Author: Michael Chen

Shakey’s Pizza Asia Ventures, Inc. (PSE: PIZZA), the Philippines’ chained full-service restaurant, has made its biggest move yet into the meat-free market, making available a plant-based burger across all of its outlets in the Philippines. PIZZA President and CEO Vicente L. Gregorio said, “Our so-called ‘Goood Burger’ tastes as good as any meat-based product out there, but is much healthier and friendlier to the environment.” Shakey’s is the first major restaurant chain in the Philippines to move into the plant-based format in a big way, making meat-alternative affordable and accessible to a broader segment of the population. The product’s patty…

The Indonesian government strives to rescue microenterprises from the impact of the Covid-19 pandemic. Given its vital role, the microenterprises sector has become a priority in the national economic transformation which is also supported by the Covid-19 Handling and National Economic Recovery Committee (KPCPEN). This was revealed in the “Dialog Produktif” dialogue with the theme “The Frontline Fighters for the Economy: Micro-Business Entrepreneurs” which was held by KPCPEN on Monday (9/11). he government launched the Bantuan Presiden Produktif Usaha Mikro (BPUM/Productive presidential aid for microenterprises) in August 2020. As of October, BPUM has reached around nine million microenterprises. Meanwhile, each…

Inmagene Biopharmaceuticals, one of China’s immunology drug development companies, has closed a $21 million Series B financing, led by Vertex Ventures China, and co-invested by Panacea Venture, Kunlun Capital, SCVC and a few other investors. The Series B financing will be mainly used to conduct global clinical trials, research and development, and product in-licensing activities. To date, Inmagene has raised over $40 million financing. Inmagene is a leading drug development company focused on immunology-related therapeutic areas. Its management team has strong global experience and is deeply rooted in China. In prior experience, the team members in-licensed over 30 global products for China,…

Philippine-listed First Gen Corporation announced that it has signed a Joint Cooperation Agreement with Tokyo Gas Co Ltd for the next phase of their joint development of FGEN LNG Corporation’s Interim Offshore LNG Terminal project. The project is located at First Gen’s Clean Energy Complex in Batangas City. With the signed agreement, the parties will now transition from the development phase under the Joint Development Agreement (JDA) which initially governed First Gen and Tokyo Gas’s relationship since December 5, 2018. The JCA is a preliminary agreement between the parties to jointly pursue the design, development, testing, commissioning, construction, ownership and…

Vista Land & Lifescapes, Inc., one of the Philippines’ leading integrated property developers and the country’s largest homebuilder took home the Most Innovative Community Developer award at The Global Economics Awards 2020. “We are delighted to be conferred with this Most Innovative Community Developer Award as this serves as a testament to the innovations we are doing in all our Vista Land communities. However, aside from this recognition, what pleases us more is the fact that the Company continues to provide the Vista Land standard of Living to our residents through our integrated property developments across the country most especially…

Sitel joins fellow call centers in the Philippines to support the Call Center Association of the Philippines’ (CCAP) fundraising project in partnership with Caritas Manila. The joint fundraiser brought together business process outsourcing (BPO) firms to raise funds to help alleviate the situation of less fortunate families in Manila battling the impact of COVID-19. Through the combined efforts, CCAP was able to pledge P4.3M in donations on behalf of its member companies and help over 1,600 families in need. “We discovered Caritas Manila’s program early in the Enhanced Community Quarantine,” shared Jay Santisteban, Operations Director, CCAP. “So we put out…

Dewpoint Therapeutics, the biomolecular condensates company, announced today that it has forged an exclusive collaboration agreement with Merck (NYSE:MRK), known as MSD outside the United States and Canada, to apply Dewpoint’s proprietary platform for condensate-based drug discovery to the development of a novel mechanism for the treatment of HIV. Biomolecular condensates are droplet-like structures that form dynamically within cells when diverse “communities” of proteins, RNAs, and other biomolecules come together through a process called phase separation. Though condensates have been visible through the microscope for more than a century, new research has only recently revealed them to be key players…

Tilman J. Fertitta and Landcadia Holdings II, Inc. (NASDAQ: LCA) announced today that Landcadia II has entered into a Purchase Agreement to acquire Golden Nugget Online Gaming Inc, a US online real money casino owned by Tilman Fertitta, recognized by both its peers and customers alike as the industry leading online casino that brought Live Dealer to the US market place. Landcadia II is a publicly traded special purpose acquisition company co-sponsored by Fertitta Entertainment, Inc. and Jefferies Financial Group Inc. GNOG will become only the second pure publicly traded online casino company in the US. The transaction is expected…

MANILA, Philippines -Global investment firm KKR & Co today announced that Valorous Asia Holdings, its Singapore-based subsidiary, has accepted all of the 427,041,291 common shares of First Gen Corporation (PSE: FGEN) that were tendered by shareholders at the close of the tender offer, representing approximately 11.9% of First Gen’s outstanding common shares. The Offeror intends to acquire all of these tendered common shares at a price of ₱22.50 (US$0.45) per common share on July 1, 2020, the cross date previously set out in the Offeror’s tender documents, representing a total investment value of ₱9.6bn (US$192.2mm). First Gen is one of…

JAKARTA – Early-stage tech investment firm East Ventures announced that it has reached the first close on a new venture fund for innovative startups in the region. The new seed fund, which has a target of $88 million, is designed for digital companies emerging in the post-lockdown aftermath of the COVID-19 pandemic. It will be the firm’s eighth investment vehicle to date. As the world has slowed down in the time of COVID-19, businesses in the region continue to struggle and lives have been changed forever. Local entrepreneurs are forced to rethink how they operate, understand what is truly essential,…

TiMi Studios, a subsidiary of Tencent Games, announced a new partnership with SNK CORPORATION, a leading Japanese game company, to develop a new yet-to-be-named mobile game for the classic arcade franchise Metal Slug. Originally developed for the beloved Neo-Geo arcade machines and home consoles, Metal Slug and the game’s Peregrine Falcon Squad have been fighting against enemy combatants, aliens, and supernatural foes since the series launched in 1996. “Metal Slug has such an amazing history of great action and gameplay so we’re proud to bring this to mobile gamers around the world,” SNK Game Producer Yasuyuki Oda said. “We’re happy…

Southeast Asia’s eCommerce platform Lazada Group announced today that Chun Li will be appointed Group Chief Executive Officer to drive the company’s next phase of growth under an accelerated digitalization landscape in the region. With his deep experience in technology architecture and product strategy, Li will further strengthen Lazada’s competitive advantage through data technology application and business localization across the six markets. Having served as both President and Lazada Indonesia CEO over the last three years, Li has an intimate understanding of Lazada’s business and market landscape. Li will succeed Pierre Poignant, who will become special assistant to Alibaba Group…

PHILIPPINES – Apex Mining Co (PSE:APX) reported consolidated net earnings of P119 million in the first quarter of 2020, 58% higher than the P75 million earnings for the same period in 2019, according to its latest financial statement. Parent Company earnings before share of subsidiaries’ losses was 45% higher at P125 million from P86 million reported last year. Lower operating costs and expenses provided for the higher earnings. This was in part a result of the 5% lower milling throughput of 158,834 tonnes for the quarter in 2020, as compared to 167,200 tonnes in 2019 which thus far is the…

The gambling industry is perhaps one of the fastest-growing sectors today. In fact, Globe Newswire reports that the online gambling market is projected to grow to $66.7 billion by the end of 2020, due in part to current social distancing and quarantine measures. But what really pushes the growth of the online gambling industry is the constant innovation of the technology behind it. Coupled with the continuing improvement of worldwide welfare, virtual wagering activities like sports betting are gaining ground in countries that formerly had strict gambling policies ⁠— especially the ones in the Asia-Pacific region. Here, we’ll take a…

CryoLife Inc, a New York-listed cardiac and vascular company focused on aortic disease, announced that it intends to offer $100 million aggregate principal amount of convertible senior notes due 2025 in a private placement. CryoLife also intends to grant the initial purchasers of the Notes an option to purchase, within a 13-day period beginning on, and including, the date on which the Notes are first issued, up to an additional $15,000,000 aggregate principal amount of the Notes. The Notes will be senior unsecured obligations of the company. The Notes are expected to pay interest semiannually and will mature on July…

Greensill, a London-based PE-backed provider of working capital finance for companies, has acquired Latin American digital lender Omni for an undisclosed amount. According to an announcement, Greensill’s acquisition of Omni will help it accelerate its global growth strategy. Omni, which lends to SME suppliers of large companies in Chile and Colombia, was founded in 2018 by fintech pioneers Diego Caicedo, Charlie A. Cliff, and Andres Abumohor. In the last three years, the company has provided $300 million of financial solutions to more than 5,000 clients. Greensill research shows that the market for working capital finance Latin America is worth $750…

INDONESIA – Alpha Investment Partners Limited, PT Asuransi Jiwa Manulife Indonesia, a subsidiary of Manulife Financial Corporation, and PT Mega Manunggal Property Tbk (MMP) have entered into a new venture that will focus on Indonesia’s fast-growing logistics property sector. Comprising Keppel-MMP Indonesia Logistics Fund Private Limited and an Indonesian parallel fund and co-investment capital from Manulife, the Venture has an initial target size of US$200 million and will acquire and manage logistics properties in Indonesia. The venture is subject to the fulfillment of certain condition precedents, including the completion of the acquisition of the initial portfolio. Alpha, a private fund…

Singapore-based financial startup Tonik Financial Pte Ltd is launching its digital bank in the Philippines, with a target start of commercial operations in Q3 of this year, according to a company announcement. Tonik’s launch in the Philippines is even boosted by a $21-million Series A equity funding round, which was led by investors Sequoia India and Point72 Ventures, with backing from previous investors Insignia and Credence. The fresh funding will be used to launch Tonik Digital Bank Inc, which was recently granted its own bank license by the Bangko Sentral ng Pilipinas, the country’s central bank. In the company’s estimates,…

MANILA, Philippines – Gotianun-led lender EastWest Bank has informed the Philippine Stock Exchange of its plans to book P10 billion in preemptive loans provisions this year. The bank reported to its shareholders that as of April 2020, it is almost halfway to its target with total provisions at P4.5 billion. It reported a net income for the first four months of 2020 of P2.7 billion. “We were on a roll after our banner year in 2019. This year is supposed to be even much better, but it was not to be due to the pandemic. We are nevertheless happy that…

Filinvest Land Inc (FLI), the Philippine-listed property arm of Gotianun-led Filinvest Development Corporation (FDC), bared its business continuity plans for the remainder of the year in the light of the current COVID-19 crisis. “Close to half of our revenues come from our rental or investment properties. We will continue to grow this segment. Based on an international appraisal company, our existing investment portfolio and those under construction are valued at Php190 Billion.” said FLI President and CEO Josephine Gotianun Yap. The company prepared a re-entry program post-Enhanced Community Quarantine (ECQ) that addresses three major issues in the areas of finance,…