In today’s briefing:
- Best World (BEST SP): Best & Final Offer
- Seatrium – Offshore Ahoy!
- SeaTown leads US$40M funding of asset servicing firm Linnovate Partners | e27
- EBITA-profitable Allies of Skin raises $20m for US expansion
- Grab Holdings: Improving Marketplace Efficiencies and Operating Leverage!
- Wavemaker leads $4m round of Staple
- AEM, UMS, NetLink and Baker Tech directors acquire stock
Best World (BEST SP): Best & Final Offer
- The $2.50/share Exit Offer announced last month seemed fair. Not great, but okay. Best World International (BEST SP)‘s founders Dora Hoan and Doreen Tan have now blinked, and bumped.
- Terms are S$2.56/share – best & final. The increase in the Exit Offer price followed “a review of its most recent financial and cash position“. More likely, shareholder pushback.
- Elsewhere, nephews and siblings of Hoan, bought shares just prior to the initial Offer announcement; and have been selling since. Not a great look.
Seatrium – Offshore Ahoy!
- An overlooked old economy sector in Asia ripe for a comeback
- Industry dynamics will provide a long-term tailwind for the company
- Opportunity created by deletion from an index and corporate restructuring
SeaTown leads US$40M funding of asset servicing firm Linnovate Partners | e27
- Singapore-based Linnovate Partners, an asset servicing and fintech company for the alternative investment industry, has received a US$40 million funding commitment led by Temasek-owned SeaTown Private Capital Master Fund.
- This capital infusion will enable Linnovate to scale operations and drive innovation.
- Henry Lin, founder and CEO of Linnovate Partners, said: “This investment will be instrumental in accelerating our growth trajectory, providing us with the necessary resources to enhance our service offering, and continue delivering cutting-edge solutions to our clients and the industry itself.”
EBITA-profitable Allies of Skin raises $20m for US expansion
- Singapore-based beauty brand Allies of Skin is set to expand into the US after raising a US$20 million funding round from Meaningful Partners.
- This follows the company hitting positive EBITA in 2023, its founder Nicolas Travis told Tech in Asia.
- Allies of Skin, founded in 2016, said the round is its first institutional raise, but it has received private investments in the past – including capital from Crazy Rich Asians star Henry Golding.
Grab Holdings: Improving Marketplace Efficiencies and Operating Leverage!
- Grab, a Singapore-based technology company offering ride-hailing transport, food delivery, and payment solutions, leveraged its vast user base of more than 2 million drivers and 63 million downloads in the fourth quarter of 2021.
- Its financial performance for the first quarter of 2024 shows strong growth in several key areas, such as its delivery and mobility services, its financial services, and its strategic initiatives to sustain and generate growth.
- In the first quarter of 2024, Grab’s revenue grew by 24% year over year and 29% in constant currency terms, reaching $653 million.
Wavemaker leads $4m round of Staple
- Companies handle anywhere from 1,000 to 100,000 documents in various formats on a monthly basis, and they usually rely on manual processes due to the unstructured nature of the data, says Paul Santos, managing partner at Wavemaker Partners.
- To speed this up, Wavemaker Partners has invested in Staple, a Singapore-based startup that applies AI to provide document processing solutions.
- The VC firm has led a US$4 million pre-series A funding round in the startup, which can process various document types across over 200 languages.
AEM, UMS, NetLink and Baker Tech directors acquire stock
- AEM, UMS, NetLink and Baker Tech directors acquire stock On May 20, OUE announced a proposed off-market purchase of up to 84,038,036 shares representing 10 per cent of the total number of shares in issue.
- This increased her direct interest to 1.74 million shares, which represents 0.03 per cent of the company.
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