Indonesian state-owned enterprise Pertamina Power Indonesia, known as Pertamina New &, Renewable Energy or Pertamina NRE, is taking a 20 % stake in Citicore Renewables Energy Croporation ( CREC ) as it expands into the Philippines.
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The 6th edition of Digital News Asia’s Digerati50 annual networking event on 10th Jan, hosted by Cyberview Sdn Bhd in Cyberjaya, welcomes a very special guest – 2014 Nobel Prize Laureate in Physics, Professor Shuji Nakamura from the University of California, Santa Barbera (UCSB ).
Due to the time difference between Los Angeles and Kuala Lumpur, Nakamura may be making pre-recorded remarks to share his thoughts on the possibilities for Malaysia in the electronics industry. Prof. Steven DenBaar, his close friend and fellow scientist, will join him on stage and be available to answer questions via video visit from the US.
A former expert at HP before going into education, DenBaar, who has over 150 patents to his name, said he has worked in Penang and visited at least 40 times thus far, and hopes to make another trip immediately.
The guest of honor for Friday’s communication may become Economy Minister, Rafizi Ramli.
As to why a little in demand Nobel Laureate is also knowledgeable of the Digerati50 and would want to talk to a group of Malaysian and Indonesian based ( not all the Digerati50 are Malay, some launched their businesses around or relocated to Malaysia ) members, effectively, we have Jaffri Ibrahim, a Digerati50 who is also CEO of CREST ( Centre for Research in Engineering, Science and Technology ) to thank for.
Jaffri placed a calculated bet on a technology called Gallium Nitride ( GaN ) in 2013 on the back of industry feedback from his board of directors and indications of support from MIDA ( Malaysian Industrial Development Authority ), based on his strong belief that Malaysian talent could be trained to become a top-notch pool of GaN researchers and engineers. Simply put, powerful government support and guidance was required. It was a quest that brought Malaysia into Nakamura’s circle.
The CREST is a surprisingly uncommon Federal Government company that wasn’t based in Kuala Lumpur but focused on architecture and creativity. The powerful silicon belt that stretched from Bayan Bayu in Penang to Kulim High Tech Park in Kedah, as ideal exemplified by the rational decision to be based in Penang, which was established in 2012.
Only the silicon habitat at the time recognized the crucial role Penang played in the world semiconductor value network. It took the pandemic to bring Penang’s place in the global price ring into the forefront.
Bull on Malaysia and Penang’s potential in an increasingly electronics reliant digital market, DenBaar’s says,” Penang is the place to get if you want to start a high-tech business in the silicon ecosystem”.
Yet Jaffri could not have anticipated the astounding effect the RM76.91 million authorities funds he managed to secure, despite his own convictions about the caliber of Malay engineers to take up the GaN problem.
With that money, Universiti Sains Malaysia in Penang and Universiti Malaya in Kuala Lumpur acquired the necessary tools and developed the skills needed for GaN laboratory. At UCSB, Nakamura sponsored 13 students to pursue their PhDs. As of 2021, the GaN skills lake that was created since 2013 includes local experts who were sent to UCSB for six-month periods. It has grown to over 70 as of 2021. More than figures, the laboratories at both colleges are also recognized for their world-class study.
A more quantifiable payback occurred in 2015 when German multinational Osram (via M&, A Osram since 2020 has become ams Osram ) made the decision to construct a cutting-edge LED plant in Kulim. The plant opened in Nov 2017 with an investment of €370 million ( RM1.71 billion ), with two future planned upgrades that would take the total investment to €1 billion.
The planned expansions were carried out, and the total investments are in the range of €1 billion ( RM4.6 billion ), as confirmed by an ams OSRAM executive. Given the government’s RM76.9 million cash in 2014, this may result in an indirect gain of 60x.
The decision to choose which country to discover the facility was a key factor, according to the ams OSRAM executive, who was well-versed in the process of choosing which country to find the facility in 2014. ” If you weren’t previously building this professional skill, it didn’t matter what other bonuses you were offering”, he explained.
A Digerati50 from the 2016/2017 book, Jaffri is one of 184, generally founders but with a handful of technocrats like as him, whom DNA editors have freely identified as ‘ Those who will help form Malaysia’s Digital Economy ‘ via our again in two years print and digital version of Digerati50. ( Watch out for the upcoming March edition. )
Many of them are making similar outsized contributions to Malaysia’s digital economy, that Fahmy Fadzil, Minister of Communications who attended the 2023 Digerati50 networking, hoped would lead to Malaysia becoming a Digital Tiger of Asia.
Gobind Singh, Minister of Digital, who attended the 2024 Digerati50 Networking also echoed this ambition and said his ministry would work together with the Digerati50 to help develop Malaysia into an Asian Digital Tiger.
Rafizi, who is a key supporter of KL20, a statement of Malaysia’s commitment to support and grow a vibrant startup and entrepreneurial ecosystem, is undoubtedly enthusiastic about the plan to transform Malaysia into an Asian digital tiger.
Open to all Digerati50 and invited guests, the 6th Digerati50 Networking will be held on Fri at RekaScape, hosted by Cyberview.
Germany’s biggest technological people are moving away from home to more positive circumstances in China as a result of its domestic energy guidelines and economic environment. Germany’s environment is increasingly hostile to business growth due to rising energy costs, high green energy subsidies, and strict regulations.
As a result, some of Germany’s most established companies are downsizing at house, shedding tens of work, while investing heavily in China. This change underlines the tremendous impact of existing policies on Germany’s professional scenery, with long-term implications for the local market and employment.
Here, Asia Times examines the main aspects and the businesses that are changing their business models worldwide.
Germany’s energy policies have caused business energy prices to rise to amounts that are among the highest in the world, behind only the UK and the UK. Actually this high cost level, which has already reached unparalleled levels, cannot be sustained because the average cost for industrial users may have reached about US$ 250 per MWh by 2023.
Germany’s rely on renewable energy sources such as wind and solar, combined with the pulling out of nuclear energy, has increased the government’s reliance on imports and caused significant price fluctuation, eventually putting stress on both business and citizens. Due to rising costs, some businesses are considering reducing their businesses in Germany and starting new ones, especially in China.
In 2023, power consumption in Germany’s business sector fell to 3, 282 petajoules, a decrease of 7.8 % compared to 2022. This drop followed an already significant reduction in 2022, when industrial energy use fell by 9.1 % year-on-year to 3, 558 petajoules. Taken together, these cuts represent an overall increases in industrial energy usage of about 16.3 % over the two-year time.
German domestic energy production has also changed, with renewable energy sources generating a record 61 % of the country’s energy mix in the first half of 2024. In the first quarter of 2024, Germany’s reliance on foreign energy sources to complement its varying renewable production has increased by 23 % in this period.
Businesses that require steady, affordable electricity are at risk because of the variability of the supply of renewable energy, combined with rising home prices. Germany’s continued emphasis on solar is also expected to increase buy dependency, more discouraging companies from expanding internally.
In 2024 only, Germany will deliver 20 billion dollars in subsidies to alternative energy producers. Despite quickly falling market prices, these payments guarantee that solar energy suppliers receive set-assigned minimum prices.
The state budget has been burdened greatly by this centrally planned program, which allows the government to pay clean energy suppliers when wholesale prices drop.
In fact, the original budget for subsidies in 2024 was 10.6 billion euros ( US$ 21 billion ), but as energy prices have fallen, the projected need has doubled. Given the government’s commitment to follow the debt brake, these increasing subsidies are putting more pressure on the budget and making negotiations more difficult.
Germany’s power landscape has been severely affected by the withdrawal of Russian gas imports, which has severely impacted its industrial base and increased energy costs. Russian natural gas was a core of Germany’s power source, providing reliable and affordable energy for years. However, this crucial strength link was cut short by the political effects of the Ukraine war and the Nord Stream pipeline sabotage in September 2022.
The problems rendered Nord Stream 1 entirely useless, and one of the two pipes of Nord Stream 2 was even damaged. Just one part of Nord Stream 2 is still in use and functional. If Germany was willing to engage with Russia politically and economically, President Vladimir Putin just reaffirmed that this operational pipeline was resume sales right away.
Putin and German Chancellor Olaf Scholz recently spoke in conversation, emphasizing that restarting oil travels through Nord Stream 2 was” a matter of pressing a box,” indicating that Russia was willing to provide fuel if Germany cooperated.
German gas had to be replaced by much more expensive liquefied natural gas ( LNG ) imports, primarily from the United States, after Russia’s abrupt loss of oil. These raised prices have undermined Germany’s international business competitiveness.
Putin’s suggestion to restart the last Nord Stream 2 pipeline highlights the corporate sway Russia also has over Europe’s energy source. By offering a possible crutch to Germany’s ailing business, Putin aims to control Germany’s social position on the Ukraine conflict. Germany has abstained from responding to the proposal despite the potential economic benefits of a resumed gas imports.
Domestic investment has decreased significantly as a result of rising energy costs and regulatory challenges. Private gross fixed capital formation is about 10 % below pre-covid levels.
The situation is even worse for industrial production: Since 2021, Germany’s production level has fallen by more than 9 %. The decline has been even sharper in energy-intensive industries. In those areas, production levels have fallen by more than 18 % in less than two years, which indicates serious issues in industries that are heavily reliant on affordable energy.
This decline may have had an impact on the cost structure of these industries because of rising energy costs and the ongoing shift toward renewable energy sources. The trend suggests potential deindustrialization pressures, particularly in sectors that are unable to adjust to rising operating costs.
Many businesses are cutting jobs at home while expanding in China as a result of Germany’s unsustainable cost environment.
As German businesses are putting more and more money under the belt, these cuts are a part of a wider trend. The Association of the Bavarian Economy (vbw ) estimates that the automotive sector in Bavaria alone could lose 106, 000 jobs by 2040, highlighting the far-reaching consequences of Germany’s industrial challenges.
Hildegard Müller, president of the German Association of the Automotive Industry (VDA ), warns that up to 190, 000 jobs across the sector could be at risk by 2035, reflecting the risks associated with Germany’s deindustrialization.
In response to these developments, Scholz’s government has initiated urgent talks with industry leaders. Industry experts contend that these discussions lack the long-term strategic vision required to address fundamental issues like high costs, regulatory pressures, and labor costs. Without significant structural reforms, the German automotive sector risks a further decline in global competitiveness.
German companies continue to place record levels of investment in the nation despite pressure from German government officials and the EU to reduce their dependence on China. In recent years, German investment in China has increased to unheard levels, primarily in the chemicals and automotive industries.
In the first half of 2024 alone, German foreign direct investment ( FDI) in China reached 7.3 billion euros, surpassing the 6.5 billion euro total for the whole of 2023. German automakers and Germany are increasingly influencing Chinese foreign direct investment, accounting for 57 % of total EU investment in China in the first half of 2024, 62 % in 2023, and a record 71 % in 2022.
Key investment projects:
These initiatives are based on a localized production approach that helps businesses avoid the difficulties and costs of exporting from Germany and meet Chinese market demands.
The second quarter of 2024 saw the highest quarterly level to date for greenfield investment by the EU reach a record 3. 6 billion euros. German automakers have been a significant contributor to this growth, accounting for roughly half of all EU investments in China since 2022.
While average quarterly M&, A activity declines by 30 % between 2022 and the first half of 2024, greenfield investments by EU firms have steadily increased, with Germany’s automotive and chemicals sectors leading this trend.
Between 2022 and the first half of 2024, 65 % of all EU FDI in China will come from Germany, up from 48 % between 2019 and 2021. The top five European investors in China in 2023 were German companies, underlining Germany’s key role in EU-China investment.
Countries like France, the Netherlands, and Denmark, for example, will contribute only 7-8 % of EU FDI during this time, while the remaining 23 EU Member States will contribute only 12 % of that percentage.
German businesses are also restructuring their supply chains to reduce risk as a result of rising energy prices and regulatory uncertainty. Companies have been prompted to localize their operations in key markets as a result of events like the Covid-19 pandemic and the Suez Canal disruption, which have highlighted the fragility of global supply chains. German businesses are responding by increasing direct production in China, which reduces both the cost and the risk of global supply chain disruptions.
According to Friedolin Strack of the Federation of German Industries ( BDI), businesses in China are increasingly “reorganizing their supply chains regionally.” In a world where Chinese EV manufacturers are gaining market share, German automakers like Volkswagen and BMW are focusing on localizing their EV supply chains to stay competitive. German businesses are reducing costs by investing in localized production as well as protecting themselves from global uncertainties.
In the first seven months of 2024, Germany and China’s bilateral trade decreased by 5.7 % as a result of the transition to localized production. German exports to China fell by 11.7 % year-on-year, as companies increasingly serve Chinese consumers directly through local production.
German automakers, which are producing cars directly in China rather than exporting them, are especially attracted to this decline in exports. As less of German-made goods are exported abroad while localized production in China is growing, this could have an impact on Germany’s trade balance.
While the German government and the European Commission advocate diversification away from China, alternative markets lack China’s infrastructure, market scale and cost efficiency. Countries such as Vietnam and Thailand, while considered as diversification options, cannot match China’s industrial networks, skilled workforce and market size.
Since 2022, more than 50 % of all EU investment in China has come from German companies, mainly in the automotive and chemical sectors. Major projects, such as Volkswagen’s partnership with Xpeng and BASF’s production facility, underline Germany’s strategic focus on China as a key market for long-term growth and competitiveness.
German companies ‘ decision to restrict domestic investment and expand in China is a stark reflection of Germany’s current energy policy and regulatory pressures. High costs, variable energy supply and regulatory challenges have made Germany a difficult environment for large-scale industrial investment, while China offers stability, cost-efficiency and market growth potential.
These trends suggest that domestic structural issues must be addressed as Germany attempts to maintain its industrial base. Without reforms to lower energy costs and reduce regulatory burdens, the shift of German investment to China is likely to continue, with long-term implications for Germany’s trade balance, industrial output and economic resilience. Even the EU tariffs wo n’t play a significant role.
FinanceAsia ‘s , annual Achievement Awards recognise excellence across the divers financial markets of Asia Pacific ( Apac ) and the Middle East.
The Achievement Awards, which span five distinct categories, include Deal Honors for Apac and the Middle East, House Awards for Apac and the Middle East, and our Dealmaker Poll, show the achievements of major players in these areas as well as those who have shown commitment to their industry.
We’re pleased to announce that the judging process for this year’s awards has now come to an end after receiving almost 1, 000 submissions from our Advisory Board of external specialists and the help of our editorial staff.
Below are the types and winners’ respective links.  ,
The logic behind success collection will get published in our upcoming , FinanceAsia , reports. Please call the , FinanceAsia staff if you have any concerns.  ,
You see all the winners below:  ,
FinanceAsia Achievement Awards 2024: Apac’s best talks
FinanceAsia Achievement Awards 2024: Middle East’s best offers
FinanceAsia Achievement Awards 2024: Dealmaker Poll finalists
FinanceAsia , Achievement Awards 2024: Apac’s best funding homes
FinanceAsia , Achievement Awards 2024: Middle East’s best funding houses
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Excellence in Asia’s financial markets is recognized annually with our Success Awards. Our Achievement Awards, which span two crucial categories– Package Awards and House Awards– emphasize the achievements of key players in the Asia-Pacific and Middle East who have demonstrated dedication to their industry.
We’re pleased to announce that the judging process for this year’s awards has now come to an end after receiving almost 1, 000 submissions from our Advisory Board of external specialists and the help of our editorial staff.
Please consider below a list of this week’s victors of the , Deal Awards- Apac , type.
The logic behind success collection will get published in our upcoming , FinanceAsia reports. It is not a comprehensive list because we have listed the participants who participated based on research and awards entries. Please call the , FinanceAsia group if you have any concerns.  ,
North Asia = Japan, South Korea, Taiwan ,
South Asia = India, Pakistan, Bangladesh, Sri Lanka
Southeast Asia = Indonesia, Malaysia, Philippines, Thailand, Vietnam
>, BEST BOND DEALS <,
AUSTRALIA / NEW ZEALAND
CSL Financial’s$ 1.25 billion dual-tranche 144A/Reg S top giving
Members: Citi, Bank of America, JP Morgan, HSBC
Highly commended: AOFM’s invitational$ 7 billion efficient government bond
Members:  , Commonwealth Bank of Australia, Deutsche Bank, National Australia Bank, UBS, Australia Branch, Westpac Banking Corporation
Chinese- Abroad
3-year, responsible dim-sum bond issued by Jingzhou Municipal Urban Development Holding Group
Members:  , Bank of China, Caitong International, Industrial Securities, CSC Financial, CITIC Securities, CMB Wing Lung Bank, CMBC Capital, CNCB Investment, Guolian Securities, Guoyuan International, Haitong International, ICBC International, Shanghai Pudong Development Bank, Shenwan Hongyuan Securities, SPDB International, TF worldwide, CICC
Chinese- Inland
National Bank of Canada’s Rmb5 billion 2-year tiger relationship release
Members: Standard Chartered, Deutsche Bank, DBS, CITIC Securities, CMB Securities
Highly commended: China Baowu Steel Group’s Rmb10 billion business relationship release
Members: CITIC Securities, Guotai Junan Securities, Shenwan Hongyuan Securities, CICC
 , HONG KONG Radar / APAC
HKSAR’s USD&, EUR&, CNH multi-currency natural tie giving
Members: Crédit Agricole, HSBC, Citi, JP Morgan, BNP Paribas, BofA, Morgan Stanley, UBS, Mizuho, Bank of China Hong Kong, ICBC Asia, Bank of Communications, Standard Chartered
Highly commended: ILBS 2 by Bauhinia
Members: Hong Kong Mortgage Corporation, CICC, ING Bank, MUFG, Natixis, Standard Chartered
NORTH ASIA
LG Electronic’s$ 500 million 144A/Reg S 3-year and$ 300 million 5-year two round
Members: BNP Paribas, Citi, HSBC, JP Morgan, Korea Development Bank, Standard Chartered
SINGAPORE
Exams ‘$ 500 million unprotected fixed rate documents due 2029
Members: DBS, BNP Paribas, MUFG, OCBC, HSBC
Highly commended: Yinson Production’s$ 500 million older secured 5-year relationship release
Members: Standard Chartered, Holman Fenwick Willan, Stephenson Harwood, collaboration of 13 loans
SOUTH ASIA
Kashf’s PKR2.5 billion female connection release
Members: Infra Zamin Pakistan, Arif Habib, Pakistan Credit Rating Agency, Vellani &, Vellani, Pak Brunei Investment Company, Bank Alfalah, Bank of Pubjab, Standard Chartered Pakistan
SOUTHEAST ASIA
SOUTHEAST ASIA/ PHILIPPINES
Maynilad Water Services PHP15 billion orange ties
Members: BPI Capital, BDO Capital &, Investment, First Metro Investment, East West Banking
 , MALAYSIA / HIGHLY COMMENDED ( SOUTHEAST ASIA)
Asean Green moderate term papers under RM500 million Exio Logistics clean centers
Members: Hong Leong Investment Bank
HIGHLY RECOMMENDED ( SOUTHEAST ASIA) THAILAND
Minor International’s THB billion securities via private location
Members: Standard Chartered, Bangkok Bank, Bank of Ayudhya Public Company, Kasikornbank, Krungthai Bank, Kiatnakin Phatra Securities, The Siam Commercial Bank
INDONESIA
Republic of Indonesia$ 2.05 billion international bond giving
Participants: ANZ, BofA Securities, Deutsche Bank ( Singapore ), Morgan Stanley, UBS ( Singapore ), BRI Danereksa Sekuritas, Trimegah Sekuritas Indonesia, Mayer Brown
VIETNAM
Hai An Transport and Stevedoring JSC’s VND500 billion foldable relationship
Members: SSI Securities
>, BEST EQUITY DEALS <,
AUSTRALIA / NEW ZEALAND
A$ 1.435 billion block trade in Worley
Members: Citi, Goldman Sachs, Allens
Highly commended: Treasury Wine Estate’s A$ 825 million Paitreo to support get DAOU Vineyards
Members: UBS, Macquarie Capital
Chinese- Abroad / APAC
Alibaba’s$ 5 billion convertible bond  ,$ 1.2 billion parallel stock purchase
Members: Citi, JP Morgan, Morgan Stanley, Barclays, HSBC
Highly commended:  , Lotus Tech’s company mixture with L Catterton, people listing in the US through a De-SPAC design, approximately$ 880 million of personal investment in public equity funding and convertible information
Members: Han Kun Law, Skadden, Kirkland &, Ellis, Fangda Partners ,
Chinese- Inland
Sinopec’s A-share personal position
Members: CICC, Guangfa Securities, CITIC Securities
HONG KONG Radar
Zhejiang Expressway’s HK$ 6.7 billion  , right issue
Members: BNP Paribas, DBS, CLSA, CICC, Zheshang International
Alibaba’s$ 5 billion convertible bond $ 1.2 billion parallel share buyback
Members: Citi, JP Morgan, Morgan Stanley, Barclays, HSBC
SINGAPORE
Personal position and preferred giving for CapitaLand Integrated Commercial REIT for S$ 1.1 billion
Members: United Overseas Bank, JP Morgan, Venture Law, Allen &, Gledhill
Highly commended: Reverse , takover of 3Cnergy by DTP Inter Holdings Corporation for a consideration of approximately S$ 443.8 million  ,
Members: PrimePartners Corporation Finance, Allen &, Gledhill LLP
SOUTH ASIA
JSW Energy’s$ 600 million qualified administrative position
Members: Jefferies India, Khaitan &, Co, Shardul Amarchand Mangaldas &, Co
Highly commended:  , Vodafone Idea’s$ 2.15 billion follow-on open offering of capital stock
Members: Axis Capital, Jefferies, SBI Capital, Sidley Austin, Cyril Amarchand Mangaldas &, Co, AZB &, Lovers
SOUTHEAST ASIA
Bursa Malaysia Offering for Johor Plantations Group
Members: RHB Investment Bank, AmInvestment Bank, CIMB Investment Bank, CLSA Singapore, CLSA Securities Malaysia, Affin Hwang Investment Bank
Highly commended:  , San Miguel Corporation’s PHP34 billion preferred shares ,
Members:  , SB Capital, Bank of Commerce, BDO Capital &, Investment, China Bank Capital, Asia United Bank, Bank of Commerce, BPI Capital, Land Bank of the Philippines, PNB Capital and Investment, RCBC Capital, Union Bank of the Philippines
>, BEST INFRASTRUCTURE DEALS <,
AUSTRALIA / NEW ZEALAND
Blackstone’s merger of Airtrunk
Members: Deutsche Bank, Morgan Stanley, RCBC Capital Markets, Macquarie Capital, Goldman Sachs
Highly commended: Contact Energy’s suggested merger of Manawa Energy
Members: UBS New Zealand, Cameron Partners/Rothschild &, Co, Lazard Australia, Bell Gully, Harmos Horton Lusk
Chinese- Inland
CAMC-China Resources TBEA Renewable Energy’s Closed-end Infrastructure Securities Investment Fund
Members: CITIC Securities, China Asset Management, Agricultural Bank of China, Zhong Lun Law Firm
HONG KONG Radar
ILBS 2 by Bauhinia
Members: CICC, ING Bank, MUFG, Natixis, Standard Chartered
SINGAPORE / APAC
Yinson Boronia Movie’s annual project relationship with a$ 1.035 billion Top Secured Notes expected 2042
Members: Santander, Citi, Norton Rose Fulrbright, Cescon Barrieu
Highly commended: Stonepeak’s very structured preferred corporate investment into AGP Sustainable Real Assets
Members: Sidley Austin, Clifford Chance, King &, Wood Mallesons, Shardul Amarchand Mangaldas &, Co, NautaDutilh, Burness Paull, WongPartnership, Setterwalls Advokatbyra ,
SOUTH ASIA
AdaniConneX’s$ 1.44 billion Sustainability-Linked Project Finance for an under-construction information centre investment in India
Members: ING Bank, Intesa Sanpaolo, KfW IPEX, MUFG, Natixis, Standard Chartered, Societe Generale, SMBC
SOUTHEAST ASIA
SOUTHEAST ASIA/ INDONESIA
ADIA and APG’s acquisition of a 53.5 % stake in Rafflesia Investasi ,
Members: Rothschild &, Co
 , PHILIPPINES / HIGHLY COMMENDED ( SOUTHEAST ASIA)
New NAIA Infrastructure Corporation’s PHP80 billion syndicated name loan service
Participants: Bank of Commerce, BDO Capital &, Investment, Asia United Bank, China Bank Capital, SB Capital Investment, BDO Unibank, China Banking, Development Bank of the Philippines, Security Bank
MALAYSIA
Worldwide Holdings ‘ RM999 million syndicated clean leasing facility
Members: Maybank Investment Bank
VIETNAM
Petrovietnam Power’s XNhon Trach 3&, 4 Energy Flower
Members: Citi, ING
>, BEST Offering <,
Chinese- Abroad
J&, T Express ‘$ 500 million identifying on HKEX
Participants: CICC, Morgan Stanley, Bank of America Securities, UBS AG ( HK), CCB International Capital, CMB International Capital, Huatai Financial, BOCI Asia, ABCI Capital
Chinese- Inland
Grandtop Yongxing’s Rmb2.43 billion Offering
Members: CITIC Securities, Guotai Junan Securities
HONG KONG Radar /APAC
Super Hi’s double list on Nasdaq
Members: Kirkland &, Ellis, Skadden, Arendt, Loyens, Freshfields, Linklaters and Fried Frank, White &, Event
Highly commended:  , QuantumPharm’s identifying on HKEX
Members: CLSA, CITIC Securities, CICC, Jefferies, Deutsche Bank, CMB International, Sidley Austin, Fangda Partners, Herbert Smith Freehills, JunHe, PwC
NORTH ASIA
Kokusai Electric ‘s , ¥124.5 billion ($ 831.7 million )  , listing on Tokyo Stock Exchange
Participants: KKR ( GP), Mitsubishi UFJ Securities
SOUTH ASIA
NRB Bank’s BDT1 billion naming in Bangladesh
Members: UCB Investment, Shahjalal Equity Management
Highly commended: OLA Electronic’s list in India
Members: Kotak Mahindra Capital, Citi, BofA Securities, Goldman Sachs, Axis Capital, ICICI Securities, SBI Capital Markets, BOB Capital Markets
SOUTHEAST ASIA
Speed Mart Retail Holdings RM13.9 billion Investor on Bursa Malaysia
Members: CIMB, Affin Hwang Investment Bank, RHB Investment Bank, Lee Choon Wan &, Co
Highlgy commended: Johor Plantations Group’s RM735 million Offering on Bursa Malaysia
Members: RHB Investment Bank, Latham &, Watkins, AmInvestment Bank, CIMBC Investment Bank, CLSA Singapore, CLSA Securities Malaysia, Affin Hwang Investment Bank
>, BEST ISLAMIC FINANCE DEALS <,
SINGAPORE
Wealthy Pink’s S$ 2.7 billion normal expression product and Muslim Murabahah features
Members: DBS Bank, Malayan Banking Singapore branch, Sumitomo Mitsui Banking Corporation Singapore branch, United Overseas Bank ( UOB), Allen &, Gledhill
SOUTH ASIA
Islamic Bank Bangladesh ‘s , BDT8 billion Mudaraba convertible, non-convertible, unsecured subordinated bond
Members: UCB Investment
SOUTHEAST ASIA
SOUTHEAST ASIA/ APAC / INDONESIA
Republic of Indonesia’s$ 2.35 billion 144A sukuk offering
Members: MUFG, Citi, Dubai Islamic Bank, HSBC, Mandiri Securities, BRI Danareksa Sekurta, PR Trimegah Sekuritas Indonesia
Extremely RECOMMENDED ( SOUTHEAST ASIA)/ MALAYSIA
Gold Formula ABS’s sukuk, up to RM94.81 million in differenent tranches
Members: New Paradigm Securities, Silver Formula Capital, Public Investment Bank, Adnan Sundra &, Low
PHILIPPINES
Republic of Philippines ‘ Sukuk Trust’s$ 1 billion issuing
Members: Citi, Deutsche Bank, Dubai Islamic Bank, HSBC, MUFG, Standard Chartered
>, BEST M&, A DEALS <,
AUSTRALIA / NEW ZEALAND / APAC
Obayashi Corporation acquires 50 % of Eastland Generation for a$ 503 million implied business benefit.
Members: Forsyth Barr, Chapman Tripp
Highly commended: PSP Consortium’s A$ 2.5 billion merger of Costa Group
Members: Citi, JP Morgan, Allen &, Gledhill, Kirkland &, Ellis
Chinese- Abroad
Grifols ‘ Sale of 20 % stake in Shanghai RAAS to Haier for$ 1.8 billion
Members: Nomura Securties, CICC, Osborne Clarke, JunHe, Clifford Chance, King &, Wood Mallesons
Highly commended:  , Royal Golden Eagle’s CNH15 billion syndicated payment for the acquisition of Vinda International Holdings
Participants: Bank of China Macau, BNP Paribas, CICC, Linklaters
Chinese- Inland
$ 8.3 billion sale of 60 % stake in Zhuhai Wanda to PAG-led consortium
Members: Deutsche Bank
Highly commended:  , NISCO merger by CITIC Pacific ,
Members: CITIC Securities
HONG KONG Radar
Asia Pacific Resources International’s HK$ 21.6 billion volunteer public present for Vinda International Holdings
Members: HSBC, Norton Rose Fulbright, Bank of America, BNP Paribas, CICC
Highly commended:  , HKT price of 40 % stake in its silent community resources to China Merchants Capital
Members: Deutsche Bank, Clifford Chance
NORTH ASIA
Renesas Electronics ‘ 100 % merger of Altium
Members:  , Deutsche Bank, JP Morgan, King &, Wood Mallesons, Reed Smith, DLA Piper, Covington &, Burling, Nagashima Ohno &, Tsunematsu ,
Highly commended:  , WT Microelectronics ‘$ 3.8 billion merger of Future Electronics ,
Members:  , Citi, Canaccord Genuity Corp., Skadden, Arps, Slate, Meagher &, Flom, Osler, Hoskin &, Harcourt, Tsar &, Tsai Law Firm, Mintz, Levin, Cohn, Ferris, Glocsky and Popeo, P. C.
SINGAPORE
Purchase of Eu Yan Sang to a consortium led by Mitsui & Co. and Rohto Pharmaceutical
Members: Deutsche Bank, UBS, Wong Partnership
SOUTH ASIA
MHIL’s consolidation of Sahara Hospital
Members: Standard Chartered
Highly commended:  , Acquisition by Saudi Aramco Oil Company of a 40 % stake in Gas and Oil Pakistan ,
Members: Standard Chartered
SOUTHEAST ASIA
SOUTHEAST ASIA/ THAILAND
Acquisition of 65.99 % shares in Esso ( Thailand ) Public Company by Bangchak Corporation Public Company
Members: Kiatnakin Phatra Securities, JP Morgan, DLA Piper
Highly commended: ThaiBev return from home business via promote transfer
Members: DBS, WongPartnership
INDONESIA
 , Medco Energi Internasional’s$ 713 million acquisition of a 20 % interest in each of Block 60 and Block 48
Members: Standard Chartered
MALAYSIA
Purchase of Ramsay Sime Darby Health CA by Columbia Asset Healthcate and Sime Darby Healthcare
Members: Deutsche Bank
PHILIPPINES
Merger between Robinsons Bank and Bank of the Philippine Islands
Members: BPI Corporation
VIETNAM
Thomson Medical Group’s merger of FV Hospital
Members: Maybank Investment Bank
>, BEST PRIVATE EQUITY DEALS <,
AUSTRALIA / NEW ZEALAND / APAC
Blackstone’s merger of Airtrunk
Members: Deutsche Bank, Morgan Stanley, RCBC Capital Markets, Macquarie Capital, Goldman Sachs
Chinese- Abroad
Carlyle on sales of curiosity in McDonald’s China to McDonald’s Company
Members:  , Kirkland &, Ellis, JunHe, Jones Day
Highly commended:  , Advent International’s acquisition of a 29 % interest in Seek Pet Food
Participants: Boyu Capital ( investor )
HONG KONG Radar
PAG’s$ 8.3 billion Joint Investment in Newland Commercial Management
Members: Simpson Thacher &, Bartlett, A&, O Shearman
NORTH ASIA
Carlyle Group’s merger of KFC Holdings Japan
Members: Kirkland &, Ellis, Nishimura &, Asahi, Linklaters, Mori Hamada &, Matsumoto, Nagashima Ohno &, Tsunematsu ,
Highly commended:  , Blackstone’s sales of Geo-Young to MBK lovers
Members:  , Deutsche Bank, Morgan Stanley, Goldman Sachs, Samsung Securities, K&, C Cleary Gottlieb, Steen &, Hamilton LLP, Ropes &, Gray
SOUTH ASIA
ani’s Ispahani’s acquisition of a small interest in Tampaco Sheets
Members: UCB Investment, Farooq & Associates
SOUTHEAST ASIA
Asia Pacific Education Holdings ‘ sale of the APIIT Education Group to TPG’s The Rise Funds ( stake sold by KV Asia Capital )
Members: Rahmat Lim &, Partners,  ,
Highly commended: BlackRock’s Climate Finance Partnership’s funding in Ditrolic Energy
Members: Clifford Chance
>, BEST PROJECT FINANCE DEALS <,
AUSTRALIA / NEW ZEALAND
MREH’s A$ 400 million debt funding
Members:  , Société Générale, Westpac, Standard Chartered, Export Development Canada, White &, Case, Ashurst
Chinese- Inland
CSPC’s$ 5.5 billion term loan and a$ 450 million working capital facility
Members: CNOOC Finance Corporation, Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, Bank of Communications, Zhong Lun Law Company
NORTH ASIA
 , ARE’s 20-year c. TWD8.25 billion job financing
Members: CTBC Bank, MUFG, E. SUN Bank, SMBC, Standard Chartered, KGI
SINGAPORE / APAC
BIC V investment size of approximately$ 508.3 million
Members: Citi, Standard Chartered, MUFG, Natixis, Overseas-Chinese Banking Corporation,  , Société Générale
SOUTH ASIA
Serentica’s venture funding of 200 MW RTC
Members: Société Générale, Cooperative Rabobank U. A., Export-Import Bank of India, India Infrastructure Finance Company, MUFG, YES Bank, KKR, Twinstar Overseas, Dentons, Luthra &, Luthra, Norton Rose Fulbright
SOUTHEAST ASIA
SOUTHEAST ASIA/ INDONESIA
Climmangis Citibung Tollways CDS hospital
Members: Indonesia Infrastructure Fund, BNI,  , Siahaan Indarmis, Andarumi &, Partners
Extremely RECOMMENDED ( SOUTHEAST ASIA)/ MALAYSIA
World Holdings ‘ spare to power project
Participants: Bank
HIGHLY RECOMMENDED ( SOUTHEAST ASIA ) PHILIPPINES
AltEnergy’s PHP8 billion top safe word product
Members: BPI Capital, Security Bank
VIETNAM
Petrovietnam Power Company’s Nohn Trach 3&, 4 Energy Flower
Members: Citi, ING
>, BEST PROPERTY DEALS <,
AUSTRALIA / NEW ZEALAND
Blackstone’s merger of Airtrunk
Members: Deutsche Bank, Morgan Stanley, RCBC Capital Markets, Macquarie Capital, Goldman Sachs
Chinese- Abroad
Bain Capital’s$ 250 million cooperative venture with DNE for China New Economy Network
Participants ( legal advisors ): Kirkland &, Ellis, King &, Wood Mallesons ,
Chinese- Inland
Link REIT’s acquisition of China Vanke’s 50 % stake in Link Plaza Qibao
Participants ( legal advisors ): Zhong Lun Law Firm, Cushman &, Wakefield
HONG KONG Radar
HK$ 14.438 billion sustainability-linked syndicated term and revolving loan facilities for 16 borrowers, sponsored by Gateway Real Estate Fund V L. P., Gateway V Co-Investment ( Doris ), L. P. (” Gaw” ), Great Wall Pan Asia Holdings Limited (” Great Wall” ) and GLQ Broad Street Holdings Ltd
Members: ANZ, Standard Chartered, UOB
SINGAPORE
Supreme JV Holding Pte Ltd | Lendlease &, Warburg Pincus ‘ S$ 1.065 billion top secured term loan and lender ensure features
Members: DBS, HSBC, UOB
Highly commended:  , Digital Core REIT’s$ 120 million personal location
Members: DBS, Citi, Bank of America, BNP Paribas, OCBC, UOB
SOUTHEAST ASIA
SOUTHEAST ASIA/ APAC / THAILAND
ThaiBev’s exit from the property business via a share swap with its parent for majority ownership in F&N
Members: DBS
 , INDONESIA / HIGHLY COMMENDED ( SOUTHEAST ASIA )
PT Putragaya Wahana has a top secured alternative payment service worth IDR 3.7 trillion and a term loan facility.
Participants: UOB
MALAYSIA
ESIM Capital’s green SRI sukuk
Participants: New Paradigm, UOB ( Malaysia )
PHILIPPINES
Vista Land’s$ 300million 9.375 % senior unsecured fixed rate notes due 2029
Members: DBS, HSBC, Union Bank of the Philippines
>, BEST STRUCTURED FINANCE DEAL <,
Chinese- Abroad
The acquisition of Hollysys Automation Technologies Ltd. by Ascendent Capital Partners ,
Participants: Industrial Bank HK
Chinese- Inland
CMB Financial Leasing Co., Ltd’s ( CMBFL ) Rmb1.6 billion Sustainable Development Loan ,
Participants: MUFG, SMBC, Fubon, Bank of China, Bank of Shanghai
Highly commended:  , Xinyue’s Rmb600 million Micro Business Loan ABN from Qifu Technology,
Participants: HSBC
HONG KONG Radar / APAC
ILBS 2 by Bauhinia
Members: CICC, ING Bank, MUFG, Natixis, Standard Chartered
Highly commended: The acquisition of Hollysys Automation Technologies Ltd. by Ascendent Capital Partners ,
Participants: Industrial Bank HK
NORTH ASIA
WT Microelectronics and Morrihan International Corp’s$ 3.8 billion Bridge Facility
Participants: Citi
Highly commended:  , Korean Airline’s$ 208 million-equivalent Samurai Sustainability-Linked Loan
Participants: MUFG, SMBC
SINGAPORE
CIS ‘ Senior Secured S$ 300 million Bridge S$ 280 million Take Out Term Loan Facility
Members: DBS, Deutsche Bank, UOB KayHian
Highly commended:  , The government of Singapore’s S$ 2.5 billion green bonds
Members: DBS, Deutsche Bank, UOB KayHian
SOUTH ASIA
Fund raise of Rs4.65 billion ($ 56 million ) for Aliens Developers Private Ltd ,
Participants: Azalea Capital Partners
SOUTHEAST ASIA ,
Ayala Land’s PHP6 billion Asean sustainability linked bond
Participants: BDO Capital, BPI Capital, China Bank Capital, Land Bank of the Phiippines, SB Capital, RCBC Capital )
Highly commended:  , Exsim Capital Resources ‘ tranche 5 Asean green SRI sukuk
Participants: New Paradigm
>, BEST SUSTAINABLE FINANCE DEALS <,
AUSTRALIA / NEW ZEALAND
Cromwell Property Group’s A$ 1.2 billion Green and Sustainability-Linked Loan ,
Participants: ANZ, Bank of China Sydney, Clean Energy Finance Corporation, CBA, Credit Agricole, ING Bank, NAB, Societe Generale
Highly commended:  , MCP Wholesale Investment Trust’s A$ 500 million Sustainability-Linked Revolving Credit Facility
Members: Standard Chartered
Chinese- Abroad
Bank of China’s CNH and USD multi-tranche BRI-partner sustainability notes
Participants: HSBC
Highly commended:  , China Construction Bank Financial Leasing’s$ 150 million Long Term Transition Shipping Finance
Members: Standard Chartered
HONG KONG Radar
West Kowloon Cultural District Authority’s HK$ 5 billion sustainability-linked term and revolving facilities
Members: Standard Chartered
NORTH ASIA
Posco’s$ 500 million 3-year Green 144A/Reg S senior unsecured bond
Participants: HSBC
Highly commended: Far Eastern New Century’s NTD2.5 billion Corporate Sustainable Exchangeable Bond
Participants: KGI Securities, SinoPac Bank, Oriental Securities
SINGAPORE
Impact Investment Exchange’s$ 88 million 4-year Women’s Livelihood Bond
Participants: ANZ, Standard Chartered
Highly commended: EJA’s$ 500 million Revolving Credit Facility
Members: Standard Chartered
SOUTH ASIA
AdaniConneX’s$ 875 million syndicated sustainability-linked loan
Members: ING Bank, Intesa Sanpaolo, KfW IPEX, MUFG, Natixis, Standard Chartered, Societe Generale, SMBC
Highly commended: Kashf’s PKR2.5 billion female connection release
Participants:  , Infra Zamin Pakistan, Arif Habib, Pakistan Credit Rating Agency, Vellani &, Vellani, Pak Brunei Investment Company, Bank Alfalah, Bank of Pubjab, Standard Chartered Pakistan
SOUTHEAST ASIA/ APAC / MALAYSIA
Exism Capital Resources ‘ special purpose funding vehicle ( RM3 billion )
Participants: NewParadigm Securities, United Overseas Bank ( UOB ) Malaysia, Adnan Sundra &, Lo
HIGHLY RECOMMENDED ( SOUTHEAST ASIA ) PHILIPPINES
partnership between Rizal Commercial Banking and Citicore Renewable Energy Corporation ( CREC )
Participants: Rizal Commercial Banking
INDONESIA
Republic of Indonesia$ 2 billion dual-tranche trust certificates
Participants: CIMB, Citigroup Global Markets, Dubai Islamic Bank, Mandiri Securities, Standard Chartered, White &, Case, Trimegah Sekuritas, BRI Danareksa Sekuritas, Thamrin &, Rekan
THAILAND
Thai Union Group’s Thb11.5 billion sustainability-linked loan
Participants: MUFG
>, BEST SYNDICATED LOAN DEALS <,
AUSTRALIA / NEW ZEALAND
Orora’s acquisition of Saverglass SAS
Participants: AFRY Capital, Citi, Macquarie Capital
Highly commended:  , Viva Energy A$ 1 billion Term Loan Facilities
Members: DBS, ANZ, Mizuho, MUFG, NAB, UOB, WBC, plus consortium of 22 lenders
Chinese- Abroad
Royal Golden Eagle’s CNH15 billion syndicated loan for the acquisition of Vinda International Holdings
Participants: Bank of China Macau Branch, BNP Paribas, CICC, Linklaters
Highly commended: Kuaishou’s 3-year CNH9 billion syndicated term loan facility
Participants: China Merchants Bank, Pudong Development Bank, CITIC Bank, Industrial Bank, Ping An Bank, HSBC China, Minsheng Bank, Bank of Beijing, Hang Seng Bank, Bank of Faba-Pakistan China, Standard Chartered China, Jiangsu Bank
HONG KONG Radar
United Asia Finance’s HK$ 3.9 million syndicated term loan and revolving credit facility
Members: Standard Chartered, China Zheshang Bank, KGI Bank, Bank Singpac, Nanyang Commercial Bank
Highly commended:  , ICBCIL Finance Company Limited’s$ 1 billion term loan facility
Participants: Industrial and Commercial Bank of China ( Asia ), Agricultural Bank of China Hong Kong, OCBC, Ping An Bank, Nanyang Commercial Bank, China Guangfa Bank, Bank of Communications, China CITIC Bank, Dah Sing Bank, DBS Bank, The Norinchukin Bank, The Korea Development Bank, Bank of China Frankfurt Branch, Chiyu Banking Corporation, Tai Fung Bank, Bank of China Rotterdam Branch, Banque Internationale a Luxembourg
SINGAPORE
Seatrium’s S$ 1.1 billion committed syndicated bank guarantee facility
Participants: Simmons &, Simmons, Standard Chartered,  , DBS Bank, Shanghai Pudong Development Bank, Mizuho Bank, Emirates NBD Bank, First Abu Dhabi Bank, Malayan Banking Berhad, Clifford Capital
Highly commended:  , Aircastle’s$ 600 million syndicated revolving credit facility
Participants: Bank of China, Caixa, CBA, SMTB, CUB, Taishin, plus lending consortium of 15 banks
SOUTH ASIA
JSW Steel Limited’s$ 900 million syndicated term loan facility
Members: DBS, BNP Paribas, CTBC, FAB, HSBC, Mashreq, Standard Chartered, SMBC, Intesa Sanpaolo, APICORP, CBD, DZ, BOT, CHCB, TIB, TBB, FCB, SBI Shinsei, BOK, LBT, TW Shin Kong, Taichung Commercial, TCB, San-in-Good, Hyakugo Bank
Highly commended:  , Beacon Pharmaceutical’s BDT3.768.8 billion syndicated term loan facility
Members: UCB Investment, Eastern Bank, Janata Bank, United Commercial Bank, Bank Asia, Jamuna Bank, ONE Bank, Rupali Bank
SOUTHEAST ASIA
SOUTHEAST ASIA/ APAC / INDONESIA
PT Mineral Industri Indonesia ( Persero )$ 1.5 billion senior unsecured term loan and revolving credit facilities
Members: DBS, Bank of China (Hong Kong), BNP Paribas, BNI, Citi, Maybank, Mizuho, MUFG, OCBC, SCB, SMBC, UOB
HIGHLY RECOMMENDED ( SOUTHEAST ASIA) THAILAND
Syndicated financing of Thb7.6 billion for Italian-Thai Development Public Company
Participants: Weerawong C&P, Bangkok Bank, Kasikornbank, Siam Commercial Bank, Krung Thai Bank
MALAYSIA
LQ Retail and LQ Hotel have secured green term loans worth MR2 billion.
Participants: UOB ,
PHILIPPINES
San Miguel Corporation’s$ 2 billion five-year syndicated term loan facility
Participants ( according to sources cited by Bloomberg ): Standard Chartered, ANZ, Bank of China ( Hong Kong ), CTBC Bank, ING, Maybank Kim Eng Securities, Mitisubishi Financial Group, Mizuho Bank, Rabobank, Sumitomo Mitsui Banking ,
VIETNAM
Techcom Securities ‘$ 175 million syndicated loan facility
Members: Standard Chartered, CTCB Bank, Taipei Fubon Commercial Bank, Taishin International Bank, KGI Bank
>, BEST VENTURE CAPITAL DEALS <,
SINGAPORE
YouTrip’s$ 50 million Series B fundraising
Participants: Lightspeed Ventures ( lead investor ), Allen &, Gledhill
SOUTHEAST ASIA/ APAC
Fano Labs investment by Openspace Ventures
Participants: Openspace Ventures ( lead investor )
>, MOST INNOVATIVE DEALS <,
AUSTRALIA / NEW ZEALAND
 , Alcoa’s$ 3 billion acquisition of Alumina
Participants: BofA Securities, Flagstaff Partners, JP Morgan, UBS
Highly commended:  , CRH’s A$ 2.9 billion acquisition of Adbr
Participants: UBS, Macquarie, Barrenjoey, Morgan Stanley, Gilbert &, Tobin, HSF
Chinese- Abroad
The acquisition of Hollysys Automation Technologies Ltd. by Ascendent Capital Partners ,
Participant ( s ): Industrial Bank Hong Kong
Highly commended: Alibaba’s$ 5 billion convertible bond  ,$ 1.2 billion parallel stock purchase
Members: Citi, JP Morgan, Morgan Stanley, Barclays, HSBC
Chinese- Inland
Nanjing Iron and Steel Group’s acquisition by CITIC Pacific ,
Members: CITIC Securities
Highly commended: State Grid Overseas Investment’s Rmb1 billion panda bond issuance
Members: CITIC Securities, ICBC, Bank of China
HONG KONG Radar / APAC
Privatisation of L’Occitane
Participants ( legal advisors ): Kirkland &, Ellis, Skadden, Arendt, Loyens, Freshfields, Linklaters and Fried Frank, White &, Case ,
Highly commended: Super Hi’s double list on Nasdaq
Participants ( legal advisors ): Kirkland &, Ellis, Skadden, Arendt, Loyens, Freshfields, Linklaters and Fried Frank, White &, Case
Highly commended: HKSAR Government’s$ 750 million equivalent digital green bonds
Participants: Bank of China Hong Kong, Credit Agricole CIB, Goldman Sachs, ICBC Asia, UBS, HSBC
NORTH ASIA
SK Bioscience’s acquisition of 60 % stake in IDT group
Participants: Deutshce Bank, Commerzbank, Norddeutsche Landesbank, Sullivan &, Cromwell ,
SINGAPORE
STT GDC’s issuance of S$ 450 million 5.70 % sustainability-linked perpetual securities
Members: Standard Chartered
SOUTH ASIA
Refinancing for East India’s LNG Regasification Terminal Project in Dhamra, Odisha
Members: Standard Chartered
Highly commended: Kashf’s PKR2.5 billion female connection release
Members: Infra Zamin Pakistan, Arif Habib, Pakistan Credit Rating Agency, Vellani &, Vellani, Pak Brunei Investment Company, Bank Alfalah, Bank of Pubjab, Standard Chartered Pakistan
SOUTHEAST ASIA
SOUTHEAST ASIA/ THAILAND
ThaiBev’s property exit and share swap
Members: DBS, WongPartnership
Highly recommended: the Filipino Aquino International Airport’s rehabilitation project, which offers PHP 80 billion syndicated term loans.
Participants: BDO Capital
HIGHLY RECOMMENDED ( SOUTHEAST ASIA ) PHILIPPINES
Ayala Land’s PHP6 billion sustainability-linked bonds
Participants: BDO Capital, BPI Capital, China Bank Capital, Land Bank of the Philippines, RCBC Capital, SB Capital Investment
INDONESIA
PT Charoen’s$ 200 million and IDR7.5 trillion senior revolving credit facilities ,
Participants: Citi, DBS, plus consortium of other banks
MALAYSIA
Bursa Malaysia Offering for Johor Plantations Group
Participants: CIMB, AM Investment Bank, Affin Hwang Investment Bank, CLSA Singapore, CLSA Securities Malaysia
¬ Haymarket Media Limited. All rights reserved.
CBRE, a US real estate and investment firm, has appointed veteran investment banker Hugh Macdonald as head of capital advisers for Asia Pacific.
Starting his role in Sydney on November 18, Macdonald will relocate to Singapore in the first quarter of 2025, according to a company media release.
Macdonald (pictured) is joining CBRE from Deutsche Bank, where he was most recently head of investment banking coverage and advisory for Australia and New Zealand. He was at the German bank for over 16 years, according to his LinkedIn profile.
He has previoulsy worked at Citi, Morgan Stanley and Bankers Trust, and has experience in real estate, gaming, leisure, and lodging sectors across M&A, financing, and capital markets.
Macdonald has originated and executed many large transactions across Apac and will report to Leo van den Thillart, global head of investment banking, and Greg Hyland, head of capital markets, Apac.
Commenting in a media release, Hyland said: “Our capital advisors business has experienced exceptional growth in Apac, raising over $3.5 billion of capital in the past 18 months. With Hugh’s established relationships, we are confident in expanding our investment banking services across the region, providing top-tier capital markets, M&A, and strategic solutions to our clients.”
Macdonald added: “I’m eager to collaborate with my new colleagues to enhance the value we provide to our clients, meeting their diverse capital requirements and driving business growth throughout the Apac region.”
For more FinanceAsia people moves click here.
¬ Haymarket Media Limited. All rights reserved.
Getty ImagesRatan Tata, the billionaire and former chairman of Tata Group, who passed away at the age of 86, played a significant role in the modernization and globalization of one of India’s oldest company buildings.
His ability to take strong, daring business risks served as the foundation of the salt-to-steel conglomerate, which his forefathers founded 155 years previously, despite India’s liberalization of its economy in the 1990s.
At the turn of the millennium, Tata executed the biggest cross-border merger in American business record- getting Tetley Tea, the country’s second largest maker of teabags. The little Tata party firm that had purchased the classic British brand was three times the size of it.
His party swallowed up big American business giants like the shipbuilder Corus and the luxury car manufacturer Jaguar Land Rover as his ambitions grew just bigger in the years that followed.
Although the acquisitions were n’t always successful, Corus was purchased just before the 2007 global financial crisis, which hampered Tata Steel’s performance for years.
They also had a great symbolic impact, says Mircea Raianu, writer and creator of Tata: The Global Corporation That Built Indian Capitalism. He goes on to say that they “represented the kingdom striking up” when a company from a former colony seized the motherland’s prized possessions, reversing the sneering approach American businessmen had toward the Tata Group a decade before.
Getty ImagesThe Tata Group’s view had been “outward-oriented” from the very end, according to Andrea Goldstein, an analyst who published a study in 2008 on the internationalisation of American companies, with a special emphasis on Tata.
As early as in the 1950s, Tata companies operated with foreign partners.
But Ratan Tata was keen to “internationalise in giant strides, not in token, incremental steps”, Ms Goldstein pointed out.
According to Mr. Raianu, his unconventional education in architecture and a ringside view of his family group companies may have contributed to how he considered expanding. But it was the” structural transformation of the group” he steered, that allowed him to execute his vision for a global footprint.
Tata had to fight an extraordinary corporate feud when he assumed the position of chairman of Tata Sons in 1991, which happened to coincide with India’s decision to open up its economy.
By opening the door to a number of” satraps” ( a Persian term for an imperial governor ) at Tata Steel, Tata Motors, and the Taj Group of Hotels, which operated with little corporate oversight from the holding company, he began centralizing increasingly decentralized, domestic-focused operations.
By doing this, he prevented the Tata Group, which had been shielded from foreign competition, from fading into irrelevance as India opened up, as well as enabling him to surround himself with people who could assist him in carrying out his global vision.
He appointed foreigners, non-resident Indians, and executives with connections and networks throughout the management team at both Tata Sons, the holding company, and individual groups within it.
He established the Group Corporate Center ( GCC ) to provide group companies with strategic direction. It provided” M&, A]mergers and acquisitions ] advisory support, helped the group companies to mobilise capital and assessed whether the target company would fit into the Tata’s values”, researchers at the Indian Institute of Management in Bangalore wrote in a 2016 paper.
The GCC also provided funding for Tata Motors ‘ well-known acquisitions, including Jaguar Land Rover, which had a significant impact on how the world saw a business that was essentially a tractor manufacturer.
The JLR takeover was widely regarded as “revengeance” on Ford, which mocked Tata Motors in the early 1990s and then received a beating on the deal by Tata Motors. Together, these acquisitions suggested that Indian corporations were “arrived” on the global stage as economic growth rates increased and liberalization reforms were taking off, according to Mr. Raianu.
The$ 12 billion group currently has operations in 100 different nations, with non-Indians making a sizable portion of its total revenues.
Getty ImagesWhile the Tata Group made significant strides overseas in the early 2000s, domestically the failure of the Tata Nano – launched and marketed as the world’s cheapest car – was a setback for Tata.
This was his most ambitious project, but he had clearly misread India’s consumer market this time.
Brand experts claim that an aspirational India did n’t want to associate with the affordable car tag. And Tata himself eventually admitted that the “poor man’s car” tag was a” stigma” that needed to be undone.
He thought that his company might be able to revive its product, but the Tata Nano was eventually discontinued after sales dropped year over year.
The Tata Group’s succession became a contentious topic as well.
Mr Tata remained far too involved in running the conglomerate after his retirement in 2012, through the “backdoor” of the Tata Trust which owns two-thirds of the stock holding of Tata Sons, the holding company, say experts.
Ratan Tata’s involvement in the succession dispute with [Cyrus ] Mistry undoubtedly tarnished the reputation of the group, according to Mr. Rainu, without blaming him for it.
Following a boardroom coup that sparked a long-running legal battle that the Tatas eventually won, Mistry, who died in a car crash in 2022, was ousted as chairman of Tata in 2016.
Getty ImagesTata left his vast empire in a much stronger position both domestically and internationally in spite of the numerous missteps he took in 2012, leaving it much more financially stable.
Along with making significant acquisitions, his effort to modernize the company with a sharp focus on IT has been successful over the years.
When many of his big bets went sour, one high-performing firm, Tata Consultancy Services (TCS), along with JLR carried the “dead weight of other ailing companies”, Mr Raianu says.
TCS is today India’s largest IT services company and the cash cow of the Tata Group, contributing to three-quarters of its revenue.
Around 69 years after the government took control of the airline, the Tata Group also brought back India’s flagship carrier Air India in 2022. Given how expensive it is to operate an airline, Ratan Tata, a trained pilot himself, was a dream come true.
However, the Tatas appear to be more in a position to place significant bets on everything from semiconductor manufacturing to airlines.
Under Prime Minister Narendra Modi, it appears that India has clearly adopted a “national champions” policy, which requires a few large conglomerates to be built up and promoted in order to achieve rapid economic growth that spans priority sectors.
The odds are clearly stacked in favor of the Tata Group from this, along with younger industrial groups like Adani.
A consortium led by previate equity player Affinity Equity Partners has sold its 100% stake in Malaysia’s Island Hospital to IHH Healthcare (IHH), a Kuala Lumpur-headquartered international healthcare group.
The 100% sale at a value of RM4.2 billion ($966 million) includes Affinity’s 78% stake, with the remainder of the shares belonging to the founder & CEO, Mark Wee, and senior doctors of the hospital.
Founded in 1996, Island Hospital (pictured) is a leading 600-bed healthcare provider in Penang, Malaysia, with 119 specialists across 40 medical and surgical specialties. Island Hospital attracts around one in three inbound foreign patients to Malaysia, according to a statement from Affinity. Medical tourism is one of the fastest growing parts of the Malaysian private healthcare market.
Under Affinity’s ownership, Island Hospital expanded its original 300-bed facility, through the development of the adjoining Peel Wing during the pandemic. Additional land has been acquired with approvals secured for future development, a media announcement said.
Since Affinity bought the hospital in 2015 for an undisclosed amount, Island Hospital expanded its medical and surgical offerings through recruitment and investments in medical infrastructure, resulting in a tripling of foreign patient volumes. During this period, profitability more than tripled, driven by mofd complex cases, and higher operating efficiency from the doubling of bed capacity, according to the announcement.
Island Hospital also invested in its core specialties of orthopaedics, gastroenterology and general surgery, and established new centres of excellence in cardiology and cancer.
Rippledot Capital Advisors acted as the sole financial advisor to the Affinity-led consortium on this transaction.
“Island Hospital’s evolution into a leading healthcare institution that positively impacts the community, stakeholders, and serves as a beacon of medical excellence in Malaysia and beyond . . . I’m confident that Island Hospital will continue to thrive under the IHH platform,” said Tang Kok Yew, founding chairman and managing partner, Affinity Equity Partners, in a statement.
Affinity Equity Partners is one of the largest independent private equity firms in Asia Pacific (Apac), investing in Asia Private Equity since 1998. Affinity has $14 billion of assets and funds under management, and is currently investing out of Fund V, a $6 billion fund. Affinity’s investment focus includes Korea, Australia, New Zealand, Southeast Asia, and Greater China.
For more FinanceAsia M&A deals click here.
¬ Haymarket Media Limited. All rights reserved.
Blackstone Real Estate Partners, Blackstone Infrastructure Partners, Blackstone Tactical Opportunities, and Blackstone’s private equity strategy for individual investors, along with the Canada Pension Plan Investment Board ( CPP Investments ), have agreed to acquire AirTrunk, an Asia Pacific ( Apac ) data center firm, in a deal worth around A$ 24 billion ($ 16 billion ).
The sum includes both capital expenditures for devoted projects and debt.  ,
The sellers are Macquarie Asset Management ( MAM ), Canada’s Public Sector Pension Investment Board ( PSP Investments ) and other investors. In April 2020, a MAM consortium purchased an 88 % stake in AirTrunk for about A$ 3 billion.  ,
While a spokeswoman for Blackstone told , FinanceAsia it is not providing , a malfunction of the collateral percent, CPP Investments said in a company statement that it would be acquiring 12 % of AirTrunk. CPP Investments said it has info center joint ventures and opportunities in Australia, Hong Kong, Japan, Korea, Malaysia and Singapore, in addition to the US.
The package, if completed, may be Blackstone’s largest expense in Apac. The Australian Foreign Investment Review Board has approved the exchange.
AirTrunk is the largest information centre program in Apac, with a reputation across Australia, Japan, Malaysia, Hong Kong, and Singapore. According to a statement from Blackstone, it has more than 800 megawatts ( MW) of customer commitments and is the owner of land that can support over 1GW of regional growth. AirTrunk agreed a record sustainability-linked loan ( SLL ) of A$ 4.6 billion last year.  ,
Jon Gray, president and chief operating officer of Blackstone, said:” AirTrunk is another important step as Blackstone seeks to be the top digital infrastructure investment in the world across the ecology, including data centers, strength and associated services” . ,
” Digital system is experiencing unprecedented demand driven by the Artificial revolution as well as the broader digitization of the business,” said Nadeem Meghji, world co-head of Blackstone Real Estate.
They added:” Prior to AirTrunk, Blackstone’s portfolio consisted of$ 55 billion of data centers including facilities under construction, along with over$ 70 billion in prospective pipeline development. To more accede to its progress, we look forward to working with the top management team at AirTrunk.
As we get the next wave of progress from cloud providers and AI and support the energy transition in Apac, Robin Khuda, chairman and chief executive officer of AirTrunk, stated:” This deal shows the strength of the AirTrunk system in a strong performing business.”
We look forward to working with Blackstone and CPP Investments, gaining from their size money, industry experience, and extensive network across the various local markets, which will help assist AirTrunk’s expansion, Khuda continued.
This investment marks yet another milestone in our broader data center approach, according to Max Biagosch, top managing director, global head of Real Property, and nose of Europe for CPP Investments, in a speech from CPP Investments. Our infrastructure and real estate teams seamlessly collaborated to underwrite this investment, which is a great example of close collaboration across the fund.
According to a statement from Blackstone, approximately$ 1 trillion in US capital expenditures will be expected over the next five years to be made to build and facilitate new data centers, and another$ 1 trillion in US capital expenditures will be made, according to a statement from the company.  ,
Blackstone has invested in both the debt and equity of other data center companies, including , QTS, Coreweave and Digital Realty.  ,
The Hanam Data Center was acquired by Macquarie Asset Management via Macquarie Korea Infrastructure Fund earlier this year in the Greater Seoul Area of South Korea. The sale price was KRW734 billion ($ 530 million ), however, including the transaction cost and additional capital required to complete the remaining mechanical, electrical and plumbing works at Hanam IDC, the total sale size was KRW918 billion.
¬ Haymarket Media Limited. All rights reserved.
Blackstone Real Estate Partners, Blackstone Infrastructure Partners, Blackstone Tactical Opportunities, and Blackstone’s private equity strategy for individual investors, along with the Canada Pension Plan Investment Board, have agreed to acquire AirTrunk, an Asia Pacific ( Apac ) data center firm, in a deal worth around A$ 24 billion ($ 16 billion ).
The sellers are Macquarie Asset Management ( MAM ) and Canada’s Public Sector Pension Investment Board ( CPP Investments ). MAM bought a 88 % stake in AirTrunk in April 2020 for a valuation of around A$ 3 billion.  ,
A spokeswoman for Blackstone told , FinanceAsia it is not providing , a collapse of the equity ratios. The AirTrunk will remain 12 % owned by CPP Investments, according to the statement. CPP Investments said it has information center joint ventures and assets in major centers in Apac, including Australia, Hong Kong, Japan, Korea, Malaysia and Singapore, and the US.
The package, if completed, may be Blackstone’s largest expense in Apac. The Australian Foreign Investment Review Board has approved the deal.
AirTrunk is the largest information centre program in Apac, with a reputation across Australia, Japan, Malaysia, Hong Kong, and Singapore. It owns property that will allow for over 1GW of regional development and has more than 800MW of customer commitments.
This is Blackstone at its best, according to Jon Gray, president and CEO of Blackstone.” We are using our international platform to capitalize on our highest faith design. Another significant development comes as Blackstone strives to be the world’s largest buyer in modern infrastructure, including power, data centers, and related services.
” Digital system is experiencing unprecedented demand driven by the Artificial revolution as well as the broader digitization of the business,” said Nadeem Meghji, world co-head of Blackstone Real Estate.
They added:” Prior to AirTrunk, Blackstone’s portfolio consisted of$ 55 billion of data centers including facilities under construction, along with over$ 70 billion in prospective pipeline development. To further accede to AirTrunk’s progress, we look forward to working with its top-notch management team.
The deal, according to Robin Khuda, founder and CEO of AirTrunk, demonstrates the strength of the AirTrunk program in a strong-performing field as we prepare for the upcoming wave of development from cloud services and AI and aid the transition to energy in Apac.
We look forward to working with Blackstone and CPP Investments, gaining from their size money, industry experience, and extensive network across the various local markets, Khuda continued,” We look forward to working with them.”
In a statement from CPP, senior managing director, global head of Real Property, and head of Europe, Max Biagosch, stated:” This investment adds another step to our broader data center plan, further expanding our footprints in the region for the benefit of CPP donors and beneficiaries. It is also a fantastic illustration of close collaboration between the fund’s infrastructure and actual estate teams working smoothly up to underwrite this investment.
According to a speech from Blackstone, approximately$ 1 trillion in US capital expenditures will be expected over the next five years to be made to build and promote new data centers, and another$ 1 trillion in US funds expenditures will be made, according to a declaration from the company.  ,
Blackstone has invested in the debt and equity of several other data centre firms, including Coreweave and Digital Realty, the fastest-growing data center company in the world, and QTS.  ,
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