Steven Tan

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]

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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.

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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

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The CLOB saga of 1988 taught Singaporeans the important distinction between speculating and investing. For the 172,000 CLOB investors, most were trading based on recommendations heard through coffeeshop talk, with no real understanding of fundamentals or strategies. When trading was abruptly shut down on CLOB, it resulted in a painful and drawn-out fight for Singaporeans to get their money back. But the episode also marked the rise of Securities Investors​ Association (Singapore), which made upholding and protecting the rights of small investors its business. How did a lawyer who had never stepped foot in the world of finance become the voice of minority investors? Find out in Boardroom Knockout 🥊 Get your copy here: https://lnkd.in/gxtgXFkR #brko #boardroom #knockout #investors #shareholder #minority #watchdog

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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

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🌟 #ProStar's Second Edition: A Resounding Success in Singapore! 🌟 Last week, Singapore witnessed a triumphant second edition of ProStar, a marquee event curated by 9Unicorns and investment banking firm JM Financial Ltd to support growth stage companies. In a very short time, ProStar has become a cornerstone for facilitating the expansion and global alignment of high-potential companies. With over 45 private equity and venture capital funds in attendance, boasting a staggering $900+ Million AUM, the event underscored its significance and the caliber of discussions held. About 15 curated high growth-stage portfolio companies were showcased in the event, highlighting their previous success in raising over $955 million to date from an array of marquee global investors, including Temasek, Creation Investments Capital Management, LLC, Tiger Global Management, Gogoro, GMO Ventures, Sequoia Capital, Samsung Ventures, and GMO Partners, among others. The event was buzzing with meaningful conversations, setting the stage for high-quality connections and potential partnerships. ProStar has become a nexus for thought leaders and industry shapers to discuss trends and share visions for the future of technology and business. This success reaffirms the region's potential as a hub for innovation and investment, with ProStar leading the charge in unlocking these opportunities. Venture Catalysts++ | India's 1st Multi-Stage VC, 9Unicorns, Anuj Golecha, Anil G Jain, Gaurav Jain, Vansh Oberoi, Shruti Arya, Vinod Keni, Rajesh Mane, Ankit Jain, Poonam K Khandelwal, Shivika Sethi, Rishabh Golchha, Lumani Shah  #VentureCatalysts #AngelInvestor #VC #IndianStartups #SingaporeEvents #VentureCapital #PrivateEquity #GrowthStage #InvestmentOpportunities

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🌏 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).

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New Singapore Digital Exchange Net Zero-X Connects Green Projects with Private Investors In July, a new Singapore-based blockchain-enabled digital exchange platform for institutional and accredited investors to invest in ‘green’ climate technology projects launched in the form of new entrant Net Zero-X. The platform aims to address the critical financing gaps that are impeding global efforts to transition to a net zero future. Net Zero-X launched with its first flagship project, the world’s first ‘Drive-In Waste Disposal & Energy Recovery Hub’, a UK-based initiative redirecting waste from conventional landfill sites to a state-of-the-art facility, reducing carbon emissions and environmental impact while maximising resource recovery. The firm also announced that it had already identified 60 other sustainability projects seeking investment, and has ambitions to onboard 500 projects within the next five years, and potentially facilitate the deployment of over US$10 billion in impact capital over the next decade. The platform’s blockchain technology comes from Chintai, the licensed Singapore-based digital asset exchange at the forefront of the nascent global tokenisation market and whose tech will ensure the security and transparency of the Net Zero-X platform, fostering greater confidence among investors. Hubbis met recently with Glenn Davies, the Singapore-based Co-Founder of Net Zero-X, to learn more about the missions, the deals and how the platform aims to bridge the huge disconnect he sees between viable climate change projects and the numerous investors seeking to participate in such opportunities. Read he full article here: https://lnkd.in/geR_hN-f #WealthManagement #GreenInvestment #NetZero #ClimateFinance #BlockchainInnovation #SustainableInvesting #DigitalExchange

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It is a perennial chicken-and-egg issue - Do we bring in the investors or the IPOs first to energize the SGX? Second Minister of Finance, Chee Hong Tat, provides the solution that the government will support local based companies to IPO on the SGX. I have no doubt of the intentions of the government, but it speaks of a different scene on the ground. For the startup scene, I have a number of TRIVE's companies planning IPOs for exits in the coming years. And we spoke to a variety of M&A advisors for options of the SGX, HKSE and Nasdaq. It boils down to the same consideration - liquidity, valuation, ease of international investors buying into the stock and brand association. The portfolio companies will drop the consideration of the SGX and usually head for the Nasdaq listing, despite whatever grants, support that the government might provide. It is with good intentions of SVCA and Parliament to offer solutions to revitalize SGX. I for one, am a believer that we need a regional stock exchange that serves the upcoming SEA unicorns. Let's press on to develop deeper conversations.

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HSBC adds another accolade to its tokenization pedigree. HSBC issued an HK$ 1B digital bond using its own Orion platform today.  It was the first English law digital bond issued in Hong Kong. This means the issuance will be speaking in common international legalese and attract a broader set of investors. HSBC took on multiple roles in the issuance process to build up execution capabilities, including issuer, platform provider, arranger, dealer, sole bookrunner and joint lead manager. HSBC has been quite active in tokenization space as it ramps up its own tokenization products and services, including: 1️⃣ Leading Series C round in HQLAᵡ in April 2024. HQLA is a tokenized collateral management platform that solves inefficiencies in cross-custodian collateral transfer and settlement. You can read more here: https://lnkd.in/eP57FJFx 2️⃣ Leading the Series A round in Marketnode, a FMI platform based in Singapore. While HQLA focuses on collateral management, MarketNode focuses on tokenizing the entire issuance to distribution to record keeping value chain involved in fund management business. In both cases, a senior HSBC executive is joining the startup as a board member. - Jamie Anderson, Head of Collateral Treasury Trading, is joining HQLAx - John O'Neill, Global Head of Digital Asset Strategy, is joining MarketNode Will HSBC have capabilities to outsell its global competition? I dive deep into the tokenization space through my research and GTM advisory work. To stay ahead of the curve: 💡 Join 4,500+ readers at Tokenization Insight research newsletter https://lnkd.in/eY7Nb7iQ ✉ Book a limited advisory appointment https://lnkd.in/eu2WrRHe 🤝 Save hours of research AND get exclusive insights by Subscribing at https://lnkd.in/gTxp8uWM #tokenization #digitalassets #financialservices

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"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 

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Hong Kong has increased the Deposit Protection Scheme (DPS) from $63,000 to $102,000 (HKD 500,000 to HKD 800,000), with the Deposit Protection Scheme (Amendment) Bill 2024 to be gazetted on 12th July 2024 (Phase 1 Implementation (1/10/24) & Phase 2 full implementation on 1/1/24).  Read - https://lnkd.in/gpKveBXy follow Caproasia | Driving the future of Asia Hong Kong has increased the Deposit Protection Scheme (DPS) from $63,000 to $102,000 (HKD 500,000 to HKD 800,000), with the Deposit Protection Scheme (Amendment) Bill 2024 to be gazetted on 12th July 2024 (Phase 1 Implementation (1/10/24) & Phase 2 full implementation on 1/1/24).  The new Hong Kong Deposit Protection Scheme (DPS) will protect 92% of depositors from the current level of 89% of depositors.  The next review will be 3 years later in 2027.  Hong Kong SAR (3/7/24): “The Government welcomed the passage of the Deposit Protection Scheme (Amendment) Bill 2024 by the Legislative Council (LegCo) today (July 3) to implement various measures to enhance the Deposit Protection Scheme (DPS), including: 1) raising the protection limit from the current $500,000 to $800,000; 2) refining the levy system to enable the DPS Fund underpinning the Scheme to reach the target fund size within a reasonable timeframe under the increased protection limit; 3) providing enhanced coverage to affected depositors upon a bank merger or acquisition; 4) requiring the display of the DPS membership sign on the electronic banking platforms of DPS members; and 5) streamlining the negative disclosure requirement on non-protected deposit transactions for private banking customers. The Amendment Ordinance will be gazetted on July 12 and will be implemented in two phases. The first phase, which comes into effect on October 1, 2024, will cover measures requiring a shorter period of preparatory work, such as the enhancement of protection limit to $800,000. The second phase, which covers other measures, will be implemented on January 1, 2025"

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The Monetary Authority of Singapore (MAS) reported a net profit of S$3.8 billion for the financial year 2023-2024, which ended on 31st March 2024.  This turnaround came after two consecutive years of net losses.  MAS benefited from an investment gain of S$12.7 billion. Positive currency translation effects contributed S$1.7 billion to the overall profit. The total income for the financial year amounted to S$25.2 billion, a significant improvement from the previous year’s total loss of S$17.1 billion.   These results were driven by rebounding bond and stock markets globally, as well as a weaker Singapore dollar.  MAS plays a crucial role in managing the Singapore dollar through monetary operations, aiming for price stability in the medium term.  If the Official Foreign Reserves (OFR) exceed the optimal size, MAS may invest in longer-term, higher-yielding assets.  The OFR stood at S$497.6 billion at the end of FY2023-2024.  The positive currency translation effect was due to the Singapore dollar easing against major currencies like the US dollar, euro, and British pound.  MAS also transferred S$22.5 billion to the government for management by the sovereign wealth fund GIC.   MAS earns interest income from its foreign reserves, which are invested in various financial instruments such as government bonds, corporate bonds, and other fixed-income securities.  The recovery in global bond markets likely played a role in boosting interest income. MAS holds equity investments in publicly traded companies.  As stock markets rebounded globally, the value of these equity holdings increased, contributing to the net profit. MAS conducts monetary operations to manage the Singapore dollar’s exchange rate.  These operations involve buying or selling Singapore dollars in the foreign exchange market. If done profitably, they can contribute to MAS's net income. Effective risk management strategies, including diversification of investments and prudent financial management, play a crucial role in achieving positive financial results. Terence Nunis Terence K. J. Nunis, Consultant Chief Executive Officer, Equinox GEMTZ

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DBS Bank launches blockchain-powered treasury tokens pilot for 24/7 treasury and liquidity management. The treasury tokens, enabled by permissioned blockchain, is integrated with the bank’s core payments engine and uses smart contracts and tokenisation to improve banking efficiencies. The tokens could reduce the time taken to settle intra-group transactions from days to seconds, making treasury and liquidity management more efficient, especially for large companies that need to manage payments, collections, funding needs and cash positions across time zones and currencies. #tokenization #blockchain #permissionedblockchain #dlt https://lnkd.in/d6XzkN9D

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Affin Bank and Cross Light Capital announce the launch of digital asset fund. It is the first actively managed digital asset fund that provides investors with exposure to the digital asset space through publicly-listed investment instruments, such as exchange-traded funds (ETFs), exchange-traded products (ETPs) and futures. It is rather exciting to see a traditional bank distributing a digital asset fund through its wealth management arm. However, to be fair and precise, the first digital asset fund was launched by Halogen Capital. It also launched the first actively managed multi-coin fund, the Halogen Shariah Crypto Titans Fund recently. The key difference is, again, Performa seeks digital asset exposures through publicly-listed investment instruments while Halogen invests directly in those digital assets. Performa invests 1/3 of its funds in Bitcoin, 1/3 into Ether (likely through futures) and 1/3 in equities of blockchain related companies. Halogen's multi-coin fund invests directly in a basket of digital assets, including Bitcoin, Ether and a number of altcoins.

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😎😎😎😎😎 Did you know? The Variable Capital Company (VCC) strutted onto the scene in Singapore in 2020 like the new kid on the block, but for investment funds! 🎈 Singapore has quickly become a VIP spot for these fund vehicles, thanks to its smooth business vibes, clear-as-day regulations, and tax incentives that would make anyone smile. 😎😎😎😎😎 🌟 Dive into ins and outs of VCCs with Aura Group's latest article "The Appeal of Singapore Variable Capital Companies" Amy Hunt Alison Miller, DipFP, WSQ ACLP Certified Esther Tan #auragroup #investmentfund #VCC #wealthmanagement #privatecredit #privateequity #venturecapital #propertycredit #realestate #riskmanagement #singapore

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Hello #Jeffery https://lnkd.in/daB6SYtE: Like https://lnkd.in/duqSjQGv many other #Singaporeans, I associate #Malaysia with great #food, huge #malls, and reasonable prices. A vibrant #stockexchange is definitely not among the first things that #spring to #mind when I think of the #country https://lnkd.in/d6Yhi695. Yet, #BursaMalaysia has outperformed #Singapore’s #SGX in recent years. This includes the areas of #IPO activity, #market liquidity, and overall #marketgrowth https://lnkd.in/day4uHcG. This week’s featured #story highlights four areas where #SGX - and the #Singapore #government - could learn from #Bursa. One of these lessons is about liquidity, which could be enhanced by encouraging the local #government and #institutionalbackers to #invest in the #market https://lnkd.in/dGYTfTkZ. As the #financial #hub of #SoutheastAsia, the city-state does not often look to its neighbors for inspiration on #economic matters. But as the #region continues to develop and #innovate, we’d only be shooting ourselves in the foot if we’re too proud to #learn from those around us https://lnkd.in/daDsxkcE. -- #Simon #journalist #techinasia #Singaporegovernment #IPOmarket #Malaysia #SingaporeExchange #SGX

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