The trade was part of the Income Insurance Share Liquidity Program launched by Alta, through Alta’s exchange arm AltaX, and PSPL in January this year. The program provides a liquidity solution to almost 16,000 shareholders holding shares valued as much as S$840 million (US$619 million).
Additional windows for Income Insurance shareholders to sell their shares to PSPL will follow this first window, later this year.
This liquidity program enables all shareholders of Income Insurance to reach out to PSPL to sell their shares. PSPL would then sell these shares on AltaX where they then become available to investors for trading.
Investors will be able to trade these shares seamlessly on AltaX, taking advantage of the digital exchange’s market participants, which includes an active global community of traders and market makers.
Kelvin Lee, Chief Executive Officer, Alta said, “Today’s inaugural trade for Income Insurance, marks a significant milestone in the evolution of private market liquidity. Shareholders, who have predominantly held Income Insurance shares for decades, now have a means to monetize their investments—a possibility that simply did not exist prior to the launch of this liquidity program.”
“Platforms such as Alta are reshaping the trajectory of private companies, providing them with the means to prolong their private status while accessing a diverse array of capital sources. Since the program’s inception in January, we’ve witnessed an overwhelming influx of inquiries from major unlisted entities worldwide. This surge underscores the profound impact of our technology-driven exchange, not only in fostering value creation but also in promoting financial inclusivity across the global economy,” added Kelvin.
Luke Lim, Managing Director, Phillip Securities added, “We are proud to pioneer the Income Insurance Share Liquidity Program in partnership with Alta. This collaboration not only underscores our dedication to delivering value to our clients but also reinforces our position as a leader in driving positive change in the industry. Through this partnership, Phillip Securities has enabled Income Insurance shareholders to seamlessly monetise their investments while AltaX provides institutional and accredited investors with unprecedented access to Income Insurance shares, along with a host of other alternative assets. Together with Alta, we’re shaping the future of trading alternative investments.”
Since inception, Alta has aimed to solve the issue of private market illiquidity by providing a secure exchange for buyers and sellers to trade in private shares. Besides Income Insurance, shares or funds of companies like SpaceX, Open AI, Epic Games, Discord, Bytedance, Hamilton Lane etc. have listed and traded on AltaX.
To date, Alta completed transactions worth US$700 million and enabled investments into over 100 unique companies. Trading volumes on Alta have shown a significant year on year growth, with an increase of over 300 per cent in order volume, from US$32 billion in 2022 to US$141 billion in 2023.
[1] Net Asset Value as of 2022
About Alta
As the leading licensed digital securities exchange for alternative investments in Asia, we are building critical capital market infrastructure backed by the most active securities brokerages and bookrunners on the Singapore Exchange – Phillip Securities, PrimePartners and Nomura Holdings (Japan).
Empowering Private Markets: Through our Digital Exchange, we enable the tokenization and digital custody of alternative assets. This end-to-end solution simplifies and expedites the trading of smaller asset blocks, ultimately facilitating access and liquidity in private markets. We believe that access to capital markets are pivotal in all economies, we recognize that our role in building this critical infrastructure goes beyond facilitating trades; it paves the way for entrepreneurship, job creation, financial inclusion, and economic resilience, fostering a brighter future for emerging markets and economies.
Innovative Financial Ecosystem: Our journey has seen us transition from securities trading and distribution of comprehensive products, including equities, private credit, funds, and asset-backed securities representing real world assets like whiskies, wines, to include fund management and digital custody.
Since inception in 1975, PhillipCapital has grown into an integrated Asian financial house with a global presence, offering a full range of quality and innovative services to retail and high net worth individuals, family offices, as well as corporate and institutional customers.
Today, PhillipCapital headquartered in Singapore, operates in the financial hubs of 15 countries, including offices in Australia, Cambodia, China (and Hong Kong SAR), India, Indonesia, Japan, Malaysia, Singapore, Spain, Thailand, Turkey, UK, UAE, USA and Vietnam, serving over 1 Million clients with Assets Under Management of total more than USD 35 Billion.
NOTE TO EDITORS For media inquiries, please contact: PRecious Communications for Alta alta@preciouscomms.com
Shopee‘s logistics service partners have expressed their support for continued partnerships with the e-commerce company, citing the positive impact on their businesses and communities.
PT Tiki Lintas Nugraha Ekakurir, known as JNE, noted it had successfully collaborated with Shopee as a logistics partner for the past eight years. “Our strong relationship with Shopee is grounded in our joint commitment to developing the digital economy and integrating JNE’s logistics system with Shopee technology,” JNE SVP and Marketing Group Head Eri Palgunadi said.
Since 2016, the partnership has seen significant success, as the demand for logistics services driven by the increasing number of MSME players utilizing Shopee’s sales channels continues to surge. The 33-year-old company plans to continue working with Shopee, and remains committed to innovating its technology and services to support the growth of Indonesian MSMEs.
On May 28, the state-owned courier and logistics service company PT Pos Indonesia (PosID) awarded Shopee as Best Private Partner in a ceremony for partners who consistently support PosID’s work programs in the logistics sector.
Haris, PosIND’s Director of Financial Services Business, noted “As a postal operator, courier service provider, and logistics provider, we are proud to serve millions of Shopee users by connecting sellers to buyers in 514 cities and regions in Indonesia,” he said.
Previously, it was reported that the Business Competition Supervisory Commission (KPPU) suggested that Shopee deliberately discriminated by mass activating select delivery service companies on its seller dashboard.
The Chairman of the E-commerce Logistics Entrepreneurs Association (APLE), Sonny Harsono, offered a different take, explaining that the priority mechanism for couriers is part of a marketing strategy, not an attempt to monopolize. Furthermore, the techniques benefit consumers.
Sonny explained that from his observations, Shopee still provided courier service options in addition to those affiliated with the company. “Therefore, it does not meet the classification of monopoly or oligopoly,” he explained when contacted on Thursday (30/5/2024).
There are more than three courier services on the Shopee platform, leading Sonny to suspect a misinterpretation of the marketing pattern as a violation of healthy business competition regulations, as outlined in Law No. 5 of 1999. “Our concern is that the cross-selling or cross-promotion interpretation is being misunderstood as an attempt at monopolization. Furthermore, buyers can change their delivery provider after check-out,” he said.
“In our opinion, since Shopee still uses other logistics or courier providers, Shopee is merely utilizing marketing techniques to make services more attractive for the broader public.”
The 16th Annual Global CSR & ESG Summit & Awards™ 2024 came to a triumphant close, marking yet another milestone in the realm of achievable corporate social responsibility (CSR) and environmental, social, and governance (ESG) initiatives.
Mr Matthias Gelber, also known as the “green man,” officially opens the summit, recognized for his strong commitment to sustainability and his iconic green shirt.
Hosted by The Pinnacle Group International, in collaboration with our esteemed co-organizer, the Sustainable Technology Centre, this year’s summit brought together industry leaders, policymakers, and experts to explore innovative strategies and solutions towards a sustainable future.
Ms Aparna Rajesh, Consultant, Sustainability & Academic Interface, Apac at Tata Consultancy Services, shares insights on leveraging employee talent, business models, and assets for impactful transformation.
The event witnessed insightful discussions, engaging panels, and thought-provoking keynotes, delving into pressing issues such as climate action, diversity and inclusion, ethical governance, and community engagement. Attendees gained invaluable perspectives and actionable insights, fostering collaborations to drive positive change across sectors.
Mr Aru David, Director of Assist in the Mekong Region, moderates a panel on Efficient ESG Governance, Transforming Commitments into Measurable Actions. The panel features Mr Pham Hai Au from PwC Vietnam, Mr David Jackson from Avison Young and Ms Mai Thi Thanh Huong from Sanofi. (Left to Right)Dr. Stefan Phang, Global Director of Sustainability & Creating Shared Value at Solenis, moderates a panel on Elevating Governance from Good to Exceptional, Advocating for Diverse Talent through Actions, Not Just Words. The panel features Dr. Ir. William L Nolten from ReXil Asia, Ms Nusheen Nalwala from Tata Consultancy Services, Mr Florian Johannes Beranek from the Central and Eastern European Chamber of Commerce in Viet Nam, and Mr Victor Dulait from the Belgian-Luxembourg Chamber of Commerce in Viet Nam. (Left to Right)Prof. Dr. Geoffrey Williams, Founder of Williams Business Consultancy, moderates a panel on Opportunity and Risk: Linking ESG to Strategy for the Creation and Preservation of Sustainable Long-Term Value. The panel features Mr Andika Dwi Saputra from Evermos, Mr Ts. Mahmood Long from Sarawak Energy, Ms Vu Tra My from Home Credit Vietnam, and Mr Rahul Gupta from McKinsey & Company. (Left to Right)
Highlights of the Summit:
Keynote Address: Ms Aparna Rajesh, Consultant, Sustainability & Academic Interface, APAC, Tata Consultancy Services, delivered an inspiring keynote on “How Corporates Can Leverage Their Employee Talent, Business Models, And Assets to Create Deep Impact That Drives Transformational Change.”
Panel Discussion: “Opportunity and Risk: Linking ESG To Strategy for the Creation and Preservation of Sustainable Long-Term Value,” moderated by Prof. Dr. Geoffrey Williams, Founder and Director of Williams Business Consultancy Sdn Bhd, featured panelists including Mr Ts. Mahmood Long from Sarawak Energy, Mr Andika Dwi Saputra from Evermos, Ms Vu Tra My from Home Credit Vietnam, and Mr Rahul Gupta from McKinsey & Company.
Panel Discussion: “Elevating Governance from Good to Exceptional: Advocating for Diverse Talent through Actions, Not Just Words,” moderated by Dr. Stefan Phang, Global Director of Sustainability & Creating Shared Value at Solenis, with panelists including Dr. Ir. William L Nolten from ReXil Asia, Ms Nusheen Masters from Tata Consultancy Services, Mr Florian Johannes Beranek from the Central and Eastern European Chamber of Commerce in Vietnam, and Mr Victor Dulait from the Belgian-Luxembourg Chamber of Commerce in Vietnam (BeluxCham).
Topic: “Enhancing Healthcare Accessibility and Sustainability” featured Ms Le Thuy Anh, CEO of Vinmec Healthcare System, who shared insights into Vinmec’s dedication to CSR & ESG principles.
Topic: Ms Rohini Samtani, Sustainability Solutions Manager at S&P Global Sustainable1, led a discussion on “ESG Ratings and Transparency: Advancing Sustainable Finance.”
Topic: Mr Lokender Singh and Mr Desmond Soh, Co-founders of Nutri-Buddy Pte Ltd, shared their expertise on “Sustainable Food Practices: Essential ESG Factors for the Food & Beverages Industry.”
The event ended with a final thought by Guest Speaker and Advisor Prof. Dr. Richard David Hames, Founder & Executive Director of the Centre for The Future and Fellow of the World Academy of Art & Science, Advisor to Sustainable Technology Centre. He encouraged attendees to continue their good efforts in CSR and ESG initiatives, emphasizing that continuous efforts will contribute to making the world a better place.
We extend our heartfelt gratitude to our co-organizer, the Sustainable Technology Centre, for their unwavering support and dedication in making this summit a resounding success. Their commitment to sustainability and technological innovation has been instrumental in advancing our shared mission.
S&P Global Sustainable’s Sustainability Solutions Manager, Ms Rohini Samtani, leads a discussion on ESG Ratings and Transparency: Advancing Sustainable Finance.Co-founders of Nutri-Buddy Pte Ltd, Mr Lokender Singh and Mr Desmond Soh, share expertise on Sustainable Food Practices: Essential ESG Factors for the Food & Beverages Industry.
We are also immensely grateful to our sponsors, S&P Global Market Intelligence and Nutri-Buddy Private Limited, whose generous support has played a pivotal role in bringing this event to fruition. Their commitment to promoting sustainable practices and corporate responsibility exemplifies the spirit of the summit.
As we reflect on the success of the 16th Annual Global CSR & ESG Summit & Awards, we are inspired and energized to continue our collective efforts towards building a more sustainable and inclusive world. Together, we can create positive change that benefits present and future generations.
Mr Pham The Dung, Deputy Director General of the State Agency for Technology Innovation (SATI) at the Ministry of Science and Technology of Vietnam (MOST), honored the 16th Annual Global CSR and ESG Summit & Awards 2024 with his presence, inaugurating the award segments with his address.
The summit ended with the awards segment The Global CSR & ESG Awards™, graced by Guest of Honour, Mr Pham The Dung, Deputy Director General, State Agency for Technology Innovation (SATI), Ministry Of Science And Technology Of Vietnam (MOST), and Ms Dang Ngoc Han, the crowned winner of Miss Vietnam 2010, is a renowned beauty queen, Ao Dai designer, and businesswoman in Vietnam. She serves as the Deputy Director of Ninh Van Bay Joint Stock Company and is also the Founder and CEO of Ao Dai Ngoc Han.
The award categories for this year are:
– Best Environmental Excellence Award – Best Community Programme Award – Excellence In Provision Of Literacy & Education Award – Empowerment Of Women Award – Best Workplace Practises – CSR & ESG Leadership Award – Product Excellence Award – Best CEO – Best Corporate Communications & Investors Relations Team
This year, we also have award categories recognizing the companies at the forefront of their respective industries and countries. The award categories are:
– Best In Thailand – Best In Indonesia – Best In Cambodia – Best In Viet Nam – Best In Philippines
The winners are:
Best Environmental Excellence Award
o Market Cap: USD 1 Billion and Above – Platinum: Kuala Lumpur Kepong Berhad, MY – Gold: PT Pertamina Hulu Energi Offshore North West Java, ID – Silver: PT Chandra Asri Pacific Tbk, ID – Bronze: PT Astra International Tbk, ID
o Market Cap: USD 500 Million to USD 1 Billion – Platinum: PT Pertamina Patra Niaga Fuel Terminal Sanggaran, ID – Gold: PT TEP Indonesia, ID
o Market Cap: Less than USD 500 Million – Platinum: PT Kilang Pertamina Internasional Refinery Unit II Sei Pakning, ID – Gold: PT Kilang Pertamina Internasional Refinery Unit IV Cilacap, ID – Silver: PT Pertamina Patra Niaga Integrated Terminal Wayame, ID – Bronze: Hope Foundation, MY
Best Community Programme Award
o USD 1 Billion And Above in Market Capitalization – Platinum: Vinmec Healthcare System – Gold: PT Pertamina Patra Niaga Regional Sumbagsel, PT Adaro Minerals Indonesia, Sanofi, PT Chandra Asri Pacific Tbk, PT Pertamina Patra Niaga AFT Supadio – Silver: San Miguel Corporation, PT Pertamina DPPU Juanda, PT Pertamina Hulu Energi Offshore North West Java, Sarawak Energy Berhad – Bronze: Pertamina EP Sukowati Field Corp, PT Pertamina Patra Niaga Integrated Terminal Pontianak, PT Pertamina Patra Niaga Integrated Terminal Surabaya
o USD 500 Million To USD 1 Billion Market Capitalization – Platinum: PT Pertamina Patra Niaga Integrated Terminal Balikpapan– Gold: PT Kalimantan Prima Persada– Silver: Thanh Thanh Cong – Bien Hoa Joint Stock Company (TTC AgriS)– Bronze: Samsung Electronics Vietnam Co., Ltd
o Less Than USD 500 Million Market Capitalization – Platinum: PT Badak NGL – Gold: PT Kilang Pertamina Internasional Refinery Unit II Sei Pakning, Smilegate Foundation, Diversey Viet Nam, PT Kilang Pertamina Internasional Refinery Unit VI Balongan, PT Pertamina Patra Niaga Fuel Terminal Maos – Silver: PT Pertamina Patra Niaga Integrated Terminal Cilacap, PT Pertamina Patra Niaga Fuel Terminal Ternate, PT Pertamina Patra Niaga Fuel Terminal Rewulu, PT Pertamina Patra Niaga Integrated Terminal Semarang, PT PLN Nusantara Power Up Gresik – Bronze: Indonesia Infrastructure Guarantee Fund, Central Retail Thailand, PT Pertamina Patra Niaga Regional Jawa Bagian Tengah DPPU Ahmad Yani
Excellence In Provisional Of Literacy & Education Award
o USD 1 Billion And Above in Market Capitalization – Platinum: Samsung Electronics Indonesia – Gold: Bridgestone Asia Pacific – Silver: PT Pertamina Hulu Mahakam – Bronze: Kuala Lumpur Kepong Berhad
o USD 500 Million To USD 1 Billion Market Capitalization – Platinum: Samsung Electronics Vietnam Co., Ltd – Gold: PT Kalimantan Prima Persada
o Less Than USD 500 Million Market Capitalization – Platinum: PT Kilang Pertamina Internasional Refinery Unit IV Cilacap – Gold: PT Kilang Pertamina Internasional Refinery Unit III Plaju
Best Workplace Practises
o USD 1 Billion And Above in Market Capitalization – Platinum: Vinmec Healthcare System – Gold: Danone Indonesia
o USD 500 Million To USD 1 Billion Market Capitalization – Platinum: Thanh Thanh Cong – Bien Hoa Joint Stock Company (TTC AgriS)
o Less Than USD 500 Million Market Capitalization – Platinum: PT Kilang Pertamina Internasional Refinery Unit II Sei Pakning
Best CEO
o Less than USD 500 Million in Market Capitalization – Platinum: Indonesia Infrastructure Guarantee Fund – Gold: BHG Retail Trust Management Pte Ltd
Empowerment Of Women Award
o USD 1 Billion And Above in Market Capitalization – Platinum: Vinmec Healthcare System – Gold: Sarawak Energy Berhad – Silver: San Miguel Corporation – Bronze: Pt Agincourt Resources
o USD 500 Million to USD 1 Billion in Market Capitalization – Platinum: Thanh Thanh Cong – Bien Hoa Joint Stock Company (TTC AgriS)
o Less Than USD 500 Million Market Capitalization – Platinum: Bridgestone Asia Pacific – Gold: EVERMOS – Silver: Mahkota Medical Centre
Product Excellence Award
o USD 1 Billion and above in Market Capitalization – Platinum: Danone Indonesia
o USD 500 Million to USD 1 Billion in Market Capitalization – Platinum: Thanh Thanh Cong – Bien Hoa Joint Stock Company (TTC AgriS)
o Less than USD 500 Million in Market Capitalization – Platinum: PT Kilang Pertamina Internasional Refinery Unit IV Cilacap – Gold: PT Kilang Pertamina Internasional Refinery Unit II Sei Pakning – Silver: PT Kilang Pertamina Internasional Refinery Unit III Plaju – Bronze: PT Kilang Pertamina Internasional Refinery Unit V Balikpapan
CSR & ESG Leadership Award
o USD 1 Billion And Above in Market Capitalization – Platinum: PT. Chandra Asri Pacific Tbk – Gold: TBS Energi Utama – Silver: PT Bank BTPN Tbk – Bronze: Tata Consultancy Services
o USD 500 Million To USD 1 Billion Market Capitalization – Platinum: Thanh Thanh Cong Bien Hoa Joint Stock Company – Gold: Samsung Electronics Vietnam Co., Ltd – Silver: BHG Retail Trust Management Pte Ltd
o Less Than USD 500 Million Market Capitalization – Platinum: Bank Rakyat – Gold: Diageo Vietnam – Silver: Home Credit Viet Nam
Best Corporate Communications & Investor Relations Team Award
o USD 1 Billion and above in Market Capitalization – Platinum: Danone Indonesia
o USD 500 Million To USD 1 Billion Market Capitalization – Platinum: Thanh Thanh Cong – Bien Hoa Joint Stock Company (TTC AgriS)
o Less Than USD 500 Million Market Capitalization – Platinum: BHG Retail Trust Management Pte Ltd
Best Country Excellence – Best in Cambodia
o USD 1 Billion And Above in Market Capitalization – Platinum: NagaWorld Limited
o Less Than USD 500 Million Market Capitalization – Platinum: Prince Holding Group
Best Country Excellence – Best in Thailand
o Less Than USD 500 Million Market Capitalization – Platinum: Tata Consultancy Services
Best Country Excellence – Best In Philippines
o USD 1 Billion And Above in Market Capitalization – Platinum: Tata Consultancy Services
Best Country Award – Best In Indonesia
o Less Than USD 500 Million Market Capitalization Platinum: PT Kilang Pertamina Internasional Refinery Unit II Sei Pakning Gold: PT Kilang Pertamina Internasional Refinery Unit IV Cilacap Silver: PT Langgeng Kreasi Jayaprima (Diageo Indonesia) Bronze: PT Kilang Pertamina Internasional Refinery Unit V Balikpapan
o USD 1 Billion And Above in Market Capitalization Platinum: PT Astra International TBK Gold: PT Pertamina Hulu Energi Offshore North West Java Silver: PT Pertamina Patra Niaga SHAFTHI
Best Country Excellence – Best in Vietnam
o USD 1 Billion And Above in Market Capitalization – Platinum: Vinmec Healthcare System
o USD 500 Million To USD 1 Billion Market CapitalizationPlatinum: Thanh Thanh Cong – Bien Hoa Joint Stock Company (TTC AgriS)Gold: Samsung Electronics Vietnam Co., Ltd
o Less Than USD 500 Million Market Capitalization Gold: Hope Foundation Platinum: FPT Digital
About Pinnacle Group
The Pinnacle Group International is a leader in the conference industry in Asia, designing and launching ground breaking conferences and events. We pride in our ability to anticipate and read underlying socio-economic and investment trends in emerging and developed markets, creating brands and events to capture these opportunities and launching them with our clients and partners in both regional and international markets.Our relentless pursuit of excellence in the business of connecting people and businesses across nations is derived from our core beliefs in improving lives, welfare and status of societies. We are committed to supporting charitable ministries and projects to the betterment of human lives. Every year, our staff and management commit our time and resources to global missions and charities. For more informaton, visit https://globalcsr.pinnaclegroup.global.
For media inquiries or further information: Ms Cyan Lee, Conference Manager, The Pinnacle Group International Email: cyan@pinnaclegroup.global Tel: +65 8222 2344
With just few days remaining until the TAXCOM Middle East Summit 2024, anticipation is mounting for this premier event set to take place on April 30th, 2024, at Crowne Plaza Dubai Marina, Dubai, UAE.
As the tax and compliance landscape continues to evolve, tax professionals face unprecedented challenges and opportunities. In the words of Raj Bal, Global Head of Tax, Treasury & Customs at Aramex, “The tax environment we operate in today is challenging in many different ways. As tax professionals we need to respond to such challenges with agility and also ensure we empower ourselves with the right level of knowledge to appropriately advise and provide the right level of support to the business. Platforms such as TAXCOM, greatly contribute to this. Through networking with fellow professionals and also helping understand the macro environment we operate in today, we are better placed as professionals to increase our skill set and contribute towards our profession.
TAXCOM Middle East Summit 2024 serves as a critical platform for tax professionals to gather, exchange insights, and enhance their skills. Parvez Shariff, Director at BConnect Global, emphasized the importance of the event, stating, “We are thrilled to host TAXCOM Middle East Summit 2024 and provide a platform for industry leaders to come together and exchange ideas. As the regulatory landscape continues to evolve, it’s crucial for professionals to stay informed and explore innovative solutions to meet the challenges ahead.”
The summit will feature engaging panel discussions and keynote presentations led by renowned industry experts along with dynamic networking sessions. Attendees will have the opportunity to engage with peers, gain valuable insights, and explore cutting-edge technologies and solutions.
In addition, TAXCOM Middle East Summit 2024 is proud to showcase solutions from leading providers in the industry, including CYGNET.ONE, Thomson Reuters, ClearTax, and PwC. These solution providers will demonstrate their innovative tools and services designed to streamline processes, enhance compliance, and drive business success.
“We look forward to welcoming attendees and facilitating meaningful discussions that will shape the future of tax and compliance in the region,” added Parvez Shariff.
Don’t miss out on this opportunity to join industry leaders, thought leaders, and professionals from across the region at TAXCOM Middle East Summit 2024.
Date: April 30, 2024 Location: Marina Ballroom – Crowne Plaza Dubai Marina, Dubai, UAE Register now: www.taxcom.me
Legacy Credit Sdn Bhd (“Legacy Credit” or the “Company”), a recognised entity in the financial services sector, is pleased to announce a substantial investment exceeding 5% stake through a private placement in VCI Global Limited (NASDAQ: VCIG) (“VCI Global”). Under this shares placement agreement, Legacy Credit will invest $2.5 million in VCI Global. This positions Legacy Credit as a substantial shareholder, reflecting its strategic commitment to enhancing financial solutions and expanding its influence across the ASEAN region.
L-R: Nelson Goh, Director and CEO of Legacy Credit and Dato’ Victor Hoo, Group Executive Chairman and CEO of VCI Global
VCI Global, known for its expertise in Corporate Finance, has a proven track record of facilitating SMEs in achieving Nasdaq listings, which is critical for companies aiming to tap into international markets. This partnership is expected to leverage Legacy Credit’s robust financial network and VCI Global’s technical prowess to foster substantial economic growth and innovation.
Mr. Nelson Goh, Director and Chief Executive Officer (CEO) of Legacy Credit commented, “Our significant investment in VCI Global is more than a financial venture; it’s a strategic alliance. With this move, we aim to blend VCI’s esteemed capabilities with our innovative approaches to open up new pathways for ASEAN SMEs on global platforms such as Nasdaq.”
Dato’ Victor Hoo, Group Executive Chairman and CEO of VCI Global stated, ” We are delighted to welcome Legacy Credit as a valued investor. Their confidence in VCIG underscores our reliability and investment potential. Legacy Credit’s investment will boost our business, accelerate our growth trajectory, and drive long-term value for our stakeholders, demonstrating our commitment for further company growth.”
This strategic investment marks a milestone for Legacy Credit, highlighting its commitment to facilitating broader economic opportunities and enhancing its portfolio of financial services. Through this collaboration, Legacy Credit aims to further its vision of delivering innovative solutions that meet the evolving needs of businesses in ASEAN and beyond.
Organisers of the PropertyGuru Asia Property Awards (Singapore) have announced their call for entries ahead of this year’s highly anticipated gala celebration.
The 14th Annual PropertyGuru Asia Property Awards (Singapore), supported by Mitsubishi Electric Asia, are now open for entries until 30 August 2024.
The 14th Annual PropertyGuru Asia Property Awards (Singapore), supported by Mitsubishi Electric Asia, are now accepting submissions from the industry and the public via asiapropertyawards.com/nominations until 30 August 2024.
Bringing the city-state’s finest developers together, the black-tie gala dinner and presentation of the Awards are now scheduled for Friday, 8 November 2024 at The Ritz-Carlton, Millenia Singapore.
Key dates for the 2024 edition: 30 August 2024 – Entries close 23 September-4 October 2024 – Site Inspections 7 October 2024 – Final Judging 8 November 2024 – Gala Dinner and Awards Ceremony in Singapore 13 December 2024 – Regional Grand Final Gala Presentation in Bangkok, Singapore
Raising standards
Almost 90 categories are in the latest edition of the Awards, raising the Gold Standard of real estate higher in Singapore for 2024.
Newly added categories include the never-before-presented ESG awards, recognising excellence in the spheres of sustainable design, sustainable construction, energy efficiency, and social impact. Other new categories include awards for the country’s finest investment properties.
An independent panel of judges, composed of seasoned professionals from diverse segments within the real estate realm, ensures a fair and transparent selection process. HLB, the worldwide network of independent advisory and accounting firms, supervises the entirety of the judging process.
Kristin Thorsteins, chairperson of the panel of judges and head of partnerships – growth for APAC at IWG PLC, said: “Joining the PropertyGuru Asia Property Awards is a valuable investment for Singaporean property developers, offering independent validation of their projects, boosting brand recognition, and generating wide-reaching media exposure. This recognition translates to increased trust from buyers and investors, differentiating the developer in a competitive market. Additionally, the awards offer networking opportunities with leading industry players, provide an avenue to benchmark quality, and can lead to increased sales and the ability to command premium pricing.”
Resilience of demand
The enhanced, diversified categories point to the continual resilience of demand for residential properties in Singapore.
Seven in 10 Singaporeans intend to buy a property, with more than half planning to buy it within the next five years, according to the PropertyGuru Singapore Consumer Sentiment Study (CSS) H1 2024.
The study further revealed that the overall Sentiment Index has remained stable at 44 points, a slight increase from the last wave in the H2 2023 report at 43 points.
Jules Kay, general manager of PropertyGuru Asia Property Awards and Events, said: “With its inherent stability, Singapore continues to offer attractive options for property buyers and investors in the Asia Pacific region. We look forward to honouring the finest real estate in Southeast Asia’s most resilient market as it continues to set the highest standards in urban development. The latest edition of these Awards is also an opportunity to showcase the superior built spaces that make Singapore a city of tomorrow and a future-ready destination to live, work, and thrive.”
Top representation
Top developers successfully represented Singapore at the 18th PropertyGuru Asia Property Awards Grand Final in December 2023.
GuocoLand won Best Developer (Asia) for the third time in the history of the Grand Final, also known as the culmination of the PropertyGuru Asia Property Awards series. Other winning developers included Frasers Property Singapore, recipient of the Best Mixed Use Developer (Asia) award, and UOL Group Limited and Pan Pacific Hotels Group, recipients of the Best Hospitality Developer (Asia) award. UOL Group Limited also won the Best Sustainable Developer (Asia) award while EL Development Pte Ltd won the Best Hospitality Interior Design (Asia) award.
The PropertyGuru Asia Property Awards (Singapore) are part of the regional PropertyGuru Asia Property Awards series, marking its 19th year in 2024. The series covers key markets across the region, spanning Southeast Asia, East Asia, South Asia, and Oceania, with exclusive gala dinners and ceremonies that represent the most anticipated property events of the year.
Organised by PropertyGuru Group (NYSE:PGRU), the 14th PropertyGuru Asia Property Awards (Singapore) are supported by gold sponsor Mitsubishi Electric Asia; official portal partner PropertyGuru.com.sg; official magazine Property Report by PropertyGuru; media partner Top 10 Singapore; and official supervisor HLB.
PropertyGuru’s Asia Property Awards, established in 2005, are the region’s most exclusive and prestigious real estate awards programme. The Asia Property Awards are recognised as the ultimate hallmark of excellence in the Asian property sector. Boasting an independent panel of industry experts and trusted supervisors, the Awards have an unparalleled reputation for being credible, ethical, fair, and transparent.
In 2024, the Awards series is open to key property markets around the region. The exciting gala events welcome senior industry leaders and top media, as well as reach property agents and consumers via live streaming. Recognising excellence within each Asian market with a variety of categories, including green and sustainable development, each local awards programme will culminate in the PropertyGuru Asia Property Awards Grand Final, which takes place after the PropertyGuru Asia Real Estate Summit during ‘PropertyGuru Week’ in December 2024.
PropertyGuru is Southeast Asia’s leading(1) PropTech company, and the preferred destination for over 34 million property seekers(2) to connect with almost 55,000 agents monthly(3) to find their dream home. PropertyGuru empowers property seekers with more than 2.8 million real estate listings(4), in-depth insights, and solutions that enable them to make confident property decisions across Singapore, Malaysia, Thailand, and Vietnam.
PropertyGuru.com.sg was launched in Singapore in 2007 and since then, PropertyGuru Group has made the property journey a transparent one for property seekers in Southeast Asia. In the last 16 years, PropertyGuru has grown into a high-growth PropTech company with a robust portfolio including leading property marketplaces and award-winning mobile apps across its core markets; mortgage marketplace, PropertyGuru Finance; home services platform, Sendhelper; a host of proprietary enterprise solutions under PropertyGuru For Business including DataSense, ValueNet, Awards, events and publications across Asia.
(1) Based on SimilarWeb data between July 2023 and December 2023. (2) Based on Google Analytics data between July 2023 and December 2023. (3) Based on data between October 2023 and December 2023. (4) Based on data between October 2023 and December 2023.
PROPERTYGURU CONTACTS:
General Enquiries: Richard Allan Aquino, Head of Brand & Marketing Services M: +66 92 954 4154 E: allan@propertyguru.com
Media & Partnerships: Piyachanok Raungpaka, Media Relations & Marketing Services Executive M: +66 94 887 5163 E: piyachanok@propertyguru.com
With fresh leadership and greater support from local developers, the PropertyGuru Asia Property Awards (Australia) programme has officially opened with an enhanced roster of categories for its 2024 edition.
The black-tie dinner and presentation ceremony of the 7th Annual PropertyGuru Asia Property Awards (Australia) are now set for Friday, 11 October 2024 at the Grand Hyatt Melbourne. They mark the second occurrence of the gala celebration on Australian soil, following its historic 2023 edition also held in the Victorian capital.
Entry submissions are accepted online until 2 August 2024 via: AsiaPropertyAwards.com. From left to right: JOSH CHYE, Partner, Tax Consulting, HLB Mann Judd, the Awards Official Supervisor; JULES KAY, General Manager, PropertyGuru Asia Property Awards & Events; TRAVIS SU, Managing Partner, Skyland; IVAN LAM, Head of International Business, Charter Keck Cramer, Chairperson of the Judges; and; LUI VIOLANTI, Regional Manager, Western Australia, Inhabit Group, Vice Chairperson of the JudgesJULES KAY, General Manager, PropertyGuru Asia Property Awards & EventsTRAVIS SU, Managing Partner, Skyland, Winner of Best Luxury Boutique Developer 2023IVAN LAM, Head of International Business, Charter Keck Cramer, Chairperson of the Judges
New details on the awards, collectively known as the Gold Standard of real estate, were announced today during the “Connect with Southeast Asia” event at the Four Seasons Hotel Sydney.
Key dates for the 2024 edition: 2 August 2024 – Entries close 12 August – 9 September 2024 – Site Inspections 10 September 2024 – Final Judging 11 October 2024 – Gala Dinner and Awards Ceremony in Melbourne, Australia 13 December 2024 – Regional Grand Final Gala Presentation in Bangkok, Thailand
A wide net of recognition
The 2024 awards for Australia comprise 102 categories, casting a wide net of recognition over outstanding real estate enterprises, developments, and designs throughout the continent. Categories cover the finest developers and projects not only in New South Wales (NSW) and Victoria but also in the Australian Capital Territory (ACT), Queensland, South Australia, and Western Australia.
New categories include the never-before-presented ESG awards, recognising companies that advocate for and excel in sustainable design, sustainable construction, energy efficiency, and social impact. Other new categories stand to honour outstanding condominium and housing developments for investment, as well as nature-integrated developments and even sales galleries.
New chairperson, supporting association
An independent panel of expert judges fairly and transparently determines the shortlist of nominees and list of winners. The judging panel conducts its duties this year under a new chairperson: Ivan Lam, head of international business, Charter Keck Cramer.
Mr. Lam succeeds Lui Violanti, regional manager, Western Australia, Inhabit Group, who remains on the programme as vice-chairperson of the judging panel.
Mr. Lam said: “It’s evident that Australia remains a top choice for property seekers from all over Asia-Pacific. The return of buyers, from families of international students to investors looking for great returns, underscores Australia’s importance on the global stage. As we appreciate the investment shifts and trends that move this property market, we are thrilled to recognise and reward the developers at the forefront of this transformation, creating spaces that resonate with property seekers at home and abroad.”
This year, the awards programme has added the Australian Property Developers Association as supporting association, joining such esteemed organisations as Australia Malaysia Business Council Victoria and Melbourne Chinatown Association in celebrating the Gold Standard of real estate.
The entire selection process is made credible and impartial under the supervision of Josh Chye, partner, tax consulting, HLB Mann Judd.
Strengthened appeal
The latest edition of the awards launches as Australia recovers and strengthens its appeal to overseas property buyers, according to Property Report by PropertyGuru, the official magazine.
Record sale prices have been reported around the country, from award-winning waterfront residences to large estates and apartment units, while institutional investors and international students have resumed exploring new opportunities nationwide.
Jules Kay, general manager of PropertyGuru Asia Property Awards and Events, said: “As we enter our seventh year of celebrating success in the country’s real estate sector, Australia’s appeal to property seekers from Asia remains strong. Amid global uncertainties, Australia offers a well-regulated environment, attracting international investors as a haven of stability and opportunity. From the picturesque waterfronts of Gold Coast to the multicultural cities of tomorrow in New South Wales and Victoria, Australia offers some of the finest lifestyle value propositions in the world. The PropertyGuru Asia Property Awards amplify this message, providing a platform to showcase Australia’s best real estate to the rest of Asia-Pacific.”
Joining Mr. Kay at the launch event was Travis Su, managing partner of Skyland Group, winner of the Best Luxury Boutique Developer title at the 6th PropertyGuru Asia Property Awards (Australia) 2023.
Skyland Group and other major winners of the 2023 awards went on to compete with their peers across Asia-Pacific at the 18th PropertyGuru Asia Property Awards Grand Final 2023 in Bangkok, Thailand. Developers from Australia received five regional wins at the event known as the culmination of the regional PropertyGuru Asia Property Awards series.
The PropertyGuru Asia Property Awards (Australia) are part of the PropertyGuru Asia Property Awards series, which marks its 19th year in 2024. The series covers key markets across the region, spanning Southeast Asia, East Asia, South Asia, and Oceania, with exclusive gala dinners and ceremonies that represent the most anticipated property events of the year.
Organised by PropertyGuru Group (NYSE:PGRU), the 7th PropertyGuru Asia Property Awards (Australia) are made possible by supporting associations Australia Malaysia Business Council Victoria, Australian Property Developers Association, and Melbourne Chinatown Association; official magazine Property Report by PropertyGuru; official publicity partner Good Talent Media; media partners Australian Property Investor Magazine, Australian Property Journal, Marketing In Asia, PhilTimes.com.au, The Property Tribune, and Your Investment Property Magazine; and official supervisor HLB.
PropertyGuru’s Asia Property Awards, established in 2005, are the region’s most exclusive and prestigious real estate awards programme. The Asia Property Awards are recognised as the ultimate hallmark of excellence in the Asian property sector. Boasting an independent panel of industry experts and trusted supervisors, the Awards have an unparalleled reputation for being credible, ethical, fair, and transparent.
In 2024, the Awards series is open to key property markets around the region. The exciting gala events welcome senior industry leaders and top media, as well as reach property agents and consumers via live streaming. Recognising excellence within each Asian market with a variety of categories, including green and sustainable development, each local awards programme will culminate in the PropertyGuru Asia Property Awards Grand Final, which takes place after the PropertyGuru Asia Real Estate Summit during ‘PropertyGuru Week’ in December 2024.
PropertyGuru is Southeast Asia’s leading1 PropTech company, and the preferred destination for over 34 million property seekers2 to connect with almost 55,000 agents monthly3 to find their dream home. PropertyGuru empowers property seekers with more than 2.8 million real estate listings4, in-depth insights, and solutions that enable them to make confident property decisions across Singapore, Malaysia, Thailand, and Vietnam.
PropertyGuru.com.sg was launched in Singapore in 2007 and since then, PropertyGuru Group has made the property journey a transparent one for property seekers in Southeast Asia. In the last 16 years, PropertyGuru has grown into a high-growth PropTech company with a robust portfolio including leading property marketplaces and award-winning mobile apps across its core markets; mortgage marketplace, PropertyGuru Finance; home services platform,Sendhelper; a host of proprietary enterprise solutions under PropertyGuru For Business including DataSense, ValueNet, Awards, events and publications across Asia.
(1) Based on Similar-Web data between July 2023 and December 2023. (2) Based on Google Analytics data between July 2023 and December 2023. (3) Based on data between October 2023 and December 2023. (4) Based on data between October 2023 and December 2023.
PROPERTYGURU CONTACTS:
General Enquiries: Richard Allan Aquino, Head of Brand & Marketing Services M: +66 92 954 4154 E: allan@propertyguru.com
Media & Partnerships: Nate Dacua, Media Relations & Marketing Services Manager M: +66 92 701 2510 E: nate@propertyguru.com
Singapore’s myFirst Tech Holdings Pte Ltd’s (“myFirst”) has appointed SGX Mainboard-listed Fu Yu Corporation Limited (“Fu Yu”) as its exclusive contract manufacturer to propel a major North American expansion of its kid-safe digital platform. The two homegrown companies signed a S$15 million contract today for Fu Yu to commence mass production this month.
Fu Yu’s Group CEO Mr David Seow, with myFirst’s co-founder and CEO G-Jay Yong in front of myFirst’s retail store at Suntec City
The pioneer of the world’s first kids’ tech ecosystem, myFirst’s myFirst Circle app allows each child to build a unique digital community that is parentally secured to interactions with trusted family and close friends. Through this kid-safe network, children can socialise and share experiences using myFirst’s products, such as watchphones, cameras, earbuds, 3D pens and headphones. Parents will have classification capabilities and also be able to track a child’s whereabouts.
There is an increasing awareness among parents and educators about the importance of social media safety, as many children start to engage with such devices before the age of 5, while nearly one-in-five children under 12 have their own smartphone.[1] These technologies, while offering new learning and development opportunities, carry significant risks in terms of privacy, inappropriate content and safety.
myFirst addresses this gap by offering a unique ecosystem of child-centric tech products that marries the physical interactivity of hardware with real-world technology tailored for children, offering a holistic experience that meets the demands of a parent’s educational goals and a child’s curiosity.
Following a Pre-Series A funding round from Lynx Asia Partners and angel investors, myFirst is set to expand its presence in North America, increasing from 4,000 to over 20,000 locations, including major retailers like Walmart, Costco, and Best Buy. With 46.6 million children under 12[2] in the US, myFirst is well-positioned to meet the rising demand for kid-safe technology. The company, already operating in 40 countries, previously received investments from tech founders and executives from companies like PatSnap, Google, Rainforest, TNB Aura, and Zopim in 2022.
Singapore-headquartered Fu Yu is one of Asia’s largest manufacturers of high-precision plastic products. It will provide a full suite of solutions to manufacture and assemble myFirst’s products. Fu Yu will scale up production, supported by its Smart Factory in Tuas which includes new production introduction and rapid prototyping capabilities, metal 3D printing, liquid silicone rubber injection moulding and high- precision tool fabrication.
Depending on myFirst’s requirements, component production can be manufactured across Fu Yu’s six facilities located across Singapore, Malaysia and China, providing a high level of interoperability and flexibility. Fu Yu’s strategic geographical distribution also ensures a robust supply chain, facilitating efficient cross-border logistics and reducing turnaround times.
Prior to mass production of each of myFirst’s products, Fu Yu’s New Product Introduction (“NPI”) team will engage with myFirst to offer bespoke product design assistance, while optimising the production process to allow for shorter time-to-market while improving quality and high production yield. Both parties will also explore the use of bio-rated materials to manufacture certain components, further enhancing sustainability across the production line.
G-Jay Yong, Co-founder and CEO of myFirst, said, “myFirst is excited to partner with a fellow Singaporean homegrown company in our global expansion. Every time myFirst has expanded, we have faced a sudden surge in demand. We are globally available but the US is a big market and this partnership has given us the backing to be able to cater to this demand surge.
“Parents in the US have been asking us when they could get onto our kids tech ecosystem as they’re very concerned about their kids’ safety online and also in the real world, so now we can assure them we are ready.”
Mr David Seow, Group Chief Executive Officer and Executive Director of Fu Yu, said, “We are honoured to play such a key role as myFirst embarks on its most significant expansion since its inception. The partnership underscores our ability to meet the high-precision demands for new devices and potential product ramp-ups. Over the past year, Fu Yu has been tirelessly evolving, developing new NPI capabilities to provide early-stage engagement and enhancing our capabilities with cutting-edge manufacturing techniques.”
“Our business transformation led to us being appointed as myFirst’s exclusive contract manufacturer, marking our inaugural venture into box-building manufacturing of Internet of Things (IoT) enabled smart devices. We are now well-poised to meet the advanced manufacturing requirements of our customers, and will continue to build upon our strong record and maintain a healthy project pipeline.”
About Fu Yu Corporation Limited
Established in 1978, Fu Yu is Singapore’s oldest and one of Asia’s largest manufacturers of high-end precision plastic and metal components, and products.
Backed by more than 45 years of operating knowledge, Fu Yu provides vertically-integrated manufacturing services to a diversified and loyal customer base across segments and geographies. We operate 6 strategic manufacturing sites across Singapore, Malaysia, and China, and have more than 1.5 million square feet of production floor capacity.
Our Supply Chain Solutions arm was established in 2021 to provide commodity supply chain management services for our customers.
myFirst is the world’s first kids tech ecosystem connecting over 1 million families. Real tech for kids with fun devices, connected services and kid-safe social network to socialise, share and go anywhere, all safely connected with their friends and family.
Our fun devices are the gateway to our kids’ suitable social circle network, myFirst Circle, which is specially designed for kids, their friends, parents and grandparents, to interact within circles of trust with no ads, no strangers, only real, trusted connections.
Alta Alternative Investments (Alta), Southeast Asia’s leading digital securities exchange for alternative assets, has partnered with US-based investment adviser Scenic Management LLC (Scenic) to launch the Scenic Private Access (SPA) Fund on its platform, enabling access to direct venture secondaries to its global investor community.
Through the SPA fund, Alta will provide direct access to late stage, VC-backed companies that have proven technology and commercially successful products. Later-stage companies typically have reduced risk profiles as compared to early-stage venture capital opportunities. According to Scenic, the SPA fund has the potential to offer risk-reduced returns of 2-3x over the 4 year lifecycle of the fund
“The value of secondary transactions may triple over the next seven years, from $114 billion in 2023 to $417 billion in 2030. At Alta too we saw a year-on-year increase of over 300 per cent in order volume on our secondary platform. This partnership with Scenic adds to the vibrant secondaries opportunities on our platform, providing our ​​investor community with an exclusive and compelling option to invest in the booming secondaries space for wealth creation”, said Yifei Li, Managing Director, Head of Client Business, Alta.
Since emerging, Asia’s secondary market has matched global trends, comprising 5-10% of global volumes, akin to Asia’s representation in primary capital raised globally. In 2022, as aggregate exit values in Asia declined sharply, secondaries constituted 22% of total private equity exits in the region, indicating its rising significance for liquidity. According to consultancy firm EY, secondaries will become a popular exit choice in Southeast Asia for private equity (PE) firms in 2024, after an overall slowdown in the exit landscape last year.
Besides the Scenic Private Access Fund, TikTok’s parent company ByteDance, Epic Games, SpaceX and Revolut are some of the many high-profile private companies that have become easily accessible to investors through secondary deals.
Through secondaries, investors would be able to tap on significant tangible value increases by investing in a business that is in a later stage of maturity, where the business would have discovered how to reliably and sustainably generate revenue and profits.
Mark K Norbury, Managing Director and Head of Investor Relations and Co-invest at Scenic added, “Partnering with Alta marks a significant stride in our mission to create value for investors by exploring forward-thinking solutions. As we explore new horizons in private markets, we are excited about the prospects of expanding access to unique private market opportunities and allowing investors to invest in secondary opportunities in highly sought-after pre-IPO private companies. Alta’s proven track record and comprehensive approach to alternative assets complement our vision for a dynamic, interconnected marketplace. Together, we look forward to opening up new avenues for investors seeking new investment opportunities.”
In an era marked by evolving investor demands for liquidity and portfolio diversification, Alta provides diverse investment opportunities in private capital markets, including a wide range of alternative assets. Earlier in January, Alta launched a unique liquidity program for shareholders of Income Insurance Limited, a leading Singaporean insurer. This marked the largest listing of a non-public company on a private securities exchange, enabling institutional and accredited investors to trade and own shares of a non-publicly listed company.
About Alta
We’re Building the Future of Capital Markets
As Southeast Asia’s largest licensed digital securities exchange for alternative investments, we believe that access to capital markets are pivotal in all economies and recognize that our role in building this critical infrastructure goes beyond facilitating trades; it paves the way for entrepreneurship, job creation, financial inclusion, and economic resilience, fostering a brighter future for emerging markets and economies.
Empowering Private Markets: Through our Digital Exchange, we enable the tokenization and digital custody of alternative assets. This end-to-end solution simplifies and expedites the trading of smaller asset blocks, ultimately facilitating access and liquidity in private markets.
Innovative Financial Ecosystem: Our journey has seen us transition from securities trading and distribution of comprehensive products, including equities, private credit, funds, and asset-backed securities (ABS) (representing Real World Assets (“RWA”) like whiskies, wines, art, watches, and real estate) to include fund management and digital custody services.
Established in 2016 and headquartered in Singapore, Alta operates offices globally and is the only integrated securities exchange, brokerage, and fund management group in Southeast Asia.
Scenic Management LLC is Scenic’s fund management business. Scenic was founded in 2013 and was built by a team with decades of experience and billions of dollars of transaction volume in pre-IPO equities of leading venture-backed companies. We apply a systematic, quantitative approach to private markets that leverages proprietary data. We specialize in short-duration vehicles and employ a disciplined investing approach that delivers value within growth. Our funds provide diversified exposure to highly performing businesses at exceptional valuations for sophisticated investors. Headquartered in San Francisco, Scenic serves companies, shareholders, and investors globally.
For media inquiries, please contact: PRecious Communications for Alta alta@preciouscomms.com
Atlas Lithium Corporation (NASDAQ: ATLX), a lithium exploration and development company, is pleased to announce that it has signed definitive investment and offtake agreements with Mitsui & Co., Ltd. (“Mitsui”) which the Company considers as strong validation of its project and team. Mitsui is purchasing US$ 30,000,000 in common shares of Atlas Lithium at a 10% premium to the 5-day VWAP (the “Strategic Investment”) and at the same time entering into an Offtake Agreement (the “Offtake”) for the future purchase of 15,000 tons of lithium concentrate from Phase 1 and 60,000 tons per year for five years from Phase 2 of Atlas Lithium’s soon to be producing Neves Project in Brazil’s Lithium Valley. The Strategic Investment provides Atlas Lithium with immediately available funds to continue its rapid development towards revenue generation with the production and sale of high-quality, low cost, environmentally sustainable lithium concentrate.
Mitsui and Atlas Lithium entered a Memorandum of Understanding as announced in January 2023 and the two companies have since developed a close rapport which has included multiple due diligence visits by Mitsui executives and technical experts to the Company’s project, and visits by Atlas Lithium’s management to several of Mitsui’s offices in Brazil, the United States, Canada, and Japan. The Strategic Investment is a culmination of the mutual interest in growing Atlas Lithium. It delivers additional financing to allow Atlas Lithium to continue to aggressively advance its development towards operation of an open pit lithium mine and spodumene concentrating facility by the fourth quarter of 2024. Mitsui has a strong presence in Brazil dating from 1960 and a long history of profitable mining investments in the country.
“Today marks a significant milestone for Atlas Lithium as we progress towards our goal of becoming a key lithium supplier to the global EV battery materials supply chain. Mitsui’s investment reflects confidence in our team, assets, and business model,” stated Marc Fogassa, CEO and Chairman of Atlas Lithium. “I am honored and humbled to be here in Tokyo signing this historical agreement for Atlas Lithium that will undoubtedly result in great value creation for our shareholders. I have watched the relationship of our companies grow and I believe that this partnership with Mitsui strengthens Atlas Lithium substantially.”
Figure 1: Signing Ceremony with Marc Fogassa, Atlas Lithium CEO and Chairman, and Akinobu Hashimoto, General Manager, Mitsui’s New Metals & Aluminum Division.
Figure 2: Atlas Lithium Management Joined by Mitsui Senior Executives, Including Tetsuya Fukuda, Chief Operating Officer, Mineral & Metal Resources Business Unit, and Masaya Inamuro, General Manager, Corporate Planning & Strategy Division.
Closing of the investment is expected within ten days, subject to customary approvals. Additional details are provided on a Form 8-K form filed with the Securities and Exchange Commission today. Atlas Lithium’s advisor is Goldman Sachs & Co. and its legal counsel is DLA Piper U.S.
About Atlas Lithium Corporation
Atlas Lithium Corporation (NASDAQ: ATLX) is focused on advancing and developing its 100%-owned hard-rock lithium project in Brazil’s Lithium Valley, a well-known lithium district in the state of Minas Gerais. In addition, Atlas Lithium has 100% ownership of mineral rights for other battery and critical metals including nickel, rare earths, titanium, graphite, and copper. The Company also owns equity stakes in Apollo Resources Corp. (private company; iron) and Jupiter Gold Corp. (OTCQB: JUPGF) (gold and quartzite).
About Mitsui
Mitsui & Co. is a global trading and investment company with a presence in more than 60 countries and a diverse business portfolio covering a wide range of industries. The company identifies, develops, and grows its businesses in partnership with a global network of trusted partners including world leading companies, combining its geographic and cross-industry strengths to create long-term sustainable value for its stakeholders. Mitsui has set three key strategic initiatives for its current Medium-term Management Plan: supporting industries to grow and evolve with stable supplies of resources and materials, and providing infrastructure; promoting a global transition to low-carbon and renewable energy; and empowering people to lead healthy lives through the delivery of quality healthcare and access to good nutrition. Visit www.mitsui.com for more information.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward looking statements are based upon the current plans, estimates and projections of Atlas Lithium and its subsidiaries and are subject to inherent risks and uncertainties which could cause actual results to differ from the forward- looking statements. Such statements include, among others, those concerning market and industry segment growth and demand and acceptance of new and existing products; any projections of production, reserves, sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in Brazil, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. Therefore, you should not place undue reliance on these forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: results from ongoing geotechnical analysis of projects; business conditions in Brazil; general economic conditions, geopolitical events, and regulatory changes; availability of capital; Atlas Lithium’s ability to maintain its competitive position; manipulative attempts by short sellers to drive down our stock price; and dependence on key management.
Additional risks related to the Company and its subsidiaries are more fully discussed in the section entitled “Risk Factors” in the Company’s Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 27, 2024. Please also refer to the Company’s other filings with the SEC, all of which are available at www.sec.gov. In addition, any forward-looking statements represent the Company’s views only as of today and should not be relied upon as representing its views as of any subsequent date. The Company explicitly disclaims any obligation to update any forward-looking statements.
