Asia Roundup
Tatas, SP Group Explore Phased Stake Deal
Shapoorji Pallonji Group’s talks with the Tata Group over its 18.4% stake in Tata Sons are focused on a structure that could allow it to raise funds in multiple tranches, enabling the construction conglomerate to retire a portion of its high-cost debt in the near term, Financial Express reported, citing a source familiar with the discussions.
Valuation exercises involving Tata Sons’ unlisted businesses are underway as part of efforts to arrive at a value for the holding company. Any transaction involving SP Group’s stake is likely to be structured in tranches aligned with its debt repayment requirements, with the first tranche potentially raising as much as INR 250 billion (USD 2.6 billion).
Uzbekistan Airways Losing $120 Million in Revenue Due to Inefficiencies
Uzbekistan Airways is losing nearly $120 million in annual revenue because of inefficient route planning, infrequent flight schedules, delays and a lack of competition in catering and aircraft maintenance services, local media reported, citing President Shavkat Mirziyoyev.
Australia’s Triangle Energy in Voluntary Administration
Perth-based oil and gas junior Triangle Energy has appointed voluntary administrators, swept up by the collapse of joint venture partner Pilot Energy and the looming spectre of a $200 million decommissioning bill for the Cliff Head offshore oil project, Business News Australia reported.
Bryan Hughes of 101 Advisory has been appointed voluntary administrator of Triangle and three wholly owned subsidiaries, a week after Pilot Energy entered administration.
Indonesia Roundup
New Head of Indonesia’s Free Meals Program Quits After 45 Days
Nanik Sudaryati Deyang said that she has a heart condition and that Indonesian President Prabowo Subianto has approved her resignation as head of the National Nutrition Agency, CNA reported.
Indonesia's Deputy Agriculture Minister Sudaryono will be formally appointed as Nanik’s successor, palace spokesperson Prasetyo Hadi said.
Barito Renewables Energy Gets $300 Million Loan from Bangkok Bank
Barito Renewables Energy, through its Singapore-based subsidiary Star Energy Group Holdings, has secured a USD 300 million term loan facility, IDN Financial reported.
The loan from Thailand’s Bangkok Bank will be used to fund the development of two geothermal projects in Indonesia.
Acrostics Asia is an independent credit intelligence provider that connects the dots across Asian sovereigns, private credit and restructurings.