Category: Daily Finance

Annual Trintech Connect Events Bring Together Global Customers and Partners to Advance Finance Transformation Initiatives

Trintech, a leading global provider of integrated, cloud-based financial close solutions for the Office of Finance, kicks off Trintech Connect this fall with various regional sessions designed to address the unique needs of different audience segments. Our annual customer events empower organizations to take the next step in their finance transformation journey and leverage automation across their entire reconciliation and financial close processes. Trintech Connect brings together Trintech’s global customers and partners to advance product knowledge, share their experiences using Trintech’s solutions and discuss best practices across various industries and verticals.

“Trintech Connect is built to empower our customers, through knowledge sharing and peer collaboration in more intimate settings, in order to maximize their technology investment and drive their businesses forward,” said Teresa Mackintosh, Chief Executive Officer at Trintech. “Our aim is to provide our customers with meaningful opportunities to collaborate with their colleagues and counterparts and to hear from industry leaders and product experts, all with the goal of supporting them as they work to position their organizations for continued growth and deliver best in class financial operations and insights.”

Trintech customers and partners are a part of a growing network of over 300,000 finance professionals across the globe. Trintech Connect provides the opportunity to engage with other customers, partners, executives, and product specialists in-person, with a jam-packed agenda featuring customer stories, networking sessions, and product breakouts to gain insights and get inspired.

Several Trintech partners and industry thought leaders will be sponsoring and presenting at the various Trintech Connect regional events listed below, including Accenture, Arribatec, Capgemini, Finance Resources, FORVIS, KPMG LLP, Planful, ServiceNow, Workiva, and XACCT Accounting. Complete details for each regional session, including registration information, can be accessed here. https://www.trintech.com/event/trintech-connect/

– Trintech Connect: Regional User Group – Dallas, TX (September 20th, 2022)
– Trintech Connect: Regional User Group – New York, NY (September 22nd, 2022)
– Trintech Connect: Adra Kundedag – Oslo, Norway (October 13th, 2022)
– Trintech Connect: EMEA Executive Customer Alliance – Berlin, Germany (October 18th-19th, 2022)
– Trintech Connect: Regional User Group – Chicago, IL (October 20th, 2022)
– Trintech Connect: Adra Kunddag – Stockholm, Sweden (October 26th, 2022)
– Trintech Connect: North America Executive Customer Alliance – Chicago, IL (May 9th-11th, 2023) *Registration will open for the North America session in early 2023

About Trintech

Trintech Inc., a leading global provider of cloud-based financial close solutions for the Office of Finance, combines unmatched technical and financial expertise to create innovative, cloud-based software solutions that deliver world-class financial operations and insights. From high volume transaction matching and streamlining daily operational reconciliations to automating and managing balance sheet reconciliations, intercompany accounting, journal entries, disclosure and fiduciary reporting, and bank fee analysis, to governance, risk, and compliance – Trintech’s portfolio of financial solutions, including Cadency(R) Platform, Adra(R) Suite, and targeted tools, ReconNET(TM), T-Recs(R), and UPCS(R), help manage all aspects of the financial close process. Over 3,500 clients worldwide – including the majority of the Fortune 100 – rely on the company’s cloud-based software to continuously improve their financial operations’ efficiency, reliability, and strategic insights.

Headquartered in Dallas, Texas, Trintech has offices across the United States, United Kingdom, Australia, Singapore, France, Ireland, the Netherlands, and the Nordics, as well as strategic partners in South Africa, Latin America, and Asia Pacific. To learn more about Trintech, visit www.trintech.com/ or connect with us on LinkedIn, Facebook, and Twitter.

Media Contact:
Kelli Shoevlin
Sr. Manager, Global Corporate Marketing & Communications
kelli.shoevlin@trintech.com

SOURCE: Trintech, Inc.

The Philippines’ Payments, E-Commerce & Banking Leaders to Gather Live Online this September to Chart the Future of Commerce

Seamless Philippines returns live online this 28-29 September, gathering over 1,200 attendees virtually to explore the latest innovations in the Philippines across the payments, e-commerce and banking sectors.

“With digital payments and ePayments in the Philippines forecast to account for 50% of transactions by 2023, also fuelling growth in e-commerce, there’s no doubt that the Philippines is an exciting market,” says Paul Clark, Managing Director – Asia for Terrapinn. “Over the last two years, these sectors have been at the forefront of innovation – now it’s time to make sure they are positioning themselves for a post-pandemic era and securing their future growth. Seamless Philippines offers them exactly that, without even having to leave their home or office.”

Seamless Philippines will bring together over 60 expert speakers across four key content pillars: payments innovation, e-commerce strategy, e-commerce marketing and banking. Attendees will enjoy free access to all sessions on the platform, and all sessions will be available for on-demand viewing for one month after the event, truly offering attendees a chance to fit the event around their own schedule. Speakers at the event include:

– Arvie De Vera, Co-Founder & Chief Executive Officer, UnionDigital Bank
– Justin Rafael Francisco, Managing Partner, Great Deals E-Commerce Corp
– Greg Krasnov, Founder & Chief Executive Officer, Tonik Bank
– Christopher Bennett, Chief Technology Officer, GOtyme
– Maria Gaitanidou, Chief Launch Officer, UnionDigital Bank
– Mich Lim, Ecommerce Head, Robinsons Appliances
– Rogelio Umali, Chief Technology Officer, GoodBank
– Alvin Heinrich Chan, Digital Payments Lead, Philippine Seven Corp
– Michael Magbanua, SVP, Group Head of Operations & Shared Services, Union Bank of the Philippines
– Joanne Barbara De Jesus, AVP, Tribe Lead – Digital, ING Philippines
– Johdel Ocampo, AVP ? Digital Strategies & Retail Journey, Metrobank
– Timothy Cu, Head of Quick Commerce, Sarisuki
– Glenn Richmond Ong, Director, Customer Experience, Cebu Pacific
– Gus Poston, Chief Executive Officer, Netbank
– Kevin Codamon, Head of Digital Technology, McDonalds Philippines

More than 20 sponsors, exhibitors & partners are supporting this year?s virtual edition of Seamless Asia, including Platinum Sponsors Edgio, Sift and Sompo Holdings. All sponsors & exhibitors will be hosting a virtual booth on the platform for attendees to find out more about their products and services, and interact directly with their teams.

For event information and full conference agenda, visit www.terrapinn.com/SeamlessPhilippines2022

About Terrapinn:

Terrapinn has been sparking ideas, innovations and relationships that transform business for over 30 years. Using our global footprint, we bring innovators, disrupters and change agents together, discussing and demonstrating the technology, strategies and personalities that are changing the way the world does business. Whether you?re looking to make new connections, introduce product or inspire change in your industry, we invite you to join us as agitators of change. Terrapinn – spark something.

Press attendance is complimentary. Enquiries should be directed to:
Jia Le Lim
Marketing Manager
Terrapinn Asia
jiale.lim@terrapinn.com

Accounting & Finance in Business Leaders to Gather in Singapore Later this Month

The Accounting & Finance Show Singapore finally returns to Singapore in person this 20-21 September 2022. This is the first in-person edition of the event since 2019, following multiple virtual editions during the pandemic and marks the first time this community has been able to gather at scale in the region.

Over 2,000 SME & enterprise finance leaders, accountants in practice, accountants in business and bookkeepers will be in attendance at Singapore’s Suntec Convention & Exhibition Centre to reconnect, discover the latest innovations in finance for business and learn how to run their companies better or more effectively advise their clients.

“After two virtual editions in 2020 and 2021, it’s fantastic to finally be able to bring this community back together under one roof,” says Laura Binns, General Manager at Terrapinn. “During the last two years, there has been an unbelievable amount of progress as more companies than ever before were forced to accelerate their digitization. Now is the time to cement those innovations and explore what more we can do to prepare our businesses for the future.”

Over 80 sponsors, exhibitors and partners will be in attendance, showcasing the latest innovations in accounting software, finance management tools and helping attendees transform and streamline their working practices, including Title Sponsor Xero (returning for the 5th year running), Diamond Sponsor Aspire and Platinum Sponsor Spenmo.

Across seven different content themes (Finance Transformation: The Essentials; Ditial Practice: Practice Management; Digital Innovation; Grow Your Business: Cash Flow & Funding; Finance Transformation: Augment & Grow; Grow Your Business: Strategy & People and Digital Practice: Business Advisory), attendees will hear from true leaders in the space, including:
– Duane Ho, Group CFO, Oceanus Group
– Koren Wines, Managing Director, Xero Asia
– Andrea Baronchelli, Co-Founder & CEO, Aspire
– Elyne Eng, Regional Finance Director, Spencer Ogden
– Xiang Jie Chung, Vice President Finance, CARRO
– Yee Ling Choo, Financial Director Asia Pacific, Middle East & South Africa, Electrolux
– Mohandass Kalaichelvan, CEO, Spenmo
– Batya Shulman, Partner, St James’ Place Wealth Management
– Richard Hayler, Chief Financial Officer, Nutrition Technologies
– Nancy Chu, Director of Finance, Eightstone Oclaner
– Charles Chen, Managing Director, CAP Advisory Group
– Cherie Sim, Group Financial Controller, Owndays Singapore
– Benjamin Chin, Regional Finance Director, ECCO
– June Cho, Portfolio Chief Financial Officer, Stepping Stone

For event information and full conference agenda, visit www.terrapinn.com/accountingfinanceshow

About The Accounting & Finance Show Singapore 2022:

The Accounting & Finance Show Asia 2022 will take place on 20-21 September 2022 at
Suntec Convention & Exhibition Centre in Singapore. The event will comply with prevailing
guidelines on COVID-19 safety.

About Terrapinn:

Terrapinn has been sparking ideas, innovations and relationships that transform business for
over 30 years. Using our global footprint, we bring innovators, disrupters and change agents
together, discussing and demonstrating the technology, strategies and personalities that are
changing the way the world does business. Whether you’re looking to make new
connections, introduce product or inspire change in your industry, we invite you to join us as
agitators of change. Terrapinn — spark something.

Press attendance is complimentary. Enquiries should be directed to:
Jia Le Lim
Marketing Manager
Terrapinn Asia
jiale.lim@terrapinn.com

Aggresive in Global Market Expansion, PIS Meets BP, Shell, and Exxon in Singapore

Pertamina International Shipping (PIS) is increasingly targeting consumers in the international market. In addition to this expansion, PIS strives to continuously improve the quality and standard of service by exchanging knowledge and experiences with world energy companies.

PT Pertamina International Shipping (PIS), in cooperation with PIS Pte Ltd (PIS PL), hosted a sharing session with BP Singapore Pte. Limited, Shell International Eastern Trading Co (SIETCO), and ExxonMobil Asia Pacific Pte Ltd. The meeting was held at the offices of each energy company on August 24-25, 2022, in Singapore.

PIS, in cooperation with PIS Pte Ltd (PIS PL), hosted a sharing session with BP Singapore Pte. Limited, Shell International Eastern Trading Co (SIETCO), and ExxonMobil Asia Pacific Pte Ltd. The meeting was held at the offices of each energy company on August 24-25, 2022, in Singapore.

During the sharing session, PIS discussed vetting, inspection, and vessel acceptance or vessel examination and inspection. The event was attended by PIS Director of Operations Arief Kurnia Risdianto, PIS PL Managing Director Brilian Perdana, Crude and Gas Operation (CGO) Vice President Harris Abdi Sembiring, and PIS Loss Prevention Safety Quality (LPSQ) Manager Soleh Komaruddin.

BP Singapore Pte Ltd Vetting and Clearance Senior Manager, ExxonMobil Asia Pacific Pte Ltd Asia Pacific Supply Coordinator, ExxonMobil Asia Pacific Pte Ltd Mogas Lead, ExxonMobil Asia Pacific Pte Ltd Global Senior Marine Operations, SIETCO Mogas Operation Team Lead, SIETCO Head of Marine, SIETCO Senior Originator, and more were also in attendance at this meeting.

The meeting was also a PIS endeavor to escalate acceptance of its ships at the terminals of world energy participants such as BP, Shell, and Exxon to showcase the existence and quality of PIS in international settings. In the maritime and energy sectors, these companies are significant participants that dominate the tanker chartering market called the Seven Sisters.

PIS Director of Operations, Arief Kurnia Risdianto, explained PIS performance which has now explored 12 international routes. PIS ships have met international shipping standards, including the Paris MOU for sailing requirements on the European continent and a Certificate of Compliance from the United States Coast Guard (USCG).

“PIS is the largest tanker operator in Southeast Asia, currently operating around 439 vessels with extensive experience serving the domestic and regional market,” he said.

Experience of PIS in serving the regional market is recorded by many international customers, including Vitol, Petronas, Trafigura, BP, Badak LNG, ExxonMobil, Petrobras, Chevron, Saudi Aramco, Shell, and many more.

As the Integrated Marine Logistics Sub Holding of PT Pertamina (Persero), PIS business includes shipping, marine services, port services, port and jetty management (port ownership), storage tanks, and other related services.

PIS owns two VLCCs, namely, Pertamina Pride and Pertamina Prime, with a capacity of 2 million barrels and incurs the Eco-Green Vessel concept. The two VLCCs are tangible manifestations of PIS endeavor to lead the marine and logistics business in both domestic and international markets.

Besides oil and gas, PIS expands its business potential to various segments and cargo types, including petrochemicals with medium-range chemical-specific vessel assets called PIS Precious.

In the meantime, to comply with regional trading and improve its role in the global market, Tanjung Uban offers an integrated terminal managed by the PIS subsidiary.

PIS CEO Erry Widiastono said that the company has prepared a roadmap to support energy transition programs. “PIS will anticipate the future of vessels business, specifically the greener vessels. For example, vessels responsible for gas shipping such as LPG, LNG, and many others. In the future, we will anticipate the progress of the renewable energy sector,” said Erry.

About Pertamina International Shipping (PIS)

As the Integrated Marine Logistics Sub Holding, PT Pertamina International Shipping (PIS) consistently stimulates Indonesia’s economic growth through safe and sustainable operation, becomes a trusted and reliable maritime partner, and promotes value for the stakeholders in running their business. See https://pertamina-pis.com/.

Media Contact:
M Aryomekka Firdaus
Corporate Secretary
M: +62-811-872-272
E: aryomekka@pertamina.com

PLS Plantations PAT up by 109.6%

PLS Plantations Berhad recorded a net profit after tax (PAT) of RM35.0 million, a strong conclusion to the financial year ended 30 June 2022 (FY2022). This represents an increase of 109.6% compared to RM16.7 million in the preceding financial year ended 30 June 2021 (FY2021). Total revenue for FY2022 stood at an all-time high of RM184.1 million, up 36.5% compared to RM134.8 million in FY2021 driven by increased sales and higher average selling prices of fresh fruit bunches (FFB).

Annual PAT was further moderated by several factors, including the recognition of fair value loss in biological assets of RM5.2 million compared to a RM1.4 million gain in the preceding quarter (Q3FY2022), higher tax, administration expenses, and a one-off provision for doubtful debt in the manufacturing and trading segment which the Company incurred in the last quarter of FY2022.

Net profit after tax and minority interest (PATMI) for the year stood at RM27.3 million, up 118.4% from RM12.5 million in the preceding financial year. The positive performance was mainly due to the improved quarter on quarter (QoQ) revenue of RM44.8 million up by 41.8% from RM31.6 million in the corresponding quarter for the period ended 31 June 2021 (Q5FY2021).

For the fourth quarter ended 30 June 2022 (Q4FY2022), PLS Plantations saw a dip in its PBT to RM4.8 million or 12.7% lower compared to RM5.5 million in Q5FY2021. Overall QoQ PAT saw a decrease to RM0.6 million, a decrease of 82.5% compared to RM3.7 million in the corresponding quarter last year. Earnings per share (EPS) currently stands at -0.10 sen (diluted) compared to 0.65 sen last year.

PLS Plantations Group CEO Lee Hun Kheng said, “It has been an eventful year for PLS Plantations. In addition to diversifying the business into different cash crops, we are also building our distribution channels and diversifying into downstream products, specifically into durian consumer products. We are focused on rolling out our Agropreneur Programme and building the Integrated Agrotech Park. Our collaboration with both the Federal and State Government and ecosystem partners will be the backbone of our efforts to play a role in strengthening the local agrofood ecology and network which will contribute to the nation’s overall food security. Over the coming months, we will be executing a series of partnerships that will allow PLS to fast track our crop diversification efforts – specifically intercropping and cash crops.”

The key initiatives for FY2022 initiated by PLS Plantations as part of its plan to become the nation’s leading sustainable agrofood company are:

i. a joint venture with Landasan Erajaya Sdn Bhd (“LESB”) on a proposed collaboration to undertake intercropping with cash crops, durian and other forest plantation activities;
ii. signing of Memorandum of Understanding (“MoU”) with the Ministry of Agriculture and Food Industries (“MAFI”) to conduct an in-depth study and put forward a proposal for the national food security agenda; and
iii. launched the PLS Agropreneur Programme and PLS Integrated Agrotech Park to strengthen the local agrofood ecosystem.

About PLS Plantations Berhad

PLS Plantations was incorporated in Malaysia in 1987 and was listed on the Second Board of Kuala Lumpur Stock Exchange in 1995. Currently listed on the Main Board of Bursa Malaysia Securities Berhad, PLS and its subsidiaries are involved in the management and operation of forest, oil palm and durian plantations, as well as the processing, distribution and sale of durian products.

Forward-Looking Statements

The statement included in this press release, other than statements of historical facts, are forward-looking statements. Forward-looking statement generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “plan,” “seek,” or “believe.” These forward-looking statements, which are subject to risks, uncertainties, and assumptions, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations about future event. There are important factors that could cause our actual results, level of activity, performance, or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statement, including, but not limited to our ability to win additional business. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future result, level of activity, performance, or achievements. You should not rely upon forward-looking statements as predictions of future events. These forward-looking statements apply only as of the date of this press release; as such, they should not be unduly relied upon as circumstances change. Except as required by law, we are not obligated, and we undertake no obligation, to release publicly any revisions to these forward-looking statements that might reflect events or circumstances occurring after the date of this release or those that might reflect the occurrence of unanticipated events.

Malaysian Genomics Reports RM28.36 Million Full-Year Revenue

Malaysian Genomics Resource Centre Berhad, a leading genomics and biopharmaceutical specialist, reported revenue of RM6.33 million for the fourth quarter ended 30 June 2022 (4Q 2022) compared with the loss of RM0.07 million in the corresponding quarter of the previous financial year (4Q 2021) on higher contribution from the biopharmaceutical business and continued organic growth of the genetic testing business.

Sasha Nordin, Chief Executive Officer of Malaysian Genomics

The Group recorded a profit before tax (PBT) of RM2.97 million for the quarter under review compared with a loss before tax (LBT) of RM2.11 million in 4Q 2021 due to higher profit margin from the biopharmaceutical business as well as efficient cost monitoring.

For the financial year ended 30 June 2022 (FY2022), Malaysian Genomics registered revenue of RM28.36 million, which is an increase of RM26.58 million compared with RM1.78 million reported in the corresponding period of the previous financial year (FY2021) from growth of the biopharmaceutical business comprising of immunotherapy and cell therapies as well as COVID-19-related products and services.

The Group recorded PBT of RM6.18 million for FY2022 compared with LBT of RM4.29 million in FY2021 mainly due to higher revenue as a result of higher margin as well as cost efficiencies.

Earnings per share for 4Q 2022 stood at 3.25 sen compared with the loss per share of 1.94 sen in the corresponding quarter of the previous financial year.

En. Sasha Nordin, Chief Executive Officer of Malaysian Genomics said, “We continue to see improvement in the Group’s financial performance, and this is attributable to the introduction of biopharmaceutical services as well as our aggressive push to market genetic testing services. Towards the tail-end of the quarter under review, we acquired a 51% stake in kidney dialysis operator Aquahealth Sdn Bhd in which we intend to introduce a holistic approach to kidney healthcare through our suite of products and services. We also have plans to open more such centres across Malaysia given the projected increase in the number of kidney patients.”

“We are also expanding in Southeast Asia and the Middle East with a series of agreements that we recently inked in which we collaborate with local partners to promote, market and distribute our biopharmaceutical and genetic testing services.”

About Malaysian Genomics Resource Centre Berhad

Malaysian Genomics Resource Centre Berhad (“Malaysian Genomics” or “the Group”) is a leading genomics and biopharmaceutical company based in Southeast Asia. The Group was established in 2004 and listed on the Bursa Malaysia stock exchange in 2010. From pioneering work in genome sequencing, bioinformatics analysis, and genetic screening services, Malaysian Genomics has expanded into the biopharmaceutical sector with the manufacturing of cell therapies including immunotherapy for various types of cancer.

Utilising its high-throughput sequencing lab, advanced microarray facility, and new state-of-the-art cell processing lab, the Group is committed to improving access to the latest in precision and personalised healthcare solutions to improve the lives of patients. For more information, visit www.mgrc.com.my.

Genetec’s Quarterly Performance Jumps by 126%

Technology leader in providing fully customised, intelligent manufacturing automation solutions, Genetec Technology Berhad continued its performance momentum into the new financial year, recording a surge in profit after tax (PAT) of RM18.6 million representing a 126.8% jump compared to RM8.2 million registered for the corresponding quarter of the preceding financial year (Q1FY2022).

Genetec’s recorded a profit before tax (PBT) of RM19.4 million higher by 31.1% compared to RM14.8 million posted in the preceding quarter of 2022 (Q4FY2022), contributed by higher revenue from the e-mobility, electric vehicle (EV) & energy storage (RM60.9 million up 25.8%) and hard disk drive (HDD) segments (RM12.2 million up 20.8%) respectively.

PAT was boosted on the back of strong revenue growth momentum for the quarter at RM73.2 million, an increase of 81.6% from RM40.3 million for the corresponding quarter (QoQ) and up 24.7% from RM58.7 million for the preceding quarter (Q4FY2022). Earnings per share stood at 2.68 sen (fully diluted) in Q1FY2023 compared to 1.18 sen QoQ. Gearing ratio dropped from 0.41 to 0.34 times from the preceding quarter, whilst cash and cash equivalents remains healthy, providing the Company with stretch room to execute its growth activities and plans ahead of the fresh orders and industry demand growth.

Genetec commented, “The momentum in the EV and energy storage continues to grow, driven by consumer demand and supportive policies as the world pivots towards renewables in the race to combat climate change. Global sales of EV have doubled up in 2021. The total number of EVs have grown steadily in 2022, with with 2 million sold in the first quarter, up 75% from the same period in 2021[1]. This shift to electric heralds the beginning of a new ecosystem which Genetec is part of. In addition to vehicles, countries and companies will need to roll out the charging and servicing ecosystem to support this new generation of transport vehicles. In tandem with global digitalisation, the needs for the building blocks such as energy and data storage will continue to rise. This is where Genetec is strong and we will continue to improve on our offerings through research and development whilst deepening our share of market in the e-mobility, energy storage and HDD segments. Meanwhile, we remain vigilant of the macroeconomic headwinds and supply chain challenges and will continue to adopt a prudent stance in our cost and financial management.”

Genetec’s also highlighted that its land acquisition from Utusan Melayu (Malaysia) Berhad (UMMB) in Bandar Baru Bangi, comprising a parcel of land of 6.348 hectares or 683,293 square feet (sq ft) and the buildings within the said area, is on track with the targeted completion set for the second quarter ended 30 September 2023 (Q2FY2024) and will focus their attention on deepening their business relationships with clients and suppliers, talent building and retention ahead heightened competition and macro headwinds globally.

[1] Source: Global EV Outlook 2022 https://tinyurl.com/GlobalElectricVehicle-Outlook

About Genetec Technology Berhad

Genetec Technology Berhad (‘Genetec’ or ‘the Group’) is a technology leader in providing customised full turnkey smart factory automation manufacturing lines. It is a public company listed on the ACE Market of Bursa Malaysia Securities Berhad (Stock code: 0104) since 2005. Its principal business focus is in the provision of high-quality, responsive and cost-effective designs, as well as the manufacturing of automated industrial systems, equipment and value-added services for our global customers in the Electric Vehicle (EV), Automotive, Hard Disk Drive (HDD), Consumer Goods and Healthcare sectors. For more information on Genetec, please visit www.genetec.net.

Spartan Capital: Society Pass (Nasdaq: SOPA) – SoPa’s Nusatrip Cleared for Take-off

Spartan Capital Securities LLC (“Spartan Capital”) issues Equity Research Report on Society Pass Inc. (Nasdaq: SOPA) (“SoPa”).

Click Here (on Society Pass website) to view the full Spartan Capital Equity Research Report. https://tinyurl.com/SpartanCapital-SOPA-25August

Summary Points:

– Society Pass recently closed on its acquisition of the Indonesian online travel site Nusatrip just as the Indonesian travel market is taking off with international travel up 525% year-to-date.

– The deal was signed at an event on July 1st and just closed on August 15th with SoPa paying $620,000. Spartan Capital attended the closing event, visited Nusatrip’s Jakarta offices, met with its founder and CEO, and met the president of the seller, PT Moratelindo in Jakarta. Moratelindo is a telecom juggernaut in Indonesia with strong government connections, but Nusatrip was not a core business. The two companies remain close, for example with Nusatrip utilizing Moratelindo data centres, so SoPa has gained a strong, valuable partner in the region.

– Nusatrip is the third largest online travel agency in Indonesia, after Traveloka, which is independent, and Tiket.com, which is owned by the Indonesian conglomerate Djarum Group. According to recent press accounts, both have considered capital markets transactions in the last year which would value each in the billions of dollars. So Nusatrip could well be worth more than SoPa paid.

– Indonesia is a democracy with the fourth largest population in the world. GDP growth is projected at around 5% this year and next and its rapidly growing young population is served by numerous ultra-low-cost carriers (ULCCs). In Spartan Capital experience, young emerging market adults tend to avail themselves of international travel as soon as they have some disposable income. The domestic market is huge as Indonesia is an archipelago consisting of 18,000 islands, so much travel is by air, not by car.

– Nusatrip was EBITDA positive and growing rapidly before the pandemic with positive EBITDA from 2014, its second year in business, to 2018.

– The Indonesian travel market is again booming with traffic up 92% over 2021 through the first six months of this year. Spartan Capital expects this rebound to continue as it began later than the US and European markets and traffic is only about half that of 2019, before the pandemic.

– So, in Spartan Capital’s view, SoPa has impeccable timing, buying a business that was loaded with debt incurred to cover operating costs during the pandemic but poised for rapid growth, and likely to return to profitability again soon.

– Spartan Capital identifies six relatively straightforward synergies between Nusatrip and the other SoPa business units which should drive revenue across the ecosystem, furthering the founder’s dream of creating the next billion-dollar Southeast Asia super-app.

1. Expand Nusatrip to the other four countries where SoPa operates.
2. Cross sell Gorilla travel eSIMs so Nusatrip international travel customers can use their phones abroad.
3. Leverage Thoughtful Media social media/influencer marketing to market the service.
4. Leflair, SoPa’s luxury goods flash sale app, is launching in Indonesia later this year.
5. Allow Nusatrip customers to earn points through the Society Pass loyalty program to purchase goods on any of the seven other SoPa businesses.
6. Allow customers of the other seven SoPa businesses to use their loyalty points for travel booked through Nusatrip.

About Society Pass Inc

As a digitally-focused loyalty and data marketing ecosystem in Vietnam, Indonesia, Philippines, Singapore and Thailand and with offices located in Angeles, Bangkok, Hanoi, Ho Chi Minh City, Jakarta, Manila, and Singapore, SoPa is an acquisition-focused e-commerce holding company operating 6 interconnected verticals (loyalty, lifestyle, F&B, telecoms, digital media, and travel), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.

SoPa’s business model focuses on analysing user data through its Society Pass loyalty platform and circulation of its universal loyalty points or Society Points. The Society Pass loyalty platform drives customer acquisition and increases customer retention for merchants. Since its inception, SoPa has amassed over 3.3 million registered consumers and over 205,000 registered merchants/brands onto its platform. It has invested 2+ years building proprietary IT architecture with cutting-edge components to effectively scale and support its consumers, merchants, and acquisitions.

Society Pass leverages technology to tailor a more personalised experience for customers in the purchase journey and to transform the entire retail value chain in SEA. SoPa operates Leflair.com, Vietnam’s leading lifestyle e-commerce platform, Pushkart.ph, a popular grocery delivery company in Philippines, Handycart.vn, a leading online restaurant delivery service based in Vietnam, Mangan, the leading local restaurant delivery service in Philippines, Gorilla Networks, a Singapore-based, web3-enabled mobile blockchain network operator, Thoughtful Media Group, a Bangkok-based, a social commerce-focused, premium digital video multi-platform network, and NusaTrip (“NusaTrip”), a leading Jakarta-based Online Travel Agency (“OTA”) in Indonesia and across SEA. For more information, please check out: http://thesocietypass.com/.

Media Contacts:
PRecious Communications
sopa@preciouscomms.com

Elite Partners continues acquisition spree with the purchase of a warehouse in Poland

Elite Partners Capital has completed an off-market acquisition of a warehouse in Radomsko, Poland for close to EUR30 million. This marks the firm’s third purchase within a span of six weeks, after announcing acquisitions in UK and Netherlands.

The asset is well-located in Central Poland, being in the immediate vicinity of the A1 motorway, national roads DK 42 and DK 91, as well as key railway junctions. It is the first facility within “LOOGIC Park Radomsko” logistics park which will eventually house 11 warehouse halls totalling 380,000 sqm over 80 hectares of land.

The warehouse provides a total usable area of approximately 54,000 sqm and achieved an ‘Excellent’ BREEAM certification. It was constructed by FB ANTCZAK, Polish general contractor, as a Built-to-Suit facility for JYSK, a big box retailer of household goods. JYSK is the largest Danish retailer operating internationally with over 3,000 stores in 48 countries globally. The warehouse is used primarily for high-volume storage and is strategically located near the main JYSK Distribution Center. This allows JYSK to distribute goods efficiently and lower transport costs, ultimately having a positive effect on the environment through reduction of CO2 emissions.

This is the first Polish acquisition for the second series of EPC’s Logistic Funds. “Following our recent string of successful investments, we are pleased to announce the acquisition of the Polish warehouse facility that is fully let to JYSK,” said Mr Victor Song, CEO of Elite Partners Capital. “We are no stranger to the Polish market and have forged trusted relationships on the ground. Because of this, we are able to efficiently source for select opportunities that provide attractive returns even in today’s volatile market.”

Elite Logistics Fund II continues to focus on building a portfolio of high-quality logistics warehouse or infrastructure across Europe and the UK.

For this transaction, DLA Piper (Legal) advised Elite Partners Capital and AXI IMMO Group acted for the Vendor.

About Elite Partners Capital

Incorporated in 2017, Elite Partners Capital is a Singapore-based licensed fund manager. The Elite Logistics Fund series has a Pan-European strategy focusing on prime logistics assets in the high-growth and defensive sectors.

Elite Partners Makes Maiden Entry into the Dutch Logistics Market with Acquisition of a Warehouse in Netherlands

Elite Partners Capital has acquired a warehouse in central Netherlands from a private investor. This comes shortly after its acquisition of a distribution facility in Wrexham UK, announced just earlier in the month. This marks the firm’s first foray into the Dutch logistics market.

The asset is located at Nunspeet, a city just outside the Randstad area in the middle of Netherlands. Located alongside the A28 motorway, it serves as one of multiple industrial/logistics hubs that connects the Randstad area with the northeastern provinces and the northern part of Germany. The asset sits within the Feithenhof business park which has a total size of approximately 27.7 hectares and comprises a mix of local industrial businesses alongside internationally operating occupiers.

The warehouse provides a gross floor area of 30,817 sqm on 55,108 sqm of land. It is fully let to B&C International B.V., one of Europe’s leading suppliers of custom and ready-made window treatments. B&C is one of North America’s Springs Window Fashions’ residential brand. The asset is used largely for sorting and distribution and also houses B&C’s headquarters.

The transaction is part of the second series of EPC’s Logistics Fund and is the firm’s first acquisition in the Dutch market. “The Netherlands is one of the top logistics markets in Europe, underpinned by efficient ports and well-established logistics infrastructure. We are excited to announce our first acquisition within the Dutch market and look forward to growing our footprint here due to its strong fundamentals and logistics demand,” said Mr Victor Song, CEO of Elite Partners Capital.

Elite Logistics Fund II continues to focus on building a portfolio of high-quality logistics warehouse or infrastructure across Europe and the UK.

For this transaction, Opal Partners acted for Elite Partners Capital and Cushman & Wakefield acted for the Seller.

About Elite Partners Capital

Incorporated in 2017, Elite Partners Capital is a Singapore-based licensed fund manager. The Elite Logistics Fund series has a Pan-European strategy focusing on prime logistics assets in the high-growth and defensive sectors.

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