Asia Roundup
AirTrunk Seeks $2 Billion Loan for Malaysia Growth
Blackstone-owned data center firm AirTrunk is marketing a USD 2.3 billion loan to fund a Malaysia project, Bloomberg reported, citing people familiar with the matter.
Proceeds will support the firm’s 200-megawatt AirTrunk JHB2 facility located in the southern state of Johor. About a dozen lenders – including DBS Group Holdings, Credit Agricole, ING Bank and United Overseas Bank – are arranging the three-year loan, which is being syndicated to the broader market.
Blackstone Drops $4 Billion New World Deal Over Control Clash
Blackstone has walked away from a proposed USD 4 billion tie-up with New World Development after the embattled property developer refused to hand over the reins, Bloomberg reported, citing people familiar with the matter.
The New York-based real estate investment firm has informed the company of its decision, ending a protracted yearlong negotiation that stalled in recent months.
Talks drifted since March as New World held parallel discussions with other suitors, including a consortium led by RRJ Capital and Ares Management. Unlike Blackstone, those groups are not pushing for a controlling stake, opting instead for minority positions that would allow the Cheng family to remain as the largest shareholder.
Petition Challenging Ratan Tata Trust’s Life Trustee Structure Withdrawn From Bombay High Court
The writ petition challenging Ratan Tata Trust's life trustee structure has been withdrawn from the Bombay High Court, NDTV reported. With the legal challenge dropped, Tata Trusts can now proceed with its 16 May meeting to reorganize its nominees on the Tata Sons board.
The challenge came at a time when governance questions within the Tata Trusts network have widened beyond trustee appointments to broader concerns over board procedures and compliance with trust deeds across multiple entities.
Indonesia Roundup
Indonesian Prosecutors Seek 18-Year Prison Sentence for Gojek Founder in Graft Case
Indonesian prosecutors said that they were seeking an 18-year prison sentence for Nadiem Makarim, a former Indonesian education minister and co-founder of ride-hailing firm Gojek, over his alleged involvement in a corruption case, Reuters reported via The Straits Times.
If granted, the 18-year prison sentence would be one of the toughest punishments imposed on a former minister in recent years.
Jakarta Responds to Chinese Business Concerns Over Nickel, Taxes and Visa Rules
Finance Minister Purbaya Yudhi Sadewa has responded to a letter from the China Chamber of Commerce addressed to President Prabowo Subianto, which outlines a series of concerns over the country’s investment climate, Jakarta Globe reported.
The letter highlights multiple policies that Chinese businesses say are adding pressure to operations in Indonesia, ranging from foreign exchange retention rules for natural resource exporters, nickel ore quotas, forestry enforcement, work visa procedures, and electric vehicle incentives.
Responding to the concerns, Purbaya said the policy would include exemptions designed to reduce the burden on companies operating in Indonesia.
AGO Receives Report of Suspected Corruption at Garuda Indonesia
The Attorney-General’s Office (AGO) has received a report of suspected corruption at flag carrier Garuda Indonesia and will study it, Tempo reported, citing AGO official Syarief Sulaeman Nahdi.
The AGO had previously called Garuda’s commercial director “as part of the correspondence process of requesting information and strengthening coordination,” Garuda’s spokesman was quoted as saying.
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