Asia Roundup
Global Buyout Funds to Exit China’s Data Centres with Final $1 Billion Deal
Foreign private equity firms are cashing out of China’s data centre sector after years of betting billions on the country’s cloud computing boom, as political and regulatory pressures make overseas ownership of digital infrastructure increasingly difficult, The Financial Times reported.
Princeton Digital Group, which is backed by Warburg Pincus, is launching a sale of its China assets that could fetch as much as $1 billion, adding to a string of exits by global funds including Bain Capital and Carlyle.
Capital Group Builds $2 Billion Adani Bet in Pivot From Reliance
Capital Group, one of the world’s largest investment management firms, has been increasing its exposure to Adani Group companies while steadily paring holdings in Reliance Industries, marking a shift in foreign investor preference between India’s biggest conglomerates, Bloomberg reported.
The Los Angeles-based money manager has acquired stakes worth more than $2 billion across three Adani Group companies in recent weeks.
Adani companies are increasingly viewed as rare leveraged plays on India’s infrastructure development, energy transition and manufacturing push. That shift is also emblematic of a broader transition toward bets on the next phase of India’s economic expansion.
Simba’s Parent Company Terminates Deal to Acquire Singapore’s M1
Simba’s owner, Australia’s Tuas, announced that the deal to acquire Singapore telco M1 has been terminated, CNA reported.
In a statement posted on the Australian Securities Exchange, Tuas said that it and Keppel – M1’s parent company – would be released and discharged from their respective obligations if certain conditions under the terms of the sales and purchase agreement were not fulfilled or waived before the long stop date.
Tuas also said that Simba continues to cooperate with the Infocomm Media Development Authority’s investigation into whether it had been using radio frequency bands that were not assigned to it to provide mobile services.
Indonesia Roundup
Indonesia to ‘Listen to Market’ on New Commodity Export Body
Indonesia is “listening very closely to the market” as it builds a body to oversee key commodity exports, Bloomberg reported, citing Pandu Sjahrir, chief investment officer of sovereign wealth fund Danantara.
Asked about perplexity in the market, Sjahrir said investors were trying to absorb the news. Details would be provided over “the next few weeks”, he added, though the policy would focus initially on coal and crude palm oil, two commodities in which Indonesia is a major player.
Indika Energy Sets Up New Electricity Distribution Unit
Indonesia’s Indika Energy has set up a new electricity distribution subsidiary, Electra Jaringan Indonesia (EJI), according to its stock exchange filing.
EJI’s business activities will include the distribution or distribution services for medium to low-voltage electricity, and retail sale of electricity to end consumers.
In a separate filing, Indika said it had completed the issuance of USD 100 million 8.75% notes due 2029. The company will use the bond proceeds to fund capital expenditures related to the development of its gold mining project in South Sulawesi.
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