Mazars in Singapore appoints new leaders | FinanceAsia

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Paris-headquartered audit, tax and advisory firm, Mazars, announced earlier this month the appointment of new leaders across its capital markets, risk management, and outsourcing businesses in Singapore.

Chee Keong Ooi, Shireen Tan and Justin Lim have each been appointed as head of capital markets, head of risk management and head of outsourcing respectively, effective September 1.

“Effective leadership involves making timely strategic decisions that align with both the current macro challenges and our long-term vision,” Rick Chan, managing partner in Singapore and head of audit and assurance in Apac, told FinanceAsia.

The new leaders will provide regular updates on the progress and development of their respective teams to the Mazars’ executive committee, he added.

With over 20 years of experience in accounting, Ooi brings to his new role significant experience advising clients seeking initial public offerings (IPOs) and reverse takeovers via the Singapore and Hong Kong exchanges. Having been with Mazars for over 11 years, he most recently served as audit partner based in Singapore, according to his LinkedIn profile.

Chan explained that Ooi’s senior role is newly created. Among his priorities will be solidifying Mazar’s reputation and shaping the firm’s strategic direction in the capital markets sector.

“Ooi’s responsibilities span vital areas, including business development, client relationship management, team growth and development within Mazars’ capital market sector, and overseeing risk assessments for capital market projects,” Chan noted.

Mazars was the second most active firm in IPO audit services in Singapore last year, supporting two out of nine offerings and representing 36% of the S$17.9 million ($13.1 million) in funds raised in the market.

“Listing on the international market continues to hold strong appeal for investors and companies alike,” Ooi told FA, citing recent IPOs from Arm and Instacart in the US, both of which bolstered market sentiment and investor confidence.

Meanwhile, he identified market volatility and regulatory hurdles as some of the greatest challenges for Asia’s current IPO market.

“Factors like uncertainty, geopolitical tensions, and economic instability can affect market volatility,” he explained.

“Navigating regulations, compliance, and reporting standards can also be complex for companies seeking to go public.”

He added that concerns around valuation, liquidity, and exit strategies can also affect capital raising and share prices.

“For venture-backed companies, the ability to offer exit opportunities to early-stage investors and founders through IPOs is crucial,” he explained.

Risk awareness

Shireen Tan joins Mazars from PricewaterhouseCoopers (PwC), where her most recent role involved serving as senior manager, according to her LinkedIn profile.

In her new capacity, Tan will aim to foster a risk-aware culture, enhance risk identification, and implement robust risk mitigation strategies, Chan outlined.

“Effective risk management is not just about minimising potential risks or losses but also about seizing opportunities in an ever-evolving business landscape,” Tan shared in the press release.

“I’m committed to working closely with cross-functional teams to align risk management strategies with the firm’s objectives, enabling us to make informed decisions that drive sustainable growth.”

Also forming one of the key changes is Justin Lim’s appointment to lead Mazars Singapore’s outsourcing team. In his new role, Lim will be responsible for further strengthening the outsourcing capability, which is the firm’s third largest service line after audit and assurance services. Alongside his new remit, he will continue to lead the Asia-based Corporate Secretarial segment.

Additionally, Tan Shen Way and Victor Ouyang were promoted as local partner in audit and assurance, effective September 7.

¬ Haymarket Media Limited. All rights reserved.

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Commentary: Will ASEAN’s first joint military exercise prepare it for future crises?

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A SIGNAL TO MAJOR POWERS

What objective does the ASEAN Solidarity Exercise 2023 serve?

First, the exercise could be interpreted as a signal to major powers that ASEAN has a stake in the security of regional waters and the agency to secure them. Given the tension between China and the United States, there have been concerns among ASEAN defence officials that any China-US military conflict will affect regional waters.

In addition, the exercise was held at a time of increasing Chinese assertiveness in the South China Sea, from harassing several ASEAN members’ maritime activities within their exclusive economic zones to releasing a new map claiming nearly the entire South China Sea as its own.

In fact, the initial exercise location in the South China Sea suggests a signal by Indonesia to China that the latter’s claim to the entire South China Sea is contested.

Second, the exercise enabled ASEAN military forces to build trust with each other without the involvement of external forces. Trust leads to better communication, critical if ASEAN needs to harness the region’s military forces to deal quickly with a major crisis.

Currently, there are several regional multilateral arrangements to enhance maritime security. These include coordinated patrols between Malaysia, Indonesia and the Philippines to deal with security issues in the Sulu Sea, and the Malacca Straits Patrol Framework involving Indonesia, Malaysia, Singapore and Thailand to ensure the security of the Straits of Malacca and Singapore.

But these are limited to specific geographical parts of the region and do not involve all ASEAN members.

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Indonesian PPP player secures syndicated sustainability-linked facility | FinanceAsia

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PT Sarana Multi Infrastruktur (PT SMI), a dedicated infrastructure entity under the jurisdiction of Indonesia’s Ministry of Finance, announced recent success in obtaining a $700 million sustainability-linked syndicated term loan facility. The firm serves as a financing vehicle for the development of nationally significant infrastructure projects, through public-private partnerships (PPPs).

“This syndicated loan is intended to refinance existing projects as well as to fulfil new financing needs primarily for sustainable infrastructure projects in Indonesia,” the press release noted.

The new funds will be used to refinance a maturing $700 million offshore syndicated term loan that was first arranged in 2020. The sustainability-linked offering closed on September 13 with aggregate commitments of $1.8 billion and was 2.6 times oversubscribed.

Key performance indicators (KPIs) linked to the facility include growing the company’s sustainability financing portfolio, and increasing the number of employees undertaking environment, social, and governance (ESG) training.

Green opportunity

Speaking to FinanceAsia about the transaction, Colin Chen, head of ESG finance for Asia Pacific at MUFG Bank, which served as one of the transaction’s mandated lead arrangers and bookrunners (MLABs), highlighted the opportunities brought by sustainability-linked financing for companies active in “hard-to-abate sectors,” given no requirements around the use of proceeds.

Kunardy Lie, director of institutional banking at DBS Indonesia – also a MLAB – said his team sees “abundant opportunities” to push the sustainability agenda through green and transition financing solutions in the local market.

Although emerging economies like Indonesia are tasked with driving economic growth alongside a low carbon budget, environmental and socially-conscious funding initiatives can help advance sustainability agendas, Lie noted. He cited the market’s PPP scheme as a policy catalyst which convenes industry players, financial institutions and regulators to establish common practices to approach ESG issues.

First introduced in 2005, the state-backed PPP Project Book lists out a range of infrastructure projects that are open to private sector participation, with a view to bridging the existing infrastructure funding gap and driving Indonesia’s national economy. PT SMI is actively involved in the scheme and acts as a crucial financier in some of the key national infrastructure projects.

“We are excited to support PT SMI in their venture to finance ongoing projects including sustainable infrastructure projects,” Lie said, noting that DBS’s relationship with PT SMI started in February 2020 around the arrangement of the original working capital facility.

Renewables projects, as well as other forms of energy transition segments constitute growing sub-sectors within the domestic infrastructure market, Chen added.

He cited supportive policy initiatives, including the Just Energy Transition Partnership (JETP) which was signed off during last November’s G20 summit, and the country’s rich solar and wind resources as helping to drive Indonesia’s developing green economy.

“We will want work closely with policymakers and the private sector to leverage this important initiative in support of Indonesia’s net zero transition,” Chen said.

“This sustainability-linked syndicated term loan facility is a real example of innovative fundraising, by also implementing our commitment towards sustainability target,” Edwin Syahruzad, president director of PT SMI, commented in the press release.

In addition to DBS and MUFG, the MLABs for the transaction included Bank of China (Hong Kong), CTBC Bank Co., Ltd., Mizuho Bank, and United Overseas Bank (UOB). UOB also acted as the MLABs’ transaction and overall sustainability coordinator for the transaction.

PT SMI and the remaining MLABs did not respond to FA’s requests for comment.

¬ Haymarket Media Limited. All rights reserved.

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Mazars in Singapore appoints new Southeast Asian leaders | FinanceAsia

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In: Asia, Finance, South-East Asia

Paris-headquartered audit, tax and advisory firm, Mazars, announced earlier this month the appointment of new leaders across its regional capital markets, risk management, and outsourcing businesses.

Chee Keong Ooi, Shireen Tan and Justin Lim have each been appointed as head of capital markets, head of risk management and head of outsourcing respectively, effective September 1.

“Effective leadership involves making timely strategic decisions that align with both the current macro challenges and our long-term vision,” Rick Chan, managing partner in Singapore and head of audit and assurance in Apac, told FinanceAsia.

The new leaders will provide regular updates on the progress and development of their respective teams to the Mazars’ executive committee, he added.

With over 20 years of experience in accounting, Ooi brings to his new role significant experience advising clients seeking initial public offerings (IPOs) and reverse takeovers via the Singapore and Hong Kong exchanges. Having been with Mazars for over 11 years, he most recently served as audit partner based in Singapore, according to his LinkedIn profile.

Chan explained that Ooi’s senior role is newly created. Among his priorities will be solidifying Mazar’s regional reputation and shaping the firm’s strategic direction in the capital markets sector.

“Ooi’s responsibilities span vital areas, including business development, client relationship management, team growth and development within Mazars’ capital market sector, and overseeing risk assessments for capital market projects,” Chan noted.

Mazars was the second most active firm in IPO audit services in Singapore last year, supporting two out of nine offerings and representing 36% of the S$17.9 million ($13.1 million) in funds raised in the market.

“Listing on the international market continues to hold strong appeal for investors and companies alike,” Ooi told FA, citing recent IPOs from Arm and Instacart in the US, both of which bolstered market sentiment and investor confidence.

Meanwhile, he identified market volatility and regulatory hurdles as some of the greatest challenges for Asia’s current IPO market.

“Factors like uncertainty, geopolitical tensions, and economic instability can affect market volatility,” he explained.

“Navigating regulations, compliance, and reporting standards can also be complex for companies seeking to go public.”

He added that concerns around valuation, liquidity, and exit strategies can also affect capital raising and share prices.

“For venture-backed companies, the ability to offer exit opportunities to early-stage investors and founders through IPOs is crucial,” he explained.

Risk awareness

Shireen Tan joins Mazars from PricewaterhouseCoopers (PwC), where her most recent role involved serving as senior manager, according to her LinkedIn profile.

In her new capacity, Tan will aim to foster a risk-aware culture, enhance risk identification, and implement robust risk mitigation strategies, Chan outlined.

“Effective risk management is not just about minimising potential risks or losses but also about seizing opportunities in an ever-evolving business landscape,” Tan shared in the press release.

“I’m committed to working closely with cross-functional teams to align risk management strategies with the firm’s objectives, enabling us to make informed decisions that drive sustainable growth.”

Also forming one of the key changes is Justin Lim’s appointment to lead Mazars Singapore’s outsourcing team. In his new role, Lim will be responsible for further strengthening the outsourcing capability, which is the firm’s third largest service line after audit and assurance services. Alongside his new remit, he will continue to lead the Asia-based Corporate Secretarial segment.

Additionally, Tan Shen Way and Victor Ouyang were promoted as local partner in audit and assurance, effective September 7.

¬ Haymarket Media Limited. All rights reserved.

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HSF eyes emerging energy and tech opportunities | FinanceAsia

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This month, London-headquartered law firm, Herbert Smith Freehills (HSF) announced the expansion of its Singapore-based capability with three partners, in support of opportunities in emerging sectors such as technology and energy transition, as well as the “high priority growth area” of private capital.

At the start of September, the company shared the recruitment of energy transition specialist, Peiwen Chen from the Singapore office of competitor, White & Case; and the relocation of HSF M&A partner, Malika Chandrasegaran, from Sydney. This was followed by news on Thursday (September 21) of the recruitment of Anthony Patten as M&A and energy expert, from King & Spalding.

The three partners report to Jamie McLaren, Singapore-based partner and Andrew Blacoe, head of Corporates.

Discussing opportunity in the private capital space, McLaren told FinanceAsia, “There is a huge amount of dry powder available to deploy in Asia; and as private equity (PE) houses look to rebalance portfolios and benefit from the anticipated upside in a maturing Asian economy, there are an increasing number of PE houses moving into Asia and setting up Asia-focussed funds.”

He underlined that, while opportunities in the tech sector might have tailed off in recent months, they are likely to pick up on the back of consolidation yet to come, coupled with developments across artificial intelligence (AI) that are set to offer new potential.

Meanwhile, traditional PE sectors such as healthcare, financial services and the consumer segment are continuing to provide strong deal flow. “Markets such as Indonesia, India, Philippines, Thailand and Vietnam continue to offer huge promise.”

Although deal activity has been fairly subdued in recent months, McLaren added that there are signs of this turning around, “with a number of recent high profile deals, including KKR’s investment in Singtel’s data centre business” and a busy few months in the pipeline.

With regard to the new recruits, the HSF team pointed to Chen’s experience advising financial sponsors, strategic corporates and sovereign wealth funds (SWFs) on cross-border transactions, including Copenhagen Infrastructure Partners (CIP) on the NT$90 billion ($3 billion) development and subsequent sale of a strategic stake in the Taiwanese 589 MW Changfang and Xidao offshore wind projects; as well as Thailand-headquartered Ratch Group on its $605 million acquisition of Nexif Energy.

Patten brings to the firm three decades of track record working across the energy space – spanning sub-sectors comprising renewables, hydrogen, ammonia and carbon capture, as well as traditional oil and gas. In terms of other law firms, his LinkedIn profile highlights his experience at Ashurst, Allens and Shearman and Sterling, as well as six years spent as legal counsel at Shell, in London and Dubai.

The team drew attention to Chandrasegaran’s adeptness advising TPG on its A$16.5 billion ($10.6 billion) merger with Vodafone Hutchison Australia; and the A$18.7 billion acquisition of Origin Energy by a consortium involving Brookfield Asset Management, GIC, Temasek and EIG Global Energy Partners.

 

¬ Haymarket Media Limited. All rights reserved.

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9 Budget 2024 recommendations as rocket fuel for Malaysia’s Soonicorns 

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Critical to offer visas for foreign students who study in local universities 
Time has come to implement a Local Technology Procurement Framework

“Soonicorns” or “Soon-to-be-unicorns” are late stage technology companies most of whom have raised venture capital funding and have the potential to become unicorns. 
These late stage companies have gone beyond the…Continue Reading

From tech to airlines, Dzuleira Abu Bakar takes on the role as CEO of SKS Airways

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Replaces acting CEO Rohman Ahmad, who remains as executive director
Airline embarking on next phase of expansion in ASEAN with a new jet fleet

​​Dzuleira Abu Bakar officially assumed the role of CEO at SKS Airways on Sept 15, following the announcement made on June 26. She takes over from the current acting CEO & executive director,…Continue Reading

PM woos global business giants

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In: South-East Asia

Srettha holds talks with Tesla chief Musk

PM woos global business giants
Prime Minister and Finance Minister Srettha Thavisin, second from right, discusses potential investment opportunities in Thailand with Tesla CEO Elon Musk on Thursday via a teleconference call in New York. (Government House photo)

Prime Minister and Finance Minister Srettha Thavisin met with global business leaders in New York as he sought to attract more foreign investment to Thailand.

Mr Srettha said on Thursday that he held talks with Tesla chief Elon Musk during his visit, and they discussed the electric vehicle (EV) industry.

Thailand, Asia’s fourth-largest automobile assembly hub, has been offering incentives to EV and battery makers while also providing tax cuts to local EV buyers.

Mr Srettha, who is attending the 78th United Nations General Assembly (UNGA78) in New York, said he spoke with Mr Musk about Tesla and his rocket and satellite company SpaceX, including its internet venture Starlink.

“I am impressed with the advance the group has made for humanity, and we share a common view of the future for a cleaner world. We look forward to further discussions,” Mr Srettha, a former property tycoon, said via X, formerly Twitter.

In a statement, the Thai government said Mr Srettha told Mr Musk via a video conference that his administration was ready to support investment proposals within the nation’s existing incentive framework.

“Tesla praised Thai human capital, which was suitable for investment,” the statement said.

Automakers with plants in Thailand include Toyota and Honda. The country produces about 1.5 million to 2 million vehicles annually, of which about half are exported.

EVs have been steadily gaining traction in Southeast Asia, a market dominated by Japanese carmakers.

EVs accounted for 6.4% of all passenger car sales in the region in the second quarter, up from 3.8% in the first quarter, Counterpoint Research data show.

Around half of all regional EV sales are from Thailand, followed by Vietnam and Indonesia, with Chinese carmakers like BYD leading by a wide margin.

Mr Srettha said on X that he had also met with representatives from Google.

“I was pleased to hear that Google has made Thailand workers gain 5 days of productivity annually as well as the exciting news on the success of Google’s cloud-first concept in many countries,” he said.

“I’m sure that the concept would also be very beneficial for the advancement of our economy. I hope to have a more insightful conversation at the upcoming Apec Economic Leaders meeting in November,” he posted.

The PM also met with representatives of Microsoft and Microsoft Thailand.

“Great discussion of the exciting future of cloud and opportunities for Thailand. Look forward to seeing more public-private collaboration in the near future!” he posted on X.

Mr Srettha also said on X that he has a friend who is a high-level executive at Goldman Sachs, a leading global investment banking firm, and they had a chance to have breakfast together.

The prime minister said he told his friend that Thailand is open to businesses and investors and that he wants international financial institutions to connect with Thailand in every dimension.

“Goldman Sachs will look into the possibility of setting up a financial institution in Thailand,” he said.

Mr Srettha went on to say that he also met with executives of Estee Lauder and invited them to invest in Thailand.

Estee Lauder also inquired about seaweed in Thailand as it is used as an ingredient in the production of cosmetics, Mr Srettha said, adding that the company will also consider setting up a production plant in the kingdom.

Government spokesman Chai Wacharonke said Mr Srettha also had a bilateral meeting with South Korean President Yoon Suk Yeol during his UNGA78 attendance.

The prime minister was pleased with the first official meeting with the Korean president and hailed close and cordial relations between their respective nations, especially ties at the people-to-people level, Mr Chai said.

Both parties discussed issues of mutual interest and expressed a will to tighten bilateral relations as strategic partners.

The spokesman said the PM called for a regular exchange of high-level visits and extended his invitation to the president and his spouse, asking them to visit Thailand.

Concerning economic cooperation, the two leaders agreed to accelerate negotiations on the Economic Partnership Agreement (EPA).

They also discussed economic cooperation in soft power, space, nuclear power, startups, EVs, virtual banking, and investment opportunities for South Koreans in Thailand.

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