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Grab denies reports of US$7 billion GoTo acquisition

Grab denies reports of US$7 billion GoTo acquisition

Business Times2 days ago

SOUTHEAST Singapore-based ride-hailing and delivery company Grab said on Monday it was not in any talks on a potential deal with smaller Indonesian rival GoTo.
Reuters reported last month that Nasdaq-listed Grab was looking to strike a deal to buy GoTo in the second quarter and had hired advisers to work on the proposed deal, citing two sources with knowledge of the matter.
A deal could value GoTo at around US$7 billion, according to a separate source with knowledge of the matter.
'There have been media reports that we are engaged in discussions for a potential transaction with PT GoTo Gojek Tokopedia Tbk. The parties are not involved in any discussions at this time and Grab has not entered into any definitive agreements,' Grab said in a stock exchange filing.
Bloomberg reported on Friday, citing unnamed sources, that Indonesia's sovereign wealth fund Danantara was considering a role in Grab's planned US$7 billion acquisition of GoTo.
Danantara's managing director of investment, Stefanus Ade Hadiwidjaja, told Indonesian online media outlet Tempo, in a statement on Monday, that there have been no such discussions.
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GoTo, in a statement to the Jakarta bourse on Monday, reiterated its previous statements that there has been no agreement with any party about a potential transaction.
'We will continue to maintain a high hurdle rate when deploying our capital and will have a balanced approach to investing for organic, profitable growth and be highly selective on inorganic opportunities, in line with our capital allocation framework,' Grab said in its filing.
'Indonesia continues to be an important country in serving our mission as we continue to outserve our Indonesian customers, driver- and merchant-partners,' it added.
Media reports, citing unnamed sources, have appeared on and off for a few years about a possible merger between Grab and GoTo.
In a separate statement, Grab said its on-demand gross merchandise value grew 19 per cent in April and May from a year earlier, while the number of mobility rides for April and May rose 23 per cent. REUTERS

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Singapore to host US$50m fund by Norway-based firm for start-ups in Asia ocean health
Singapore to host US$50m fund by Norway-based firm for start-ups in Asia ocean health

Straits Times

time44 minutes ago

  • Straits Times

Singapore to host US$50m fund by Norway-based firm for start-ups in Asia ocean health

UN data also shows that Asia accounted for 75 per cent of the world's total fisheries and aquaculture production. PHOTO: AFP NICE, France – Norway-based impact investment firm Katapult Ocean will launch a US$50 million (S$64.1 million) fund in Singapore in early 2026 to invest in start-ups that support ocean health in Asia, The Straits Times has learnt. The firm, which has made 75 investments in companies globally since 2018 , is considered one of the world's most active ocean impact venture fund managers. It has investments in sustainable seaweed production and offshore wind power infrastructure, among other areas. Katapult Ocean Asia associate director Maureen Bresil told The Straits Times on June 11 that there are many opportunities in the region. These include decarbonisation, tackling ocean pollution, sustainable aquaculture, and eco-tourism. Speaking on the sidelines of the UN Ocean Conference in Nice, Ms Bresil said: 'We wanted to be in Asia – closer to funders, closer to issues we need to tackle.' Existing estimates suggest that five Asian countries – China, Indonesia, the Philippines, Vietnam and Thailand – accounted for up to 60 per cent of the plastic waste leaking into the ocean. UN data also shows that Asia accounted for 75 per cent of the world's total fisheries and aquaculture production. Ms Bresil added: 'We also want to be in Singapore, because we know that there's a lot of capital there that can be diverted into ocean impact in Asia.' News of Katapult's Ocean Asia Fund comes amid growing interest from the private sector in the blue economy. The World Bank defines the blue economy as the sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of the ocean ecosystem. Ahead of the UN Ocean Conference, which started on June 9, some of the world's top financial institutions gathered in Monaco on June 7 and 8 to spotlight the economic opportunity from investing in the health of the ocean and the perils of inaction. The Blue Economy and Finance Forum hosted about 2,000 delegates from major banks, asset management funds and other financial institutions. Singapore's Foreign Affairs Minister Vivian Balakrishnan, speaking on behalf of Asean during a panel on advancing sustainable ocean-based economies on June 11, said the waters in the region are one of the most vital, congested, busy and strategic maritime spaces in the world. 'Our countries depend on these very waters for trade, livelihood, transportation and the other elements of life. Sustainable ocean-based economies, sustainable maritime transport and coastal community resilience are therefore key priorities for all Asean member states,' said Dr Balakrishnan. He added that Asean is now formulating a blue economy implementation plan from 2026 to 2030, which aims to harness the potential of this blue economy across a range of key sectors. 'It will take into account the varying levels of development among the Asean member states to promote a regional blue economy development based on principles of value creation, inclusivity and sustainability,' said the minister. Other developments show that the blue economy is picking up in South-east Asia. In May, the 1,000 Ocean Startups coalition Asia Pacific was launched in Singapore as the regional chapter of a World Economic Forum initiative that started in 2021. The coalition aims to help start-ups in the region scale up ideas or business models that are profitable or have the potential to generate profit, while also contributing to ocean health. Mr Thomas Knudsen, a principal of Singapore-based family office Rumah Group, which is a member of the coalition, said it was significant that Katapult Ocean decided to establish a fund for Asia based in Singapore. 'At this moment, there are no ocean-focused funds that are based in Singapore, so having one of the global leaders in this space is important,' he told ST. Their investments in South-east Asia-based start-ups could enable these firms to grow in the region, potentially helping them scale up globally too. Mr Knudsen said Katapult's global portfolio could also introduce potential new solutions for the region – concepts or technologies tested elsewhere that have relevance for South-east Asia. 'I also think Katapult's involvement in the blue economy in South-east Asia gives companies based here more confidence to invest in the region,' he said. 'These firms may not have been comfortable in the past because the blue economy may be a new area for them, but having a partner on the ground will allow them to deploy capital through this fund.' Another key player in the ocean space in the region is Circulate Capital, a private equity firm founded in 2018 in Singapore. Its key mandate is to prevent plastic pollution from ending up in the oceans in South and South-east Asia. Speaking to ST on June 11, founder and chief executive of Circulate Capital Rob Kaplan said: 'We are thrilled that Katapult is investing more in the region. I think the blue economy is an under-invested sector, particularly in South-east Asia, and it's where most of the impact is.' Circulate Capital has a focus on the circular economy – promoting the reuse and recycling of plastic so that it does not end up in the oceans. 'We see a lot of great start-ups that are way outside our scope. But there are a lot of other areas, and there's not enough capital flowing to it,' he said. On the business case for investing in plastic recycling, Mr Kaplan said: 'The idea is that if we can build a market for plastic and profitably collect it, sort it, recycle it, manufacture using it, we can divert it from the environment and into the supply chains of global multi-national packaging and consumer goods companies.' He noted that many of such firms want access to recycled plastic, but cannot get the quality and quantity they need to meet that demand. 'We saw that there were a lot of quality recycling companies, small and medium enterprises and family businesses, but they have never had any outside capital to help them professionalise and scale up. So that's where our strategy fits in,' he said. Mr Kaplan added that Circulate Capital has shown that investing in the ocean economy – particularly in efforts that prevent plastics from ending up in the blue – is feasible. 'The path forward for the next five years unlock billions of dollars more,' he added. Audrey Tan is an assistant news editor overseeing sustainability coverage. She has reported on the environment for more than a decade and hosts the Green Pulse podcast series. Find out more about climate change and how it could affect you on the ST microsite here.

$55k dream renovation turns into nightmare; contractor borrows money from homeowner, Singapore News
$55k dream renovation turns into nightmare; contractor borrows money from homeowner, Singapore News

AsiaOne

time2 hours ago

  • AsiaOne

$55k dream renovation turns into nightmare; contractor borrows money from homeowner, Singapore News

What was meant to be a dream "French cream style" makeover for a Sentosa flat has turned into a costly nightmare for a homeowner. Luo now finds himself dealing with uneven cabinetry, long delays, the lingering smell of formaldehyde and his daughter's bedroom looking like what he describes as "tombstone style". He told Shin Min Daily News he paid $55,000 to a Malaysian contractor he found on Facebook to renovate the unit at Ocean Way. He also spent an additional $18,000 on electrical wiring and $22,000 on Ziptrak blinds. His decision to go with a Malaysian company stemmed from previous experiences with Singapore-based firms that outsourced work across the Causeway. "I thought it would be more straightforward to deal with them directly," he said. Instead, the project dragged on for nearly a year and remains incomplete. Construction officially began only after Chinese New Year this year, despite an original move-in date set for November. "There was delay after delay," he said. "Once, we agreed to meet at 10am and I waited until 5pm. He didn't show up." Things didn't get better once work started. Luo said there were repeated issues: damaged flooring, cabinets that couldn't fit in the lift, misaligned fittings, and an overpowering chemical odour despite promises of "zero formaldehyde". The most jarring result was the treatment of his daughter's room, designed around a romantic arched entrance, which he says now resembles a grave marker. To make matters worse, Luo said the contractor, a husband-and-wife team, borrowed $2,000 before starting work. The husband claimed it was to pay workers' wages. A second request for $3,000 was rejected. Later, when Luo asked to be repaid, the wife claimed they had divorced and were merely 'business partners'. In a text message, the woman wrote: "I never borrowed money from you. I hate borrowing money from people. "Sky is no longer my husband. We divorced at the end of last year and have to continue the business, but I'm no longer tied to him by marriage. "That sum of money you lent out is not my responsibility. My responsibility is to help you do up your house nicely so that you can move in smoothly." Du, the contractor, confirmed that the money was borrowed, but insisted it was agreed to be deducted from the renovation costs. She also said most major items had been installed, and blamed the homeowner's lack of cooperation for the delays. "We received 75 per cent of the payment, but the progress exceeded what we were paid for," she said, adding that she decided to halt work until the $13,000 balance was paid. In a surprising turn, she hired a debt collection agency to chase Luo for the outstanding payment even though the work remains unfinished. Du insisted that there was never a guarantee of "zero formaldehyde" and that the arched wall design, which Luo's family now calls a "tombstone", had been approved by him. She also explained that a 15cm gap left in the cabinetry was intentional to accommodate later installations, not an error. "Yes, there was a delay from February to April, but it was a big unit and there were many details," she said. Luo has since engaged two other contractors to fix the problems. He said the whole experience has been draining financially and emotionally. "I haven't even moved in and it's already a mess. What's going to happen after?" [[nid:714357]] This article was first published in The New Paper . Permission required for reproduction.

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