Asia Roundup
Udaan Raises $160 Million, Settles Singapore Insolvency Case
Indian B2B commerce platform Udaan announced a proposed financing transaction of about $160 million, a recapitalisation that settles the default on which its Singapore holding company was dragged into insolvency proceedings last month, bringing the case to a close, Financial Express reported.
The transaction comprises fresh equity, new debt and a conversion of convertible bonds into equity. Existing investors including Lightspeed Venture Partners and M&G Investments, along with other shareholders, are infusing about $50-60 million in fresh equity, while BlackRock is providing about $45 million of new debt through its private credit platform.
The remaining portion of the transaction involves certain existing bondholders converting part of their holdings into equity, while the balance will be extended on revised terms.
Singapore Court Declines Stay of Byju’s Founder’s Sentence
The High Court of Singapore declined a stay on the six-month jail sentence of Byju Raveendran, meaning the founder of the failed education startup risks going to prison if he returns to the city-state, Bloomberg reported.
The court on 9 July ruled against Raveendran’s application to have the sentence halted, his law firm Lazareff Le Bars said in a statement.
Vietnam Seeks Global Capital for $1.5 Trillion Infrastructure Push
Vietnam is seeking global capital to finance what officials estimate will be about $1.5 trillion of infrastructure investment over the next decade, as the country looks beyond its banking system to fund its ambitions of becoming a high-income economy by 2045, Nikkei reported.
Indonesia Roundup
Indonesia Aims to Finish Financial Center Bill by 21 July
Indonesia is racing against time to pass the bill for the international financial center by the targeted 21 July, although the talks have not made much progress, Jakarta Globe reported.
President Prabowo Subianto aims to set up an investor-friendly hub in the country to attract foreign investors who wish to stay away from the Middle East uncertainties. The country is now working on a bill that will clear the way for the center’s establishment.
Indonesia Mulls Sanctions Against Companies Buying Palm Oil For Cheap
The Indonesian government has threatened strict sanctions against companies buying fresh fruit bunches for cheap from palm oil farmers, Jakarta Globe reported.
According to Agriculture Minister Andi Amran Sulaiman, global palm oil prices had recently hit IDR 27,000 (around $1.49) per kilogram. However, prices among Indonesian farmers were only at IDR 14,000 per kilogram.
Acrostics Asia is an independent credit intelligence provider that connects the dots across Asian sovereigns, private credit and restructurings.