Ivan Woods

THE CHESS BOARD OF PRIVATE EDUCATION That's now the RM1billion question in the market. Will he take Segi private? There has been a lot of activity recently in an increasingly more competitive private education sector. Taylor's International School, both the university and its schools and those under the "Garden International School" brand (of which I am Alumni from the original Garden School), is a dominant player but has always been private. It's big business, private education brings a higher standard, networking for the future, a solid educational foundation just look at the Doyen of private schools The Alice Smith School (again of which I am Alumni). But I digress. SEGi University & Colleges is one of the few who remain in the public arena. Even HELP University formerly listed has reverted into private hands. A common trend? The PE investors have reached the end of their fund cycle, usually after a handsome return. Is PE still looking at education? Some say yes, some no, because the emergence of edutech, virtual metaverse based universities and the accessibility of learning on apps has dramatically changed the landscape. As they always say, chess is a great game as long as you're not a pawn. Private education has Kings! [Declaration of interest: these are my own views and are unrelated in my employment in any capacity. The information I have is only sourced from the public arena]

8

2 Comments

Between a rock and a hard place: HKEX's balancing act Hong Kong's capital markets remain an attractive place for PRC companies to raise funds from international investors, including through IPOs. Recent indicators and client requests suggest that after a somewhat slower period, interest in and demand for HK IPOs are picking up. Underwriters and potential issuers will likely remain cautious until after the US elections. However, as the US-China geo-political and geo-economic relationships are expected to remain tenuous, PRC companies and investors are exploring options beyond western capital. The HK IPO process can thus serve as an important indicator of how the financial sector and other market participants address the existing and future US-China conflict of laws, particularly around international sanctions and PRC countermeasures. Despite being stuck between a rock and a hard place, the HKEX has been able to strike a creative – albeit some might say, timid – balance between international banks' commitment to sanctions compliance and domestic rules. 1. Sanctions opinion This balancing act relies on the requirement for potential issuers to provide a sanctions memo from a qualified counsel. We have supported a number of recent successful IPOs and pending processes. We can therefore attest that HKEX takes this sanctions clearance very carefully – often through a number of detailed follow up queries and clarifications – before the disclosure terms are finalized. A legal opinion must address whether business activities within the track record period (3 years): (i) are subject to or may have violated any sanctions and export controls laws in applicable jurisdictions; and (ii) will result in any material sanctions risks to itself or other stock exchanges. Dealings in high-risk countries like Iran and Russia should therefore be carefully reviewed and sanctions risks should be efficiently mitigated. 2. Sanctions compliance The legal opinion is a "live" document and delays in listing will require the analysis to capture an updated track record period. This requires an applicant to continuously comply with ever-changing sanctions regimes. Indeed, the HKEX recommends all applicants monitor their business for exposure to sanctions risks during and after their listings. While international sanctions compliance might not always be a top priority, any company with HK IPO aspirations would be well-advised to enhance its sanctions compliance early to save legal fees and IPO delays. 3. Collaboration with regulators Listing applicants should also be ready to answer questions from the regulator and be flexible when circumstances change – eg SenseTime, a facial recognition developer, removed US investors from its IPO after being added to the CMIC List. Our sanctions and our IPO teams are happy to address any questions – Frank Bi, Li Jiang, Tom Cummins, Dr. Dr. Claus Zimmermann, Vicki Tang, Kenneth Lee

23

Sembcorp Industries, through its wholly-owned subsidiary Sembcorp Development, has signed Memoranda of Understanding (MoUs) with two subsidiaries of Panbil Group to jointly develop low-carbon industrial parks in Batam, Indonesia.  Located within the Muka Kuning area on mainland Batam, this proposed industrial park aims to serve light to medium industries.  Industries in this zone include electronics, electrical, precision engineering, and pharmaceutical sectors.  The focus is on providing renewable energy and sustainable circular solutions.  Tanjung Sauh, one of the smaller islands of Batam, was recently granted special economic zone (SEZ) status for industrial development.  The park intends to cater to advanced manufacturing customers, data centres, and energy-intensive businesses.  It aligns with the Singapore-Batam twinning model, promoting green solutions. In response to the climate crisis, industries are increasingly seeking ways to reduce their environmental impact.  Low-carbon industrial parks have emerged as a promising solution, combining economic growth with sustainable practices.  Low-carbon parks prioritise clean energy sources, energy efficiency, and waste reduction.  By doing so, they significantly lower carbon emissions. Industries within these parks contribute less to global warming, supporting climate goals.  Reduced pollution improves air and water quality, benefiting local residents. Efficient infrastructure and renewable energy sources lead to cost savings.  Energy-efficient designs translate to lower utility bills and maintenance costs.  Effective waste reduction strategies minimise disposal expenses.  Companies in low-carbon parks gain a competitive edge.  Investors and customers increasingly favour environmentally responsible businesses.  Sustainability initiatives enhance brand image and attract socially conscious consumers.  Proximity to like-minded companies fosters innovation.  Research centres, startups, and incubators thrive in collaborative environments.  Companies explore and adopt cutting-edge sustainable practices.  Low-carbon parks attract capital.  Investors seek sustainable projects.  Policymakers offer grants and tax breaks to promote green initiatives. Developing energy-efficient infrastructure requires substantial upfront investment.  Striking a balance between sustainability and affordability is crucial.  Investments pay off over time but require patience.  Navigating regulations and obtaining permits can be complex.  Meeting environmental standards is essential.  Governments must create favourable policies and incentives. In any case, this is merely an MoU. Too many MoUs signed with Indonesian companies never go anywhere. It remains to be seen how the project develops. Terence Nunis Terence K. J. Nunis, Consultant President, Red Sycamore Global

2

🌏 Proud to wave the proverbial Southeast Asia banner at last week's IPEM Paris 2024 alongside my fellow panelists Rishika Chandan and Paul Choo as well as our moderator, Eric Marchand. Southeast Asia is at a crucial juncture of growth and opportunity. Starting with the basics: Southeast Asia will add ~140m new consumers by 2030. This population is large (today over 660m), young, rapidly urbanising and entering the middle class en mass. Besides this remarkable consumption story – Southeast Asia’s economic resilience and stability is also notable with GDP and FDI flows remaining robust over the past 5 years. Notable is that in 2023, SEA-6 attracted over USD 200bn in FDI, surpassing China for the first time in a decade. This shift is driven by the region’s strategic advantages and market potential, making ASEAN an increasingly crucial hub for manufacturing and offering new investment prospects as global supply chains evolve. Further, the venture capital and private equity landscape in ASEAN is maturing rapidly. Assets under management have reached $69 billion, signaling a growing and competitive investment ecosystem. This growth presents numerous opportunities across various sectors, particularly technology and innovation. However, ASEAN faces challenges, including economic disparities among member countries, inconsistent regulatory environments, inadequate infrastructure, and governance and sustainability issues. Addressing these challenges is essential for unlocking the region's full growth potential. As ASEAN continues to grow, its potential as a leading hub for venture capital and growth funding in Asia-Pacific is clear. By engaging with the region’s dynamic ecosystems, investors can play a significant role in shaping its future and tapping into its extensive opportunities. At TNB AURA, we are dedicated to exploring these opportunities and believe that Southeast Asia’s dynamic landscape offers unmatched potential for innovation and growth. 🙏 Credit to the Collyer Capital team for the succinct summary deck posted below (with permission of course).

57

3 Comments

A proposal to be considered. Ingat 1982, Rakyat Msia collect duit utk tengok World Cup Espana 1982. Theme "We Do it For Gaza" Just thinking, probably need about RM 50 b to acquire all of Bxxxxk investments in Msia. At RM 50b, it is a medium sized fund in the whole scheme of things. A sovereign closed end Funds offered to Rakyat Msia, both Conventional and Shariah funds, whereby an expected 5% yield are expected. I would myself participate. Anyhow, our Bonds and sukuk are 97.5% domestic issued, That's about RM 1.4 trillion in total, so RM 50 b will be able to be subcribed fully locally. A sukuk or a bond or a closed end funds..... Can PNB do it ? An Amanah Saham Wawasan Gaza be named.

7

CapitaLand Integrated Commercial Trust (CICT) plans to acquire a 50% interest in Ion Orchard and Orchard Link from CapitaLand Investment (CLI). The agreed property value for the 50% stake is S$1.85 billion. The total acquisition outlay is estimated at S$1.1 billion after adjustments. Financing: + CICT intends to finance the transaction through a private placement and a preferential offering. + The aim is to raise gross proceeds of at least S$1.1 billion. Estimated issue prices: + Private placement: S$2.038 to S$2.091 per unit + Preferential offering: S$2.007 per unit + CLI has committed to fully subscribe to its entitlement in the preferential offering. Timeline and Strategy: + Expected completion: Q4 2024, subject to unitholder approval. + Described as a "transformational move" in CICT's strategy. + Aims to capture the luxury retail segment in Singapore. Financial Impact: + The acquisition is expected to be immediately accretive to CICT's distribution per unit (DPU). + Projected H1 FY2024 DPU accretion of 0.9% (from S$0.0543 to S$0.0548). CLI's Perspective: + The divestment demonstrates CLI's support for CICT. + Proceeds will be used to diversify CLI's portfolio and establish new fund products. + Aligns with CLI's asset-light strategy to recycle assets and grow funds under management. Ion Orchard Details: + Currently held in a 50:50 joint venture between CLI and Sun Hung Kai Properties Limited. + Eight-storey mall with about 57,935 square meters of net lettable area. + 96% committed occupancy rate as of end-June 2024. This acquisition represents a significant move in Singapore's commercial real estate market, potentially strengthening CICT's position while allowing CLI to pursue its strategic objectives. #REITs #Growth #Strategic #Investment #RealEstate #Acquisition #LuxuryRetail #ShoppingMall #Singapore I The Business Times I SPH Media I Michelle Zhu

16

DL Holdings Group announced that on September 19, 2024, DL Holdings has entered into an acquisition MOU with a Singapore-based wealth management firm (the “Target Company”). The consideration of the Sale Shares is expected to be settled by a combination of cash and allotment and issuance of shares of the Company. The Target Company was based in Singapore and with offices in Dubai, UAE. The preliminary valuation of the Target Company is expected to be approximately US$50 million. The Acquisition will help DL Holdings to expand its footprint in Southeast Asia, explore the Middle East market, and further build a global ecosystem for asset management and investment. DL Holdings aims to be a prominent asset management and financial services platform. DL Holdings’ current AUM has exceeded US$3.5 billion, with established offices in Shanghai, San Francisco, Singapore, and Japan. The Target Company has an AUM of approximately US$2.6 billion. It has a significant high-net-worth clientele and future growth potential in Singapore and the Middle East. The possible acquisition will create synergies between the two parties in terms of multi-family office and global investments, and will be complementary to the Group’s existing operation and business layout and consolidate its existing advantageous position. Andy Chen , Chairman of DL Holdings Group, stated, “Over the past decade, DL has established a solid reputation in Hong Kong and the Asia Pacific region. After entering the Hong Kong Stock Connect, we are accelerating the expansion of our global asset allocation and looking for excellent partners. It is believed that this Acquisition will strengthen the Group's impact in Singapore and expand the Group's business scope in Singapore and Southeast Asia region by integrating the resources of the target company and building a stronger customer network. In addition, the move will strengthen the foundation for the Group to open up the Middle East market with Dubai as the core, and extend westwards into Europe and Africa.” Established in 2008, the Target Company has accumulated over 400 clients, serving high net worth individuals and institutional investor in India, the Middle East, Switzerland, Africa and Europe. The wealth management company has accumulated extensive experience in providing a full range of multi-family office services and solutions, and its management shares the same vision and objectives as DL Holdings in global asset management and financial services.Dubai is the economic and commercial center of the Middle East, where East meets West, the gateway to the Middle East and Africa, and an important node of the “One Belt One Road”. With the completion of this Acquisition, DL Holdings Group will take a significant step forward in its multi-family office and global wealth management footprint.

2

{Prof Invest Only} We are delighted to share that Mirova has been named Best Fund Provider – ESG/Sustainable Equity at the Asian Private Banker Asset Management Awards for Excellence 2025 ⭐ Category: Best Fund Provider – ESG/Sustainable Equity Winner: Mirova Asian Private Banker Asset Management Awards for Excellence 2025: https://bit.ly/49ynt3V Award methodology available: https://bit.ly/3D9GtcM References to an award, label or ranking are not an indicator of future performance and do not constitute a fund offering. The designation “Best Fund Provider” is the award name only given by Asian Private Banker and is not indicative of the performance or returns of any funds.

36

1 Comment

Another busy day in Singapore as we kicked off the week with our second roundtable, What does 'good' look like in global climate markets to harness business opportunities? This event was jointly organised by ZERO13, IOSS Solutions and Dicree Pte Ltd, where we discussed the challenges and opportunities in navigating the climate finance ecosystem. A huge thank you to everyone who were present and contributed to this very important conversation. Some key highlights: 🌿 We need a "river of liquidity" to flow, unobstructed, from traditional capital markets into climate finance. The convergence of people, technology, process and compliance is needed to drive confidence and trust into climate markets. 🌿 Lack of information and transparency hinder the integrity surrounding carbon credits, there is nowhere near enough information and understanding around how projects are verified, or how assets are verified. 🌿 Some well established traditional registries do not even have APIs, let alone blockchain, and the market is fragmented with lots of disparate services and silos hindering access to capital, trading and investment. 🌿 Inducing the confidence that the tier ones and other types of family office/ institutional investors want means that we can certainly start to see organisations look to create more structured and securitised products based on carbon credits as well as futures and options, which will help increase investment into projects inherently as well as create a more efficient secondary climate market. 🌿 We are also seeing a disparity of pricing between carbon credits in the Global South and those in Western markets and misunderstandings on project and asset verification. So we must have more clarity around that process driven structure, so that a carbon credit that is produced in these emerging nations has equivalent value to those that are produced in other areas. Thanks to G-Energy Global Pte Ltd who delivered a very informative presentation after the roundtable about their energy efficiency solution, the challenges of achieving #carbonneutrality and the carbon roadmap to sustainability. #ClimateFinance #ClimateMarket #CarbonMarket #CarbonCredits #Sustainability Lincoln T. Professor Lisa Wilson Ashley Wilson Jeremiah Lim Lim Wee Bin . Joseph Loh

46

2 Comments

Perhaps encouraged by the slow but apparent move of some #Japanese companies to improve #shareholdervalue by divesting from some of it cross-shareholdings (https://lnkd.in/eX3Q2G_5), KKR is setting its sights on #Japan as a pivotal market for its ambitious goal to double its #aum in the next five years. Although the global investment firm has identified the Asia-Pacific region in general, which has contributed to 39% of its $47 billion investments since 2005, as key to this strategy, it’s Japan that stands out for KKR due to opportunities to buy undervalued but quality businesses at bargain prices. With successful investments like Kokusai Electric and Koki Holdings (former Hitachi Koki), KKR sees potential due to Japan's low #valuations and massive room for operational improvements - divesting from cross-shareholdings, amongst other possibilities - in its conglomerates. Moreover, KKR's interest in Japan is buoyed by a lack of competition for deals, with #alternativeassets comprising a mere 9% of the market, compared to 26% in North America and 16% in Europe. The firm is also capitalising on trends in Japan's nearly $3 trillion #insurance market, the world's second largest. KKR points to factors such as an aging population and sustained low interest rates, driving demand for retirement products, which is evident from the significant sales of annuities in Japan compared to the U.S. #kkr #japanesecompanies #japanbusiness #apac #asia

7

"To adapt to a changing world, we draw lessons from our past and look ahead to the future with courage and conviction" Proud to be part of Temasek as the institution turns 50. Building and investing with purpose! Read the full #TemasekReview here: https://lnkd.in/gffBZDEq Read the full Sustainability Report here: https://tmsk.sg/SR24 

92

2 Comments

Private investors put US$6.3 billion into green economy development in Southeast Asia in 2023. Of this, over half went towards financing renewable projects. With US$1.5 trillion needed by 2030 for the region to achieve its climate commitments, coupled with the trend towards energy pragmatism, investors increasingly need to consider the transition in their portfolios.* How do we identify renewable opportunities among renewable projects in the region? Perhaps, the future of energy infrastructure is public-private partnerships. 🤝 My colleague, Dr. Valerie Speth, Co-Lead APAC Climate Infrastructure Group, recently spoke with companies that are driving the transition to provide access to renewable energy in Southeast Asia. The CEOs address the cost of capital, access to developmental financing, and the significant impact of public-private partnerships in advancing renewable energy projects. I found this conversation helpful in demystifying some of the dynamics driving the region’s renewable energy landscape, and I hope you do too. * Source: S&P Global, as of 15 April 2024.

1

Private investors put US$6.3 billion into green economy development in Southeast Asia in 2023. Of this, over half went towards financing renewable projects. With US$1.5 trillion needed by 2030 for the region to achieve its climate commitments, coupled with the trend towards energy pragmatism, investors increasingly need to consider the transition in their portfolios.* How do we identify renewable opportunities among renewable projects in the region? Perhaps, the future of energy infrastructure is public-private partnerships. 🤝 My colleague, Dr. Valerie Speth, Co-Lead APAC Climate Infrastructure Group, recently spoke with companies that are driving the transition to provide access to renewable energy in Southeast Asia. The CEOs address the cost of capital, access to developmental financing, and the significant impact of public-private partnerships in advancing renewable energy projects. I found this conversation helpful in demystifying some of the dynamics driving the region’s renewable energy landscape, and I hope you do too. * Source: S&P Global, as of 15 April 2024.

2

Big thank you for CNA for helping set the record straight for us. We have not decided which bourse to list on to date and we are not ruling SGX out. I do not know how the reporters in SPH can misquote me as “insisting on listing in the United States”. This is grossly inaccurate. On another note, the Singapore Exchange does have things to fix. The fix needs to be multi dimensional from various angles - not just retail investors, but also coverage from brokerages, attracting/ seeding more international secondary funds. The solution has to be more ecosystem led. I am sure the good folks in SGX are doing all they can in their power to improve SGX, any form of review at this stage is good. Looking forward to a healthier, stronger capital markets in Singapore and the region!  https://lnkd.in/gjGKkjDu

221

9 Comments

Lunch with King Leong, HK Invest Global Head of Financial Services, Saikit Chairman of Malaysia Venture Capital & Private Equity Association and Dato’ William Ng Chairman of Small and Medium Enterprises Association (SAMENTA). We discussed on potential regional cooperation between Malaysia and Hong Kong; deploying mainland China funds to Malaysia for ESG investment, matching HK-China LP with Malaysia GP and VC, and interestingly enough allowing companies to settle their international trade using token. Exciting times ahead with this new development and connection.

13

One of the lesser known #services that Warees Investments does is the exhumation and reinstatement of #Muslim burial land over at Choa Chu Kang cemetery. We work very closely with Majlis Ugama Islam Singapura and National Environment Agency to ensure that the availability of burial plots in Singapore continues to be #sustainable by exhuming graves that have reached 15 years or more and reinter them into combined graves. We do this in phases and we are currently at the tail end of Phase 8. I was feeling #nostalgic and thought to share a #digital #transformation journey for this service that continues to evolve today. When we started Phase 8 in 2021, #COVID restrictions were very much in place. We were about to begin registration where the next of kin comes forward to identify the graves of their family members. To prevent over-crowding and risk becoming a COVID cluster, the #management team took it upon ourselves to transform the registration process. We wanted #citizens to identify the graves online and the only way to do this is to take photos of every single grave that is due for exhumation, identify them ourselves and place them on a digital grid and map. Manual photos of 17,000 graves done in a short period of time by a dedicated #team. It's a stark reminder that with many digitalization initiatives, there is a very manual initial process that needs to be done. I can't imagine the amount of resources that Google has to deploy just to map out and photograph all the roads in the world for Google #Maps. We then started work developing the registration system and was the first within the Muis group to incorporate SingPass authentication and MyInfo for rapid registration. We tweaked workflows for grave identification to be shifted from manual on-site processes to fully digital using the photos and maps we had painstakingly developed earlier. We also enhanced QR codes for grave tagging, launched an SMS alert system and even developed how-to videos. Our field officers were issued with tablets instead of clipboards and given long range satellite walkie talkies to keep communications active in real time where phone reception is poor. It worked a bit too well. When we launched, citizens registered for exhumation in a big way. In typical exhumation phases, around 50% - 60% of graves are claimed by the next-of-kin. We used this as our planning parameter in allocating appointment dates. With the #digitaltransformation, more than 70% of the graves ended up being claimed and we didn't have enough appointment slots. This frustrated some of the claimants which lead the management team to further re-invent how exhumation is done. Thankfully, through rapid prototyping and process optimization, we were able to increase exhumation capacity by 20% per day while also working with the authorities to have an extension of time. We are always grateful for the support and patience of the #community and thank you for journeying with us. #HeritageReimagined

23

3 Comments

Malaysian Investment Development Authority launched the Domestic Investment Accelerator Fund (DIAF) - ESG Adoption Fund—to help Malaysian SMEs and mid-tier companies adopt ESG practices more effectively and faster for business sustainability. Check out our comprehensive hands-on guide to the grant application if you are seeking funds to improve or start your ESG and greenhouse gas emissions management strategy: https://lnkd.in/g35vd5V5 #MIDA #ESGgrant #funding

9