Asia Roundup
India’s SP Group Floats Fresh Term Sheet for Debt Fundraise
India’s Shapoorji Pallonji Group (SP Group) has returned to investors with a revised debt fundraising plan aimed at refinancing existing borrowings, days after an earlier proposal fell through, Reuters reported via Business Recorder, citing three sources and a term sheet.
Eqyizen Investment, an SP Group company, is looking to raise 255 billion rupees ($2.68 billion) through the sale of three-year zero-coupon bonds, with an additional greenshoe option of 39 billion rupees. The bonds will offer a yield of 18.95% and will be secured against SP Group’s stake in Tata Sons held through subsidiary Cyrus Investments.
Under the revised proposal, within 18 months of the securities being issued, either Tata Sons must be listed or an arrangement is made to allow SP Group to sell its Tata Sons shares privately at a mutually agreed price.
Clogged Pipeline: Many Hong Kong IPO Hopefuls Near Application Expiration
A large number of mainland Chinese companies hoping to list shares on the Hong Kong stock exchange are anxiously waiting for a nod from the mainland securities regulator, with many now at risk of having their listing applications lapse, South China Morning Post reported.
More than 430 companies were currently waiting in the initial public offering (IPO) pipeline, according to data from bourse operator Hong Kong Exchanges and Clearing (HKEX).
The backlog in the first half of the year was the most severe since March 31, 2023, when a mechanism was put in place that requires approval from the China Securities Regulatory Commission (CSRC) before HKEX can convene a listing hearing, according to Roy Lo, managing partner of accounting and consulting firm SW Hong Kong.
A Bankrupt Cannot Remove Trustee Simply Because Their Relationship Soured: Singapore High Court
After clashing with his court-appointed private trustee, a bankrupt man asked the Singapore High Court to have the trustee removed, citing what he described as an “irreparable breakdown” in their working relationship, The Straits Times reported.
But the court dismissed Alvin See Chuen Lim’s application, ruling that he has no legal standing to seek the trustee’s removal. It added that, even if he did, none of the complaints he raised came close to meeting the high legal threshold for the court to interfere with a trustee’s decisions.
Indonesia Roundup
Indonesian Factories Struggling amid Muted Demand, Surging Costs
Indonesia’s manufacturing sector suffered its sharpest contraction in a year as new orders dried up and factory-gate prices rose at the fastest pace in nearly 13 years, intensifying calls for government intervention, The Jakarta Post reported.
The purchasing managers’ index (PMI) for Indonesia’s manufacturing sector plunged to 46.9 in June, according to data published by S&P Global. That marks a significant drop into from May, when the reading was exactly at the 50-point threshold that separates expansion from contraction.
Indonesia’s Danantara Wealth Fund Sees Senior Management Shakeup
Indonesian sovereign wealth fund Danantara is reshuffling its management team with a series of new hires, Bloomberg reported, citing people familiar with the matter.
Daniel Ginting, a former partner at law firm Ginting & Reksodiputro, has joined the fund as a managing director for legal and compliance. Robertus Billitea, who held that position previously, has moved to Danantara Trust, the charity arm of the wealth fund.
Pahala Mansury, former vice chairman of Bank Negara Indonesia, has been hired as managing director for global relations and governance, replacing Mohamad Al-Arief who left Danantara. Meanwhile, managing director for risk and sustainability Lieng-Seng Wee has also resigned.
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