m), and Energy and Utilities (USD84m).
• Technology grabbed the spotlight as Vietnam's internet company, VNG Corp (VNZ.HNO), is targeting to raise USD150m through a U.S. stock market listing, aiming for a trading debut either in late September or October.
• Healthcare continued to be a trending sector, marked by the M&A transaction between Dongwha Pharm and one of Vietnam's leading pharmacy chains, Trung Son Pharma.
• The Energy & Utilities sector witnessed a landmark deal when Big Energy Joint Stock Company signed a Sale and Purchase Agreement to acquire a 53.1% stake in Block 12W for USD84m.

Aggregate Deals Value = USD509m

This month's top deals

Healthcare

‍Dongwha Pharm announced the acquisition of a 51% stake in Trung Son Pharma for USD30 million: Trung Son Pharma operates over 140 pharmacies, predominantly in the southern region, with the most significant presence of 45 stores in Can Tho city. The company reported revenues of USD56.5 million last year, derived from the sales of prescription and non-prescription medications, functional foods, cosmetics, and medical equipment. This acquisition offers Dongwha Pharm an avenue into the Vietnamese market for over-the-counter medications. The company also intends to introduce cosmetics and health-beneficial functional foods.

Article link:

Dongwha Pharm announced the acquisition of a 51% stake in Trung Son Pharma for USD30 million

‍Thai Nguyen International Hospital approved to do public offerings of USD6.3 million: The estimated proceeds will be used to repay debts owed to individuals, banks, and to bolster working capital. The exercise ratio is set at 100:15.856127. This means that for every share owned, a shareholder will receive one right. Furthermore, every 100 rights entitle the holder to purchase 15.856127 new shares.

Article link:

Thai Nguyen International Hospital approved to do public offerings of USD6.3 million

Financial Services

Tien Phong Securities Corporation plan for share issuance to existing shareholders to increase its charter capital

Approve the plan for share issuance to existing shareholders to increase its charter capital to USD130 million.

The company is issuing shares through rights offering with 2:1 exercise ratio.

Article link:Tien Phong Securities Corporation plan for share issuance to existing shareholders to increase its charter capital

Technology

‍VNG Corp is targeting to raise USD150 million through a U.S. stock market listing:

VNG filed earlier for an initial public offering (IPO) on the Nasdaq via VNG Ltd, a U.S. Securities and Exchange Commission filing showed. It is targeting a trading debut at end-September or October.

Citigroup, Morgan Stanley, UBS, and Bank of America are underwriters of the IPO, according to the filing.

Article link:

VNG Corp is targeting to raise USD150 million through a U.S. stock market listing

‍Telio Vietnam received USD15 million funding from Granite Oak: Vietnam based B2B ecommerce start-up has secured USD15 million from Granite Oak. Based on VNG's estimation, the company's investment in Telio is worth about USD18 million, equivalent to 16.67% ownership. This means that this startup is currently valued at more than USD100 million before being funded by Granite Oak.

Article link:

Telio Vietnam received USD15 million funding from Granite Oak

‍MFast has raised USD6 million in a new round of funding: MFast announced that it has raised USD6 million in a round of funding led by returning investor, Wavemaker Partners, LLC on August 28, 2023. The transaction included participation from new investors, Finnoventure Fund I a fund managed by Krungsri Finnovate, Headline Asia and returning investors, Do Ventures, JAFCO Investment (Asia Pacific) Ltd., Ascend Vietnam Ventures. The company has raised total USD10 million funding till date.

Article link:

MFast has raised USD6 million in a new round of funding

Energy & Utilities

‍Big Energy Joint Stock Company to acquire Block 12W for USD84 million‍

Big Energy Joint Stock Company entered into Sale and Purchase Agreement to acquire 53.125% stake in Block 12W from Premier Oil Vietnam Offshore BV and Premier Oil (Vietnam) Ltd for USD84 million on August 10, 2023. Transaction is subject to government approval. Completion is targeted by year end 2023. Jefferies acted as the sole financial advisor to Harbour in the transaction.

Article link:

Big Energy Joint Stock Company to acquire Block 12W for USD84 million

Transporation and Logistics

Vietnam Container Shipping JSC approved to do public offerings of USD55.9 million

The proceeds will be utilized to acquire up to 44% of the target company, which is Nam Hai Dinh Vu Port, and to finance short-term working capital.

Article link:

Vietnam Container Shipping JSC approved to do public offerings of USD55.9 million

Others

‍Advance Tyre (Vietnam) Co., Ltd. announced that it will receive USD58 million in a round of funding: Advance Tyre (Vietnam) Co., Ltd. announced that it will receive USD58 million in a round of funding on August 18, 2023. The transaction will include participation from returning investor, Guizhou Advance Tyre Investment Co., Ltd. Through the transaction, the company's registered capital will increase from USD77.5 million to USD135.6 million.

Article link:

Advance Tyre (Vietnam) Co., Ltd. announced that it will receive USD58 million in a round of funding

‍Lotes Viet Nam Company Limited announced a private placement of common shares for the gross proceeds of USD44 million: Lotes Viet Nam Company Limited announced a private placement of common shares for the gross proceeds of USD44 million on August 10, 2023. The transaction will include participation from returning investor Lotes Co., Ltd.

Article link:

Lotes Viet Nam Company Limited announced a private placement of common shares for the gross proceeds of USD44 million

Note: Deal values include disclosed announced & closed deals with amounts restricted to the local scene i.e., amounts related to the Vietnam entity and/or business. Rumored deals are not included. Cross-posted deals are also adjusted to avoid double count.

Exchange rate: USD1.00 = VND23,310.00 as of August 31, 2023.

Market Summary

• In July, the financial services sector had the highest transaction amount raised among  all sectors with a total raise of USD797m, led by an M&A transaction for RCBC by Sumitomo Mitsui Banking Corp., and BPI's debt financing round that raised USD480m and USD300m respectively.
• Energy and utilities had the sole in the month of July in the Philippines, as Repower Energy Development Corp. (RDEC) raised a total of USD205m.
• Real estate had a total of USD78m raised from 3 separate transactions over the month, led by the the listed real estate investment trust of developer Megaworld Corp., Mreit, which sold over USD65m of common shares through an overnight placement.

Aggregate Deals Value = USD1,124m

This month's top deals

Financial services

‍RCBC completes sale of 15% stake to Sumitomo for PHP27bn:

Rizal Commercial Banking Corp., the fifth-largest private bank in the country in terms of assets, said it completed the sale of an additional 15 percent stake amounting to PHP27 billion to Sumitomo Mitsui Banking Corp., a subsidiary of Sumitomo Mitsui Financial Group and one of the largest banks in the world. RCBC said in a disclosure to the stock exchange the PHP27 billion capital infusion would reinforce its growth trajectory, particularly in core businesses in corporate, small and medium enterprises and retail segments.

Article link:

RCBC completes sale of 15% stake to Sumitomo for P27b

‍BPI signs USD300m loan facility with banking consortium:

‍The Ayala Group’s Bank of the Philippine Islands (BPI) sealed a USD300 million (PHP16.4 billion) debt deal with a consortium of 21 lenders as it further strengthens its balance sheet. BPI announced the signing of the three-year syndicated loan facility, which was upsized by 50 percent to accommodate strong demand. Overall orders were two times the original amount of USD200 million.

Article link:

BPI signs $300-M loan facility with banking consortium

‍UnionBank Injects PHP900m Capital into UnionDigital Bank:

UnionDigital Bank (UD), the digital banking subsidiary of Union Bank of the Philippines, has secured PHP900 million (USD16.2 million) from its parent bank. The capital infusion is still subject to Bangko Sentral ng Pilipinas’ (BSP) regulatory approval. The digital bank said that the latest additional infusion will help drive the digital bank’s expansion, particularly in digital loans which will soon be launched in the UD app.

Article link:

UnionBank Injects PHP 900 Million Capital into UnionDigital Bank

Energy and Utilities

Repower Energy shares gain in PHP1.15bn IPO

REPOWER Energy Development Corp. (REDC) saw its shares gain four centavos during its initial public offering (IPO) where it raised PHP1.15 billion to fund the expansion of its renewable energy portfolio. For its IPO, the company offered 200 million primary common shares, with an over-allotment option of up to 30 million shares, priced at P5 apiece.

Article link: Repower Energy shares gain in P1.15-billion IPO

Real Estate

‍Megaworld: Mreit’s share sale attracts institutional investors:

Mreit Inc., the listed real estate investment trust of developer Megaworld Corp., has sold some 279.4 million common shares through an overnight placement. The said shares owned by Megaworld were sold for PHP13 per share. The company said it raised PHP3.63 billion from the transaction.

Article link:

Megaworld: Mreit’s share sale attracts institutional investors

‍RCBC sells property units to Filinvest Land:

RIZAL Commercial Banking Corp. (RCBC) has completed a deal for the sale and transfer of two wholly owned property units to Filinvest Land Inc. for roughly PHP633.3 million. In two separate, RCBC said it and Filinvest Land had signed separate share purchase agreements for the latter's acquisition of Niyog Property Holdings Inc. (Niyog Property), and Cajel Realty Corp. (Cajel Realty).

Article link:

RCBC sells property units to Filinvest Land

‍CIP buys Tierra Ariana for PHP100m:

Chemical Industries of the Philippines Inc. (CIP) said it is acquiring Tierra Ariana Eco Land Inc. for PHP100 million. The company said the acquisition will gain CIP an indirect control over the BPI Paseo de Roxas Condominium Corp., the condominium corporation charged with the management of the Filinvest Financial Center condominium project and the entity with authority to develop the condominium project.

Article link:

CIP buys Tierra Ariana for P100M

‍Megawide board greenlights PH1 acquisition for PHP5.2bn:

The board of directors of listed construction firm Megawide Construction Corp. approved the move to fully acquire PH1 World Developers, Inc. for PHP5.2 billion. Under the transaction, Megawide will be acquiring 100% of the outstanding capital stock of PH1 or 579.46 million common shares.

Article link:

Megawide board greenlights PH1 acquisition for P5.2B

Technology

‍Philippines-based consumer fintech Salmon secures USD20m debt financing:

Consumer fintech Salmon based in the Philippines has secured a USD20 million debt facility from US Argentem Creek Partners. The debt transaction sets a new benchmark as the largest-ever debt financing for a Series A tech company in the Philippines. Also, it positions the company as one of the fastest-growing fintechs in Southeast Asia. With this debt facility, Salmon will expand its loan book, leveraging its existing point-of-sale and cash loan lending. It will also launch new disruptive products in the second half of 2023.

Article link:

Philippines-based consumer fintech Salmon secures $20M debt financing

‍Paytaca Raises PHP24.5m Seed Funding to Foster Bitcoin Cash Adoption in the Philippines:

Paytaca, a Filipino fintech startup, recently raised USD450,000 or PHP24.5 million in a seed funding round from international prominent angel investors. According to the firm, the funds will be utilized to promote Bitcoin Cash and provide streamlined peer-to-peer payments. Paytaca secured seed funding from notable angel investors in the industry, including Molecular, Mike Komaransky, Renegade D, and Toorik.

Article link:

Paytaca Raises ₱24.5M Seed Funding to Foster Bitcoin Cash Adoption in the Philippines

‍Sprout Solutions expands artificial intelligence capabilities, acquires Aiah AI:

Sprout Solutions, the leading homegrown B2B SaaS company and HR tech leader in the country, has finalized the acquisition of Aiah AI, a pioneering artificial intelligence (AI) company with offices based in the Philippines and Singapore. Aiah AI, through its technology, automates recurring business processes to increase productivity among companies and divert its focus to more higher-value activities.  By leveraging AI, Sprout will generate more insight and analysis for its clients, as well as further increase the accessibility and efficiency of its platform for HR and payroll management.

Article link:

Sprout Solutions expands artificial intelligence capabilities, acquires Aiah AI

Note: Deal values include disclosed announced & closed deals with amounts restricted to the local scene i.e., amounts related to the Vietnam entity and/or business. Rumored deals are not included. Cross-posted deals are also adjusted to avoid double count.

Exchange rate: USD1.00 = PHP56.29 as of 08/11/2023.

Market Summary

• After a slow 1st half of the year, the market starts to pick up again in the first month of the 2nd half of the year with total transaction value of more than USD1bn, main contribution comes from Healthcare (USD386m), Financial Services (USD369m), and Real Estate (USD173m).
• Healthcare was dominant with one M&A transaction between Thompson Group and Vietnam's leading private hospital, FV Hospital, for USD386m, making it Southeast Asia's largest private healthcare acquisition since 2020.
• Financial Services saw banks getting more fund inflow, half of which from foreign investors, for Lien Viet Post Bank (USD211m), SeA Bank (USD148m) and Timo Digital Bank (USD10m).

Aggregate Deals Value = USD1,012m

This month's top deals

Healthcare

‍Thompson Medical Group bought FV Hospital for USD381.4 million ‍

Singapore's Thomson Medical Group said on Wednesday it had entered an agreement to buy Vietnam-based healthcare facilities provider Far East Medical Vietnam ("FV Hospital") for USD381.4 million. The acquisition marks Vietnam's biggest-ever healthcare transaction and Southeast Asia's largest healthcare acquisition since 2020, Thomson Medical said in a statement.

The consideration consists of - initial consideration of USD359.6 million and an earnout of USD21.8 million. Based on the initial consideration of approximately USD359.6 million and after price adjustments, this translates into an enterprise value USD328.5 million. Based on the FY2022 EBITDA of VND463.7 billion (approximately USD19.5 million), this translates into an EV/ EBITDA of 16.8x. Far East Medical Vietnam reported revenues of VND 1,930.6 billion (approximately UDS81.6 million).

Article link:

Thompson Medical Group bought FV Hospital for USD381 million

‍Vidipha Central Pharmaceutical is raising USD4.6 million: Vidipha Central Pharmaceutical Joint Stock Company announced a private placement of common shares at an issue price of VND 32,720 per share for proceeds of VND 107,888,000,000 on July 24, 2023. The transaction was approved by the board of directors of the company.

Article link:

Vidipha Central Pharmaceutical is raising USD4.6 million

Financial Services

‍LienViet Post Bank announces 500 million shares issuance for VND 5 trillion in Q3/2023: Lien Viet Post Joint Stock Commercial Bank has filed a Follow-on Equity Offering in the amount of VND5 trillion (USD211 million), offering 500 million shares to local and foreign investors.

Article link:LienViet Post Bank announces 500 million shares issuance for VND 5 trillion in Q3/2023

‍SeA Bank announces a private placement of 94.6 million shares to investors for a gross proceed of VND3.5 trillion: Southeast Asia Commercial Joint Stock Bank announced a private placement of 94,600,000 common shares at a price of VND37,032 per share for gross proceeds of VND3,503,227,200,000 on July 3, 2023. The transaction included participation from Norfund.

Article link:

SeA Bank announces a private placement of 94.6 million shares to investors for a gross proceeds of VND3.5 trillion.

‍Timo Digital Bank announced that it has received USD10 million funding from existing investors: Timo Digital Bank announced that it has received USD10 million in a round of funding from its current shareholder on July 12, 202 (including Jungle Ventures, Kredivo Holdings, Phoenix Holdings, Granite Oak and Square Peg Capital).

Article link:

Timo Digital Bank announced that it has received USD10 million funding from existing investors

Real Estate

‍C.E.O Group announces a follow-on equity offering of VND2.6 trillion to existing shareholders: C.E.O Group Joint Stock Company has filed a Follow-on Equity Offering in the amount of VND2.6 trillion (USD108.4 million) by way of rights issue to the existing shareholders, who are entitled for 98 new shares for every 100 existing shares held. The company is also offering 5,146,800 under employee stock ownership association. The subscription open on July 21,2023 and closes on August 11,2023 for ESOP related offering.

Article link:

C.E.O Group announces a follow-on equity offering of VND2.6 trillion to existing shareholders

‍Phat Dat Real Estate announce issuance of 67 million shares for a gross proceeds of USD28.4 million: Phat Dat Real Estate Development Corporation announced that it will issue 67,164,621 common shares at an issue price and par value of VND 10,000 per share for the gross proceeds of VND 671,646,210,000 on July 14, 2023.

Article link:

Phat Dat Real Estate announce issuance of 67 million shares for a gross proceeds of USD28.4 million

‍BES Engineering announce shares issuance for a gross proceed of USD24 million: BES Engineering Vietnam Co., Ltd. announced that it will issue common shares for the gross proceeds of TWD 751,272,000 on July 26, 2023. The transaction will include participation from new investor Pacific Twin Star (Vietnam) Investment Co., Ltd. The transaction has been approved by the shareholders of the company.

Article link:

BES Engineering announce shares issuance for a gross proceed of USD24 million

‍HODECO is raising USD12.7 million from shares issuance to existing shareholders: Ba Ria - Vung Tau House Development Joint Stock Company has filed a Follow-on Equity Offering in the amount of VND 300 billion. This will be used to repay debts.

Article link:

HODECO is raising USD12.7 million from shares issuance to existing shareholders

Technology

‍Symplefy, a Vietnam-Based Payroll and HR Fintech Platform, got acquired by GoLogiq for USD30 million: GoLogiq, Inc. (OTCPK:GOLQ) entered into a share exchange agreement to acquire Symplefy for USD30 million on July 26, 2023. Under the terms, GoLogiq shall issue shares for an amount of USD15 million at closing and further USD15 million worth of shares dependent on performance-based earnouts and subject to resale restrictions.

Article link:

Symplefy, a Vietnam-Based Payroll and HR Fintech Platform, got acquired by GoLogiq for USD30 million

‍VuiHoc raised USD6 million in Series A from TNB Aura: VUIHOC, an educational technology (EdTech) start-upannounced a USD6.0 million investment in a Series A funding round led by TNB Aura on July 13, 2023. The transaction included participation from new investors TKG Taekwang, IBK-STIC Pioneer Fund, a fund managed by STIC Ventures, Inc., and returning investors such as Vulpes Investment Management Private Limited, Colopl Next, Inc., Dt&Investment Co.,Ltd., Nextrans, BAce Capital, and Do Ventures.

Energy & Utilities

‍TDG Global Investment is raising USD2.7 million by issuing 6.5 million shares

‍TDG Global Investment Joint Stock Company announced a private placement to issue 6.5 million common shares at an issue price of VND 10,000 per share for the gross proceeds of VND64,563,890,000 on July 27, 2023. The transaction will include participation from new individual investors Nguyen Ho Phuong for 2,000,000 shares, Nguyen Thi Loi for 2,324,000 shares, Tran Thanh Hang for 1,200,000 shares and Nguyen Thi Hoa for 932,389 shares. The new shares will be restricted from transfer within 01 year from the finish date of this offering and will be listed on the Ho Chi Minh Stock Exchange.

Article link:

TDG Global Investment is raising USD2.7 million by issuing 6.5 million shares

Consumer & Retail

‍Minh Khanh Capital raising USD5 million by issuing 12 million shares to existing investors: Minh Khang Capital Trading Public Joint Stock Company announced a private placement of 12,099,992 common shares at an issue price of VND 10,000 per share for gross proceeds of VND 120,000,992,000 on July 14, 2023. The transaction will include participation from returning investors.

Article link:

Minh Khanh Capital raising USD5 million by issuing 12 million shares to existing investors

‍Bamboo Capital sold its stake at Nguyen Hoang Development JSC. for USD3.4 million: An unknown buyer agreed to acquire unknown minority stakes in Nguyen Hoang Development Joint Stock Company from Bamboo Capital Joint Stock Company (HOSE:BCG) for VND 80 million on July 24, 2023. Bamboo Capital Joint Stock is selling 8 million shares of Nguyen Hoang Development for VND 10,000 each.

Article link:

Bamboo Capital sold its stake at Nguyen Hoang Devlopment JSC. for USD3.4 million

Transporation and Logistics

‍ASG Corp. is raising USD6.4 million via private placement to repay debt: ASG Corporation announced a private placement of 15,130,778 common shares at an issue price of VND 10,000 per share for gross proceeds of VND151 billion on July 25, 2023. The transaction has been approved by the board of directors. The transaction is expected to closed in 2023 or in 2024, after being approved by the State Securities Commission of Vietnam.

Article link:

ASG Corp. is raising USD6.4 million via private placement

Others

Pomina sold 20% of stake to Nansei Steel for USD30 million  

Nansei Steel Co., Ltd. agreed to acquire 20% stake in Pomina Steel Joint Stock Company (HOSE:POM) for VND 702 billion. The shares issued in the transaction is subject to transfer restrictions of 3 years from the date of closing the transaction.

Article link:

Pomina sold 20% of stake to Nansei Steel for USD30 million

Note: Deal values include disclosed announced & closed deals with amounts restricted to the local scene i.e., amounts related to the Vietnam entity and/or business. Rumored deals are not included. Cross-posted deals are also adjusted to avoid double count.

Exchange rate: USD1.00 = VND23,310.00 as of July 31, 2023.

Market Summary

• Energy and real estate composed of most deal volume for the month. Energy transactions for March include ACEN subscribing to P5-B shares in Santa Cruz Solar unit, Matahio Energy acquiring Galoc field operator NPG, and Shell securing Php9bn from two local banks.
• Real estate saw activity in the REIT space with MREIT looking to complete a c. Php5.3bn asset infusion, while Ovialand announces its intention to complete an IPO.
• In the transportation segment, the SM group has made a tender offer to buy out the remaining public minority shareholders of 2Go.

Aggregate Deal Value* = USD227.6m

This month's top deals

Energy & Utilities

‍ACEN subscribes to P5-B shares in Santa Cruz Solar unit:

AYALA-LED ACEN Corp. announced on Thursday that it had executed a subscription agreement with its wholly-owned subsidiary Santa Cruz Solar Energy Inc. (SCSEI) to fund the construction of the latter’s solar project in Zambales. In a stock exchange disclosure, ACEN said it subscribed to 50 million common A shares and 449.98 million redeemable preferred A shares for a subscription price of P5 billion.

‍Metro Pacific acquires 16% stake in SPNEC for P2 billion:

PANGILINAN-led Metro Pacific Investments Corp. (MPIC) is set to acquire 1.6 billion shares equivalent to a 16% stake in SP New Energy Corp. (SPNEC) for P2 billion. “Our thrust of pursuing renewable energy brings the MVP Group one step closer to fulfilling our mission of creating long-term value for our stakeholders through responsible and sustainable investments,” MPIC Chairman Manuel V. Pangilinan said in a disclosure.

‍A Brown fully acquires shares in Vires Energy:

A BROWN Co., Inc. has fully acquired Vires Energy Corp., the listed holding firm announced on Monday. In a stock exchange disclosure, A Brown said the acquisition of the remaining 0.005% shares in Vires Energy increased its ownership to 100%.

‍Matahio Energy acquires Galoc field operator NPG:

MATAHIO Energy Pty. Ltd., announced on Thursday that it has fully acquired NPG Pty. Ltd., the operator of Service Contract (SC) 14C-1 off Palawan’s coast. “The Matahio team has always found the Philippines to be a collaborative and supportive environment,” Wai-Lid Wong, president and chief executive officer of Matahio Energy, said in a media release.

‍Pilipinas Shell secures P9-B loan:

PILIPINAS Shell Petroleum Corp. has secured a P9-billion loan from two local banks that it will use to reduce its exposure to short-term market volatilities, the listed company announced on Wednesday. In its regulatory filing, Pilipinas Shell said the loan has a five-year term and is evenly split between Bank of the Philippines Islands (BPI) and Metropolitan Bank & Trust Co.

Article link:

ACEN subscribes to P5-B shares in Santa Cruz Solar unit

Metro Pacific acquires 16% stake in SPNEC for P2 billion

A Brown fully acquires shares in Vires Energy

Matahio Energy acquires Galoc field operator NPG

Pilipinas Shell secures P9-B loan

Real Estate

‍Sta. Lucia Land board clears six projects, P1.5-B loan:

LISTED real estate developer Sta. Lucia Land, Inc. said on Thursday that its board had approved taking out a P1.5-billion long-term loan facility while authorizing joint ventures to develop six projects, including an acquisition in Batangas. In a disclosure to the stock exchange, the company also said its board of directors had authorized the acquisition of parcels of land in Batangas with a total area of 79,054 square meters (sq.m).

‍BDO to acquire Podium Mall from SG-based Keppel:

MANILA, Philippines — BDO Unibank, Inc. is acquiring full ownership of the Podium Mall and its corporate center in Ortigas after buying out Singapore-based Keppel Corp.’s ownership stake. In a disclosure sent to the Philippine Stock Exchange on Monday, the Sy-led bank said that the decision came after its meeting on March 25.

‍Megaworld, MREIT to complete P5.3-B asset infusion of offices:

MANILA, Philippines-Billionaire Andrew Tan’s Megaworld Corp. is set to complete a P5.3-billion asset infusion of Grade A offices into real estate investment trust (REIT) arm MREIT Inc., boosting the latter’s asset base and earnings.

‍Megawide receives permit to sell P1.5-B shares:

LISTED firm Megawide Constructions Corp. has received the permit to sell 15 million preferred shares worth P1.5 billion from the Securities and Exchange Commission, it said on Monday. In a disclosure to the Philippine Stock Exchange, the company said the certificate of permit to offer securities for sale was received on March 24 from the securities regulator, which on the same date also issued the order of registration.

‍Ovialand files up to P2.2 billion IPO:

MANILA, Philippines — Ovialand Inc., owned by the Olivares family, is embarking on a P2.2 billion initial public offering. It has filed an application with the Securities and Exchange Commission for the registration and listing of up to 1.2 billion common shares.

‍DoubleDragon unit taps $20M from existing guaranteed notes:

DOUBLEDRAGON Corp. said on Thursday that its unit had raised an additional $20 million in a tap offering of its outstanding senior guaranteed notes due in 2025. It said the proceeds from the tap offering, which allows a company to sell a debt instrument from a previous issuance, will be used to develop and construct Hotel101 overseas projects and for general corporate purposes.

‍AREIT sets P22.5-B property-for-share swap with Ayala Land:

AYALA-LED real estate investment trust company AREIT, Inc. has secured approval from its board of directors for its multibillion property-for-share swap with Ayala Land, Inc. and its subsidiaries Ayala Land Malls, Inc. and North Beacon Commercial Corp.

Article link:

Sta. Lucia Land board clears six projects, P1.5-B loan

BDO to acquire Podium Mall from SG-based Keppel

Megaworld, MREIT to complete P5.3-B asset infusion of offices

Megawide receives permit to sell P1.5-B shares

Ovialand files up to P2.2 billion IPO

DoubleDragon unit taps $20M from existing guaranteed notes

AREIT sets P22.5-B property-for-share swap with Ayala Land

Telecommunications & Media

PLDT to buy Lopez-led Sky Cable for nearly P6.8B

PANGILINAN-led PLDT Inc. announced on Thursday that it is fully acquiring Sky Cable Corp. for P6.75 billion in a move that will expand its coverage and services. In a disclosure to the Philippine Stock Exchange, the telco company said that its board of directors cleared the agreement it entered with sellers Sky Vision Corp., ABS-CBN Corp., and Lopez, Inc. Lopez-led Sky Cable provides broadband, enterprise cable broadband, pay television, and cable services.

Article link:

PLDT to buy Lopez-led Sky Cable for nearly P6.8B

Agriculture

Liberty Flour Mills sells building to real estate unit

LISTED flour manufacturer Liberty Flour Mills, Inc. on Tuesday said that it had sold its real estate asset to its property subsidiary LFM Properties Corp. (LPC). The company said in a stock exchange disclosure that its board had approved the sale of Liberty Building at a price equivalent to 28%, more or less, of the asset value of the corporation.

Article link:

Liberty Flour Mills sells building to real estate unit

Healthcare & Life Science

Metro Pacific Health completes acquisition of South Cotabato Hospital

The country’s leading private hospital network, Metro Pacific Health Corporation (MPH), the new name of Metro Pacific Hospital Holdings Inc., has completed the acquisition of Howard Hubbard Memorial Hospital (HHMH) through its newly-formed subsidiary Metro Matutum Hospital, Inc. (MMHI).

Article link:

Metro Pacific Health completes acquisition of South Cotabato Hospital

Transportation and Logistics

SM Group offers 90% premium to buy out minority stockholders of 2GO

The Sy-led SM Group will launch a P5.5-billion tender offer starting next week to buy out minority stockholders of logistics giant 2GO Group Inc. at a valuation that was double its price from just a week ago.

Article link:

SM Group offers 90% premium to buy out minority stockholders of 2GO

Technology

Enstack raises $3M to help digitize SMEs

BUSINESS superapp Enstack has raised $3 million after the completion of a funding round to support its goal of digitizing small and medium enterprises (SMEs) in the Philippines and across Southeast Asia. In a statement on Thursday, the startup said it was able to raise the amount after a funding round led by Mangrove Capital Partners, which marked its first investment in Southeast Asia. The other participants include payments startup Xendit and Shinsegae International Chief Executive Officer William Kim.

Article link:

Enstack raises $3M to help digitize SMEs

Note: Deal values only include disclosed completed deals with amounts restricted to the local scene i.e. amounts related to the Philippine entity and/or business. Rumored, announced, or planned deals are not included. Cross-posted deals are also adjusted to avoid double count.

*USD 1.00 = PHP54.3 as of 03/31/2023

Market Summary

• After a long Lunar New Year holidays, the market has been reactivated with numerous transactions in various industries including Financial Services (USD 1,587.1m), Real Estate (USD 422.9m), Technology (USD 26.6m), Energy & Utilities (USD 9.7m), Consumer & Retail (USD 7.7m).
• There were 2 transactions of 2 major names in Vietnam: Vietnam Prosperity Joint Stock Commercial Bank (VPB) and Novaland Investment JSC (Novaland). VPB announced a private placement of c.USD 1,540.1m from Sumitomo Mitsui Banking Corp in its new equity round. Novaland announced that they would issued 975 million shares and expect to receive a gross proceed of c.USD 418.3m.

Aggregate Deals Value = USD2,057.0m

This month's top deals

Financial Services

‍VPBank announces agreement to newly issue 15% of its charter capital to Japan’s SMBC:

The investment from SMBC will help the bank raise VND35.9 trillion (the price per share is VND30,160), or approximately USD1.5 billion, of Tier 1 capital, increasing its owner equity to approximately VND140 trillion from VND103.5 trillion. This comes as part of the capital raising plan that VPBank has been implementing during 2022-2023 in order to enhance its long-term financial strength and support the bank to reach ambitious growth strategy over the next five years.

‍F88 raises c.USD 50 million in its series C round:

F88 Investment Joint Stock Company (F88) that it successfully raised a series C investment of US$50 million. The two main investors in this round are Việt Nam-Oman Investment Fund (VOI) and Mekong Enterprise Fund IV (MEF IV). The fresh funds will be invested in technology, data analytics and data science, brand building and acquiring new customers, developing human resources, and attracting new talents.

Article link:

Sumitomo Mitsui Banking Corp subscribes to 15% shares in Vietnam Prosperity Joint Stock Commercial Bank

F88 raises c.USD 50 million in its series C round from Vietnam-Oman Investment Fund and Mekong Enterprise Fund IV

Real Estate

‍Novaland announced an issuance of 975 million shares at a price per share not lower than VND 10,000‍

Novaland Investment Joint Stock Company announced a private placement of 975,000,000 shares at an issue price of VND 10,000 for a gross proceeds of VND 9,750 billion on March 11, 2023. The transaction will include participation from professional securities investors and strategic investors.

Novaland Investment Joint Stock Company will use the proceeds to restructure debts and paying off the group's due debts; implementation of projects in which its subsidiaries are investors; payment of taxes and fees to the state; and replenishment of working capital.; redemption/repayment of debt securities.

‍Transport and Industry Development Investment Joint Stock Company (HOSE:TCD) sold 22.2% its shareholding in Helios Service and Investment Joint Stock Company:

An unknown buyer agreed to acquire 22.22% stake in Helios Service and Investment Joint Stock Company from Transport and Industry Development Investment Joint Stock Company (HOSE:TCD) for VND 100 billion on March 24, 2023. Accordingly, after transferring, TRACODI owns 30,000,000 shares, equivalent to 15% charter capital of Helios. Transport and Industry Development Investment board approved the transaction

‍577 Investment Corporation (HOSE:NBB) a will repurchase 500,000 shares, representing 0.50% of the outstanding shares for VND 7,475 million: 577 Investment Corporation (HOSE:NBB) announces a share repurchase program. Under the program, the company will repurchase 500,000 shares, representing 0.50% of the outstanding shares for VND 7,475 million. The shares will be repurchased at a price of VND 14,950 per share. The shares will be repurchased from CEE and related parties.

Article link:

Novaland announced an issuance of 975 million shares

An unknown buyer agreed to acquire 22.22% stake in Helios Service and Investment Joint Stock Company from Transport and Industry Development Investment Joint Stock Company

577 Investment Corporation (HOSE:NBB) announces a share repurchase program

Technology

‍Lotes Co., Ltd subscribes TWD 750 million to Lotes Vietnam Company Ltd: Lotes Vietnam Company Limited announced a private placement of common shares for the gross proceeds of TWD 750,000,000 on March 21, 2023. The transaction will include participation from Lotes Co., Ltd. The transaction has been approved by the shareholders of the company.

‍Medigo Software Company Limited announced that it has received $2 million in series A from East Ventures and Pavilion Partners Ltd: Medigo Software Company Limited announced that it has received $2 million in series A round of funding led by East Ventures Fund 7 on March 13, 2023. The transaction also included participation from Pavilion Partners Ltd, returning investor Touchstone Partners.

Article link:

Lotes Co., Ltd subscribes TWD 750 million to Lotes Vietnam Company Ltd

Medigo Software Company Limited announced that it has received $2 million in series A

Energy & Utilities

‍AMECC Mechanical Construction Joint Stock Company announced an issuance of 22,164,135 common shares at a price of VND 10,000 per share:

AMECC Mechanical Construction Joint Stock Company announced that it has issued 22,164,135 common shares at a price of VND 10,000 per share for the gross proceeds of VND 221,641,350,000 on March 20, 2023. The transaction included participation from returning investor Sankyu Inc. for 10,030,000 shares and individual investors, Nguyen Van Tho for 6,252,135 shares and Nguyen Van Nghia for 5,882,000 shares.

The company has paid consulting fees of VND 185,075,600 as total expenses. Prior completion, Sankyu Inc. owns 11,000,000 shares, Nguyen Van Tho owns 5,202,479 shares and Nguyen Van Nghia owns 4,510,000 shares. Post completion, Sankyu Inc. owns 21,030,000 shares representing 35.05% stake, Nguyen Van Tho owns 11,454,614 shares representing 19.09% stake and Nguyen Van Nghia owns 10,392,000 shares representing 17.32% stake.

‍Amata B.Grimm Vietnam Company Limited acquired Lotuscom Limited Liability Company from Tran Viet Dung for VND 4.8 billion:

Amata B.Grimm Vietnam Company Limited acquired Lotuscom Limited Liability Company from Tran Viet Dung for VND 4.8 billion on March 9, 2023. Lotuscom is an operator of solar rooftops in Vietnam. As a result, Lotuscom Limited Liability Company and its subsidiaries became B.Grimm Power’s subsidiaries

Article link:

AMECC Mechanical Construction Joint Stock Company announced an issuance of 22,164,135 common shares at a price of VND 10,000 per share

Amata B.Grimm Vietnam Company Limited acquired Lotuscom Limited Liability Company

Consumer & Retail

‍Hang Xanh Motors Service Joint Stock Company announced that it expects to receive VND 150 billion in funding:

Hang Xanh Motors Service Joint Stock Company announced a private placement of charter capital for the gross proceeds of VND 150,000,000,000 on March 2, 2023. The transaction has been approved by the board of directors of the company.

‍Ben Tre Packaging One Member Company Limited will increase its registered capital from VND 150,000,000,000 to VND 180,000,000,000:

Ben Tre Packaging One Member Company Limited announced a private placement of common shares for gross proceeds of VND 30,000,000,000 on March 3, 2023. The transaction will include participation from returning investor Dong Hai Joint Stock Company of Ben Tre to retain its 100% stake in the company. Post the transaction, the registered capital of the company will increase from VND 150,000,000,000 to VND 180,000,000,000.

Article link:

Hang Xanh Motors Service Joint Stock Company announced that it expects to receive VND 150 billion in funding

Ben Tre Packaging One Member Company Limited will increase its registered capital from VND 150,000,000,000 to VND 180,000,000,000

Note: Deal values only include disclosed completed deals with amounts restricted to the local scene i.e., amounts related to the Vietnam entity and/or business. Rumored deals are not included. Cross-posted deals are also adjusted to avoid double count.

Exchange rate: USD1.00 = VND23,310.00 as of March 31, 2023.

Market Summary

• The Agriculture sector experienced the largest deal activity last month, led by the USD97.6m acquisition of Axelum Resources Corp. by Metro Pacific Investments Corp. (MPIC). Blockchain startup Yield Guild Games (YGG) also raised USD14.0m from several investors, including a16z Crypto which is managed by Andreessen Horowitz.
• Several fundraising activities have been announced, including the revival of SM’s USD1.0bn REIT IPO and AyalaLand’s plans to raise USD1.0bn from bond issuances & bank borrowings to fund capital expenditures. AgriNurture Inc. also plans to push through with its USD15.2m SRO this year.

Aggregate Deal Value* = USD146.0m

This month’s top deals

Energy & Utilities

Real Estate

‍ALI plans to raise PHP60 billion via bond offering, bank loans this year:

Property giant Ayala Land Inc. (ALI) plans to raise PHP60.0 billion this year for its capital expenditures and debt obligations, a top company official said. The company plans to issue PHP22.0 billion in fixed-rate retail bonds, said CFO Augusto Bengzon, adding that the bonds may be issued as early as next month. The retail bond offering will be split between five-year and 10-year bonds. The remaining PHP38.0-40.0 billion capital will be raised through bank borrowings.

‍SMPH revives USD1 billion REIT IPO:

SM Prime Holdings Inc. is considering reviving an initial public offering of a real estate investment trust that could raise as much as USD1 billion, according to people familiar with the matter, in what would be the largest such listing in the Philippines. At USD1 billion, the listing could be the biggest ever in the Philippines by a REIT, surpassing RL Commercial REIT’s USD450 million offering in Sept. 2021.

Article link:

ALI plans to raise PHP60 billion via bond offering, bank loans this year

SMPH revives USD1 billion REIT IPO

Telecommunications & Media

Article links:

Digital Edge eyes second data center in Philippines

Globe partners with Skytowers Infra for tower lease agreement

Globe, Japan firm to complete subsea cable laying by April

Agriculture

‍MPI acquires 35% of Axelum for PHP5.3billion:

Axelum Resources Corp. announced that Metro Pacific Investments Corp. (MPIC), through its wholly-owned subsidiary Metro Pacific Agro Ventures Inc. (MPAV), is acquiring a 35% stake in the coconut products exporter for PHP5.3 billion. MPAV intends to use the acquisition to strengthen Axelum’s international business and develop the domestic market to support local coconut farmers.

‍AgriNurture to push through with PHP280m SRO:

Antonio L. Tiu’s AgriNurture, Inc. (ANI) is pushing through with its PHP280.0 million stock rights offering (SRO) in 2023, as part of plans to raise PHP5.0 billion for expansion projects. Management mentioned that the SRO will be used for capital expenditures.

‍AgriNurture invests PHP2.6 billion in corn farming:

AgriNurture, Inc. (ANI) will be developing a PHP2.6 billion corn plantation in Davao del Sur to mark its foray into the corn industry, which is expected to double the listed company’s revenues. Management told reporters that the project will be funded by state-led Development Bank of the Philippines through a PHP2.0 billion long-term loan along with the company’s 30% equity worth PHP600.0 million.

Article link:

MPI acquires 35% of Axelum for PHP5.3billion

AgriNurture to push through with PHP280m SRO

AgriNurture invests PHP2.6 billion in corn farming

Healthcare & Life Science

Filipino Healthtech firm secures pre-series money

Mediclick, a Philippine-based pharmatech startup, has announced raising USD300.0 thousand in its pre-Seed funding round anchored by functional medicine provider Romlas Health Group (RHG). The fresh funding will be used to expand the startup’s tech platform, scale its upper funnel marketing, and for operational purposes, according to Mediclick.

Article link:

Filipino Healthtech firm secures pre-series money

Transportation and Logistics

‍PAL approves exchange ratio of 15.57:1 for share swap:

PAL Holdings, Inc. (PHI) announced on Monday that its board of directors approved an exchange ratio of 15.57 PHI shares to one Philippine Airlines, Inc. (PAL) share for its planned share swap. The company said the move is part of PAL’s restructuring, “parts of the debts of the unsecured creditors were impaired and converted into equity of PAL.” PAL’s impaired creditors now own approximately a 20% stake in the company.‍

Nespresso taps Mober in decarbonizing on-ground delivery via EVs:

Tech-logistics startup Mober has partnered with Nespresso in the Swiss coffee brand’s sustainability efforts such as switching to a delivery fleet that uses electric vehicles (EVs). Mober said the partnership with Nespresso aims to decarbonize on-ground delivery by shifting to EVs. Mober started delivering Nespresso products from the latter’s warehouse to stores across Metro Manila in December last year.

Article link:

Locad raises $11M to boost supply chain platform

PAL approves exchange ratio of 15.57:1 for share swap

Nespresso taps Mober in decarbonizing on-ground delivery via EVs

Infrastructure

‍Megawide’s PHP1.5billion preferred share offering gets SEC nod:

The SEC approved Megawide’s registration statement of a PHP1.5 billion preferred shares offer. Megawide’s registration statement indicated that 15 million cumulative, redeemable, non-voting, non-participating, non-convertible, redeemable, perpetual Series 5 preferred shares would be up for sale at PHP100.0 apiece. Proceeds from the offer, estimated at P1.5 billion, will be used to partially finance the company's redemption of outstanding preferred shares.

‍Citicore Holdings subscribes to Megawide capital hike:

Megawide Construction Corp. said that its parent firm Citicore Holdings Investment, Inc. is subscribing to at least 25% or PHP9.0 million of the listed infrastructure firm’s increased capital stock. Megawide said that the subscription will be through the execution of a subscription agreement dated Feb. 15. This subscription follows the approval by the SEC of the increase in Megawide’s total authorized capital stock to PHP5.1 billion.

‍Metro Pacific unit inks construction deal for P6-B Candaba project:

A unit of Metro Pacific Investments Corp. (MPIC) has partnered with CIMIC Group’s Leighton Asia’s Philippines branch for the Candaba third viaduct project, which it projected to cost PHP6.1 billion. The five-kilometer project is under NLEX Corp., a subsidiary of the toll road arm of MPIC, Metro Pacific Tollways Corp. NLEX Corp. President and General Manager Luigi L. Bautista said that the company chose to award the project to CIMIC Group’s construction business focused in Asia.

Article link:

Megawide’s PHP1.5billion preferred share offering gets SEC nod

Citicore Holdings subscribes to Megawide capital hike

Metro Pacific unit inks construction deal for P6-B Candaba project

Technology

a16z Crypto backs nearly USD14m token sale of PH-based Yield Guild Games

A16z Crypto, a Web3-focused fund managed by US-based venture capital firm Andreessen Horowitz, has joined a consortium of investors that backed the USD13.8m raise of Philippine startup Yield Guild Games (YGG). The raise, which was done through a token sale from the YGG treasury, was also participated by DWF Labs, Galaxy Interactive, Sangha Capital, and Sanctor Capital, according to the announcement.

Article link:

a16z Crypto backs nearly USD14m token sale of PH-based Yield Guild Games

Others

Global Ferronickel acquires control over port operator

Nickel ore producer Global Ferronickel Holdings, Inc. (FNI) has acquired an additional 24% shares in its unit Mariveles Harbor Corp. (MHC). FNI said its board of directors had authorized the acquisition of more shares “to have more control over the operations of the port.” In 2019, the parent firm acquired a 40% stake in MHC or 1.7 million shares for PHP450.0 million for easier access to port services. The latest acquisition brings the listed firm’s share in the port operator increased to 64%.

Article link:

Global Ferronickel acquires control over port operator

Note: Deal values only include disclosed completed deals with amounts restricted to the local scene i.e. amounts related to the Philippine entity and/or business. Rumored, announced, or planned deals are not included. Cross-posted deals are also adjusted to avoid double count.

*USD 1.00 = PHP54.66 as of 04/04/2023

Market Summary

• The Energy & Utilities sector experienced the largest deal activity last month, led by a c. USD191.0 loan facility secured by ACEN Corporation (through ACEN Australia) to support renewable energy projects in the Australian market.
• Locad, the Philippines-based cloud logistics and end-to-end fulfillment company secured USD11.0m from Series A financing, led by Reefknot Investments, a vehicle anchored by Kuehne & Nagel and Temasek.

Aggregate Deal Value* = USD377.4m

This month’s top deals

Energy & Utilities

‍CREIT receives permit to sell P4.5-B green bonds:

THE Securities and Exchange Commission (SEC) issued a permit to sell to Citicore Energy REIT Corp. (CREIT) for its maiden P4.5 billion ASEAN Green Bond offering. The offer will consist of a base principal amount of P3 billion with an oversubscription option of up to P1.5 billion.

Article link:

CREIT receives permit to sell P4.5-B green bonds

‍Manila Water unit secures P200-M loan for expansion:

A UNIT of Manila Water Co., Inc. has signed a P200-million 10-year term loan facility to fund the refurbishment, expansion, and improvement of its service facilities area, the listed firm said on Monday.

Article link:

Manila Water unit secures P200-M loan for expansion

‍ACEN secures $107M funding for Vietnam Wind Project:

Ayala-led ACEN Corporation and Vietnamese venture partner BIM Group have secured $107 million in funding from the Asian Development Bank (ADB) and other lenders for the 88-megawatt (MW) Ninh Thuan wind farm in South Central Vietnam.

Article link:

ACEN secures $107M funding for Vietnam Wind Project

‍AU$277 green loan for ACEN Australia secured:

ACEN Corporation subsidiary, ACEN Australia, has secured an AU$277 million (about US$191 million) syndicated green term loan facility from major international banks to support ongoing utility-scale renewable energy (RE) projects in the Australian energy market.

Article link:

AU$277 green loan for ACEN Australia secured

Real Estate

‍Century Properties plans to offer P3-billion retail bonds:

THE board of directors of Century Properties Group, Inc. has approved a plan for the listed property developer to offer fixed-rate retail bonds worth up to P3 billion. In a disclosure to the stock exchange on Tuesday, the company said that the board approved the offering with a principal amount of P2 billion and an oversubscription option of up to P1 billion.

Article link:

Century Properties plans to offer P3-billion retail bonds

‍Chemical Industries sells Makati property for more than P1 billion:

CHEMICAL Industries of the Philippines, Inc. said it has completed the final transaction for the sale of its Makati property for P1.13 billion. “A final transaction has been reached between the parties. It was determined that the actual buyer is Keyland Makati Properties, Inc.,” the firm said in a regulatory filing on Monday.

Article link:

Chemical Industries sells Makati property for more than P1 billion

Industrials & Manufacturing

‍Philex to invest in Macawiwili gold mining project:

Pangilinan-led Philex Mining Corp. is investing in a gold mining project in Itogon, Benguet as it gears up for the expansion of its Padcal Mine. In a disclosure to the Philippine Stock Exchange yesterday, Philex said it signed a term sheet with Macawiwili Gold Mining and Development Co. Inc. (MGMDCI), a 90-year-old company engaged in mineral exploration and production in Itogon, Benguet.

Article link:

Philex to invest in Macawiwili gold mining project

‍Prime Infra unit acquires Cebu-based waste management company ACI:

PRIME Infrastructure Capital, Inc. (Prime Infra) said on Monday that its unit Prime Integrated Waste Solutions Inc. (PWS) has fully acquired ARN Central Waste Management, Inc. (ACI).

Article link:

Prime Infra unit acquires Cebu-based waste management company ACI

‍Petron to buy $22.47M of its debt securities:

PETRON Corp. is buying $22.47 million of its outstanding senior perpetual capital securities listed in Singapore after its offer to holders of its debt ended last week, the oil company said on Monday. In a regulatory filing, the listed company said that it had received valid tenders to its offer amounting to a total of $37.48 million of its securities listed on the Singapore Exchange Securities Trading Ltd.

Article link:

Petron to buy $22.47M of its debt securities

‍Megawide aims to raise P1.5B via preferred share offering:

LISTED construction company Megawide Construction Corp. announced on Wednesday that it plans to raise P1.5 billion through a preferred share offering in March this year. The net proceeds from the offer will be used for the redemption of the outstanding Series 2A perpetual preferred shares of the company which will be due for step-up on May 27, Megawide said in its preliminary prospectus.

Article link:

Megawide aims to raise P1.5B via preferred share offering

Agriculture

A Brown to invest in agricultural company

A BROWN Co., Inc., said on Wednesday that its board of directors authorized the firm to invest in Surigao Greens Agri Corp. (SGAC), which is in the process of incorporation. In a stock market disclosure, the company said that SGAC will be its subsidiary.

Article link:

A Brown to invest in agricultural company

Retail & F&B

Locad raises $11M to boost supply chain platform

Founded in Singapore and Manila by Robertz, fellow Zalora alumni Jannis Dargel and former Grab lead product manager of maps Shrey Jain, Locad announced today it has raised $11 million in Series A funding led by Reefknot Investments, a joint venture between Temasek and logistics company Kuehne + Nagel. Returning investors Sequoia India and Southeast Asia’s Surge, Febe Ventures and Antler also participated, along with new backers Access Ventures, JG Summit and WTI.

Transportation and Logistics

Locad raises $11M to boost supply chain platform

Founded in Singapore and Manila by Robertz, fellow Zalora alumni Jannis Dargel and former Grab lead product manager of maps Shrey Jain, Locad announced today it has raised $11 million in Series A funding led by Reefknot Investments, a joint venture between Temasek and logistics company Kuehne + Nagel. Returning investors Sequoia India and Southeast Asia’s Surge, Febe Ventures and Antler also participated, along with new backers Access Ventures, JG Summit and WTI.

Article link:

Locad raises $11M to boost supply chain platform

Technology

PSE approves Upson's P4.88-B IPO

The Philippine Stock Exchange (PSE) has approved the P4.88 billion initial public offering of Upson International Corporation (Upson), the country’s largest retailer of personal computers (PCs) and information technology (IT) products.

Article link:

PSE approves Upson's P4.88-B IPO

Others

Note: Deal values only include disclosed completed deals with amounts restricted to the local scene i.e. amounts related to the Philippine entity and/or business. Rumored, announced, or planned deals are not included. Cross-posted deals are also adjusted to avoid double count.

*USD 1.00 = PHP54.31 as of 03/29/2023