Assets of Thai Royal Family Holding Company Officially Transferred to Thai King Maha Vajiralongkorn

Assets of Thai Royal Family Holding Company Officially Transferred to Thai King Maha Vajiralongkorn

Assets of Thailand’s royal family in the holding company Crown Property Bureau has been officially transferred to King Maha Vajiralongkorn.  The assets will now be held in the individual name of the Thai King, which will be subjected to individual taxes and duties.

” Assets of Thai Royal Family Holding Company Officially Transferred to Thai King Maha Vajiralongkorn “

Assets under the Crown Property Bureau has been exempt from taxes and duties.  In 2017, a law was enacted to allow the assets of the Crown Property Bureau founded in 1937, to be reverted to the ownership of the Thai King.

King Maha Vajiralongkorn Bodindradebayavarangkun became the King of Thailand after his father’s death (King Bhumibol) at age 88  in 2016.  Born in 1952 and the only son, he was made crown prince in 1972 at the age of 20.  His father, King Bhumibol, was the Thai King for more than 70 years (1946-2016).  Professional managers and trusted aides had administered the royal family assets under the Crown Property Bureau.  In 2011, the estimated fortune of the late King Bhumibol and Crown Property Bureau was valued to be worth more than $30 billion in a Forbes report.

The Crown Property Bureau held assets including Thailand oldest bank,  Siam Commercial Bank and one of Thailand’s largest companies, Siam Cement Group.

Source: China Daily, Bloomberg, ReutersCrown Property Bureau

 

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Middle East Biggest Private Equity Abraaj Group with $13.6 Billion AUM Files for Restructuring

Middle East Biggest Private Equity Abraaj Group with $13.6 Billion AUM Files for Restructuring

Middle East’s biggest private equity firm Abraaj Group with $13.6 billion AUM has filed for restructuring in the Cayman Islands to facilitate the orderly restructuring of the firm.

” Middle East Biggest Private Equity Abraaj Group with $13.6 Billion AUM Files for Restructuring ”

The restructuring filing is to stop legal action by Kuwait’s pension fund, Kuwait Public Institution for Social Security (PIFSS) and other creditors who are seeking the liquidation and winding up of Abraaj for non-payment of debt.  Investors including Bill & Melinda Gates Foundation through accountants had also uncovered lapses in control in the usage of funds.  The appointment of provisional liquidators (PwC) imposes a moratorium (temporarily restriction) of all claims against Abraaj, allowing an orderly restructuring process.

The Abraaj Group is Middle East’s biggest private equity firm with $13.6 billion AUM, $8.1 billion in deployed capital in over 200 investments and had exited more than 100 investments totalling $6.8 billion (data as of 30th June 2017).  The firm specialises in private equity, private credit, impact investing and real estate and invest into growth markets across Africa, Asia, Latin America, the Middle East and Turkey.

The Abraaj Group was founded in 2002 by Pakistani Arif Naqvi in 2002 with $60 million.  He grew the firm into Middle East’s biggest private equity firm with $13.6 billion AUM in 2017, presence in over 20 country offices and 5 regional hubs in Dubai, Istanbul, Mexico City, Nairobi and Singapore.

 

 

Source: Abraaj, Reuters, Bloomberg

 

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Toyota Invests $1 Billion into Southeast Asia Ride Hailing Firm Grab at $10 Billion Valuation

Toyota Invests $1 Billion into Southeast Asia Ride Hailing Firm Grab at $10 Billion Valuation

Toyota has agreed to invest $1 billion into Southeast Asia ride-hailing firm Grab, giving the 6-year-old firm a $10 billion valuation.  The $1 billion investment will strengthen collaboration between Toyota and Grab to advance Mobility as a Service (MaaS) in Southeast Asia.  In 2017, Toyota had began driving-data-based automotive insurance for Grab’s rental fleet in Singapore through local insurance companies.  Toyota aims to offer financing, insurance and maintenance services to Grab’s drivers.

” Toyota Invests $1 Billion into Southeast Asia Ride Hailing Firm Grab at $10 Billion Valuation “

Founded in 2012 as MyTeksi, today Grab is one of the largest ride-hailing firm in Southeast Asia alongside Go-Jek.  The company operates online-to-offline mobile platforms in transportation, food and package delivery, mobile payments and financial services in 217 cities in eight Southeast Asian countries.  The Grab app has been downloaded into over 100 million mobile devices, giving passengers access to over 6.6 million drivers and agents.  Grab delivers over 6 million rides per day in Southeast Asia, with a population of more than 640 million people, representing 8.6% (7.4 billion) of global population.

In March 2018, Grab had acquired Uber Technologies Inc.’s Southeast Asian assets (Uber became a shareholder of Grab with 27.5% stake).  Other investors in Grab includes Softbank, Honda, Hyundai Motor and Chinese ride-hailing firm Didi Chuxing.

Grab was founded in 2012 by Harvard graduates Anthony Tan (36) and Tan Hooi Ling (34).  In early 2018, Anthony Tan appeared on the “Top 50 richest Forbes list” for the first time with an estimated net worth of $300 million. His mother was one of the first angel investors in Grab and his father, Tan Heng Chew and one of Malaysia’s richest man, is the Board President of Tan Chong Motor Holdings.  Tan Chong Motor Holdings is a conglomerate and operates Nissan and Renault dealerships.

Source: Toyota, Grab, Reuters, Forbes

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Japan Online Marketplace and Selling App Mercari to Raise $1.2 Billion at $3.7 Billion Valuation

Japan Online Marketplace and Selling App Mercari to Raise $1.2 Billion at $3.7 Billion Valuation

Japan online marketplace and selling app Mercari is raising $1.2 billion in capital, valuing the 5-year-old company at $3.7 billion.  Mercari is a popular online marketplace and selling app in Japan, with presence in United States and Europe.  Users can sell and buy old items, from fashion to toys, sporting goods to electronics, jewelry to shoes.  The Mercari app has more than 100 million downloads worldwide and more than 100,000 new items are listed everyday.  (Mercari in Latin means to trade or to buy.)

” Japan Online Marketplace and Selling App Mercari to Raise $1.2 Billion at $3.7 Billion Valuation “

The company was founded by Japanese serial entrepreneur Shintaro Yamada in 2013.  He owns more than 28% share, giving him an additional $1.04 billion fortune and becoming a billionaire when the company goes public on the Tokyo stock exchange (Mother’s market) on the 19th June 2018.

In 2010, Shintaro Yamada had sold his company Unoh, one of Japan’s leading social games companies to the world’s largest social game developer, Zynga.  Zynga’s games have 230 million monthly active users, and own popular games such as FarmVille and Mafia Wars.

 

Stocks listed on the Tokyo Stock Exchange are grouped into First Section for large companies, Second Section for mid-sized companies, and the Mothers section  (Market of the high-growth and emerging stocks) for high-growth startup companies.

Source: Mercari, Bloomberg, Reuters, TechCrunch 

 

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China Creates 3 New Billionaires as China Largest Lithium Battery Maker Rises to $13.5 Billion Market Value on 2nd Day of IPO

China Creates 3 New Billionaires as China Largest Lithium Battery Maker Rises to $13.5 Billion Market Value on 2nd Day of IPO

China’s biggest lithium battery maker Contemporary Amperex Technology Ltd (CATL) with clients including BMW and Volkswagen and Tesla electric battery competitor, has created 3 billionaires after rising to a market value of $13.5 billion, 2 days after IPO on the Shenzhen Stock Exchange.  On  the 1st day of IPO (Monday, 11th June 2018), the company stock rose 44% and 10% on the 2nd day (Tuesday).

” China Creates 3 New Billionaires as China Largest Lithium Battery Maker Rises to $13.5 Billion Market Value on 2nd Day of IPO “

The 3 new billionaires are founder Zeng Yuqun (26%, $3.8 billion), vice-chairman Huang Shilin (12%, $1.9 billion), and major shareholder Pei Zhenhua (>$1 billion). Contemporary Amperex Technology Ltd (CATL) was founded in 2011 by Zeng Yuqun 7 years ago.  Today, the company is one of China’s largest battery suppliers for the electric vehicle industry with customers including BMW, Volkswagen, Geely and Hyundai Motor.

In China, the 44% (23x P/E) increase is the maximum allowed in China’s first day trade (at IPO), according to China Securities Regulatory Commission guidance issued in 2014.  Since 2001, China allows daily stock swings of 10% (limit) in either direction.

Source: Reuters, Bloomberg, CATL

 

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Societe Generale to Pay $860 Million to Resolve Criminal Charges in US and France for Bribing Libyan Officials and Libor-Rigging

Societe Generale to Pay $860 Million to Resolve Criminal Charges in US and France for Bribing Libyan Officials and Libor-Rigging

Societe Generale, one of the largest french bank and leading bank in Europe, has agreed to pay $860 Million to resolve criminal charges in the United States and France for bribing Libyan officials and manipulating LIBOR rates.  The bank has admitted to making over $90 million in corrupt payments and manipulating the London InterBank Offered Rate (LIBOR).

” Societe Generale to Pay $860 Million to Resolve Criminal Charges in US and France for Bribing Libyan Officials and Libor-Rigging “

Societe Generale agreed to pay a combined total penalty to the United States authorities of more than $860 million to resolve charges, of which $585 million for a scheme to bribe to officials in Libya and $275 million for manipulation of LIBOR.  In a coordinated settlement between United States and France, $292.5 million (50% of $585 million) of the penalties will be paid to the Parquet National Financier (PNF) in Paris for the Libya corruption scheme.

Between 2004 and 2009, Societe Generale had paid the Libyan Intermediary over $90 million, part of which the Libyan broker had paid to high-level Libyan officials in order to secure the investments from various Libyan state institutions.  As a result, the french bank obtained 13 investments and one restructuring from the Libyan state institutions worth a total of approximately $3.66 billion, earning profits of approximately $523 million.

Between 2010 and 2011, Societe Generale had deflated U.S. Dollar (USD) LIBOR submissions to make it look as though the french bank was able to borrow money at a more favorable interest rates than it was actually able to do.  This downward manipulation allowed Société Générale to create the appearance that it was stronger and more creditworthy than it was.

Source: Official Press Release

 

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Foxconn Industrial Internet Shanghai IPO Debuts with 44% Surge to $61 Billion Market Value

Foxconn Industrial Internet Shanghai IPO Debuts with 44% Surge to $61 Billion Market Value

Foxconn industrial internet has surged by 44% at its Shanghai IPO to reach a market capitalisation of $61 billion.  The 44% (23x P/E) increase is the maximum allowed in China’s first day trade (at IPO), according to China Securities Regulatory Commission guidance issued in 2014.

” Foxconn Industrial Internet Shanghai IPO Debuts with 44% Surge to $61 Billion Market Value “

Foxconn Industrial Internet is the subsidiary of Hon Hai Precision (Foxconn), the world’s biggest contract electronics manufacturer and a major supplier to Apple including the popular iPhone.  Founder Terry Gou had created Foxconn industrial internet to path a new chapter away from Foxconn’s main business on manufacturing electronics to leading global corporations.

Terry Gou, is a Taiwanese tycoon and billionaire with an estimated net worth of $8 billion, was born in 1950.  He founded Hon Hai Precision Industry Company in Taiwan in 1974 at the age of 24 with $7,500.  He grew the business into the world’s largest contract manufacturer of electronics that employs almost 1.2 million employees.

 

Source: Bloomberg, SCMP, Xinhua

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Alibaba’s Ant Financial has Raised $14 Billion in $150 Billion Valuation

Alibaba’s Ant Financial has Raised $14 Billion in $150 Billion Valuation

Ant Financial, the largest online financial platform in China and a unit of Alibaba, has raised $14 billion in Series C equity financing from global investors.  The $14 billion is possibly the largest private funding raised, will value the company at around $150 billion in market value.  (Market Cap on 8.6.2018: Goldman Sachs $87 billion, Citigroup $174 billion, JP Morgan $376 billion, Alibaba $537 billion)

” Alibaba’s Ant Financial has Raised $14 Billion in $150 Billion Valuation “

Ant Financial (Ant Small and Micro Financial Services Group Co.), which owns Alipay, was spinned off from Alibaba Group before its 2014 IPO.  Brands under Ant Financial Services Group include Alipay, Ant Fortune, Zhima Credit, MYbank and Ant Financial Cloud.  Alipay, together with its global partners, served approximately 870 million annual active users globally and over 15 million small businesses in China.

Investors in the $14 billion round includes Canada Pension Plan Investment Board with a reported $600 million investment, Singapore’s sovereign wealth fund (GIC and Temasek), Malaysia’s sovereign wealth fund Khazanah Nasional and leading equity firms Warburg Pincus, Silver Lake General Atlantic and Carlyle Group.  Deutsche Bank, Citi, China International Capital Corporation, CITIC Securities, J.P. Morgan and Morgan Stanley are the appointed financial advisors to Ant Financial and Ant International for the Series C equity financing.

Ant Financial is anticipated by media reports to do an initial public offering (IPO) in 2019.

Source: Ant Financial, Reuters, Bloomberg

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Credit Suisse to Pay $47 Million to US Authorities for Hiring Practices in Asia-Pacific

Credit Suisse to Pay $47 Million to US Authorities for Hiring Practices in Asia-Pacific

Credit Suisse (Hong Kong) has agreed to pay US authorities $47 million to resolve investigations of the Swiss bank hiring practices in Asia-Pacific.

” Credit Suisse to Pay $47 Million to US Authorities for Hiring Practices in Asia-Pacific “

The United States Department of Justice (DoJ) were investigating if Credit Suisse (Hong Kong) had hired relatives of government officials or powerful executives in Asia to increase chances of getting businesses & deals between 2007 to 2013.  These hiring practices would have infringed the U.S. Foreign Corrupt Practices Act.

The $47 million settlement to the United States Department of Justice (DoJ) is a non-prosecution agreement to resolve the case, and no criminal charges have been brought against the bank.  Other banks have also made settlements with U.S. authorities including JP Morgan paying more than $260 million in 2017.

Source: Credit Suisse, Reuters, Bloomberg

 

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Microsoft Buys Coding Platform Github for $7.5 Billion and Creates 3 New Billionaires

Microsoft Buys Coding Platform Github for $7.5 Billion and Creates 3 New Billionaires

Microsoft has reached an agreement to buy coding platform Github for $7.5 Billion, making the 3 co-founders of Github billionaires.  The 3 co-founders Tom Preston-Werner, Chris Wanstrath and PJ Hyett and the remaining shareholders will receive $7.5 billion in Microsoft shares.  The transaction will also make each of the 3 co-founders, one of the largest individual shareholder of Microsoft.

“Microsoft Buys Coding Platform Github for $7.5 Billion and Creates 3 New Billionaires”

Founded in 2008 by Tom Preston-Werner, Chris Wanstrath and PJ Hyett, GitHub is the world’s leading software development platform with more than 28 million developers on the platform.  Microsoft is the world’s largest software company founded by Bill Gates and Paul Allen in 1975.  The founder Bill Gates, is the world’s richest man with a personal fortune exceeding $90 billion.

The acquisition is expected to close by the end of 2018.

Source: Microsoft, Github, Bloomberg

 

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