Cold chain startup, Coldspace raises US.8mil seed round to fill gap in Indonesia’s supply chain market

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Limiting geographic reach for temperature-sensitive products reduces separation and watts.to increase its support offering and create a software suite with customer analysisThe completion of a US$ 3.8 million( RM17 million ) seed round led by Intudo Ventures, an Indonesian-focused venture capital firm, ASSA, one of Indonesia’s largest logistics groups, and Triputra…Continue Reading

US envoy worries about China anti-spy law overreach

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The top United States diplomat to China has asked Beijing to clarify the newly-amended Counterespionage Law, which he says could make illegal some ordinary duties of American business people, academics and journalists in the country.

The standing committee of the National People’s Congress (NPC) on April 26 passed an amendment to strengthen China’s anti-spy law. The amended law will take effect on July 1.

The definition of offenders will be expanded from people who “join or accept tasks from” an espionage organization to those who “take refuge in” it. The coverage will also be widened from “state secrets and intelligence” to “other documents, data, materials and items related to national security and interests.”

“This is a law that could potentially make illegal in China the kind of mundane activities that businesses would have to do,” US Ambassador to China Nicholas Burns said Tuesday during a webinar organized by The Stimson Center, a Washington-based think tank. “We need to know more about it so we are asking questions here in Beijing.”

US Ambassador to China Nicholas Burns. Photo: Department of State

Burns said American firms have to do due diligence before they can agree to major investment deals, while they also need to have full access to economic data to make projections.

“The law could possibly imperil academic research. Professors and journalists could get caught up on this. But what we know so far is not positive,” he said.

In March, five Chinese staff of the Mintz Group, a US due diligence firm, were arrested in Beijing. 

Bain & Company, a Boston-based management consulting company, said last week that Chinese police had questioned its staff in Shanghai and seized some computers and smartphones during an operation three weeks ago. 

“We are very concerned about this. We have made our concerns known,” Burns said. “We think American businesses here ought to be free of intimidation from the government. And the rule of law should prevail.” Businesses should not be targeted simply on account of “political differences and competitive differences in the US-China relationship.”

He said the US hopes that American business people, journalists and academics can feel safe when doing their duties in China.

“Companies of all countries are welcome to have economic and trade cooperation in China,” Mao Ning, a spokesperson of the Chinese foreign ministry, had said last Friday. “We are committed to fostering a market-oriented, law-based and world-class business environment. China is a law-based country. All companies in China must operate in accordance with the law.” 

Mao said then that she could not comment on the Bain case due to a lack of information.

Investors feel unwelcome

The Wall Street Journal reported on Sunday that the Chinese authorities have in recent months restricted or outright cut off overseas access to various databases involving corporate-registration information, patents, procurement documents, academic journals and official statistical yearbooks.

The US Chamber of Commerce said in a statement on April 28 that the amendment of China’s anti-spy law is “a matter of serious concern for the investor community and likely is as well for their local business partners in China.”  

It said foreign investment will not feel welcomed in an environment where risk cannot be properly assessed and legal uncertainties are on the rise.

“We are closely monitoring the heightened official scrutiny of US professional services and due diligence firms in China,” it said. “The services these firms provide are fundamental to establishing investor confidence in any market, including China.”

Global investors pulled a net US$3.17 billion from Chinese stocks through Hong Kong’s Stock Connect during the five trading days last week, the Wall Street Journal reported on April 28, citing an analysis from Exante Data. 

China eyes new money

After the then-US House speaker, Nancy Pelosi, defied Beijing’s warning and visited Taiwan last August, the Chinese government cut off all communication channels with the US for several months. The two sides resumed dialogues over Taiwan, Ukraine, climate change and trade matters after US President Joe Biden and Chinese President Xi Jinping met in Bali last November.

However, US-China tensions increased again after a Chinese “spy balloon” appeared in North American airspace in late January. Beijing was also disappointed by falling orders and slowing investments from the West.

US sailors fish the collapsed Chinese balloon out of the Atlantic off South Carolina. Photo: US Navy

In the first quarter, China’s exports to the European Union fell 7.1% year-on-year while exports to the US dropped 17%, according to the dollar-denominated figures released by the General Administration of Customs on April 13. The decline was largely offset by the increase in exports to ASEAN countries, Africa and Russia. 

If denominated in US dollars, the year-on-year growth of China’s foreign direct investment (FDI) was only 0.5% in the first quarter, significantly down from 32% in the same period of last year. 

The Politburo of the Chinese Communist Party’s Central Committee said China will put attracting foreign investment in a higher priority in order to boost economic growth and domestic demands. 

“At present, our country’s economy continues to improve but the endogenous driving force is still not strong enough while domestic demand remains insufficient,” the politburo said in a statement after a meeting chaired by General Secretary Xi Jinping this past Friday. “China’s economic transformation and upgrading is facing new obstacles while the promotion of high-quality development still needs to overcome many difficulties and challenges.”

“Attracting foreign investment should be placed in a more important position, and foreign trade and investment should be stabilized,” it said. “It is necessary to help qualified free trade pilot zones and ports meet the requirements of international high-standard economic and trade rules so that they can carry out reform and opening up.”

The Shanghai government said it will optimize its financial services and encourage foreign investors’s participation in China’s financial markets, which will support the fundraising activities of Chinese technology, trade and shipping firms. 

Media reports said last month that Biden will soon sign an executive order that will restrict US companies and private equity and venture capital funds from investing in China’s microchips, artificial intelligence, quantum computing, biotechnology and clean energy projects and firms.

Read: More US firms looking elsewhere: AmCham China

Follow Jeff Pao on Twitter at @jeffpao3

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FA Sustainable Finance Forum: Top Five Takeaways

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In terms of sustainable development goals (SDG), business and investment have long and difficult journeys ahead.  Sobering figures from a draft report published by the United Nations (UN) last month reveal that at the end of 2022, just 12% of the SDGs were on track to meet their 2030 targets.

“It’s time to sound the alarm,” the report warned.

“At the mid-way point on our way to 2030, the SDGs are in deep trouble. A preliminary assessment of the roughly 140 targets with data show only about 12% are on track.”

“Close to half, though showing progress, are moderately or severely off track and some 30% have either seen no movement or have regressed below the 2015 baseline.”

The audience at FinanceAsia’s recent Sustainable Finance Asia Forum on April 18 heard that although there is plenty of road to make up on the journey to net zero, so too is there substantial opportunity. 

ESG imperatives are changing the way institutional investors approach decision-making, develop sustainable products and operate within new regulatory frameworks.

While the over-arching message of the forum underlined that sustainable goals and driving yield are not inimical, how exactly institutions approach sustainable finance will shape the future.

The following are FA’s top five takeaways from a forum focussed on these frameworks.

***

1. Creativity is key

While sufficient capital may be out there to bootstrap transitional finance in Asia – a region that is bearing the physical brunt of climate change – getting it where it needs to go in emerging markets (EMs) is not working at the scale and speed necessary to effect change.

Emily Woodland, head of sustainable and transition solutions for APAC at BlackRock, told a forum panel exploring the state of play of Asia’s SDG commitments that, as well as climate and transition risks, investors also face the common-or-garden risks that come from operating in EMs.

“There are the general risks of operating in these markets as well – that’s everything from legal, to political, to regulatory to currency considerations,” she said. 

“Where finance can help develop new approaches, is around alleviating risks to attract more private capital into these innovation markets, and this is where elements like blended finance come into play.”

To make emerging market projects bankable, de-risking tools are urgently needed.

“That means guarantees, insurance, first loss arrangements, technical assistance which can help bring these projects from being marginally bankable into the bankable space, offering the opportunity to set up a whole ecosystem in a particular market.”

2. Regulation drives change

As investment in sustainable development goals moves from the fringe to the mainstream, institutions are bringing with them experience and learnings that are accompanied by policy, regulation and clear frameworks from regional governments.

Institutions are being asked to lead mainstream investment in the space as increasingly, investment in ESG becomes a viable funding choice.

“The next phase, which is the forever phase, will be when sustainability becomes mandatory rather than just a choice,” Andrew Pidden, Global head of sustainable investments at DWS Group told the forum.

“In the future, you will not be able to make an investment that has not been subject to due diligence with a view to doing no harm – or at least to doing a lot less harm than it is going to supply.”

“People may think this is never going to happen, but people thought this phase (of ESG investment becoming mainstream) was never going to happen 10 or 15 years ago.”

3. China is an ESG bond behemoth

Make no mistake, China is an ESG debt giant. Assets in China’s ESG funds have doubled since 2021, lifted by Beijing’s growing emphasis on poverty alleviation, renewable power and energy security.

According to Zixiao (Alex) Cui, managing director CCX Green Finance International, in 2022, green bond issuance volume alone totalled about RMB 800 billion ($115.72 billion), marking a 44% increase year-on-year (YoY). In the first quarter of 2023, there were 113 green bond issuances worth almost RMB 20 billion.

“Actually, this number decreased compared to last year because right now in the mainland, the interest rate for lending loans from banks is very low so there’s really not much incentive to issue bonds,” he told the audience during a panel on the latest developments in Chinese ESG bonds and cross-border opportunities.

“But over the long term, I think we are on target to achieve a number no less than last year.”

At the heart of this momentum is China’s increasingly ESG positive regulation.

“Policy making is very critical because in the mainland, we have a top-down governance model mechanism which has proven effective in terms of scaling up the market – especially on the supply side.”

4. Greenwashing depends on your definition

When is greenwashing – the overstating of a company’s or product’s green credentials – technically measurable, and when is it a matter of opinion?

Gabriel Wilson-Otto, head of sustainable investing strategy at Fidelity International, told a panel addressing greenwashing and ESG hypocrisy issues, that these transparency and greenwashing concerns are often problems of definition.

“There is a bit of a disconnect between how these terms are used by different stakeholders in different scenarios,” he says.

On one side, is the argument around whether an organisation is doing what it says it is, which involves questions of transparency and taxonomy.

“In the other camp there’s the question of whether the organisation is doing what’s expected of it. And this is where it can get incredibly vague,” he explained.

Problems arise when interests and values begin to overlap.

“Should you, for instance, be investing in a tobacco company that’s aligned to a good decarbonisation objective? Should you pursue high ESG scores across the entire portfolio?” he queried.

“Depending on where you are in the world, you can get very different expectations from different stakeholders around what the answer to these sub-questions should be.”

5. Climate is overtaking compliance as a risk

While increased ESG regulation means that companies must take compliance more seriously, this is not the only driver. According to Penelope Shen, partner at  Stephenson Harwood, there is a growing understanding that climate risks are real.

“The rural economic forum global risk survey shows that the top three risks are all related to financial failure directly attributable to climate risk and bio-diversity loss,” she highlighted during a panel called ‘ESG as a component of investment DNA and beyond?’

“In fact, if you look at the top 10 risks, eight of them are climate related.”

The prominence of climate as a risk factor has consistently ranked top of the survey over the past 10 years, she explained.

“Other more socially related factors such as cost of living and erosion of social cohesion and societal polarisation are also risks that have consistently ranked highly,” she noted.

What’s your view on the outlook for green, social and sustainable debt in 2023? We invite investors and issuers across APAC to have your say in the 6th annual Sustainable Finance Poll by FinanceAsia and ANZ.

¬ Haymarket Media Limited. All rights reserved.

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BigPay appoints Zubin Rada Krishnan acting group CEO

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Zubin Rada Krishnan succeeds Salim Dhanani as acting group CEO
BigPay currently has 1.3mil users representing nearly 50% growth YoY

BigPay, a Capital A venture company and fintech in Southeast Asia has announced the appointment of Zubin Rada Krishnan (pic) as acting Group CEO.
Zubin was the Malaysia country head for BigPay the past year and…Continue Reading

Man who defaulted on NS for 10 years returns to Singapore after business fails in Hong Kong, gets jail

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SINGAPORE: A Singaporean by birth stayed in Hong Kong and defaulted on his National Service (NS) obligations for more than 10 years, but chose to return to Singapore for the sake of his family after his business was affected by the COVID-19 pandemic.

Vin Lau Jun Sheng, 29, knew that he might have to go to jail, but discussed the matter with his wife and decided the “best option” was to be Singapore citizens.

He was sentenced to six months’ jail on Friday (Apr 28), after pleading guilty to one charge under the Enlistment Act of failing to return to Singapore from August 2010 to October 2020, even though his exit permit had expired. A second charge was taken into consideration.

The court heard that Lau was born in Singapore to a man who was a Hong Kong citizen, and a woman who was Singaporean.

His parents divorced around 1997, when he was three years old. His father took him to live in Hong Kong, while his mother remained in Singapore.

Lau’s mother had told him about his NS obligations. But he didn’t bother to find out more as he wanted to continue living in Hong Kong with his father, the prosecutor said.

Around November 2009, Lau’s mother applied for an exit permit on behalf of her son, for overseas studies. An exit permit valid till July 2010 was issued to Lau.

Lau continued staying in Hong Kong even after his exit permit expired. He registered for NS in September 2010, and his mother applied to the Central Manpower Base for deferment, pending her son’s renunciation of Singapore citizenship.

But the application was incomplete as Lau’s mother did not submit certain required documents.

Authorities sent further letters telling Lau to report to the Central Manpower Base, but his mother told them he refused to return to Singapore. 

Around this time, in March 2011, Lau cut off contact with his mother. A police gazette and blacklist was raised against him.

RECONNECTS WITH MOTHER 

Lau reconnected with his mother on Facebook nine years later, around March 2020. He was now married, with a child, and operating an automobile repair shop in Hong Kong.

However, the shop closed down in August 2020 after business was affected by the pandemic. Lau told his mother that he intended to return to Singapore to settle down with his wife and child, and for them to obtain Singapore citizenship.

His mother contacted the Central Manpower Base to find out what procedures were required for her son to come home. She was told that her son had committed offences under the Enlistment Act, and was advised to give details of his return flight.

Lau returned to Singapore on Oct 3, 2020 and served a mandatory 14-day stay-home notice at a designated facility due to the pandemic.

He reported to the Central Manpower Base on Oct 20, 2020, and has since completed his NS.

Investigations revealed that Lau’s mother had told him of the need to serve NS when he returned, and that he had committed an offence for previously failing to do so.

Lau made an internet search and realised he could be liable to a jail term and a fine upon his return to Singapore.

But he discussed the matter with his wife and they decided that the best option was to be Singapore citizens. Lau said he was “prepared to face the consequences so that in future (he) can stay in Singapore and bring (his) family over to stay”.

He had remained outside Singapore without a valid exit permit for 10 years, one month and 10 days.

RETURN WAS “TACTICAL” MOVE: PROSECUTOR

The prosecution asked for six to eight months’ jail for Lau, noting that he had no previous convictions.

It was unlikely that an NS defaulter’s voluntary surrender was borne out of genuine remorse, said the prosecutor.

“Overseas defaulters who gamed the system and placed personal pursuits ahead of their NS obligations were likely to have planned to return eventually, after they have fulfilled their personal goals, such as after the completion of their studies or after a stint working abroad,” he said.

In other cases, an overseas defaulter may return to Singapore because his legal status in a foreign country is in jeopardy, or for family ties or professional reasons.

“In such cases, their voluntary surrender would be merely tactical, rather than arising from any genuine remorse.”

The prosecutor said Lau’s voluntary surrender was motivated by his personal interests, and asked for limited mitigating weight to be placed on his plea of guilt and voluntary surrender.

He cited a table from a High Court case, which laid out the starting point of a five to eight-month jail term for someone who had defaulted on NS for seven to 10 years.

The starting point goes up to 24 to 36 months’ jail for a person who defaults on NS for 17 to 23 or more years.

Lau is the 22nd defaulter to be sentenced to jail since the High Court set out the sentencing framework for NS defaulters in 2017.

In a previous statement, Singapore’s Defence Ministry (MINDEF) said it takes a firm stand against such offences.

“All male Singapore citizens and permanent residents (PRs) have a duty to serve NS and it is important that NS has the support and commitment of all Singaporeans,” said MINDEF.

“To achieve this, we have to adhere to the fundamental principles of universality and equity in NS. If we allow Singapore citizens or PRs who are overseas to evade NS or to choose when they want to serve NS, we are not being fair to the vast majority of our national servicemen who serve their country dutifully, and the institution of NS will be undermined.”

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High claim limits of Integrated Shield Plan riders may undermine efforts to reduce cancer costs: Experts

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ENSURING GOOD OUTCOMES

While placing limits on IPs may prompt providers and patients to think twice about using unnecessary treatments and help to reduce spending, experts said it is important that treatment outcomes are not compromised.

“The increase in cancer drug spending through MediShield Life and the IPs will almost certainly be moderated through the Cancer Drug List (CDL) and the claim limits,” said Assoc Prof Lim.

“However, we have to ensure that this spend reduction is not accompanied by poorer outcomes and I hope the government is actively tracking cancer survival rates – for example, the quality of life – especially in lower income groups that may not have the means to afford riders.”

Oncologists who CNA spoke to said patients who do not have a rider would be most affected by the changes.

According to them, the maximum IP claim limit for cancer treatment – five times that of MediShield Life – is “too low” to cover the cost of most treatments in the private sector.

This is because the MediShield Life claim limit for cancer drug treatments is based on subsidised prices at public hospitals.

“The reimbursement rate is pegged at an unrealistically low level and the acquisition cost for drugs in the private sector remains as high as before,” said one private oncologist.

Speaking to CNA on the condition of anonymity, he said most of his patients who are currently taking non-CDL drugs have either advanced or incurable cancer.

“It’s not a matter of being kiasu (the fear of losing out). Many of them will run out of options eventually because their disease can’t be cured, which is why those with incurable and advanced diseases are often the ones who are using all these very expensive drugs that could not get on the CDL.”

He added: “We must also remember that advanced cancer patients cannot be treated and so there is no end date to their treatment. All we can do is to try to retain control of the cancer and extend their life as much as possible until the disease becomes resistant, gets worse and the patient dies.”

Mr Ong said that all insurers will maintain the current IP coverage of policyholders at least until Sep 30.

Beyond Sep 30, cancer patients whose treatments are not on the MOH list may still be covered by IP riders or other insurance plans they have. If not, they would have to shift to treatments that are on the list. 

Those who require drug treatments not on the list and are unable to pay can opt for subsidised care at public healthcare institutions, where they may apply for financial assistance.

For some private healthcare providers, matching their cancer drug prices to public hospitals is simply “not possible”, they said.

“We have no leverage with the pharmaceutical companies in the private sector because we are not united,” said another oncologist.

“Even a group practice with 10 doctors – which is already considered quite big – won’t be able to get it at the same price as public hospitals because there’s no bargaining power.”

WAIT AND SEE

With Singapore’s spending on cancer drugs projected to reach S$2.7 billion (US$2 billion) by the end of this decade, experts said the country has to rein in healthcare spending as the current trajectory is unsustainable.

However, they stressed that efforts need to be based on data and guided by patient outcomes.

“There is a ‘price to life’ and we need to know as citizens the price we are paying as we trade off managing costs with restricting access to medicines outside the Cancer Drug List,” said Assoc Prof Lim.

He added that a wait-and-see approach might be needed so that the government can see how the situation evolves and make policy adjustments as needed.

Assoc Prof Wee said IP riders remain relevant as it is important that such coverage options are available.

“This will allow those with the means to seek care in the private sector to do so and relieve the patient load in the public sector,” she said.

“My greater concern is one of equity. It will be most unfortunate if only a small proportion of the population can afford higher coverage.”

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Exploring the investible opportunity in life sciences & healthcare in the Asia Pacific region

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It has been a tumultuous time for the life sciences and healthcare space in the Asia Pacific region over the last three years. A post-pandemic boom saw a rapid surge in private equity buyouts in the sector through 2020 and 2021, followed by a sharp correction through last year.

However, 2023 promises to be a year in which life sciences and healthcare regains its spot among the top priorities of investors, with several macroeconomic, demographic, and digital adoption trends buoying interest.

To gain deeper insights into what the future holds for this critical sector, FinanceAsia in partnership with DFIN created the Life Sciences & Healthcare Report 2023. Our report is based on a study of the most significant recent trends in the sector so far; as well as a glimpse into what the future holds via bespoke research involving key stakeholders.

We surveyed nearly 70 investors, legal and financial advisors who are actively engaged in the space, as well as professionals operating in life sciences and healthcare companies across the APAC region, to obtain informed insights on the opportunities and challenges that come with investments in the sector.

Here are some of the key takeaways:

  • The life sciences and healthcare sector is expected to bounce back in 2023: After a challenging 2022 in which factors like rising interest rates and a post pandemic rationalisation saw a decline in interest in the space, respondents across categories demonstrate optimism about the sector’s prospects.
  • An overwhelming 80% of investors expect to be involved in a transaction (funding, M&A, public listing): Over the next two years, a vast majority of investors surveyed believe they will engage with the life sciences and healthcare space. This is particularly significant since only 40% have engaged in transactions in the sectors over the last two years. Among investors who have not associated with the sector so far, 100% are ready to invest, given the right opportunity.
  • APAC will receive increased investor focus: The regions aging population, rising pressure on the public healthcare systems in some markets, as well as a sharp increase in health consumerism and digital innovations are among the major factors driving investor interest. While the life sciences and healthcare space has underperformed in the region compared to North America and Europe, innovative solutions in this space will be embraced by the region’s digital savvy middle class population which is growing in affluence.
  • Investors expect heightened M&A activity and more foreign investment: This is particularly true of mature markets. Most investors (56.3%) expect to see a growth in both volume and value of M&As over the next two years.

Read the report for a comprehensive overview of the life sciences and healthcare space including:

  1. The verticals most likely to attract investor interest and M&A.
  2. The impact of a recessive climate on investment.
  3. The biggest opportunities within the life sciences and healthcare according to investors, advisors, and professionals.
  4. The most critical challenges that the sector is dealing with.
  5. A forward-looking view on the scope and potential of life sciences and healthcare in the APAC region.

The report is essential reading for investors engaged in or thinking of engaging with the life sciences and healthcare, companies operating in the sector looking for growth opportunities, as well as advisors serving the space.
 

Download the full report now

 

¬ Haymarket Media Limited. All rights reserved.

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Singapore announces new property cooling measures, additional buyer’s stamp duty doubled to 60% for foreigners

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8. For acquisitions made jointly by two or more parties of different profiles, the highest applicable ABSD rate will apply.

9. Married couples with at least one Singapore citizen spouse, who jointly purchase a second residential property, can continue to apply for a refund of ABSD, subject to conditions. These conditions include selling their first residential property within 6 months after (a) the date of purchase of the second residential property if this is a completed property, or (b) the issue date of the Temporary Occupation Permit (TOP) or Certificate of Statutory Completion (CSC) of the second residential property, whichever is earlier, if the second property is not completed at the time of purchase.

10. The ABSD currently does not affect those buying an HDB flat or executive condominium unit from housing developers with an upfront remission, if any of the joint acquirers/purchasers is a Singapore citizen. There will be no change to this policy.

11. The revised ABSD rates will apply to all residential properties acquired on or after Apr 27, 2023. There will be a transitional provision, where the ABSD rates on or before Apr 26, 2023 will apply for cases that meet all the conditions below:

a. The Option to Purchase (OTP) was granted by sellers to potential buyers on or before Apr 26, 2023;

b. This OTP is exercised on or before May 17, 2023, or within the OTP validity period, whichever is earlier; and

c. This OTP has not been varied on or after Apr 27, 2023.

12. Correspondingly, the Additional Conveyance Duties for Buyers (ACDB), which applies to qualifying acquisitions of equity interest in property holding entities (PHEs)6 will be raised from up to 46 per cent to up to 71 per cent.

Significant Increases in Housing Supply

13. The revisions to the ABSD rates to help moderate investment demand will complement our efforts to ramp up supply, to alleviate the tight housing market for both owner-occupation and rental.

14. We have increased the supply of private housing on the Confirmed List to 4,100 units for the 1H2023 Government Land Sales (GLS) programme, from 3,500 units for 2H2022. In 2022, we had injected a total of 6,300 units under the Confirmed List. For public housing, we have launched more than 23,000 flats in 2022 and will launch up to 23,000 flats in 2023. We are also prepared to launch up to 100,000 new flats in total between 2021 to 2025. We will continue to maintain a steady pipeline, to cater to growing housing demand. 

15. While COVID-19 had led to severe delays across private and public housing projects, we have made good progress to get back on track. With almost 40,000 public and private residential property completions in 2023, and near 100,000 units expected to be completed from 2023 to 2025, there will be significant housing supply coming onstream over the next few years.

16. The measures above have been calibrated to moderate housing demand while prioritising owner-occupation, and provide sufficient housing supply. The Government will continue to adjust our policies as necessary to ensure that they remain relevant, and promote a sustainable property market.

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Equinix and Astra form JV in Indonesia to develop digital infrastructure

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The joint venture company will have a 75% and 25% equity steak
It will develop and operate the JK1 IBX in Jakarta’s Central Business District Equinix, a Nasdaq listed digital infrastructure company and Indonesian conglomerate, PT Astra International, announced a joint venture company on 11 April with 75% and 25% equity respectively to develop the…Continue Reading