Schneider in talks to buy Temasek's stake in Indian JV: sources
Schneider Electric is in talks to buy the 35 per cent stake held by the Singapore investment company in Schneider Electric India for about US$1 billion, the people said, asking not to be identified because the deliberations are private.
A potential transaction could value the whole venture at roughly US$5 billion including debt, the people added.
Talks are ongoing and no final decisions have been made, the people said.
Representatives for Schneider Electric and Temasek declined to comment.
Temasek has been weighing a potential exit from the joint venture, including a sale to its majority partner or another party, as well as via an initial public offering, Bloomberg News reported last year.
Schneider Electric India is 65 per cent owned by the French company with the reminder held by Temasek, according to a statement from 2020, when it completed the merger of its Indian low voltage and industrial automation product unit with Larsen & Toubro's electrical and automation operations.
Schneider Electric, one of France's oldest and biggest industrial companies, has evolved from primarily a maker of electrical gear to a provider of software and equipment for buildings, data centres and factories.
Dealmaking activity in India is growing as investors seek to double down their presence on the most populous nation. The volume of mergers and acquisitions in the country has reached US$31 billion, a 16 per cent increase from a year earlier, according to Bloomberg data. BLOOMBERG
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Business Times
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Asset manager IPCG accuses Deutsche Bank of breaching agreement, files lawsuit
[SINGAPORE] Asset manager Invest Partners Capital Group (IPCG) is suing Deutsche Bank for allegedly breaching a contractual agreement governing their external asset management arrangement, according to court documents filed with the High Court last Friday (Jul 11) and seen by The Business Times. The bank allegedly offered better pricing and terms directly to IPCG's former client, Splendor Lights Holdings – conduct that the asset manager claimed 'seriously undermined' IPCG's ability to carry out its advisory role. The pre-trial conference is scheduled for Aug 18. Deutsche declined to comment when contacted by BT. However, a person close to the matter said the bank disagrees with the reported allegations and intends to vigorously contest any claims filed. The case Singapore-based IPCG holds a Capital Markets Services licence from the Monetary Authority of Singapore, and advises high-net-worth individuals and family offices. Eric Chen, a senior director at IPCG, previously managed Splendor Lights through a Limited Power of Attorney, authorising IPCG to handle Splendor Lights' investments at Deutsche. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Under the external asset manager agreement, Deutsche was to hold Splendor Lights' assets and execute transactions initiated by IPCG, which was 'solely responsible' for managing the client's assets and determining the suitability of investments, court documents said. The dispute centres on Deutsche relationship manager Sean Poh, who allegedly provided Splendor Lights with direct quotations for financial products that undercut IPCG's pricing. Poh also made statements to Splendor Lights that 'were seemingly to disparage' IPCG's professionalism, according to court documents. Splendor Lights subsequently terminated its Limited Power of Attorney with IPCG in November 2023 and began working with Deutsche directly for asset management services, said IPCG in the filing. At the time, Splendor Lights' assets managed by IPCG at Deutsche were worth about US$42.8 million. Court documents showed that from 2021 to 2023, when the Limited Power of Attorney was in force, IPCG earned retrocession – a form of commission – and performance fee payments of a combined US$3.4 million. In the suit, IPCG is seeking for damages to be assessed, a declaration that Deutsche breached its contractual and fiduciary duties, as well as interest, legal costs, and other relief. The asset manager is represented by Lin Yuankai and Annabel Kwek of Premier Law. 'We initiated this legal action to protect the rightful interests of our relationship managers and our company, and to call on banks to meet their duty of care toward their partners,' said an IPCG spokesperson. 'Banks should act as custodians and execution roles – not compete unfairly with external asset managers for clients or pricing advantage.'
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2 hours ago
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Aberdeen extends Clint deemed interest to 6%
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Asian Pay Television Trust Between Jul 14 and 15, Lu Fang-Ming, non-executive director and vice-chair of the trustee-manager of APTT, acquired 417,100 units of the business trust for a consideration of S$38,230 at an average price of S$0.092 per unit. This increased his total interest from 1.25 per cent to 1.28 per cent. This followed his purchases of 400,000 units in June, 263,600 units in May and 319,400 units in April. APTT is Asia's first listed business trust focused on pay-TV and broadband. It invests in mature, cash-generative businesses in Taiwan, Hong Kong, Japan, and Singapore, aiming for operational ownership and control. Food Empire Holdings On Jul 15, independent director Adrian Chan exercised 105,000 share options at S$0.802 apiece. He is also head of corporate at the law firm, Lee & Lee, and has been in legal practice for over three decades. He was first appointed to the board of Food Empire Holdings in January 2022. 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New Paper
4 hours ago
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SG60 F&B icons: 14 iconic home-grown F&B brands
One is best known for its canned sardines, another for its iconic pandan chiffon cake, and yet another for its colourful Fancy Gems biscuits. They share the spotlight in this week's showcase of 14 noteworthy food and beverage brands, in part two of ST Food's four-part SG60 weekly series. It kicked off last weekend with 20 beloved food and drinks, and will be followed by another 14 laudable brands next week. On Aug 3, the series will culminate in a look at 12 key people and events that have played a significant role in the Republic's vibrant food culture. Find out how these brands have stood the test of time. Ayam Brand Sardine sandwiches for school excursions; a quick meal of sardines flash-fried with shallots, chilli and soya sauce, with a squeeze of calamansi over the dish before devouring with hot rice. Memories are made of Ayam Brand's canned sardines. This very Singaporean brand was founded in 1892 by French businessman and adventurer Alfred Clouet. He left France at age 23 and headed to New York before coming to Singapore two years later. After working at a trading company here, he started his own business in 1892 - A Clouet & Co. But sales of the perfumes and wine he imported were not up to expectations, so he turned his hand to what was then a premium product - canned food. In 1899, he started producing canned sardines, which became popular. Customers began calling his brand chop ayam because of the image of a rooster - a symbol of France - on the cans. He soon changed the company's name to Ayam Brand, ayam being Malay for chicken. Ayam Brand's canned sardines in toast bread cups. PHOTO: AYAM BRAND In 1954, the company was bought over by French firm Denis Freres, now known as Maison Denis. Ayam Brand products are now sold in more than 30 countries and the company produces more than 60 million cans of food a year. While sardines made the brand famous, its product range includes canned tuna, mackerel and salmon, baked beans, curry pastes and coconut milk. In March, it launched a new range of canned pulled chicken. Finally, Ayam Brand is selling ayam. Bengawan Solo Its pillowy pandan chiffon cake is a must-buy for many a tourist, who lug boxes of it back home. Its kueh - salat, ambon, dadar, kosui, among others - are dependable for quality and convenience. Its cookies, packed in pretty tins, are handy for travellers roaming Changi Airport for gifts before flying off. Pineapple tarts, kueh lapis, cakes round and rolled; for every celebration, there is Bengawan Solo. There are more than 35 stores in Singapore. And to think, founder Anastasia Liew, 77, started it as an HBB - home-based business. Pandan Chiffon Cake from Bengawan Solo. PHOTO: BENGAWAN SOLO Born in Indonesia, she came to Singapore in 1970 to study English. She married a fellow Indonesian-Chinese and settled down in a Marine Terrace flat. In 1976, she began selling cakes from her home, but the authorities came a-knocking, telling her to cease and desist. So in 1979, she opened a shop near her home and named it after a favourite Indonesian song. A chiffon cake-kueh-cookie empire was born. In 1983, she opened the first branch store, at Centrepoint. Then came other milestones - including opening a central kitchen in the MacPherson area in 1987, one of the first confectionery brands to do so; and introducing Baby's First Month Celebration Vouchers in the mid-1990s without mum and dad having to hand-deliver cake and eggs dyed red. The brand celebrated its 45th birthday in 2024. That is a lot of pandan juice. Brass Lion Distillery In industrial Pasir Panjang is Singapore's first standalone distillery. Brass Lion Distillery was born in 2018, as part of an international wave of micro-distilleries putting out gin and other craft spirits. Founder Jamie Koh, 40, a finance and management graduate, had opened restaurant-bars The Beast and Chupitos before setting up the distillery for a seven-figure sum. Brass Lion Distillery's founder Jamie Koh. PHOTO: BRASS LION DISTILLERY To learn the ropes, she went for a distilling course in the US in 2012, and deepened her knowledge in a German distillery in 2015. She set out to make a juniper-forward London Dry-style gin. Her Singapore Dry Gin has juniper, of course, but also aromatics familiar to anyone living in Singapore - torch ginger flower, pomelo peel and chrysanthemum. The gin portfolio positions the distillery firmly in Singapore. There is Hawthorn Gin, Brass Lion's take on sloe gin. It is made with hawthorn berries, the base of the haw flakes Singaporeans grew up eating. Butterfly pea flowers, which give a blue hue to many Peranakan kueh and dishes, are used in Butterfly Pea Gin. Her Singapura Gin is used in Raffles Hotel's iconic Singapore Sling cocktail. Ms Koh says the spirits are available in Japan, Hong Kong and some parts of Europe, and later in 2025, there are plans to launch them in the US, other parts of China and Malaysia. In 2023, the distillery launched its made-in-Singapore whisky, which promptly sold out. It had been ageing in a barrel since 2019. She says there are plans to make another batch. Dona Manis Cake Shop Mention this Katong bakery, and its famed old-school banana pies immediately come to mind. Established in 1992, it became a beloved household name for its pies and other nostalgic bakes like buttercream horn pastry, rum ball and chocolate tarts. In recent years, the brand's third-generation owners have taken its old-school treats to new audiences with various pop-up events. PHOTO: SHIN MIN DAILY NEWS In recent years, the brand's third-generation owners have taken its old-school treats to new audiences with various pop-up events. It is currently at White Sands till July 20, and will be at Takashimaya Department Store's SG60 event from July 31 to Aug 11. At the latter event, it will sell its curry puffs and chicken pies - puff pastry delights that the brand was also known for in the 1990s. Honouring heritage remains at the heart of the business, which carries through in its sister brands Rainbow Lapis in Hougang, which sells kueh, pandan cake and kueh lapis; and bread shop Sembawang Confectionery in Beach Road. Fei Siong Group From a single humble fishball noodle stall in 1995, the Fei Siong Group has since expanded to an empire of casual eateries, foodcourts and hawker centres. Fishball noodles still remain the affordable staple in its eateries, along with local favourites such as bak chor mee, Hainanese curry rice and laksa. (From left) Fei Siong Group's executive director Tan Kim Leng, founder and chairman Tan Kim Siong and directors Tan Kim Beng and New Mun Kit at their Popeyes outlet. PHOTO: THE BUSINESS TIMES The group, which marks its 30th anniversary in 2025, runs 180 outlets across 17 brands including Nam Kee Pau, Eat, Malaysia Boleh and the halal-certified Encik Tan. It also operates four hawker centres in Buangkok, Hougang, Woodleigh and Bukit Batok West. Since 2021, the group's revenue has grown 10 per cent annually, and hit $210 million in 2024. It expects to make $230 million in 2025, and $400 million in 2030. The group, which marks its 30th anniversary in 2025, runs 180 outlets across 17 brands including Nam Kee Pau. PHOTO: LIANHE ZAOBAO In 2022, the group took over the local franchise of American fried chicken chain Popeyes, and has since rolled out more than 20 outlets across Singapore. Fuss-free convenience has always been the group's mantra. It is now trialling vending machines to serve hot bowls of laksa and fishball noodles, meant to match the quality of freshly prepared food at its Encik Tan outlets. Beyond further local expansion, its goal is to take Singapore's hawker culture overseas. It plans to debut its Encik Tan chain and dim sum brand Pao Pao in Jakarta by end-2025, followed by Malaysia in 2026. F&N Magnolia Milk Singaporeans of a certain age will remember drinking Magnolia milk out of its distinctive, pyramid-shaped tetra packs. Regular rectangle cartons have since replaced them, and the logo has been modernised over the years. The brand was founded in 1937 by British expatriate Fred Heron, who was at the time managing director of Cold Storage. He set up Singapore Dairy Farm in Bukit Timah in 1940, with 800 cows. It was in the 1950s that the pyramid packs were launched with the slogan, "The peak in quality in every household". Inside was pasteurised and homogenised milk, in plain or creamy versions. Over the decades, the brand has stayed on trend. It introduced low fat and reduced fat milk in the mid-1990s. Today, Magnolia's Low Fat Hi Cal milk is still sold in supermarkets. Long before oat milk became a thing, it launched low fat oat milk in 2006. In 2009, it launched Singapore's first yogurt drink. The brand was founded in 1937 by British expatriate Fred Heron, who was at the time managing director of Cold Storage. PHOTO: F&N FOODS Today, its product range includes Lactose Free Milk, High Protein Milk and limited-edition milk variations such as 2025's Low Fat Earl Grey Flavoured Milk and 2024's Salted Caramel Low Fat Flavoured Milk. Guan Hoe Soon Guan Hoe Soon's third-generation owner Jenny Yap (right) with her husband Raymond (standing, background) and parents (both seated) Mr and Mrs Yap Kow Soon. PHOTO: ST FILE Established in 1953, Guan Hoe Soon in 200 Joo Chiat Road holds the honour of being Singapore's oldest Peranakan restaurant. The family-run business has always remained in Joo Chiat, and in its current location since 2022. It is run by third-generation owner Jenny Yap. Her husband Raymond leads its team of chefs. He was trained by her father Yap Kow Soon, the son of founder Yap Chee Kwee, who used to work as a housekeeper for a Peranakan family. Its sister brands Straits Chinese in Cecil Street and Straits Chinese Signatures at the Esplanade Mall - also decked out in heritage elements such as old plates and photos - offer the same classical Peranakan dishes. Ayam Buah Keluak from Guan Hoe Soon. PHOTO: ST FILE These include signatures such as ayam buah keluak, babi pongteh and curry assam fish head. Hill Street Tai Hwa Pork Noodle It is the only hawker stall in Singapore with a Michelin star. Hill Street Tai Hwa Pork Noodle, located in Crawford Lane, draws long queues every day for its bak chor mee or minced pork noodles. Founder Tang Joon Teo started selling noodles in 1932 from a street cart stall in Hill Street. When he died, his family continued the business. In the 1990s, the shop moved to Marina Square, and in 2004, settled at its current location in Crawford Lane. His son, Mr Tang Chay Seng, 77, now runs it. Bak Chor Mee from Hill Street Tai Hwa Pork Noodle. PHOTO: ST FILE Bak chor mee stalls abound in Singapore. At Tai Hwa, the noodles - mee pok or the thinner mee kia - are tossed in chilli, vinegar and other seasonings, and topped with the minced pork that gives the dish its name, plus lean pork, pork balls and fried dried sole fish. What sets it apart is the large dose of black vinegar, which die-hard fans swear by. That is what gives the noodles zing. Islamic Restaurant The website for Islamic Restaurant proclaims: "Over 20 million plates served since 1921". That is a lot of Beryani, which is how it spells nasi briyani, that dish of spiced, fragrant basmati rice with meat. The restaurant in North Bridge Road is one of Singapore's oldest. And there is a reason for its location. North Bridge Road and nearby Arab Street were where traders from the Middle East settled when they came to Singapore in the 1900s. Founder M. Abdul Rahiman worked as head chef for one of these trading families, the wealthy and influential Alsagoffs. One of his special dishes was a Turkish-Indian style of briyani cooked in copper pots. The meat is marinated in a secret blend of about 25 spices. Mutton Beryani from Islamic Restaurant. PHOTO: ISLAMIC RESTAURANT He later opened Islamic Restaurant, serving Arab-Indian cuisine. It became a hit, and for more than a century, the primo venue for Muslim weddings and big events. Heads of state, Singapore's presidents and ministers, Malaysian sultans, they have all had that famous briyani. Islamic is also known for Roti Mariam, a cross between naan and prata, and eaten with sugar, condensed milk or curry. Legend has it that a street hawker named Mariam sold it from a pushcart in Kampong Glam. The restaurant hired her and put her roti on the menu. It is still there all these years later. Jian Bo Shui Kueh Chwee kueh from Tiong Bahru Jian Bo Shui Kueh. PHOTO: THE FULLERTON BAY HOTEL SINGAPORE In 1958, Mr Wang, a Teochew immigrant from Southern China, started selling chwee kueh at Tiong Bahru Market. Amid much steam, Jian Bo Shui Kueh, a Michelin Bib Gourmand pick since 2021, has grown into a chain. Chwee kueh, which in Teochew means "water cake", is a simple snack that is hard to master. Rice flour has to be mixed with the right amount of water - and that amount has to be adjusted depending on the batch of flour - to form cakes, which are steamed over a carefully controlled fire so they do not end up mushy. Although the OG stall in Tiong Bahru Market is still there and draws queues, the brand has more than 30 outlets in shopping malls, food centres and markets. Its chwee kueh has also been served in hotels as part of hawker promotions. What makes its rice cakes stand out is their smooth and springy consistency, and the killer topping. Chye poh, or preserved radish, is the main component. But Jian Bo adds a little something extra - fragrant sesame seeds. That, together with an umami chilli topping rich with dried shrimps, ensures the brand's longevity. Jigger & Pony Jigger & Pony has made waves well beyond Singapore's crowded bar scene. Since 2016, it has appeared every year on the list of Asia's 50 Best Bars, and since 2019, it has snagged a spot on The World's 50 Best Bars list. In 2024, it was No. 5, its highest ranking yet, on The World's 50 Best Bars list. Just this week, it landed at third place on 2025's Asia's 50 Best Bars list, behind Bar Leone in Hong Kong and Zest in Seoul. This makes it Singapore's best bar, out of the five here that made the list. Named after a measuring cup bartenders use, the bar was opened in 2012 in Amoy Street by co-founders Gan Guoyi and her husband Indra Kantono, both 41, with about $500,000. Clearly, that investment has paid off. Jigger & Pony co-founders Indra Kantono (left) and Gan Guoyi. PHOTO: JIGGER & PONY GROUP In 2018, they moved the bar to Amara Hotel, to a bigger space that seats 140. The group now runs seafood bistro Humpback, modern Italian restaurant Caffe Fernet, and Gibson and Live Twice bars in Singapore; and Cosmo Pony cocktail bar in Jakarta. Keng Eng Kee Seafood There are zi char eateries aplenty in Singapore, but none holds the superstar status of this family-owned business. What started as a hawker stall in the 1970s in Old Havelock Road has evolved into a zi char institution frequented by high-profile chefs and celebrities. Keng Eng Kee Seafood's third-generation siblings that run the business (back row), with their parents (seated). PHOTO: KENG ENG KEE SEAFOOD Its Alexandra Village flagship has hosted the likes of Hong Kong actress Charmaine Sheh, as well as singer Rain and chef Choi Hyun-seok of cooking competition Culinary Class Wars (2024) - both hailing from South Korea. Keng Eng Kee Seafood (KEK) opened outlets at Safra Tampines in 2022 and Safra Punggol in 2024. The Michelin-listed eatery gained international recognition on Netflix's Street Food: Asia (2019) series, and saw a surge in young diners after making a cameo in BTS member Jin's shot-in-Singapore music video in May. KEK's recent rise is driven by the Liew family's third generation - the formidable sibling trio of managing director Paul Liew, his executive chef brother Wayne, and their sister Jia Min, who runs the operations. Signature dishes across all outlets include claypot liver, chilli and black pepper crabs, housemade hei chor (fried prawn and pork rolls), Moonlight hor fun and coffee pork ribs. Keng Eng Kee Seafood's Salted Egg Prawn at Cafe Quenino. PHOTO: CAFE QUENINO It has also launched KEK's SG60 delights in collaborations with Cafe Quenino at Artyzen Singapore and Amara Singapore's Cafe Oriental. Khong Guan Biscuit Factory Khong Guan's popular (clockwise from left) Lemon Puffs, Sultana Biscuits and Fancy Gems. ST PHOTO: EUNICE QUEK No biscuits carry the same nostalgic bite as colourful Fancy Gems by the famed Khong Guan Biscuit Factory, established in 1947. These bite-size treats topped with sugar icing have inspired many Singapore-themed gifts - from cushions to earrings to tote bags. Even Milo Singapore got in on the action with its recent limited-edition plushie drop that included the iconic gem biscuit. Other popular Khong Guan biscuit offerings include Lemon Puffs and Sultana Biscuits, which have accompanied generations through school in snack boxes. Packs of different sizes continue to adorn supermarket shelves today, while large biscuit tins can still be found at old-school snack shops. Its mainboard-listed company Khong Guan Limited - incorporated in 1960 - also exports a diverse range of products to more than 30 countries worldwide. Packs of different sizes continue to adorn supermarket shelves today. ST PHOTO: EUNICE QUEK A key market is the United States, with the US-based Khong Guan Corporation set up in 1982. Its products are a comforting sight to homesick Singaporeans across Asian supermarkets and e-commerce platform run by Khong Guan Corporation's distribution company King Wai Trading. The 1872 Clipper Tea Co Singapore's oldest tea producer was first a jewellery boutique in High Street in 1872, before it was officially established as a tea brand in 1988. Over the decades, it has continued brewing new ideas to stay relevant. Today, its presence spans more than 40 countries, along with several retail locations and three tea bars in Singapore. The 1872 Clipper Tea Co at Jewel Changi Airport. PHOTO: THE 1872 CLIPPER TEA CO. Its latest tea bar launched in May at Jewel Changi Airport, featuring a Modbar Tea system that offers barista-brewing precision for its speciality teas. The cafe also serves tea affogatos with matcha or black tea espresso and signature tea cream puffs. To mark The Straits Times' 180th anniversary, the company co-curated a special blue-hued tea blend made with Ceylon green tea, infused with fruity lychee and pandan notes. And to celebrate SG60, Clipper Tea has collaborated with home-grown establishment PS Cafe to roll out a three-month tea-inspired menu. Available across all PS Cafe outlets from Aug 1 to Oct 31, the dishes are bold reinterpretations of local classics. One of them is Bak Kut Teh Birria Tacos ($18), with slow-cooked pulled pork braised in traditional bak kut teh spices and Clipper Tea's There For Me (spiced honey chai) blend. This blend is also made into a tea dust, infused into the tacos' sour cream, and made into a rich consomme to pair with the tacos. Another item, the Teh Tarik Ice Cream Bunwich ($16), showcases Clipper Tea's rich Black Tea Ice Cream, dusted with its aromatic Teh Tarik tea blend.
