Latest news with #AnshumanDaga
The Star
a day ago
- Business
- The Star
Grab says it's not in talks to buy GoTo ‘at this time'
FILE PHOTO: A Grab logo is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore March 21, 2019. REUTERS/Anshuman Daga/File Photo Grab Holdings Ltd. said it isn't in talks to acquire Southeast Asia internet peer GoTo Group "at this time,' signaling it's halting or at least pausing a planned US$7bil acquisition of its Southeast Asia internet peer. "The parties are not involved in any discussions at this time and Grab has not entered into any definitive agreements,' Grab said in a statement Monday. "Indonesia continues to be an important country in serving our mission as we continue to outserve our Indonesian customers, driver- and merchant-partners.' Singapore's Grab and Indonesia's GoTo had made headway on a potential deal structure, but the pace of talks had slowed recently over concerns about potential regulatory demands, Bloomberg News reported previously. Indonesia's antitrust agency said in May it would look into potential risks and urged the companies to ensure any deal won't create a monopoly. - Bloomberg
The Star
4 days ago
- Business
- The Star
Indonesia wealth fund considers stake in Grab-GoTo deal, Bloomberg News reports
FILE PHOTO: A Grab logo is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore March 21, 2019. REUTERS/Anshuman Daga/File Photo (Reuters) - Newly-launched sovereign wealth fund Danantara Indonesia is in early talks with GoTo to get a piece of U.S.-listed rival Grab's potential buyout of the ride-hailing and food delivery firm, Bloomberg News reported on Friday. The fund is seeking a minority stake in the combined entity, which could help ease the Indonesian government's concerns of Singapore-headquartered Grab owning the country's biggest tech firm, the report said, citing people familiar with the matter. Indonesia's antitrust regulator last month started research aimed at identifying risks from a possible deal between the tech giants, who have yet to confirm merger talks. Grab is looking to strike a deal in the second quarter, and could value GoTo at around $7 billion, sources with knowledge of the matter told Reuters last month. The companies have made progress on the structure of the deal, but talks had slowed down recently due to potential regulatory demands, Bloomberg News said. Indonesia launched Danantara in February, aiming to invest in a wide range of projects from metal processing to artificial intelligence. It will hold government stakes in state firms and is intended to operate like Singapore's investment arm Temasek. GoTo declined to comment, while Danantara Indonesia and Grab did not immediately respond to requests for comments. (Reporting by Aaditya Govind Rao in Bengaluru; Additional reporting by Shivangi Lahiri in Bengaluru)
The Star
22-05-2025
- Business
- The Star
SingTel posts 9% annual profit rise, unveils US$1.5 billion buyback plan
FILE PHOTO: A Singtel booth is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore March 21, 2019. REUTERS/Anshuman Daga/File Photo SINGAPORE Telecommunications reported a 9% rise in annual profit on Thursday, driven by solid performances from its Optus unit and regional associate Airtel, and announced a S$2 billion ($1.55 billion) share buyback over the next three years. SingTel, Southeast Asia's largest telecom firm, said its underlying net profit for the full year ended March 31 was S$2.47 billion, up from S$2.26 billion a year earlier, but slightly below the Visible Alpha consensus estimate of S$2.56 billion. Optus reported a 5.7% growth in full-year earnings due to improved core mobile performance. Post-tax contributions from the company's associates grew 13%, mainly driven by India's Bharti Airtel, which nearly doubled its quarterly profit on higher tariffs and subscriber growth. "Notwithstanding the company's encouraging performance, macroeconomic and geopolitical uncertainties caused by volatility in tariff policies persist," CEO Yuen Kuan Moon said in a statement. While tariffs have no direct impact on the company's business, which is primarily in services, the trade conflict could affect it indirectly through softer consumer and business sentiment, SingTel said. The telecoms firm expects earnings before interest and taxes (EBIT), excluding contributions from associates, to grow in high-single digits in fiscal 2026. Its EBIT grew 20% in fiscal year 2025. After selling a 1.2% stake in Airtel for S$2 billion last week, SingTel said it has surpassed half of its S$6 billion mid-term asset recycling target and has now raised the goal to S$9 billion. "The progress we've made in our ongoing capital management puts us in a position to return more to shareholders," CEO Moon said. The company declared a final dividend of 10 Singapore cents per share, higher than 9.8 cents declared last year. ($1 = 1.2899 Singapore dollars) - Reuters
