Author: Business News Asia

Yellow Cab Pizza is opening its first store in Vietnam through a partnership between Yellow Cab owner Max’s Group Inc (PSE:MAXS) and Vietnam’s Blue Star Food Corporation. Here are some fast facts about Yellow Cab Pizza’s debut in Vietnam: Max’s Group and Blue Star Food to Open a Dozen Yellow Cab Pizza Stores in Vietnam Vietnam will soon see at least 12 Yellow Cab Pizza stores within five years. The deal between Max’s Group and Blue Star Food marks the first development agreement signed by Max’s Group for 2017, translating to a total international pipeline of 165 outlets slated to…

AirAsia India, an Indian low cost carrier headquartered in Chennai, is set to start international operations in the second half of this year and raise its total fleet aircraft to 20 by mid 2018. The airline currently has eight aircraft in its fleet but the law requires a minimum of 20 airplanes to fly on international routes. In a statement, AirAsia India Chief Executive Officer Amar Abrol said the airline will have 14 aircraft in the fleet within this year, depending on the business performance. “And, we will add another six planes by the middle of the next year. Then…

World Trade Center Melbourne, one of Melbourne’s largest integrated waterfront office complexes strategically located on the banks of the Yarra River, has been sold for $267.5 million. Abacus Property Group with joint venture partners KKR and Riverlee Group have exchanged contracts for the sale of World Trade Center in Melbourne. Abacus and KKR purchased 70% of the property from Riverlee Group in October 2014 for $120.4 million, valuing the entire property at $172 million at the that time. Abacus owns 17.5% interest in the joint venture. The management team initiated a number of asset management strategies that improved occupancy from…

MGC Pharmaceuticals (ASX:MXC) has completed the acquisition of Czech-based medical cannabis firm PANAX Pharma s.r.o. (Panax) for a still undisclosed amount. The Australian Securities Exchange-listed firm announced that pursuant to its announcement dated 15 December 2016, it has settled on the binding heads of agreement to acquire up to 100% equity in Czech-based company. Completion follows the recent finalisation of independent legal due diligence on the Panax acquisition, operation of the business in the Czech Republic, together with finalisation of the formal research agreement with the IEB AS. Panax and MGC Pharmaceuticals’ executive team will now collaborate to develop a…

AUSTRALIA – QMS Media Limited (ASX:QMS) has paid up to $14.5 million to acquire 39 large format billboards throughout Victoria from Total Outdoor Media (TOM). In a disclosure to the Australian Securities Exchange (ASX), QMS Media said the billboard assets will be acquired in tranches with final completion scheduled for not later than the end of this year. “The average tenure of the underlying leases is more than 10 years. It is expected that the assets will start contributing earnings during FY18 as they are progressively acquired by QMS,” the company disclosed. The transaction is forecast to be EPS accretive…

Doha Bank, the third-largest lender in Qatar, will be presenting business opportunities created by the country’s hosting of the 2022 FIFA World Cup to South Korean financial firms and builders. Doha Bank is hosting a seminar in Seoul for Korean firms interested in investing in the Persian Gulf region, according to Doha officials. The officials said there will be business opportunities for Korean financial institutions and construction firms to build sports stadiums, transportation networks and hotels as the Qatari government prepares to host the 2022 FIFA World Cup. Doha Bank has four business groups – wholesale banking, retail banking, international…

Japanese Ambassador Kazuhide Ishikawa turned over Appari and Guian Radar Stations to the Philippine Atmospheric Geophysical and Astronomical Services Administration (PAGASA) for the Japan-funded Improvement Project of the Meteorological Radar System. The ceremony was also attended by H.E. Fortunato De La Peña, Secretary of Science and Technology. The project is funded by ODA grant aid amounting to 3.35 billion yen (approximately 1.46 billion pesos) from the Government of Japan. The project aims to effectively prevent damages that tropical cyclones and other severe weather phenomena may cause, by enhancing the weather monitoring and weather information/warning dissemination capability of PAGASA. Protection of…

Southeast Asia’s ride-hailing platform Grab is investing up to US$700 million in Indonesia over the next four years, according to the country’s Investment Coordinating Board, the Badan Koordinasi Penanaman Modal (BKPM). Here are the quick facts about Grab’s US$700 million Indonesia investment: Grab 4 Indonesia Master Plan The investment, dubbed “Grab 4 Indonesia” master plan, supports Indonesia’s goal of becoming Southeast Asia’s largest digital economy by 2020, the BKPM said. BKPM chief Thomas Lembog said Grab’s master plan underscores Indonesia’s conducive business climate. READ ALSO: Grab Picks Adyen as Payment Solution Partner in SE Asia Despite Challenges, Uber to Further…

Japan’s Prime Minister Shinzo Abe recently committed to the Philippines loan funds amounting to 1-trillion-yen or P440-billion in financing and investment. The large influx of financial aid has prompted many Japanese businessmen to gear up for utilization of these funds. According to analysts from the Bank of Tokyo-Mitsubishi UFJ Ltd. (BTMU), a global project financing giant, many companies have been preparing funds and joint ventures after Prime Minister Abe’s pledge. Many of these Japanese firms have been looking for local partners. Many Japanese investors, particularly in the construction and infrastructure clusters, are trying to get investments in the Philippines. These…

PHILIPPINES – Cebu Landmasters Inc (CLI), the top Cebu-based developer with the second highest market share of residential condominium units in Cebu, is projecting an investment amounting to Php12 billion (US$241 million) to finance its expansion plans in the Visayas and Mindanao this year. CLI Chairman and Chief Executive Officer Jose R. Soberano III disclosed during a press briefing that the amount will finance new projects in the cities of Cebu, Davao, Cagayan de Oro, Bacolod, Iloilo and Dumaguete. Ranked the leading developer based in Cebu by CBRE Philippines (Santos Knight Frank), Cebu Landmasters registered sales of Php2.18 billion in…

LANAO DEL SUR, Philippines – An Indonesian terror suspect was among the 15 suspected terrorists killed in the latest operation launched by the Armed Forces of the Philippines (AFP) in Butlig, Lanao del Sur. Major General Carlito Galvez, commander of the Western Mindanao Command of the AFP, identified the Indonesian terror suspect as a certain Mohisen. AFP Public Affairs Office chief Marine Col. Edgard Arevalo said a number of foreign terrorists were among those killed. The AFP launched airstrikes on 26 January on areas reportedly used as camping sites of Abu Sayyaf Group (ASG) leader Isnilon Hapilon. Among those killed…

BASILAN, Philippines – Two children, aged 2 and 5, reportedly died while three others are seriously injured in an explosion that rocked the village of Danapah in Albarka, Basilan, south of the capital. Reports reaching the Western Mindanao Command (WestMinCom) of the Armed Forces of the Philippines showed that the explosion occurred past 11 am Sunday, killing Niyadz Pising, 2, and Ombek Akbar, 5. Initial reports showed that the victims and their relatives were playing on the area when one of them accidentally stepped into a planted bomb. The AFP immediately said the group of Abu Sayyaf Group leader Furuji…

THAILAND – D8ii Ltd., also known as D8, a digital consultancy, technology, research and innovation solutions company based in Thailand is boosting its reach to Bangkok businesses as a strategic tech partner and also setting up a graduate training program. The BOI company, run by an international team skilled in developing and implementing Silicon Valley business models, also announced a new fundraising round of US$3 million (approximately THB 105 million). Kuvera Capital Group, a Thailand-based investment company, will lead the opening of this investment round. The investments will enable D8 to increase its HR capacity to meet demand from Thai…

Ant Financial, the financial arm of Chinese e-commerce giant Alibaba, is further expanding its global footprint with the acquisition of American money transfer firm MoneyGram for nearly US$900 million. The acquisition, which still needs approval from stockholders and regulators, will give Ant Financial access to MoneyGrams network of 2.4 billion bank and mobile accounts as well as to 350,000 physical locations. Ant Financial said it will connect the money transfer firm’s vast network to its users in China and around the world. Eric Jing, CEO of Ant Financial Services, said the acquisition of MoneyGram is a significant milestone in the…

In line with plans to anchor its presence in the largest economy in Southeast Asia, Frasers Hospitality Group, a division of Frasers Centrepoint Limited, will be launching Fraser Suites Kuningan in 2017. This will be the group’s fourth property launched, with another five in the pipeline, bringing its Jakarta portfolio to a total of nine by 2019. Fraser Suites Kuningan is part of the prestigious Ciputra World 2 Jakarta, an iconic mixed-use development in the heart of Jakarta’s Golden Triangle. The luxurious 210-unit serviced residence is the newest addition to Frasers Hospitality Group’s growing footprint in the Indonesian capital, putting…

The following listed companies in the Philippines made announcements before the Philippine Stock Exchange (PSE) opened Tuesday that could affect the trading of their shares: STI Education Systems Holdings (PSE:STI) welcomed the news of the high credit rating of PRS Aa assigned by Philippine Rating Services Corporation (PhilRatings) for the P3-billion issue of its subsidiary, STI Education Services group. PRS Aa is the second highest rating category on the existing credit scale of PhilRatings. Obligations rated PRS Aa are of high quality and are subject to very low credit risk. READ ALSO: Fast Facts on Megaworld’s (PSE:MEG) P30-B Bond Shelf…

The following listed companies in Singapore made announcements before the Singapore Exchange (SGX) opened Tuesday that could affect the trading of their shares: Ascott Residence Trust (SGX:A68U) announced that Unitholder’s distribution for FY 2016 grew 9 percent to a record high of SGD135 million. Revenue for the period also increased 13 percent to SGD475.6 million and gross profit grew 9 percent to SGD222.2 million, mainly contributed by Ascott Reit’s acquisition in 2015 and 2016. “Ascoss Reit achieved solid distribution per unit growth and record-breaking distributable income for FY 2016. The strong performance was due to our acquisitions of quality assets…

Cambodia’s Economy and Finance Ministry officials said the country’s economic growth could hit 7% this year, the same growth rate that Cambodia achieved last year. A ministry report showed that Cambodia’s Gross Domestic Product (GDP) could reach nearly US$22 billion this year. The kingdom’s economy is mainly driven by garment export, construction, tourism and agriculture. “We project the growth of 7 percent in 2017 and in the medium term,” Economy and Finance Ministry Secretary of State Vong Seyvisoth said in the 2017 Cambodia Outlook Conference. The industrial sector, mainly garment and construction, is projected to increase by 10.66% this year,…

After months of investigating, Samsung Electronics finally found the root cause of fires in some of its flagship Galaxy Note 7s. In a press conference in Seoul, Samsung said battery defects caused some of its Galaxy Note 7s catching fire, resulting to property damages and injuries. The company said the mix of thin battery design and other manufacturing issues caused the Note 7s to catch fire or explode. READ ALSO: Samsung Takes Off Logo on Galaxy S6, Galaxy S6 Edge in Japan Batteries, carried by the fiery gadgets, had thin separators, which insulate the cathode from the anode. It raised…

MYANMAR – First Private Bank (FPB), the oldest bank in Myanmar, officially becomes the fourth company listed on the Yangon Stock exchange on 20 January. FPB, also the second listed bank on the local bourse, now joins First Myanmar Investment, Myanmar Thilawa SEZ Holdings Public Ltd,a nd Myanmar Citizens Bank (MCB) Limited. First Myanmar Investment listed on 25 March 2016 while Myanmar Thilawa was listed on 20 May 2016. MCB was listed on 26 August 2016. A GIZ report released late last year showed that FPB and MCB each account for around 1% of total domestic banking sector assets. There…