Blackstone and CPP Investments agree Abn AirTrunk acquisition | FinanceAsia

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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. &nbsp,

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. &nbsp,

While a spokeswoman for Blackstone told&nbsp, FinanceAsia it is not providing&nbsp, 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. &nbsp,

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” .&nbsp,

” 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. &nbsp,

Blackstone has invested in both the debt and equity of other data center companies, including&nbsp, QTS, Coreweave and Digital Realty. &nbsp,

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.

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2014 SGX attack plot: Singapore working with Indonesia after suspected terrorist arrested

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IN 2015, TRYED TO JOIN SINGAPORE

YLK has been known to ISD since the early 2000s for a record of terrorism-related actions.  

A member of the terror group Jemaah Islamiyah ( JI ) in Indonesia, he underwent militant training in  Mindanao, Philippines from the late 1990s to first 2000s.  

In 2003, he was arrested and imprisoned in Indonesia for the unlawful possession of firearms, before he was released.

” On account of his JI-related violence origins, ISD had placed YLK on an access waitlist as part of our strict border security procedures,” it said.

YLK attempted to enter Singapore in February 2015, according to reports, but ISD confirmed this. He was denied access to Batam and deported.

Is it possible that YLK’s attempted journey to Singapore was for surveillance purposes to advance the SGX strike plot, according to ISD, which is still unruled out?    

He has never made any additional visits to Singapore, aside from the 2015 attempt to explore there.

We are in close communication with our Indian counterparts as a result of the new imprisonment. “

The story of the 2014 harm” serves as a reminder that evil organizations like Al-Qaeda and their local affiliates in Southeast Asia continue to view Singapore as a valued goal.”

The violence danger is still high, according to ISD, “while there is no immediate terror threat to Singapore at this time.”

The public is urged to keep monitoring and promptly report any cautious people or activities to the government. “

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Blackstone and Canada Pension Plan Investment Board agree bn AirTrunk deal | FinanceAsia

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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. &nbsp,

A spokeswoman for Blackstone told&nbsp, FinanceAsia it is not providing&nbsp, 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. &nbsp,

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. &nbsp,

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Bateriku.com closes US.4 mil Series B round to enhance roadside assistance and accelerate environmental goals

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  • Money will go towards advancing software, enhancing Vehicle Equity Experience
  • Plans to expand in SEA, with Indonesia &amp, Singapore as the 1st global markets

Bateriku.com founder and CEO, Azarol Faizi (2nd from left), with Jamaludin Bujang, managing partner, Gobi Partners Malaysia (2nd from right) and Thomas Tsao, founder and chairperson, Gobi Partners

Bateriku ( M ) Sdn Bhd ( Bateriku.com ), Malaysia’s leading connected roadside assistance solution provider, has raised US$ 7.4 million ( RM34.7 million ) in its Series B funding round. This landmark investment attracted strategic backing from Kumpulan Wang Persaraan Diperbadankan ( KWAP ), Gobi Partners, VentureTech SBI Capital LP, and VentureTech Sdn Bhd, solidifying Bateriku.com’s position as an industry trailblazer.

Building on the success of its Series A funding, led by Malaysia Technology Development Corporation ( MTDC ) in 2022, Bateriku.com is poised to take bold steps forward. The Selangor-based software company will use these resources over the next 18 weeks to improve its systems and enhance the Vehicle Ownership Experience (VOE). The company aims to seamlessly integrate the automotive verticals of Battery, Breakdown,” Bengkel” ( car workshops and auto parts shops ), and Bazaar ( auto parts marketplace ) into one cohesive ecosystem.

Bateriku.com founder and CEO, Azarol Faizi, said:” Securing this financing in our tenth month is an glory, and it reflects the unwavering faith our owners place in our perception. This investment does help us advance our efforts to transform roadside assistance and alter the mechanical ecosystem.

” Our trip began as a traditional battery store, but our goal has always been to create an integrated ecosystem that is suitable for the needs of every vehicle owner. By harnessing technology, we’ve scaled our job tech and innovation systems to provide unparalleled customer experiences”, he added.

In position with its social duty, Bateriku.com launched Akademi Bateriku in 2022. This reputable institution offers mentoring and mentoring programs to electrical specialists in its ecosystem, which is approved by the Department of Skills Malaysia under the Ministry of Human Resources. The startup claims that to date, nearly 2, 000 Malaysians, including Bateriku.com’s internal ecosystem members ( BHero gig mobile technicians and BPreneur entrepreneurs ), workshop owners ( such as Petronas AutoExpert ), individual mechanics, and the general public, have attended these classes.

The company added that its channel includes its first international hub in South Jakarta, Indonesia, and nearly 200 Pitstop locations spread out across Malaysia. Additionally, its robust ecosystem comprises over 1, 000 trained gig technicians ( BHero ), 78 entrepreneurs ( BPreneur ), and close to 3, 000 workshop and auto parts partners ( BBuddy ), all coordinated through a 24/7/365 Contact Centre, which seamlessly connects customers to the nearest service providers.

According to Bateriku.com, while the power company remains at the heart of its procedures, environmental conservation is a key concern. The company’s” Get Recon But The World” program focuses on reconditioning and reuse batteries, ensuring they are reused, repaired, or appropriately recycled. Non-reconditionable batteries are processed by qualified smelters with the approval of the Department of Environment, in line with its nationwide assurance and after-sales programs.

Azarol stated,” To give some view, about 500, 000 vehicle batteries are replaced every month in Malaysia, which indicates almost 10, 000 tonnes of used batteries are being disposed of each month”.

Every month, Bateriku.com collects about 1, 000 used car batteries from our clients all over the country.” Bateriku.com is responsible for making sure our customers are informed about the effects of proper used battery leisure on the environment, especially through our” Go Recon Keep the World” initiative,” he continued.

Gobi Partners co-founder and chairman, Thomas Tsao, said,” Bateriku.com’s ‘ Go Recon But The World ‘ program aligns completely with our goal to invest in projects that not only deliver strong earnings but also make a positive impact on the environment. Their method of recycling and reconditioning batteries provides a new standard for the automotive industry.

With Indonesia and Singapore as the first international markets targeted for expansion and replication of its innovative business model, this new funding will help propel Bateriku.com’s growth throughout Malaysia and throughout Southeast Asia.

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China’s new global charm offensive: vocational training for the world, but is there a catch?

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Some Chinese-funded programs, similar to the character of GIPU’s Qinggong sessions in Singapore, have been introduced in recent years. &nbsp,

These include the” Chinese Workshop” backed by the Chinese Education Ministry’s Center for Language Education and Cooperation,” Modern Craftsman College” led by Guangxi Zhuang Autonomous Region, and” Dayu College” run by Yellow River Conservancy Technical Institute. &nbsp,

The Guangxi authorities announced in February that it had secured state aid to build 17″ Modern Craftsman Colleges” throughout Southeast Asia to illustrate the pace of expansion. To day, at least six of these universities are now operating in places such as Thailand, Laos, Myanmar, Malaysia, and Vietnam.

The aim is to teach “technical experts who are well-versed in Chinese technology, understand Chinese design and are familiar with Taiwanese products”, wrote Mr Peng Binbai, chairman of the Chinese Education Ministry’s Department of Vocational and Adult Education, in a Jul 15 content published in a magazine dedicated to China’s international learning market.

Mr. Peng praised the expansion of China’s foreign education industry, highlighting the advantages of expanding vocational training programs abroad, and expressing strong support for the establishment of more of these initiatives. &nbsp,

Vocational education is essential for national development as Taiwanese companies expand their international reputation and take part in building worldwide capacities. By creating a training system that combines useful skills with educational credentials, it should meet the specific skills requirements of these businesses, he wrote. &nbsp,

He also noted that China was “rapidly advancing” and Luban sessions had a” important position” to sing in countering American influence and destruction.

” With the rise of the East and the decline of the West becoming notable trends … ( Such schemes ) play a crucial role in countering Western containment, it ( also ) supports China’s educational ambitions and aids the advancement of national diplomacy, while facilitating the global expansion of Chinese enterprises”, he said.

GOODWILL EFFORT And CHARM OFFENSIVE? &nbsp,

Criticism has been poured at Beijing’s efforts to expand its technical programs abroad, which have raised concerns about government freedom and financial transparency. &nbsp,

Similar things can be drawn between Confucius Institutes and Confucius Institutes, which were severely depressed in the US in 2019 due to their charges that they were Chinese advertising resources. Since 2004, these schools have promoted Chinese language and culture abroad through school partnerships, operating in Asia, Europe, Africa, and Latin America.

Although China continues to view them as systems for cultural exchange, issues about Chinese state control and safety issues have caused their closing in the US, Canada, and Europe.

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Baker McKenzie Wong & Leow to add team from Morrison Foerster | FinanceAsia

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According to a business press release, Baker McKenzie Wong &amp, Leow, a representative firm of Baker McKenzie in Singapore, is adding a group led by leaders Shirin Tang and Lip Kian Ang. &nbsp,

Tang previously served as the Singapore office’s handling partner and on the agency’s global executive committee. He will visit Morrison Foerster as its foreign partner.

FinanceAsia&nbsp, understands from a top business supply that the group will begin in the “next some weeks” and that a deeper two non-partner lawyers, from the same team, will also be joining Baker McKenzie Wong &amp, Leow from Morrison Foerster. &nbsp,

Tang will meet as co-head of the Singapore M&amp, A process, simultaneously with Boo Bee Chun. Tang has over 20 years of experience in cross-border mergers and acquisitions ( M&amp, A) and private equity transactions across Asia and the US, with a focus on complex and innovative transactions, including capital raising platforms, joint ventures and club deals, portfolio restructuring and exits.

Her exercise spans the administrative real property, technology/e-commerce, life sciences and customer industries. Over the past” several” years, Tang has led transactions worth over$ 35 billion in aggregate, according to the media release. &nbsp,

Ang has experience with foreign cash, multinational companies and financial organizations in large cross-border personal capital, venture capital, M&amp, A, real estate, and finance purchases.

Commenting on the move, Boo Bee Chun, director and co-head of the Singapore M&amp, A process, Baker McKenzie Wong &amp, Leow, said in a declaration:” We are thrilled to welcome Shirin, Lip Kian and crew to our M&amp, A / private equity team, to which they will add more depth. The wealth of experience and strong business skills that they bring will be of substantial value to our clients given that Singapore and Southeast Asia have strong deals and development potential.

James Huang, managing director of Baker McKenzie Wong &amp, Leow, states:” Their joining is more information of our commitment to more expanding our bench strength in Singapore, whose status as a leading international financial and business hub is anticipated to continue to grow substantially in upcoming years.”

Click here for more FinanceAsia people moves. &nbsp,

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Seda Innovation Challenges 2024: Pioneering sustainable energy solutions 

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  • Challenge winners will reveal a prize pool of US$ 3, 400&nbsp,
  • aims to promote cutting-edge technology that uses solar energy for the transition to a global scale.

The SEDA Innovation Challenge 2024, a collaboration between SEDA Malaysia, IEEE Kuala Lumpur Subsection, Universiti Teknologi Malaysia (UTM), UCSI University, and Leave a Nest (M) Sdn Bhd, aims to identify and promote innovative renewable energy technologies as part of the global energy transition, held in conjunction with the 6th International Sustainable Energy Summit (ISES) 2024 which took place from 20 to 21 August 2024.

SEDA Innovation Challenge 2024 has reached its final step, with five tasks set to thrive. The winners will be announced at the Awards Ceremony held on October 1st, 2024, at the 2024 IEEE R10 Humanitarian Technology Conference ( HTC ) in accordance with the final project documentation due by September 2024.

The challenge is a collaboration between the Sustainable Energy Development Authority ( Seda ) Malaysia, the Institute of Electrical and Electronics Engineers ( IEEE ) Kuala Lumpur Subsection, Universiti Teknologi Malaysia, UCSI University, and Leave a Nest ( M ) Sdn Bhd. It aims to find and market cutting-edge technologies that make use of solar energy to support a global energy change.
 
The top five winners are:

  • With their initiative titled” Energy Control Cost Optimization System,” Amsolar Ecos.
  • Unique Edge Technology- UTM is proud of their initiative” MERCAT – Microgrid.”
  • Vem X with their task: Virtual Energy Manager: Real-Time Monitoring and Predictive Insights for Enhanced Energy Reliability
  • UCPVC with their initiative, SolCurve: Seamless Remote PV Monitoring System
  • Sunshine with their job, FarmE

This initiative, held in conjunction with the 6th International Sustainable Energy Summit ( ISES ) 2024, focuses on integrating sustainability into the core of innovation, emphasising reducing environmental impact, improving efficiency, and promoting responsible resource management. It provides a cooperative program for multidisciplinary approaches to address pressing issues facing the green energy sector, enabling innovators to provide flexible, actionable solutions with the potential for widespread adoption.

The Kuala Lumpur Convention Center hosted the 6th International Sustainable Energy Summit ( ISES ) 2024 ) from 20 to 21 August 2024. The news of the Seda Innovation Challenge’s winners comes as a backdrop for this mountain, which also emphasizes the value of green energy options in shaping a cleaner, more resilient future.

Hamzah Hussin, organising head of the 6th ISES 2024 and CEO of Seda Malaysia, stated,” The Seda Innovation Challenge 2024 is a important stride in our work to speed the world energy transition through technology and assistance. Individuals are pushing the boundaries of renewable energy technology by showing extraordinary creativity and commitment to sustainability. We anticipate that the ideas presented here will motivate others and open the door for potential improvements that are robust and cleaner.

Prof. Dr Ahmad Fauzi Ismail, vice-chancellor of Universiti Teknologi Malaysia, added,” Universiti Teknologi Malaysia is committed to advancing green energy solutions through creativity and collaboration. Our goal is to promote research and development in renewable energy technologies through our involvement in the Seda Innovation Challenge 2024. We think that corporate alliances and inter-disciplinary methods are necessary to address the complex issues posed by sustainable development. We are glad to help activities that contribute to a cleaner and more resilient coming by supporting this competition and provide entrepreneurs with an excellent platform to showcase their innovative ideas.

Technology would be the key to accelerating the energy transition, according to Lee Chean Chung, a part of the Authority Seda Malaysia who presented the document to the winners. He added,” Work to embrace conservation are at the base of your improvements, with a focus on minimising ecological impact, enhancing performance, and promoting responsible source management”.
 
Individuals in this year’s problem are competing in three important categories, each targeting a specific aspect of renewable energy technology: &nbsp,

document. Artificial Intelligence Insights: Aiming to increase energy efficiency through integrated data evaluation for improved decision-making. &nbsp,

iii. Blockchain and the Internet of Things ( IoT ): By monitoring energy systems to improve reliability and efficiency through continuous data flow. &nbsp,

iv. Attempting to optimize renewable energy locations using environmental impact and resource efficiency, the Smart Geographical Information System ( GIS ) and the Digital Twin.

The winners of the Seda Innovation Challenge 2024 will share a prize pool of US$ 3, 400 ( RM15, 000 ), distributed across the following categories: i. Innovation Award: Recognition of the most innovative systems in renewable energy. iii. Impact Award: Awarded for the job that has the most important positive effects on the environment and society. iv. Women’s Choice Award: Acknowledging the most popular task as voted by ISES visitors.

The Seda Innovation Challenge 2024 highlights the crucial role that sustainable energy solutions play in creating a cleaner and more resilient coming and highlights the extraordinary qualities of entrepreneurs.

For information on the Seda Innovation Challenge, please visit https ://www .seda.gov.my/seda-innovation-challenge/

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Woman fined for bringing maid to Singapore from the Philippines to work illegally

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SINGAPORE: A Filipino woman who brought her maid from the Philippines to Singapore to work for her household of seven was fined by a court on Monday (Sep 2).

Fodor Janelle Joven, 32, was fined S$8,800 (US$6,730) after pleading guilty to one count of hiring a domestic worker without a valid work pass under the Employment of Foreign Manpower Act (EFMA).

The court heard that Joven had a Singaporean partner. They had two children and stayed in a three-room Housing Board flat with Joven’s in-laws, making a total of seven occupants in the flat.

Joven was in Singapore on a short-term visit pass.

Before coming to Singapore, Joven hired 45-year-old Belen Jennifer Parungao as her domestic helper in the Philippines.

In around early May 2022, Joven suggested that Parungao come to Singapore and work for her as a domestic worker. 

Joven said they would not apply for a work pass. Parungao agreed and entered Singapore on May 19, 2022, on a short-term visit pass.

As Joven herself was on a short-term visit pass, she would make arrangements to travel out of Singapore together with her maid so they could renew their passes and stay in Singapore for longer.

They made a total of six such trips.

For about 11 months from May 19, 2022, to Apr 11, 2023, Parungao worked illegally as Joven’s maid, performing household chores and caring for Joven’s children.

She worked from 5am to 10pm daily, earning 10,000 to 12,000 Philippine pesos, or about S$240 to S$290, each month. She was not given any rest days.

Parungao’s salary was remitted to Joven’s mother in the Philippines, who would transfer the money to Parungao’s family.

On Apr 26 last year, employment inspectors from the Ministry of Manpower (MOM) investigated the case after receiving information on the possible contravention of EFMA laws.

Joven married her Singaporean partner on Jul 11, 2024.

The prosecution sought a fine of S$9,000 to S$10,000 for Joven, citing the need for deterrence and the difficulty of detecting such cases.

“Such offences are typically only discovered upon inspections or receipts of complaints, as in the present case,” they said.

Joven had also avoided detection by extending Parangao’s stay in Singapore through six trips to countries in Southeast Asia, allowing her to remain in Singapore and work for Joven.

Visitors on short-term visit passes are not allowed to take on employment in Singapore.

The circumvention of MOM’s work pass framework has also undermined the framework’s integrity, said the prosecution.

“One of the main purposes of this framework is to safeguard more vulnerable foreign employees, such as (Parangao) who had no prior working experience in Singapore,” they said.

“Illegally employed domestic workers such as (Parangao) would not be able to avail themselves of the protection afforded by the work pass framework such as insurance.”

For employing a foreigner without a valid work pass, Joven could have been jailed for up to 12 months or fined between S$5,000 and S$30,000.

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