Asia Roundup
Noel Tata’s Tough Ask on IPO Stalled Vote on Chairman Tenure
Tata Sons’ board meeting to approve a third term for Natarajan Chandrasekaran as chairman did not go as expected, with Noel Tata pressing Chandra with tough questions, Bloomberg reported.
Noel Tata laid down several conditions, including restraining debt levels and reaching a settlement with the Shapoorji Pallonji Group, and sought assurances that the group’s holding company could avoid a public listing.
That uncertainty weighs heavily on the Shapoorji Pallonji Group. Any delay in an IPO effectively closes off a potential liquidity window for the debt-laden conglomerate, which has struggled with financial stress exacerbated by the pandemic. Its stake in Tata Sons remains illiquid, making a resolution critical to its debt-reduction plans.
Acrostics Asia wrote on 20 January 2026:
💼 Brief Take: India’s Musical Chairs on Steroids
The group (Shapoorji Pallonji) would have to get a refinancing deal over the line by March as it’s unlikely to be able to withstand the steep borrowing cost for a prolonged period. This is not a surefire success, as Shapoorji Pallonji’s ability to monetize its Tata Sons stake – and the timing – may affect its credit standing.
Gaw Capital Completes Refinancing of All 2025 Maturities in Greater China
Gaw Capital Partners said it has completed the refinancing for all Greater China assets maturing in 2025 across its managed funds and separate accounts, totaling more than USD 550 million in Mainland China and over USD 1.87 billion in Hong Kong.
The completed refinancing included two Grade A office projects and a life science business park in Shanghai, as well as two Grade A office projects in Hong Kong, according to the investment firm’s LinkedIn post.
Moody’s Says Vietnam’s Deficit to Increase Amid Infrastructure Splurge
Vietnam’s fiscal deficit and public debt are expected to increase as the country invests in large infrastructure projects, Reuters reported, citing Moody’s Ratings.
The debt burden is expected to remain lower than in its peers, and the banking sector is set to benefit from planned reforms that could limit its exposure to the real estate sector, Moody’s said.
Loan growth to the sector rose to 42% by the end of September compared to a year earlier, above an average of 27% between 2022 and 2024, Moody’s said, noting that exposure was expected to stabilise this year.
Indonesia Roundup
Indonesia Bourse to Phase in 15% Free Float Rule
The Indonesia Stock Exchange plans to implement in stages an upcoming requirement for companies to double their minimum freely tradable stocks to 15% based on their readiness, Reuters reported, citing its interim chief executive.
The bourse may divide companies into batches according to their readiness to offer more stocks to meet the 15% free-float rule, with the first batch given a year to comply and the second batch two years, Jeffrey Hendrik said, adding details were subject to approval by the Financial Services Authority.
Indonesia Hits Pause on Prabowo’s Mega Order of Indian Trucks
Indonesia is halting an order for 105,000 trucks from India’s Tata Motors and Mahindra & Mahindra following pushback from policymakers, Bloomberg reported.
The proposed imports have touched a nerve in Jakarta at a time when other foreign automakers with a large local manufacturing presence, such as Toyota Motor Corp, are struggling to regain their pre-pandemic footing in Southeast Asia’s largest economy.
Car sales fell 7.2% last year to 803,687 units, according to data compiled by Bloomberg. Weak household spending and cautious lending have weighed on demand.
Son of ‘Gasoline Godfather’ Jailed in Indonesia Graft Case
The son of a reclusive oil merchant who dominated Indonesia’s fuel trade for decades received a prison sentence as part of a USD 17 billion corruption case centered on the country’s state-owned energy firm.
Muhamad Kerry Adrianto Riza was sentenced to 15 years in jail by a panel of judges at the Central Jakarta District Court, according to a statement from the Attorney General’s Office. The sentencing is the most high-profile conviction yet in a sprawling graft probe into state-owned energy firm Pertamina and associated businesses.
Riza is the son of Mohammad Riza Chalid, an oil trader who for years handled a vast amount of Indonesia’s oil products imports, earning him the industry moniker the “Gasoline Godfather.”
First Resources Pays $5.6 Million in Indonesia Land Crackdown
Palm oil producer First Resources paid USD 5.6 million in connection with land it was required to hand to the Indonesian government, Bloomberg reported.
The Singapore-based plantation company paid the “administrative charges” in relation to land handed over to the government, it said in its full-year financial results. There could be further charges for land that has been identified by Indonesia’s forestry task force but not yet transferred.
Indonesia’s palm oil sector has been roiled by a massive government crackdown over alleged violation of forestry permits. The state has already seized more than 4 million hectares of plantations, mine concessions and processing facilities, with the country’s President Prabowo Subianto looking to double that area this year.