Tag: Investment

Indonesia – Apple Inc. is reportedly planning a US$100m investment in Indonesia in an effort to convince the government to lift its sales ban on the iPhone 16. 

According to a Bloomberg report, sources familiar with the matter revealed that Apple has proposed increasing its investment tenfold to US$100m, a significant jump from its earlier commitment of approximately US$10m.

Apple’s earlier investment plan in Indonesia focused on establishing a factory in Bandung, southeast of Jakarta, to produce accessories and components. 

However, after Apple submitted its revised offer to increase the investment, Indonesia’s Ministry of Industry reportedly called on the tech giant to redirect its plans toward developing research and development capabilities for its smartphones within the country.

The unnamed sources noted that the Ministry of Industry has yet to make a final decision on Apple’s latest proposal.

Bloomberg further reported that after Apple’s initial proposal, the Ministry of Industry requested a meeting between senior company executives and Minister Agus Gumiwang Kartasasmita. However, upon their arrival in Jakarta, the executives were informed that the minister was unavailable and instead met with the ministry’s director-general.

Apple’s investment proposal follows last month’s decision by Indonesia’s Ministry of Industry to block domestic sales of the iPhone 16, citing the company’s failure to meet the country’s 40% local content requirement for smartphones and tablets.

Manila, Philippines – Del Monte Pacific has announced that it will restructure its investment in Del Monte India by exchanging its shares with 13% direct shareholding in Agro Tech Foods Limited (ATFL), an Indian food company. In turn, ATFL will acquire the 59% equity stake of the Bharti Group in Del Monte India.

In a recent disclosure by Del Monte Pacific, it stated that it will continue licensing the Del Monte trademark to Del Monte India on a perpetual and exclusive basis to protect the value of the brand by safeguarding Del Monte quality standards and derive royalties therefrom.

“The Group’s direct investment in ATFL means that it would be invested in a broader business that includes profitable product categories which have yielded shareholder returns for several years. Further, a direct equity stake in a company whose ordinary shares are listed in stock exchanges generally means more liquidity for its shareholders and enhanced corporate governance practices and benefits,” Del Monte Pacific said in their disclosure.

Given how ATFL has a bigger consumer packaged goods platform with a wider and deeper distribution network in India, Del Monte Pacific stated that ATFL is well-positioned to grow the Del Monte brand in India.

“India has been an exciting and flourishing market, and we are proud of the brand’s journey and impact on the Indian food industry. Under Sundrop Brands’ platform, we believe the Del Monte brand will reach new heights in India. This transaction supports the Group’s strategic focus on its core markets and partnerships that drive growth,” Rolando Gapud, executive chairman at Del Monte Pacific, stated.

ATFL has just rebranded itself as Sundrop Brands, and holds popular consumer brands such as ACT II popcorn and Sundrop edible oil. 

India – Celebrating its 50th anniversary, Landmark Group has announced a $1b investment to fuel its expansion across the Gulf, India, and Southeast Asia, aiming to open 400 new stores over the next three years.

Landmark Group’s investment is set to boost its retail footprint by 20% by 2028, alongside increased commitments to ecommerce, supply chain, and technology enhancements as the group builds on its current annual revenue of over $7b (FY ’23-24) across all markets.

The Group’s expansion plans also feature the debut of its latest brand, VIVA, in Saudi Arabia in 2025, along with the rollout of Babyshop, its flagship brand, in four cities across India within the next six months.

Renuka Jagtiani, chairwoman of Landmark Group, said, “We are deeply committed to serving our customers through our own brand portfolio by offering relevant products and value. Physical stores remain a vital part of the retail experience, and we continue to upgrade store design whilst we invest in ecommerce and in the latest technology and innovation. We believe that this is key to staying relevant to ensure a seamless customer experience, both on and off-line.”

“Landmark’s entrepreneurial core, its purpose-driven approach, adaptability, and strong leadership have enabled it to evolve in line with changing consumer habits and needs and play a leading role in advancing the sector,” Jagtiani added. 

Backed by a dedicated workforce of over 23,000, Landmark Group has established a strong presence in India over the past 25 years, with nearly 1,000 outlets across 265 cities. The Group plans to add 250 more stores over the next three years—including eight Babyshop locations within six months—and is investing in digital capabilities to achieve 20% annual growth in its Indian e-commerce business over the next five years.

Kabir Lumba, CEO of Landmark Retail, explained, “We still see great momentum with our stores, and our online business is growing strongly at over 20% per annum. To maintain this trajectory, we are committing $1 billion in the next three years towards our physical expansion and upgrading our e-commerce, technology, and supply chain capabilities.”

Landmark Group currently boasts 12 million square feet of automated warehousing and distribution space, including its $350 million Mega Distribution Centre in Jebel Ali. In 2022, it launched Logistiq, a third-party logistics company serving clients beyond its own ecosystem.

“In just 18 months, we have rapidly scaled our last-mile delivery services to handle over 20,000 daily shipments across KSA and UAE for more than 50 clients, with a fleet of over 800 vehicles. Looking ahead, our vision is to build a leading logistics business by developing our end-end supply-chain offering, including freight, warehousing, and cross-border delivery solutions, while expanding our coverage across the GCC,” Lumba continued. 

Indonesia – The Indonesia Investment Authority (INA) and multi-asset investment firm Granite Asia (formerly GGV Capital Asia) have formed a strategic partnership to drive digital transformation and stimulate growth within Indonesia’s rapidly expanding technology ecosystem. 

In a joint statement, INA and Granite Asia announced that their partnership has been formalised through an Investment Framework Agreement (IFA), enabling both firms to deploy up to US$1.2b into targeted investment opportunities that align with their shared strategic priorities.

The investments will include both equity and hybrid capital solutions, with a strong focus on Indonesian businesses and companies with deep connections to Indonesia—either through established operations or by introducing technologies designed for long-term benefit to the local market.

Additionally, this multi-asset approach allows INA and Granite Asia to provide customised financing solutions for businesses at different stages of growth, fostering innovation while maximising risk-adjusted returns for investors.

Leveraging both equity and hybrid capital, the partnership seeks to meet financing needs that extend beyond conventional bank loans—particularly for tech-driven companies requiring flexible, customised capital solutions, as well as traditional businesses navigating technological transformation and sustainable growth initiatives.

The partnership between INA and Granite Asia highlights their mutual commitment to fortify Indonesia’s tech sector by equipping businesses across various industries with the capital and resources needed to facilitate digital integration and introduce advanced technologies into the country.

Ridha Wirakusumah, CEO of INA, expressed, “Engaging in partnership with Granite Asia, a prominent investor with a distinguished 24-year track record at the forefront of technology investing, aligns with our strategic sector focus in digitalisation and digital infrastructure. Their deep expertise in both technology and tech-enabled businesses aligns closely with INA’s strategic priorities of fostering innovation and driving sustainable growth within Indonesia.”

“This partnership will enable us to introduce transformative technologies to Indonesia, facilitating the digital transformation of key sectors and strengthening the broader technology ecosystem. Together, we aim to lay a strong foundation for Indonesia’s future by bringing forward the best global innovations that will contribute to the country’s long-term economic development,” Wirakusumah added. 

Also speaking on the partnership, Jenny Lee, senior managing partner of Granite Asia, said, “This collaboration with INA presents a unique opportunity for us to combine Granite Asia’s global expertise in technology investing with INA’s deep local insights and strategic vision for Indonesia. We recognise the immense potential of Indonesia’s rapidly evolving economy and technology ecosystem and are excited to partner with INA to help accelerate this transformation.”

“By leveraging both equity and hybrid capital solutions, we can offer tailored financing that meets the diverse needs of businesses at various stages of their technology journey. Together, we will drive innovation, foster sustainable growth, and unlock long-term value for Indonesia’s economy, helping to position the country as a leader in the region’s technology-driven future,” Lee further elaborated. 

This strategic collaboration demonstrates INA’s commitment to driving innovation and digitalisation by partnering with global investors to sustainably meet Indonesia’s capital needs. It reflects both firms’ dedication to unlocking the potential of Indonesia’s economy, ensuring the country remains competitive in an increasingly technology-driven global landscape.

Indonesia – Malaysia’s state energy firm, Petronas, announced plans for an “aggressive” expansion in Indonesia, aiming to establish an operational hub in East Java and invest in exploration across the country’s remote eastern regions, according to the company’s Indonesia head. 

Yuzaini Md Yusof, Petronas’s head in Indonesia, stated that recent regulatory reforms facilitating energy project development have encouraged the company’s expansion efforts, Reuters reported.

Petronas currently operates four oil and gas blocks in Indonesia, three of which are in East Java in the western part of the archipelago, and holds participating interests in several additional projects. 

Yusof also reportedly noted that they aim to establish a hub in East Java by connecting production sites and integrating logistics facilities for its three operations in the region. 

“Our first strategy is to grow bigger in the East Java area. And the next long term plan is for us to expand our business portfolio in eastern Indonesia,” Yusof told Reuters. 

East Java stands to benefit from a pipeline project set for completion in December 2025, which will connect supply from the island’s eastern region to demand centres in the densely populated west. Petronas is eager to expand its operations in alignment with this development.

In the meantime, Petronas is still in the exploration phase of its North Ketapang block, and it anticipates first oil production from the Hidayah field in the North Madura II block by 2027. Additionally, the company is developing a new gas field within the Ketapang block.

“With that connection of this infrastructure project, it has created attractiveness for the operators and companies that are working in the East Java area,” Yusof said.

Petronas’ expansion plans follow the recent inauguration of President Prabowo Subianto’s administration, which has pledged to strengthen energy development in Indonesia to reverse a decades-long decline in production by the former OPEC member.

In eastern Indonesia, Petronas holds a 15% stake in the Masela gas project and, earlier this year, signed a production-sharing contract for the Bobara block off the coast of West Papua, according to Reuters.

The Bobara block, estimated by the government to contain 6.8 billion barrels of oil equivalent, will mark Petronas’s first deep-water project in Indonesia as an operator. Yusof also reportedly said that Petronas is exploring the possibility of bringing in a partner for the project. 

“These two block acquisitions reaffirm our commitment to unlocking the potential in the eastern Indonesia area, where most of that area is frontier, which is very high risk and not many operators have gone through,” Yusof explained to Reuters. 

Kuala Lumpur, Malaysia – The Malaysia Digital Economy Corporation (MDEC) has announced two Memorandums of Understanding (MoUs) with Singapore’s Ascent and Indonesia’s Central Capital Ventura (CCV), marking a significant milestone in its efforts to strengthen Malaysia’s digital economy. 

These strategic partnerships bring in capital investment up to US$45m (RM200m) to fuel innovation, accelerate the growth of local startups, and reinforce Malaysia’s role as a premier digital hub within the ASEAN region.

Ascent has pledged to invest in early-stage Malaysian startups across pivotal sectors, including fintech, embedded finance, healthcare, sustainable agriculture, SME support, and next-generation technologies like Artificial Intelligence (AI) and robotics. 

This funding aims to boost financial inclusion, foster digital transformation, and empower high-potential startups to expand regionally. Through this initiative, Malaysia is well-positioned to emerge as a leader in innovation within these fields.

Meanwhile, Central Capital Ventura (CCV), the venture arm of Indonesia’s largest private bank, Bank Central Asia (BCA), is extending its regional ecosystem network to Malaysian startups, enabling collaboration across Southeast Asia. 

This strategic investment aligns with MDEC’s mission to accelerate growth in AI, cybersecurity, blockchain, and digital finance, providing essential support to Malaysian startups in these rapidly evolving sectors.

“Attracting global investments like these reinforces MDEC’s commitment to nurturing talent, driving digital inclusion, and strengthening Malaysia’s role as a regional leader in technological advancements. The strategic MoUs will enhance cross-border innovation, allowing Malaysian companies to leverage the resources and expertise provided by Ascent and CCV to expand their operations and compete globally. These partnerships will drive local innovation, foster talent development, and contribute significantly to Malaysia’s transformation into a dynamic digital-first nation,” MDEC said in a press statement.

They added, “These collaborations will offer Malaysian startups access to international markets, mentorship from industry experts, and potential follow-on investments. MDEC will work closely with Ascent and CCV to ensure the successful execution of these initiatives and to maximise their long-term impact on Malaysia’s digital economy.”

Kuala Lumpur, Malaysia – Oracle has announced plans to invest more than US$6.5b to open a public cloud region in the country. The upcoming cloud region will enable Oracle customers and partners in Malaysia to leverage AI infrastructure and services and migrate mission-critical workloads to Oracle Cloud Infrastructure (OCI).

The planned public cloud region will help organisations in Malaysia modernise their applications, migrate all types of workloads to the cloud, and innovate with data, analytics, and AI. 

With this, customers can have access to OCI Generative AI Agents with retrieval-augmented generation (RAG) capabilities; accelerated computing and generative AI services to help keep sovereign AI models within country borders; and OCI Supercluster, the largest AI supercomputer in the cloud.

Moreover, with the planned public cloud region in Malaysia, customers and partners can gain low-latency access to cloud services to help them derive better value from their data and securely store data and run applications to help address regulations and requirements for data residency within Malaysia. 

In addition, OCI’s sovereign AI capabilities provide customers with increased control over where they locate their data and computing infrastructure and how they manage it. As a result, customers can achieve AI sovereignty by gaining the assurance that their use of AI is aligned with digital sovereignty frameworks.

YB Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, minister of investment, trade and industry (MITI), Malaysia, said, “We warmly welcome Oracle’s US$6.5b investment in Malaysia, which represents yet another expansion of their 36-year footprint in Malaysia. This investment will empower Malaysian entities, especially small and medium-sized enterprises, with innovative and cutting-edge AI and cloud technologies to enhance their global competitiveness.”

He added, “It is also a significant step towards realising the country’s New Industrial Master Plan’s ambitious vision of creating 3,000 smart factories by 2030. Oracle’s decision to establish a public cloud region in Malaysia underscores Malaysia’s infrastructure readiness, and its growing position as a premier Southeast Asian destination for digital investments.”

Meanwhile, Garrett Ilg, executive vice president and general manager, Japan & Asia Pacific, Oracle, commented, “Malaysia offers unique growth opportunities for organizations looking to accelerate their expansion with the latest digital technologies. Our multi-billion dollar investment affirms our commitment to Malaysia as a regional gateway for cloud infrastructure as well as a comprehensive suite of SaaS applications deployed within Malaysia.” 

India – French sporting goods retailer Decathlon has recently stated that it will invest US$111m in India over the next five years as it aims to expand its store count and manufacturing in what is one of its key markets.

Decathlon India CEO Sankar Chatterjee recently stated that the sporting brand is expecting to double its business in the country in the next three to five years.

Earlier this year, Decathlon said India is a priority market and expects it to be among its top five markets globally within five years.

The retailer, which first entered India in 2009, currently sells a host of sports accessories ranging from footballs and yoga mats to bicycles and exercise equipment, cashing in on the growing interest, opens new tab in fitness and an active lifestyle.

It is also worth mentioning that the company makes cricket bats, most of its hockey gear as well as other products in India. Currently, 68% of its India sales are locally-made products and the company aims to boost this figure to 85% by 2026.

More recently, Decathlon’s sales in India jumped 37% to US$471m in the year ended March 2023, outpacing the 1.14% sales rise at the group level.

Philippines – Globe Fintech Innovations, Inc. (Mynt), the parent company of GCash, has announced new strategic investments from Ayala Corporation and Mitsubishi UFJ Financial Group (MUFG), elevating its valuation to $5 billion—more than double the $2 billion valuation from 2021.

In a disclosure released Thursday, Ayala Corporation, via its subsidiary AC Ventures Holdings, Inc., will acquire an additional 8% stake in Mynt for approximately ₱22.9 billion, valuing Mynt at ₱286.4 billion. This boosts Ayala’s ownership of Mynt to around 13%. 

According to Ayala, its increased investment in Mynt aligns with its strategy to reallocate capital to high-performing ventures. Boosting its stake in Mynt enables Ayala to capitalise on GCash’s robust long-term growth potential.

Concurrently, Mitsubishi UFJ Financial Group (MUFG), via its consolidated subsidiary MUFG Bank, Ltd., will also acquire an 8% stake following the signing of binding investment agreements.

Martha Sazon, president and CEO of Mynt, said, “We are thrilled to welcome MUFG as a new strategic partner. With their global expertise and reach within the financial inclusion space, they will be instrumental in further expanding GCash’s social impact, especially for the underserved. Alongside this, Ayala’s unmatched commitment to Philippine economic growth and development and its expertise in multiple industries will accelerate GCash’s mission.” 

Meanwhile, Yasushi Itagaki, senior managing corporate executive and head of the global commercial banking business group at MUFG, said, “GCash is an indispensable infrastructure for the everyday lives of Filipinos, and we are delighted to join Mynt as a strategic investor to support the growth of the company. With our investment, we are excited to expand our contribution to the ongoing development of the Philippines’ digital economy and financial inclusion.”

Cezar Consing, president and CEO of Ayala Corporation, also commented, “We like the long-term growth prospects of Mynt. It is a clear leader in a fast-growing space and a key contributor to the Philippines’ economic growth. Mynt is valuable because it enables underserved Filipino consumer and business segments to thrive.” 

With Morgan Stanley serving as Mynt’s exclusive financial advisor, the proposed investment is contingent upon the execution of definitive transaction documents and the fulfilment of customary closing conditions. Upon completion, MUFG will become a shareholder in Mynt, while Ayala will increase its existing stake.

Mynt has experienced unprecedented growth in its user base and transactions over the past four years, driven by innovations and a focus on customer experience. This new investment will enhance financial inclusion and spur economic growth in the Philippines. In 2023, Mynt recorded a net income of PHP 6.7 billion.

Toronto, Canada – Restaurant Brands International (RBI) has announced two new investments to drive growth in China. The first one includes the acquisition of Popeyes China, and the co-investment with Cartesian Capital into the business of TH International Limited, which operates Tims China.

The two transactions reflect RBI’s confidence in China, one of the largest QSR markets globally, and its commitment to drive growth in the market. RBI’s total amount of capital outlay will be up to US$45m for the two transactions.

First off, RBI has agreed to acquire the Popeyes China business from Tims China on a cash-free debt-free basis based on an enterprise value of US$15m. Following the transaction, RBI will own and operate Popeyes China, which opened its first restaurant in August 2023 and has 14 restaurants in Shanghai today. 

The pace of restaurant growth is expected to ramp up through investments in local teams and restaurant development. Longer-term, RBI expects to bring on local partners to form a more traditional master franchisee, similar to other Popeyes international markets.

Meanwhile, to help fuel the growth of Tims China, Cartesian Capital and RBI agreed to invest up to US$50m of capital into the Tims China business via three-year convertible notes, of which US$40m will be issued at closing with the balance funded over the coming 7 months, subject to certain operational and financial conditions. 

Of the total, US$20m were issued to Cartesian and up to US$30m will be issued to RBI, including US$20m at close. Following the transaction, RBI will effectively have the right to appoint two directors to the Tims China Board and will see its equity ownership in the business increase to up to 18%, on an as converted basis. The RBI team will continue to work closely with the Tims China management team and Board to drive growth in one of the fastest growing coffee markets in the world.

Rafael Odorizzi, president of Asia-Pacific at RBI said, “China is one of the most compelling long-term market opportunities for both our Popeyes and Tim Hortons brands. Popeyes China is off to a strong start and we are excited to unlock its development potential in one of the largest chicken QSR markets globally. Today’s announcement allows Tims China to redouble its focus on quality restaurant development and providing Chinese consumers with our high quality Tims coffee and food offerings.”