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The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Citi's Capital Markets and Advisory Head for Asia, Jan Metzger, will lead its investment bank for the Asia North and Australia and Asia South Cluster, according to the source, who declined to be named as the bank had yet to make the information public. Former Asia corporate head bank Kaleem Rizvi has been appointed as the corporate bank head for Asia North and Australia, while K Balasubramanian was named as head of corporate banking for Asia South, the source added. Gunjan Kalra will continue to lead Citi's commercial banking business for Asia North and Australia and Asia South, according to the source. Citi announced Monday plans to cut management layers from 13 to eight as part of its biggest overhaul in decades.

Persons: Chris Helgren, Jan Metzger, Kaleem Rizvi, Balasubramanian, Gunjan Kalra, Selena Li, Yantoultra, Miral Organizations: Citigroup Inc, Citi, REUTERS, Citigroup, Asia, Former, Asia North, Street, Thomson Locations: Toronto , Ontario, Canada, HONG KONG, SINGAPORE, Asia Pacific, Australia, Asia, Former Asia, Hong Kong, Singapore

SYDNEY, Nov 15 (Reuters) - Chinese self-driving firm iMotion Automotive Technology is aiming to raise $100 million in its Hong Kong initial public offering (IPO) due to launch in the last week of November, according to two sources with direct knowledge of the matter. iMotion, which was established in 2016, did not immediately respond to a request for comment from Reuters. The Suzhou-based firm is planning to open the books for its IPO the week after next ahead of starting trade on the Hong Kong Stock Exchange (HKEX) in the first week of December, according to the sources. iMotion had planned to raise $300 million, Bloomberg News reported in March, but has cut the size of its new fund raising target. Reporting by Scott Murdoch in Sydney and Yantoultra Ngui in Singapore; Editing by Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

Persons: iMotion, Hong Kong's, Scott Murdoch, Yantoultra, Lincoln Organizations: SYDNEY, iMotion Automotive Technology, Reuters, Hong Kong Stock Exchange, Bloomberg News, Thomson Locations: Hong Kong, iMotion, Suzhou, China, Hong, Sydney, Singapore

DBS, which is also Southeast Asia's largest lender, has already forecast a record full-year profit for the current year. "Net profit (for 2024) to be maintained around record 2023 level," CEO Piyush Gupta said in results presentation materials. The bank's July-September net profit rose to S$2.63 billion ($1.94 billion) from S$2.24 billion a year earlier as total income grew to a record on higher interest margins and fee income. Besides higher global interest rates, Singapore banks have benefitted from strong inflows of wealth drawn in by the city-state's political stability. Smaller peer United Overseas Bank (UOBH.SI) reported in end-October a weaker-than-expected 1% drop in third-quarter net profit.

Persons: Ann Wang, Piyush Gupta, Gupta, Yantoultra Ngui, Josie Kao Organizations: DBS, REUTERS, Bank, Q3 SINGAPORE, LSEG, United Overseas Bank, Chinese Banking Corp, Thomson Locations: Taipei, Taiwan, Singapore

☆ CIMB, J Trust among suitors for Indonesia's Bank Commonwealth -sources
▼ + stars: | 2023-10-31 | by ( Yantoultra Ngui | Thomson Reuters | Yantoultra Ngui Is A Southeast Asia Deals Correspondent With Reuters In Singapore | ) www.reuters.com time to read: +2 min

REUTERS/Bazuki Muhammad/File Photo Acquire Licensing RightsSINGAPORE, Oct 31 (Reuters) - Malaysian bank CIMB (CIMB.KL) and Japanese finance company J Trust (8508.T) are among firms vying to buy Indonesia's PT Bank Commonwealth, a deal that could value the lender at $400-$500 million, two sources with knowledge of the matter said. Bank Commonwealth, which is 99% owned by Australia's biggest lender Commonwealth Bank of Australia (CBA) (CBA.AX), focuses on retail lending as well as corporate banking services for small and medium enterprises. 2 bank, and J Trust have expressed interest and are looking at submitting binding bids, the sources said. CIMB, J Trust, CBA and Morgan Stanley declined to comment. Bank Commonwealth did not respond to a Reuters request seeking comment.

Persons: Bazuki Muhammad, Morgan Stanley, Yantoultra Ngui, Anton Bridge, Kane Wu, Edwina Gibbs Organizations: CIMB, REUTERS, Rights, J Trust, Indonesia's PT Bank Commonwealth, Bank Commonwealth, Australia's, Commonwealth Bank of Australia, CBA, Bank International Indonesia, China's, China's Bank of, SS, Thomson Locations: Kuala Lumpur, Rights SINGAPORE, Malaysian, Indonesia, Southeast, Southeast Asia, China's Bank, China's Bank of Hangzhou, Hangzhou, Singapore, Tokyo

The commission said it needed to review the impact on competition of the proposed acquisition in greater detail. "This means that Trans-cab drivers will continue to have the flexibility to earn through multiple ride-hailing platforms and pick up streethail rides," the Grab spokesperson added. The Grab spokesperson said both Grab and Trans-cab were committed to ensuring the benefits of an acquisition to commuters and they would help raise the overall standards of the industry. "Digitalising Trans-cab's fleet will improve driver productivity and taxi availability so that consumers can get a ride more easily," the Grab spokesperson said. The proposed acquisition comes as Singapore saw M&A activity fall 69% year-on-year in the first nine months of this year, according to LSEG data.

Persons: CCCS, Himanshi, Varun, Robert Birsel Organizations: Consumer Commission of Singapore, Transport Authority, Nasdaq, Trans, Thomson Locations: Southeast, Singapore, Bengaluru, Yantoultra

☆ Warburg Pincus to invest in Everise, valuing US healthcare outsourcing company at $1bln
▼ + stars: | 2023-10-03 | by ( Yantoultra Ngui | Thomson Reuters | Yantoultra Ngui Is A Southeast Asia Deals Correspondent With Reuters In Singapore | ) www.reuters.com time to read: +2 min

"We have continued to see strong underlying demand for quality customer experience, driven by an increasing outsourcing trend across the global healthcare industry," Warburg Pincus' Mumbai-based managing director Viraj Sawhney said in the statement. Warburg Pincus has invested in the healthcare sector for over five decades and counts Ensemble Health Partners, which offers revenue cycle management for healthcare firms, and U.S consumer healthcare navigation company Quantum Health among its portfolio companies, according to the statement. The entry of Warburg Pincus into Everise will see Singapore-headquartered private equity firm Everstone Group exiting the company, according to the statement, which said the transaction is expected to close by the end of this year. Founded in 2016, Everise has over 19,000 employees in eight markets from Singapore to India, according to its website. Brookfield, with some $850 billion in assets under management, agreed to buy into Everise from Everstone in 2020.

Persons: Warburg Pincus, Everise, Viraj Sawhney, Yantoultra Ngui, Kane Wu, Catherine Evans, Emelia Organizations: Health Partners, Quantum Health, Everstone Group, Brookfield, Thomson Locations: SINGAPORE, Everise, U.S, Brookfield, Mumbai, Singapore, India, Everstone

Hollysys offers integrated services for industrial automation and rail transport, according to its website, and its control systems have been used in sensitive areas such as nuclear power stations. In August, a consortium led by Recco Control Technology and Dazheng Group Investment Holdings made an all-cash offer of $25 per share to buy the company. The special committee will discuss the next steps with Recco Control and Dazheng Group (Hong Kong) in response to the offer to acquire the company, while expediting the process to seek "additional serious and compelling offers," Hollysys said in a statement. Deutsche Bank will solicit additional potential offers on behalf of Hollysys, it added. Founded in 1993, Hollysys now has operations in China and eight other countries and regions throughout Asia.

Persons: Hollysys, Kannaki, Anil D'Silva, Susan Fenton Organizations: Hollysys Deutsche Bank, Automation Technologies, Recco Control Technology, Dazheng Group Investment Holdings, Nasdaq, Recco, Dazheng, Deutsche Bank, Dazheng Group, Reuters, U.S, New, Thomson Locations: Beijing, United States, China, Taiwan, Hong Kong, Hollysys, New York, Asia, Bengaluru, Yantoultra, Singapore

In a statement to Reuters, Mobile World said it would announce the information once the deal was concluded. The sources said the deal could value Bach Hoa Xanh, Vietnam's third largest grocery chain, at around $1.5-$1.7 billion. Founded in 2015, Bach Hoa Xanh, backed by Vietnam's retail giant Mobile World Investment (MWG.HM), is running more than 1,700 stores in Vietnam's southern and south-central provinces. The Ho Chi Minh City-headquartered company had first planned the sale of a stake of up to 20% in Bach Hoa Xanh last year. Bach Hoa Xanh was expected to be profitable from next year, its managing director told investors last month.

Persons: GIC, Bach, Xanh, Yantoultra Ngui, Chayut, Kane Wu, Simon Cameron, Moore Organizations: Investment, Mobile, Revenue, Thomson Locations: SINGAPORE, HANOI, Thailand, Vietnam, China, United States, Chi Minh City, Bach Hoa, Singapore, Phuong Nguyen, Hanoi, Bangkok

☆ Singapore's central bank looking into banks' role in $1.8 bln money laundering case
▼ + stars: | 2023-09-26 | by ( Yantoultra Ngui | Thomson Reuters | Yantoultra Ngui Is A Southeast Asia Deals Correspondent With Reuters In Singapore | ) www.reuters.com time to read: +2 min

SINGAPORE, Sept 26 (Reuters) - Singapore's central bank said on Tuesday it was looking into whether banks involved in a S$2.4 billion ($1.75 billion) money laundering scandal in the global wealth hub had taken all reasonable steps to mitigate risks. The Monetary Authority of Singapore (MAS) will take action if its findings reveal shortcomings in the banks' controls, a spokesperson said in an emailed statement. Singapore police last month arrested and charged 10 foreigners including from China, in one of the biggest anti-money laundering swoops. The scandal has raised questions on whether the banks are strictly following the city-state's stringent anti-money laundering rules. ($1 = 1.3677 Singapore dollars)Reporting by Yantoultra Ngui; Editing by Sumeet Chatterjee and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Yantoultra Ngui, Sumeet Chatterjee, Anil D'Silva Organizations: Monetary Authority of Singapore, Singapore, MAS, FIs, Thomson Locations: SINGAPORE, China, Singapore, Asia

SYDNEY, Sept 22 (Reuters) - Vietnamese internet company VNG Ltd has delayed a $150 million U.S. initial public offering (IPO) due to volatile market conditions, a person with direct knowledge of the matter told Reuters. The person spoke on condition of anonymity as the information is not yet public. Founded in 2004, VNG was Vietnam's first unicorn, or a startup valued at $1 billion or more. VNG still aims to carry out a New York listing, likely in the first half of 2024, they added. Reporting by Scott Murdoch in Sydney and Yantoultra Ngui in Singapore; Editing by Himani Sarkar and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: VNG, Scott Murdoch, Yantoultra, Himani Sarkar, Rashmi Organizations: VNG, Reuters, U.S, Thomson Locations: New York, Sydney, Singapore

ASEAN, the 10-member Association of Southeast Asian Nations, includes Thailand, Singapore, Malaysia and Vietnam. For investors seeking emerging market exposure, Southeast Asia fits the bill, because of the region's strong economic growth and increasing population, analysts say. Some Southeast Asia companies seeking listings in the U.S. look to raise between $300 million and $1 billion, with valuations ranging from $1.5 billion to $8 billion, bankers said, without naming any firms. "International investors are seeing the value of portfolio diversification that Southeast Asia provides," Tay added. The expected pickup in Southeast Asian listings, however, could get derailed by share volatility and stringent investor scrutiny, analysts say.

Persons: DoubleDragon, Leif Schneider, Sunil Khaitan, Kelvin Teo, Andrew Lim, Tay Hwee Ling, Tay, Anuruk Karoonyavanich, Yantoultra Ngui, Scott Murdoch, Sumeet Chatterjee, Miral Organizations: Nasdaq, REUTERS, U.S, IPOs, Gushcloud International, Sunday, Reuters, VNG Corp, ASEAN, Association of Southeast Asian Nations, Carsome, Southeast, Bank, America's, U.S ., Deloitte, International, DBS, Thomson Locations: New York City, U.S, Asia, SINGAPORE, SYDNEY, United States, Singapore, New York, Philippine, Washington, Beijing, Vietnam, Thailand, Malaysia, Indonesia, Southeast, Southeast Asia, China, Sydney

SINGAPORE, Sept 14 (Reuters) - DBS Group (DBSM.SI) Chief Executive Piyush Gupta said current widespread pessimism about China's economy was not "overdone" but he was upbeat about India, where the bank plans to triple its business in the next five years. "There's some real headwinds in China in the short-term", he told a Reuters Newsmaker event in Singapore, noting the crisis in its debt-ridden property sector. DBS, Southeast Asia's largest bank by assets, aims to triple its business in India in the next five years, Gupta also said. The bank has been in India for nearly 30 years and operates about 530 branches in 19 Indian states, according to its website. Singapore has seen strong inflows from wealthy customers amid global uncertainty, including U.S.-China geopolitical tensions, due to the city-state's status as a financial safe-haven.

Persons: Piyush Gupta, Gupta, Yantoultra Ngui, Fanny Potkin, Scott Murdoch, Edwina Gibbs Organizations: DBS, Reuters, Shenzhen Rural Commercial Bank, UBS Group's, Credit Suisse, Thomson Locations: SINGAPORE, India, China, Singapore, Shenzhen, Asia's, Asia, East, U.S

Jenny Johnson, President and CEO of Franklin Resources, Inc., speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, U.S., May 4, 2022. REUTERS/Mike Blake/File Photo Acquire Licensing RightsSINGAPORE, Sept 11 (Reuters) - The idea that investment opportunities in China have met their demise is probably overhyped, said Jenny Johnson, president and chief executive officer at global investment management firm Franklin Templeton. "There is a lot of pessimism built into the pricing," she said at a session at the Forbes Global CEO Conference in Singapore. Johnson's comments came as global investors have reduced their appetite for China, discouraged by the country's faltering economic recovery and tensions with the West. Meanwhile, Johnson also sees opportunities in secondary private equities and private credit globally.

Persons: Jenny Johnson, Mike Blake, Franklin Templeton, Johnson, Franklin, Legg Mason, Johnson's, Gina Raimondo, Yantoultra Ngui, Gerry Doyle Organizations: Franklin Resources, Inc, Milken, Global Conference, REUTERS, Rights, Forbes Global, Conference, West, . Commerce, Thomson Locations: Beverly Hills , California, U.S, Rights SINGAPORE, China, Singapore, West .

☆ Indonesia's Pertamina Geothermal in talks to buy KS Orka unit for up to $1 bln - sources
▼ + stars: | 2023-09-08 | by ( Yantoultra Ngui | Thomson Reuters | Yantoultra Ngui Is A Southeast Asia Deals Correspondent With Reuters In Singapore | ) www.reuters.com time to read: +2 min

Geothermal developer KS Orka had earlier this year appointed DBS to explore the sale of Sorik Marapi, the sources said, declining to be identified as the matter is private. Pertamina Geothermal and KS Orka did not immediately respond to requests seeking comment on Friday. If the deal materialises, it could mark one of the biggest by Pertamina Geothermal since its domestic initial public offering in February. KS Orka acquired a majority share of the company in mid-2016, the website showed, without disclosing the value. Besides Sorik Marapi, KS Orka's other projects include PT Sokoria Geothermal Indonesia in East Nusa Tenggara, KS Orka's website showed.

Persons: Sorik Marapi, Sorik, Yantoultra Ngui, Fransiska Nangoy, Kane Wu, Jacqueline Wong Organizations: Pertamina Geothermal, Pertamina Geothermal Energy, KS Orka Renewables, KS Orka, DBS, KS Orka's, Orka, Kaishan, Sokoria Geothermal, Thomson Locations: SINGAPORE, Indonesia, Southeast, Mandailing Natal, North Sumatra, Sokoria Geothermal Indonesia, East Nusa Tenggara, KS, Singapore

☆ Malaysia's Permodalan Nasional weighs $2.15 bln automakers merger in EV push - sources
▼ + stars: | 2023-08-24 | by ( Yantoultra Ngui | Thomson Reuters | Yantoultra Ngui Is A Southeast Asia Deals Correspondent With Reuters In Singapore | ) www.reuters.com time to read: +2 min

PNB holds 60.6% of industrial group UMW Holdings (UMWS.KL), which in turn owns 38% of Perodua, the country's biggest automaker by market share. PNB, Sime Darby, UMW and Perodua declined to comment. Elsewhere in Southeast Asia, Vietnam has EV maker VinFast , while Indonesia has nickel producers including Merdeka Battery (MBMA.JK) and Trimegah Bangun (NCKL.JK) supplying the key battery metal in the global EV supply chain. Sime Darby Motor has been pushing for the adoption of EVs in Malaysia. Perodua is also eyeing breaking into the EV market and embarked last year on a study to build its first hybrid vehicle.

Persons: Otomobil, Sime Darby, PNB, Trimegah, Yantoultra Ngui, Tom Hogue, Sonali Paul Organizations: Malaysia EV, EV, Sime Darby, Permodalan, Darby Motors, State, Sime, Sime Darby Motors, UMW Holdings, country's, Daihatsu, MBM Resources, Mitsui & Co, VinFast, Merdeka, Sime Darby Motor, Thomson Locations: Malaysia, Malaysia SINGAPORE, Permodalan Nasional, Malaysian, Southeast Asia, Perodua's, Perodua, UMW, Vietnam, Indonesia, The Selangor, Peninsular Malaysia

REUTERS/Athit Perawongmetha/File Photo Acquire Licensing RightsHANOI/SINGAPORE, Aug 22 (Reuters) - Thailand's second-biggest lender Kasikornbank (KBANK.BK) is in talks to buy consumer finance provider Home Credit Vietnam in a deal of up to $1 billion that would further its push to expand in Vietnam, two sources said. The Bangkok-based lender, also called KBank, hopes to become one of Vietnam's top 20 banks in terms of assets by 2027. It has total assets worth $119.7 billion, second only to Bangkok Bank (BBL.BK) in Thailand, Refinitiv data showed. KBank and Home Credit Group did not respond to Reuters' requests for comments. Home Credit Group is controlled by the Czech Republic's biggest investment group, PPF, which was founded by late billionaire Petr Kellner.

Persons: Athit, KBank, Petr Kellner, Phuong Nguyen, Kane Wu Organizations: Kasikorn, REUTERS, Rights, Home Credit Vietnam, Bangkok Bank, Stock Commercial Bank, Sumitomo Mitsui, Home, Home Credit, Home Credit Group, Thomson Locations: Bangkok, Thailand, Rights HANOI, SINGAPORE, Vietnam, Vietnam Prosperity, Asia, Netherlands, Czech, Hanoi, Singapore

The quarterly results from OCBC, also Southeast Asia's second largest lender by assets, rounded up a strong earnings season by Singapore banks as DBS Group (DBSM.SI) and United Overseas Bank (UOBH.SI) also delivered double-digit profit growth. Besides higher interest rates, Singapore lenders have also benefited from strong inflows from wealthy customers amid global uncertainty, including U.S.-China geopolitical tensions, because of the city-state's status as a financial safe-haven. Higher interest rates and slower economic growth could raise asset-quality risks for businesses and individual customers, he said, adding weak loan demand could negatively impact net interest income growth momentum once margin expansion peaks. OCBC said April-June net profit climbed to S$1.71 billion ($1.28 billion) from S$1.28 billion a year earlier mainly driven by better income growth and partly offset by higher allowances for non-impaired assets. The figure compared with a mean estimate of a S$1.76 billion profit from four analysts polled by Refinitiv.

Persons: ROE, Thilan Wickramasinghe, OCBC, NIM, Yantoultra Ngui, Tom Hogue, Shri Navaratnam, Jamie Freed Organizations: Chinese Banking Corp, DBS, United Overseas Bank, Maybank Securities, Refinitiv, Thomson Locations: Singapore, SINGAPORE, Asia's, U.S, China, Malaysia

☆ Singapore bank OCBC second-quarter earnings rise; sees rate cuts from 2024
▼ + stars: | 2023-08-04 | by ( Yantoultra Ngui | Thomson Reuters | Yantoultra Ngui Is A Southeast Asia Deals Correspondent With Reuters In Singapore | ) www.reuters.com time to read: +3 min

The quarterly results from OCBC, also Southeast Asia's second largest lender by assets, rounded up a strong earnings season by Singapore banks as DBS Group (DBSM.SI) and United Overseas Bank (UOBH.SI) also delivered double-digit profit growth. Besides higher interest rates, Singapore lenders have also benefited from strong inflows from wealthy customers amid global uncertainty, including U.S.-China geopolitical tensions, because of the city-state's status as a financial safe-haven. The figure compared with a mean estimate of a S$1.76 billion profit from four analysts polled by Refinitiv. The bank projected its full-year net interest margin, a key profitability gauge, to be above 2.2%, return on equity in the range of 14% and low-to-mid single-digit loan growth. ($1 = 1.3410 Singapore dollars)Reporting by Yantoultra Ngui; Editing by Tom Hogue, Shri Navaratnam and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: ROE, Helen Wong, Thilan Wickramasinghe, OCBC, Wong, Yantoultra Ngui, Tom Hogue, Shri Navaratnam, Jamie Freed Organizations: Chinese Banking Corp, DBS, United Overseas Bank, Maybank Securities, Refinitiv, Thomson Locations: Singapore, SINGAPORE, Asia's, U.S, China, Malaysia

A logo of DBS is pictured outside an office in Singapore January 5, 2016. DBS, which is also Southeast Asia's largest lender by assets, said April-June net profit hit a quarterly record high S$2.69 billion ($2.69 billion) compared to S$1.82 billion a year earlier. DBS' NIM, a key profitability gauge, rose for sixth consecutive quarter to 2.16% during the quarter from 1.58% a year earlier. Return on equity hit new quarterly high of 19.2%, up from 13.4% the same quarter a year ago. ($1 = 1.3411 Singapore dollars)Reporting by Yantoultra Ngui; Editing by Muralikumar Anantharaman and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Edgar Su, NIM, Piyush Gupta, Gupta, Yantoultra Ngui, Muralikumar Anantharaman, Stephen Coates Organizations: DBS, REUTERS, Refinitiv, Thomson Locations: Singapore, SINGAPORE, Hong Kong

The combined business comprises over 9,000 professionals in more than 50 jurisdictions, EQT said in a statement. BPEA EQT had tapped Goldman Sachs to be the lead adviser on the merger of the two companies, Reuters reported. Simon Webster, who joined Vistra as CEO in November 2022, will be the CEO of the combined business, EQT said. BPEA bought Tricor from private equity firm Permira in 2021 for $2.8 billion. EQT agreed last year to buy BPEA or Baring Private Equity Asia in a deal worth 6.8 billion euros ($7.5 billion), creating BPEA EQT.

Persons: EQT, BPEA, BPEA EQT, Goldman Sachs, Lazard, Simon Webster, Webster, Vistra, Tricor, Gokul, Nivedita Bhattacharjee, Mark Potter Organizations: Reuters, Barclays, HSBC, Vistra, Baring Private Equity Asia, Thomson Locations: Hong Kong, China, Vistra, Bengaluru, Yantoultra, Singapore

Its group chief investment officer Jeffrey Jaensubhakij told Reuters GIC was keen to invest in Chinese companies that do business within China and do not export to the United States. "There are some 'China for China' type of investments that still make sense," he said. GIC said exposure to China was important for a diversified portfolio. GIC is the world's seventh-biggest sovereign investor with $690 billion in total assets, according to research firm Sovereign Wealth Fund Institute. The share of emerging market equities in GIC's portfolio rose to 17% by end of March from 16% a year earlier.

Persons: Jeffrey Jaensubhakij, Reuters GIC, GIC's, GIC, Lim Chow Kiat, Beijing scrambles, Ang Eng Seng, Jaensubhakij, GIC's Lim, Yantoultra Ngui, Xinghui, Xie Yu, Julie Zhu, Kane Wu, Christina Fincher Organizations: SINGAPORE, Reuters, HK, Ant Group, Temasek, Infrastructure, Sovereign Wealth Fund, Thomson Locations: China, Singapore, United States, Beijing, U.S, Asia, Japan, Xinghui Kok

SINGAPORE, July 11 (Reuters) - Singapore investment firm Temasek Holdings (TEM.UL) on Tuesday posted a 5.2% drop in its net portfolio value to S$382 billion ($284.65 billion) in the financial year that ended in March. The drop in net portfolio value is its first since the 2019 financial year and came amid intensified global market volatility. Over the last decade, Temasek has grown its net portfolio value by 77.7% to S$382 billion from S$215 billion in 2013. Its portfolio value hit a record high of S$403 billion in the year ending in March 2022. Most of China's tech companies share prices have rallied since Friday on the hope that strict regulations that have stymied growth for more than two years would ease.

Persons: Chin Yee, Temasek, Rohit Sipahimalani, it's, Yantoultra Ngui, Xinghui, Robert Birsel Organizations: Temasek Holdings, Ant Group, Temasek, DBS, China Construction Bank, PSA International, Mapletree Investments, Ant, People's Bank of, Thomson Locations: SINGAPORE, Singapore, China, Asia, Temasek, People's Bank of China

The hectic pace of activity comes after private credit funds targeting Asia jumped 76% last year to a record $11.2 billion, driven by both regional and India-dedicated strategies, according to Global Private Capital Association. As large global sponsors continue to invest into multi-billion dollar Asia-focused credit funds such as Apollo, Blackstone and KKR, the Asian private credit industry is set for further boom, Robert Wright, partner in law firm Baker McKenzie, said. The string of new private credit funds come against the backdrop of startups facing the threat of having down rounds. Nevertheless, alternative financing such as private credit does not come cheap, industry experts warned. Private credit firms usually arrange loans, with assets secured, on a floating rate basis.

Persons: GPCA, Singapore's SeaTown, Europe's 21yield, Nicholas Mairone, Robert Wright, Baker McKenzie, SeaTown, Rakshat Kapoor, Camille Krejci, Parthiv Rishi, Sidley Austin, Siew Kam Boon, Yantoultra Ngui, Sumeet Chatterjee Organizations: Asia, SINGAPORE, Global Private Capital Association . Industry, Silicon Valley Bank, Blackstone, KKR, Reuters Graphics, Bain Capital, India's, Mahindra Bank, Hong Kong's ADM, SoftBank Investment Advisers, Reuters, Prosus NV, Thomson Locations: Asia, India, Singapore, United States, North America, Silicon, Pacific, Japan, Hong Kong

The shares are priced between S$7.202 and S$7.283 per share, the sheet shows, representing a 2.89% and 3.97% discount to the last close of S$7.50 on Wednesday. Temasek will continue to be a major shareholder in SIA with a 53.5% stake, according to Reuters' calculations. Citi is the sole bookrunner on the share sale, the term sheet showed. "We are committed to the long-term success of SIA and continue to maintain a majority stake in it," she added. ($1 = 1.3517 Singapore dollars)Reporting by Selena Li in Hong Kong and Yantoultra Ngui in Singapore, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Juliet Teo, Temasek's, Selena Li, Yantoultra, Louise Heavens Organizations: Temasek, Singapore Airlines, SIA, Reuters, Citi, Transportation & Logistics, Thomson Locations: HONG KONG, SINGAPORE, China, Japan, South Korea, Singapore, Hong Kong

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