Finance Archives - Page 9 of 75

VPBank Partners With CleverTap To Transform Vietnam’s Banking Experience

VPBank, one of Vietnam’s largest private banks, partners with CleverTap, the all-in-one customer engagement platform, to deepen understanding of customers and their aspirations and use the insights to deliver hyper-personalized experiences to users, at scale. VPBank aims to elevate customer experience and drive higher conversions on products and offers through highly targeted campaigns built on complex, real-time segmentation that quickly connects with customers. Through this association with CleverTap, VPBank’s objective is to improve engagement, deepen relationships and drive higher retention, while keeping costs low.

Established in 1993, VPBank operates in a wide variety of businesses including retail banking, corporate banking, wealth management, and consumer finance. VPBank aims to become a top-ranking financial institution among joint stock commercial banks in Vietnam, in terms of business scale, market share, and service quality.

Leveraging CleverTap’s AI/ML-powered capability suite, Clever.AI, VPBank will be able to hyper-personalize its engagement via multiple automation and journeys. It will enable a seamless and omnichannel onboarding experience for new users, driving higher success rates for key milestones such as registration and the first transaction. With the unified customer view on CleverTap, VPBank can identify high-intent users and target them with contextual and relevant offerings, achieving an increase in customer lifetime value.

Varun Krishna, Head of Digital Marketing, VPBank said, “We’ve always strived to maintain our position as one of Vietnam’s leading financial institutions. In an increasingly competitive banking landscape, delivering personalized and meaningful customer experiences is paramount. Partnering with CleverTap empowers us to harness advanced AI-driven insights, enabling us to engage our customers more effectively and tailor our offerings to their unique needs across digital channels. This collaboration not only enhances our ability to connect with customers on a deeper level but also drives sustained growth and loyalty. Together, we are committed to setting new standards in customer engagement and positioning VPBank as the most trusted and preferred bank in Vietnam.”

Mai Vo, Country Manager, CleverTap said, “Vietnam’s banking sector is at the precipice of a new era of growth. Our partnership with VPBank couldn’t be timed better. With a legacy of innovation and customer-centricity, VPBank has consistently set benchmarks in the Vietnamese banking industry. Their commitment to using technology for crafting exceptional customer experiences aligns perfectly with our vision. Together, with CleverTap’s state-of-the-art omnichannel platform, personalizing and enhancing customer engagement has never been more seamless. This partnership is not only a testament to CleverTap’s expertise in driving conversion and retention but also underscores VPBank’s leadership in propelling Vietnam’s banking sector into a new era of excellence”

About CleverTap
CleverTap is the leading all-in-one customer engagement platform that helps brands unlock limitless customer lifetime value. CleverTap is trusted by over 2000 brands like Domino’s, Levis, Jio, Papa John’s, Zomato, Kotak Bank, Air Asia, Carousell, TD Bank, and Tesco to help build personalized experiences for all their customers. The platform is powered by TesseractDB™ – the world’s first purpose-built database for customer engagement, offering speed and cost efficiency at scale.

Backed by top-tier investors such as Accel, Peak XV Partners, Tiger Global, CDPQ and 360 One, the company is headquartered in San Francisco, with presence across Seattle, London, São Paulo, Bogota, Mexico, Amsterdam, Sofia, Dubai, Mumbai, Bangalore, Singapore, Vietnam, and Jakarta.

For more information, visit clevertap.com or follow us on:
LinkedIn: https://www.linkedin.com/company/clevertap/
X: https://twitter.com/CleverTap

Forward-Looking Statements
Some of the statements in this press release may represent CleverTap’s belief in connection with future events and may be forward-looking statements, or statements of future expectations based on currently available information. CleverTap cautions that such statements are naturally subject to risks and uncertainties that could result in the actual outcome being absolutely different from the results anticipated by the statements mentioned in the press release.

Factors such as the development of general economic conditions affecting our business, future market conditions, our ability to maintain cost advantages, uncertainty with respect to earnings, corporate actions, client concentration, reduced demand, liability or damages in our service contracts, unusual catastrophic loss events, war, political instability, changes in government policies or laws, legal restrictions impacting our business, impact of pandemic, epidemic, any natural calamity and other factors that are naturally beyond our control, changes in the capital markets and other circumstances may cause the actual events or results to be materially different, from those anticipated by such statements. CleverTap does not make any representation or warranty, express or implied, as to the accuracy, completeness, or updated or revised status of such statements. Therefore, in no case whatsoever will CleverTap and its affiliate companies be liable to anyone for any decision made or action taken in conjunction.

For more information:
SONY SHETTY
Director, Communications, CleverTap
+91 9820900036
sony@clevertap.com

ASHMIT CHAUDHARY
Associate Consultant, Archetype
+91 8850752121
ashmit.chaudhary@archetype.co

HKTDC welcomes 2024 Policy Address

– Reinforces eight centre advantages for high-quality economic development

The Hong Kong Trade Development Council (HKTDC) welcomes the 2024 Policy Address, delivered today by the Hong Kong Special Administrative Region’s (HKSAR) Chief Executive John Lee.

The Policy Address presents a comprehensive set of measures, ranging from the economy and trade and people’s livelihood to high-calibre talent attraction and youth development. Leveraging Hong Kong’s one country, two systems advantages, the policies will fuel the city’s continued economic growth.

Dr Peter K N Lam, Chairman of the HKTDC, said: “The Policy Address highlights the Hong Kong SAR Government’s efforts in seeking innovation and change, while striving for excellence. It addresses a wide range of areas covering economic growth, trade and investment, SME support, culture and creative as well as construction and planning. Riding on Hong Kong’s eight centre advantages, the Policy Address promotes new quality productive forces and high-quality economic development.”

The annual address announced various measures to reinforce the city’s status as an international financial, shipping and trading centre. Dr Lam believed the move echoes the 20th Central Committee’s Third Plenary Session’s Resolution to develop Hong Kong into a supply chain service centre: “The HKTDC will continue to proactively promote Hong Kong’s eight centre advantages and enhance the development of high value-added supply chain services. We will step up cooperation with InvestHK to set up a mechanism and enhance the interface for attracting mainland enterprises to establish their international or regional headquarters in Hong Kong and provide one-stop diversified professional advisory services to help them go global via the Hong Kong platform.”

He added that the HKTDC will strengthen advisory services of its Transformation Sandbox (T-box) programme to cover a wider range of areas and support Hong Kong enterprises as well as mainland companies in Hong Kong in regard to business transformation, sustainable development and operational upgrade. Businesses are encouraged to leverage the HKTDC’s trade platforms and events to go global and explore international market opportunities, especially in the high-potential ASEAN region.

Dr Lam welcomed the HKSAR Government’s SME support measures, including the relaunch of the Principal Moratorium scheme, a HK$1 billion injection into the BUD Fund and an additional HK$500 million provision for the Incentive Scheme for Recurrent Exhibitions 2.0. He believes the measures will foster SMEs’ sustainable development and reinforce Hong Kong’s role as a leading convention and exhibition hub.

The Policy Address stated the Hong Kong Shopping Festival will be relaunched in the next two years to help SMEs tap into the mainland e-commerce sales market. Dr Lam said: “The inaugural Hong Kong Shopping Festival organised by the HKTDC in August this year received an enthusiastic response. Not only did it raise participants’ brand exposure, but also provided them with practical experience in e-commerce operations. We will build on this year’s success and host the second edition of the Festival next August, and in the ASEAN market in due course, to enable Hong Kong SMEs to explore market opportunities via e-commerce and social media platforms.”

To help SMEs understand e-commerce marketing, the HKTDC will publish research reports and analyses on e-commerce ecosystems in different markets, such as ASEAN, to help businesses lay a solid foundation in e-commerce operations. Through its Digital Academy and Design Gallery’s (DG) cross-border e-commerce shops on Taobao and JD International, the HKTDC has been offering comprehensive support to Hong Kong SMEs to leverage diverse e-commerce and digital marketing channels to explore mainland opportunities. DG’s 70 physical sales network in the mainland serve as an ideal platform to promote Hong Kong brands in the region. As for the ASEAN market, the HKTDC’s DG Studio programme helps connect local businesses with ASEAN physical retailers and e-commerce platforms.

In terms of strengthening SMEs’ brand development, the HKTDC will continue to organise some 40 international exhibitions and conferences in Hong Kong every year. We will also set up more Hong Kong Pavilions in mainland and overseas exhibitions and further enhance business matching, to support SMEs in developing their brand and tapping global opportunities.

On promotion of Hong Kong’s cultural and creative industries, as mentioned in the Policy Address, more Hong Kong, mainland and overseas cultural and creative products will be added to the Asia IP Exchange (AsiaIPEX), managed by the HKTDC, to facilitate cross-sector exchanges and cooperation and contribute to Hong Kong’s development into a regional IP trading centre. Currently, the platform displays more than 28,000 IP projects available for trading. The HKTDC will continue to promote cultural and creative products as well as IP transformation and trading on its platforms, such as the Business of IP Asia Forum, Hong Kong International Licensing Show and the Hong Kong International Film and TV Market.

Dr Lam also welcomed measures addressing new quality productive forces, the Northern Metropolis, digital economy and silver economy, which will help Hong Kong businesses further explore opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area and Belt and Road countries and regions.

Addressing the reduction of the liquor duty rate, Dr Lam believes that the move will strengthen related trade and further promote Hong Kong as a regional wine trading hub. He added that the 16th Hong Kong International Wine and Spirits Fair will be held from 7 to 9 November, which will showcase fine wines from around the world, including liquors and white wines in the mainland pavilions, whiskeys from Japan and Ireland and spirits from around the world. Fair seminars will highlight the prospects of Hong Kong’s spirits market, while Chinese liquor promotional events will help the industry seize new opportunities.

In conclusion, Dr Lam said: “The HKTDC will continue to support and complement national development and the Hong Kong SAR Government’s policies. We will work closely with the business community to leverage Hong Kong’s advantages and promote sustainable economic growth.”

Media enquiries
Please contact the HKTDC’s Communication & Public Affairs Department:

Sam Ho

Tel: (852) 2584 4589

Email: sam.sy.ho@hktdc.org

To view press releases in Chinese, please visit http://mediaroom.hktdc.com/tc

About HKTDC
The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong’s trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via trade publications, research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus.

Standard Chartered GBA Business Confidence Survey shows softer business performance in Q3

– Sentiment continues to improve, Hong Kong has the highest expectations

Standard Chartered and the Hong Kong Trade Development Council (HKTDC) today released the Standard Chartered GBA Business Confidence Index (GBAI) for the third quarter of 2024. The “expectations” index rose for a second straight quarter to 55.2 from 54.8 in Q2, reflecting sentiment continued to improve modestly among firms. The “current performance” index for business activity fell to 50.6 from 54.1 in Q2, indicating a further weakening of economic momentum after a challenging first half of 2024.

Hong Kong leads bulls
At city level, Hong Kong and Dongguan registered improvements in both current performance and expectations sub-indices. Hong Kong posted the highest “expectations” index, rising to 58.8 from 49.7 in Q2, the steepest rise among the 11 Guangdong-Hong Kong-Macao Greater Bay Area cities, while “current performance” slightly increased by 0.2 points to 47.3. The “expectations” index of the other five cities in the survey were all above the 50 neutral mark.

In line with the soft set of China macro data in July and August, the sub-indices for industry categories trended down in general, with the manufacturing sector suffering the most. In terms of “expectations”, while GBA manufacturers’ confidence may have been affected by a potential surge in US tariffs against China-origin products in the event of a Trump win in the November US presidential election, the score remained stable at 54.1, well above the neutral mark.

Kelvin Lau, Senior Economist, Greater China, Standard Chartered, said: “The survey findings are in line with the economic data released in August, pointing to a slower industrial production, retail sales and fixed asset investment growth on subdued domestic demand and adverse weather. Nevertheless, it is noteworthy that the optimism associated with China’s stronger-than-expected stimulus package introduced in late-September, together with the new phase of Fed’s rate cut cycle, has yet to reflect in the third quarter survey findings. We believe the business sentiment among GBA companies can be boosted in the near term, driven by the positive sentiment and jump in equity market turnover following the announcement of the stimulus measures.”

60% GBA companies express concerns over risk factors – rates, economic growth and trade barriers topped the list
While the rate-cutting cycle can serve as a tailwind to business, the market outlook remains challenging. 60% of respondents saw external and internal risks posing a substantial risk to their overall business in the next 12 months. “Higher global inflation and interest rates” (47%), “renewed China growth slowdown” (46%) and “trade tariffs, sanctions against China-origin products” (42%) were the top three concerns. The Fed’s recent jumbo rate cut in September, signalling potential relief to GBA companies, likely offset lingering trade and geopolitical risks in the run-up to the US presidential election.

During the survey period, the discussion on tariff hikes against products of Chinese origin arose again. In terms of trade barriers, 47.2% of respondents said they were negatively impacted by tariff hikes versus 44.2% by sanctions and 34.6% by non-tariff barriers.

In the event of further rise in trade disputes between China and the US/EU, of the 37% survey respondents involved in external trade and anticipating a change to their external trade in the next few months, 88% said they would front-load their second-half export orders, while 81% said they would front-load their imports to minimise the potential impacts to their businesses.

Irina Fan, HKTDC Director of Research, said: “GBA manufacturers may have concerns about a potential surge in US tariffs against China-origin products after the November US election. However, some 50-60% of the respondents do not anticipate any potential negative impacts on their business.”

About the GBAI
The GBAI is the first forward-looking quarterly survey in the market that looks at the business sentiment and synergistic effects in cities and industries across the GBA. It is compiled based on a survey of more than 1,000 companies in the GBA covering the manufacturing and trading, retail and wholesale, financial services, professional services and innovation and technology sectors. The index enables investors and businesses to better understand the current business climate, gauge future performance prospects and formulate their market strategies for the GBA.

Related materials
Standard Chartered GBA Business Confidence Index Report: https://www.sc.com/hk/gba/gba-index-report/
HKTDC Research: https://research.hktdc.com/en/article/MTgyMTM1MTk5Nw

Photos download: https://bit.ly/3NrhLXc

Media enquiries
Corporate Affairs Department
Standard Chartered Bank (Hong Kong) Limited
Flora Chiu
Tel: (852) 3843 2285
Email: flora.chiu@sc.com

Communications & Public Affairs Department
HKTDC
Katy Wong Clayton Lauw
Tel: (852) 2584 4524 Tel: (852) 2584 4472
Email: katy.ky.wong@hktdc.org Email:clayton.y.lauw@hktdc.org

About Standard Chartered
We are a leading international banking group, with a presence in 53 of the world’s most dynamic markets and serving clients in a further 64. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good.

Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges.

The history of Standard Chartered in Hong Kong dates back to 1859. It is currently one of the Hong Kong SAR’s three note-issuing banks. Standard Chartered incorporated its Hong Kong business on 1 July 2004, and now operates as a licensed bank in Hong Kong under the name of Standard Chartered Bank (Hong Kong) Limited, a wholly owned subsidiary of Standard Chartered PLC.

For more stories and expert opinions please visit Insights at sc.com. Follow Standard Chartered on X, LinkedIn, Instagram and Facebook.

About HKTDC
The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong’s trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus.

GF Securities Fully Supports Hong Kong Youths to Achieve Entrepreneurship Dreams

The HKUST-Sino One Million Dollar Entrepreneurship Competition (referred to as HKUST Entrepreneurship Competition) Hong Kong Regional Final has successfully concluded, and the ‘GF Innovation Award’ sponsored by GF Securities (000776.SZ; HKG: 177) was ultimately won by the Pest0 team. The Pest0 team is applying for a patent for their natural pest-repellent pellets, which have won high recognition from the judges for its eco-friendly, reusable, and safe features.

Group photo of Mr. Wu Xin ,the Managing Director of GF Holdings (Hong Kong) Corporation Limited (third from left),and members of Pest0, winning team of the ‘GF Innovation Award’

Mr. Charles Lin, CEO of GF Holdings (Hong Kong) Corporation Limited, said, ‘In the current landscape of global economic development, entrepreneurial spirit is like a lighthouse, illuminating the journey of innovation. Entrepreneurs are not only dream chasers but also shapers of the future. They act like catalysts, stimulating the innovation and vitality of the entire society, and building a business ecosystem full of infinite possibilities. Through One Million Dollar Entrepreneurship Competition, we witnessed the inheritance and promotion of such entrepreneurial spirit. GF Securities (Hong Kong) is willing to walk side by side with all entrepreneurs with dreams, writing a new chapter of high-quality innovative development together.’

As a leading national securities firm in the Guangdong-Hong Kong-Macao Greater Bay Area, GF Securities has always been committed to serving the construction of the Guangdong-Hong Kong-Macao Greater Bay Area and enhancing its financial competitiveness. Hong Kong is located in the heart of the Guangdong-Hong Kong-Macao Greater Bay Area with a high degree of internationalization in its capital markets, providing a favorable growth environment for startups. In response to the emerging innovative and entrepreneurial new forces with a global vision in the Greater Bay Area, GF Securities has sponsored the ‘HKUST Entrepreneurship Competition for eight consecutive years since 2017, donating more than RMB1 million. With its own advantages, GF Securities actively promotes the younger generation rooted in Hong Kong and with a global outlook to devote themselves to entrepreneurial endeavours, and cultivates more outstanding entrepreneurs for the future in the Guangdong-Hong Kong-Macao Greater Bay Area with an eye on the international market.

Up to now, the ‘HKUST Entrepreneurship Competition’ has been successfully held for 14 years, expanding to five regions including Beijing, Guangzhou, Shenzhen, Foshan and Hong Kong. It has identified and nurtured many projects and teams with commercial prospects, including well-known enterprises such as DJI drones and Yunzhou unmanned surface vehicles. In 2024, the Competition has more than 300 participating teams from Hong Kong and around the world by adding the ‘International Student Track’, which invited teams from 15 countries and regions including Australia, Canada, Germany, India, Singapore, the United States and Vietnam, further enhancing its influence.

GF Securities, as the platinum sponsor of the HKUST Entrepreneurship Competition, participated and offered full support throughout the event. In addition to establishing GF Innovation award, GF Securities also leveraged its professional advantages in the capital market to provide professional guidance and support for college entrepreneurs. GF Securities appointed experienced investors as judges to engage in face-to-face exchanges with participating student teams, facilitating the progress of the HKUST Entrepreneurship Competition in good order.

Over the years, the ‘GF Innovation Award’ has achieved remarkable performance, with innovative projects covering emerging fields such as Fintech, biology, IoT, new energy, and healthcare, where unicorn companies have been continuously emerging in recent years. It’s represented by the Allegrow Biotech team established in 2023 and its three co-founders, namely Dr. Laurence Lau, Dr. Melody Chung, and Prof. Chau Ying, all coming from the Department of Chemical and Biological Engineering, the Hong Kong University of Science and Technology. Dr. Laurence Lau said: ‘We hope to show the innovative immune cell manufacturing technology of Allegrow through the Competition. Meanwhile, the cash awards and investment opportunities provided by the Competition are also of great help to the company’s further development and expansion, contributing to the commercialization plan of our products.’

At present, with the support of cash awards provided by GF Securities and the Competition, the Allegrow team has steadily developed three products to meet the needs of different immune cell therapeutics manufacturing. For the future, Dr. Laurence Lau said that the team will continue to optimize AimGel technology, diversify manufacturing applications for different targeted immune cells, expand a broader market, and assist innovative biopharmaceutical companies in conducting batch immune cell manufacturing more efficiently and conveniently. It is expected that products reaching GMP level will be launched in 2026 to embark on a new stage.

In mainland China, GF Securities has initiated the Small-scale Start-up Support for University Students of GF Securities for 10 consecutive years, with a cumulative investment of more than RMB20 million in financial support, has issued RMB9.7 million in support for 470 outstanding entrepreneurship projects, and has engaged more than 300 startup mentors for more than 60 universities to carry out a series of entrepreneurship activities. These activities not only provide valuable support and guidance to university students but also effectively promote the integration of industry-university-research, as well as the cultivation of innovative and entrepreneurial talents.

In addition, GF Securities has also made great efforts in the field of social responsibility. GF Securities Social Charity Foundation, jointly initiated by GF Securities, GF Fund, GF Futures, and GF Xinde in 2011, is the first foundation with a securities firm as the main initiator and has received the highest 5A rating in social organization evaluation in China. For over ten years, the foundation has carried out a series of influential social welfare projects focusing on rural revitalization, educational assistance, financial empowerment, and medical assistance. As of now, GF Securities Social Charity Foundation has donated nearly RMB300 million in total.

Looking ahead, GF Securities will continue to uphold its welfare concept of ‘Gathering the Love from the Bottom of Heart’, actively fulfill social responsibilities, and strive to promote the vigorous development of youth innovation and entrepreneurship at home and abroad, contributing its strength to the prosperity and development of the Greater Bay Area and society as a whole.

A Strategic Union: Public Bank to Acquire a Controlling Stake in LPI and the Teh Family Refines their Equity Position in Public Bank Berhad

– Public Bank Berhad proposes to acquire 44.15% equity interest in LPI Capital Bhd
– The Estate of the Late Tan Sri Dato’ Sri Dr. Teh Hong Piow and Consolidated Teh Holdings Sdn. Bhd. to streamline their equity position and remain as major shareholders of Public Bank

Public Bank Berhad (Public Bank) had on 10 October 2024 entered into a conditional sale and purchase agreement (SPA) with the Estate of the Late Tan Sri Dato’ Sri Dr. Teh Hong Piow (Estate) and Consolidated Teh Holdings Sdn. Bhd. (ConTeh) to acquire in aggregate 175,896,000 ordinary shares in LPI Capital Bhd (LPI), representing approximately 44.15% equity interest in LPI, for a total cash consideration of RM1.72 billion (Proposed Acquisition).

LPI, a company listed on the Main Market of Bursa Malaysia, has been in operations for over 60 years and is mainly involved in the underwriting of general insurance. It currently has 21 branches throughout Malaysia, 1 branch in Singapore and also operates in Cambodia through an associate company.

Speaking at the press conference after the SPA signing ceremony, Tan Sri Dato’ Sri Dr. Tay Ah Lek, Managing Director and Chief Executive Officer of Public Bank said, “The Proposed Acquisition represents a strategic opportunity for Public Bank to further expand its general insurance segment into the Malaysian market through the LPI Group. This will allow the enlarged Public Bank Group to establish an immediate market presence and strong foothold in the general insurance segment in Malaysia as a comprehensive complementary service to its current financial services and Family Takaful offerings.”

He further added that, “The Proposed Acquisition is also in line with our Group’s plans to expand beyond just organic growth but through strategic acquisitions to expand our product and service offerings as evident by our recent completion of the acquisition of Public Bank Securities Vietnam Company Limited which allowed our Group to expand our financial services offering in Vietnam with the inclusion of securities trading services.”

Tan Sri Tay concluded by saying, “This strategic acquisition of LPI Group, a long-established and leading general insurance player in Malaysia, represents a clear and unique opportunity for us to accelerate our vision to move towards a “Universal Banking Model” that offers comprehensive and diverse range of financial and other related products and services under the same group.

With our existing network of over 260 branches located throughout the country, LPI Group would be able to leverage and expand its distribution channels and further grow its general insurance business in Malaysia. In addition, we would also be able to tap into the sales and distribution network of LPI and further expand our reach to cover clients and customers of LPI.

Aside from the mutual cross selling of products and services, Public Bank and LPI will also explore possibilities on developing new integrated products and services catering to our customers’ financial and insurance needs.”

As this is a related party transaction, the Proposed Acquisition is subject to the approval of the non-interested shareholders of Public Bank at an Extraordinary General Meeting (“EGM”) to be held at a later date. Should the Proposed Acquisition be approved at the EGM, Public Bank will be obliged to extend an unconditional mandatory take-over offer (“MGO”) (“Proposed Offer”) for the remaining equity interest in LPI not already owned by it.

It is pertinent to note that Public Bank has received the approval from the Ministry of Finance and Bank Negara Malaysia for the Proposed Acquisition and is expected to complete this corporate exercise in the 1st quarter of 2025.

Barring any unforeseen circumstances, the Proposed Acquisition is expected to be value accretive and contribute positively to the future earnings of the Public Bank Group.

At the same press conference, Teh Li Shian Diona, the youngest daughter of the late Tan Sri Dato’ Sri Dr. Teh Hong Piow also announced that the Estate and ConTeh intends to undertake a restricted offer for sale (“ROFS”) of a portion of their Public Bank Shares, progressively over a 5-year period and will be in compliance with the Financial Services Act.

Diona Teh said, “My father often said that the success of Public Bank was not his alone – it is built on the trust and loyalty of its shareholders and the relentless commitment of its employees, or as he would like to call them his “corporate family”.

“To honour his legacy and to show our deep appreciation and gratitude, we will be undertaking an exercise to distribute a portion of our Public Bank shares at a discount to all employees, directors and eligible shareholders of the Public Bank Group. This initiative aims to ensure that Public Bank remains in the hands of those who have nurtured its growth and success over the years, enabling us to continue building our legacy together.”

She further added that, “Although we will be streamlining our stake, I would like to take this opportunity to reiterate our firm and unwavering commitment to continue as the major shareholders of Public Bank. This is not just a role or title for us – it is an honour and a responsibility that we deeply cherish. We are devoted to upholding my father’s legacy and continuing the stewardship of this esteemed institution.”

“For this, we are deeply grateful to Bank Negara Malaysia and the Ministry of Finance for their trust in us by granting us the approval to continue helming Public Bank. With their support, we will perform our utmost best to lead Public Bank with the same passion, integrity, and vision that has defined the PBB group thus far.”

Issued By: Swan Consultancy Sdn. Bhd. on behalf of Public Bank Berhad

For more information, please contact:
Xinyi Ching
Email: x.ching@swanconsultancy.biz

Evolve Partners Alta to launch funds for Opportunities Across Private and Public Markets

Evolve Capital has partnered Alta, Asia’s leading digital securities exchange for alternative assets, to offer seamless access to two of Evolve’s flagship sub-funds—the Evolve-Gifted Fund (EGF) and the ECM Opportunities Growth Fund (ECMOGF). This partnership will see both funds listed on Alta Exchange and broaden investment horizons, offering new avenues to tap into both private and public markets.

The Flagship Funds
The ECM Opportunities Growth Fund aims to deliver capital appreciation by investing in high-potential SME opportunities across Asia, with a clear roadmap toward an eventual IPO exit. This strategy is designed to resonate with investors who seek a high probability of realised returns.

The Evolve-Gifted Fund is an open-ended, multi-strategy fund that seeks to capitalize on opportunistic investments across both private and public markets. EGF strategically invests in a broad range of assets, including equities, debt instruments, ETFs, and private equity, across multiple sectors and geographies. This diversified, adaptive approach enables us to seize market opportunities while managing risk, with the aim of delivering long-term, risk-adjusted outperformance for our investors.

Ted Low, Director for Evolve Funds, stated: “We are excited to offer this opportunity to enhance liquidity for investors interested in private equity assets, but have been deterred by traditional long lock-up periods. In regards to EGF, while our investors appreciate our long-term strategy, they often have short-term liquidity needs that require careful consideration. This partnership offers returns comparable to private equity without the traditional lock-up periods associated with such investments, ensuring they can achieve both immediate and future financial goals.”

Jerry Chua, CEO of Evolve Capital, said “At Evolve Capital, we are thrilled for the launch of this partnership with Alta as it embodies our commitment to financial innovation. We are breaking down barriers for investors by digitizing the investment process, making it easier for them to access high-quality private market opportunities.”

Katherine Ng, Founder and Managing Partner, Katashe Solutions; Investor in Evolve Funds, stated: “As a Web3 solutions venture builder, I am thrilled to be at the forefront of collaboration as it represents a significant step forward in financial innovation, where we, as investors, can unlocking new opportunities to diversify our portfolios and gain exposure to a broader range of asset classes. The future of Real-World Assets (RWA) in digital finance is here, and I am excited to be invested.”

Willie Chang, Head of Alta Exchange, said, “Partnering with Evolve allows us to give investors easier access to Asia’s high-growth sectors through our digital securities exchange. This collaboration expands investors’ investment opportunities, helping them diversify and act quickly on unique market opportunities.”

About Evolve Capital
Evolve Capital is a leading Singapore MAS licensed fund management company, offering tailored investment solutions to institutional and private investors worldwide. Evolve Capital leverages its extensive experience to drive consistent growth and capitalise on opportunities within its ecosystem. We have a panel of seasoned advisory professionals with extensive experiences, and offices across the Asia Pacific, Middle East, and North America.

Our Strategy
Evolve Capital seeks to capitalise on high-growth opportunities, with a focus on sectors leveraging the new economy and digitization trends. We also target the consumer value chain, aiming to harness the disruptive dynamics in a region where increasing consumption is a key driver for growth.

For more information, please visit our website.

About Alta
As the leading licensed digital securities exchange for alternative investments in Asia, we are building critical capital market infrastructure backed by some of 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 and wines, to include fund management and digital custody.

Visit us on https://alta.exchange/

HeartCore’s Go IPO Client, SBC Medical Group, Begins Trading on the Nasdaq Stock Exchange

Company anticipates Q3 2024 revenue to be between $19 million-$23 million and net profit to be between $4 million-$8 million

HeartCore Enterprises, Inc. (Nasdaq: HTCR) (HeartCore or the Company), a leading enterprise software and data consulting services company based in Tokyo, announced its Go IPO client, SBC Medical Group Holdings Inc. (SBC), has successfully commenced trading under the symbol “SBC” on the Nasdaq Global Market exchange. HeartCore was initially compensated through an aggregate $900,000 in initial fees and warrants to acquire 2.7% of SBC’s common stock, on a fully diluted basis, which equate to $17 million; in total, HeartCore generated $17.9 million in revenue from the SBC deal, with $17 million to be recognized in Q3 2024.

As previously mentioned, of the $17.9 million, HeartCore sold $9 million worth of warrants to a Japanese financial institution during Q1 2024. The Company generated $5.64 million in net sales after paying a referral fee of $3.36 million to So Management Inc. for sourcing the lead. With SBC now publicly traded, HeartCore holds in total $8 million worth of SBC stock.

Pursuant to the initial agreement, the Company assisted SBC throughout the listing process, including the audit and legal firm hiring process, translating requested documents into English, assisting in the preparation of documentation for internal controls required for an initial public offering, providing general support services, assisting in the preparation of the F-1 filing, and more.

Additionally, HeartCore announced the following guidance range for Q3 2024:

Revenue: $19 million-$23 million
Net Profit: $4 million-$8 million

“The SBC Medical Group deal is our biggest Go IPO deal to date, amassing a gross total of $17.9 million in total top line revenue for HeartCore,” said CEO Sumitaka Kanno Yamamoto. “Our team played a vital role in fostering the go public process for our treasured client, and we are very much looking forward to the progress and continued success SBC will create as a publicly traded company on the Nasdaq.

“Furthermore, we are very encouraged by our forecasted financials for Q3 2024, as HeartCore is slated to have its strongest quarter in corporate history. Relative to last year’s revenue for the first nine-months ended September 30, 2023, of $18.5 million, we anticipate generating between $28.1 million and $32.1 million in revenue for the nine months ended September 30, 2024, with a significant profit. We expect this year will be HeartCore’s strongest by far, and we continue to stay laser focused on providing value for our Go IPO clients, in addition to our enterprise software clients.”

For more information, please contact:
Mandy Tan
Email: m.tan@swanconsultancy.biz

OSK Property Welcomes PeopleUp Singapore with Its First Flagship Family Entertainment Concept in Atria Shopping Gallery

PeopleUp takes its first step in Malaysia, supported by Greenwillow Capital Management and Arkwood Trustee (M) Berhad.

OSK Property is excited to announce its partnership with PeopleUp, a leading multi-enrichment and play group founded in 2018 in Singapore. Together, they will introduce a brand-new regional play brand to Atria Shopping Gallery in Petaling Jaya, marking PeopleUp’s FIRST expansion beyond Singapore. This groundbreaking entertainment hub will cater to families and kids, creating a one-stop destination for fun, learning, and holistic family experiences.

1. Ong Ju Xing, Deputy Group Managing Director, OSK Holdings Berhad
2. Samantha Lew Pey Shin, General Manager, Group Retail Leasing, OSK Property Investment
3. Chris Tan Wei Quan, Chief Executive Officer, PeopleUp
4. Loh Wai Keong, Managing Director & Chief Executive Officer, Greenwillow Capital Management[L-R]

The signing ceremony took place at Atria Shopping Gallery and the agreement was executed between OSK Property Investment, Group Retail Leasing General Manager Samantha Lew Pey Shin and PeopleUp Singapore Chief Executive Officer Chris Tan Wei Quan. The event was witnessed by OSK Group Deputy Group Managing Director Ong Ju Xing and Greenwillow Capital Management Managing Director Loh Wai Keong.

PeopleUp has successfully set its footprint in Malaysia, thanks to its regional strategic partners, Arkwood Trustee (M) Berhad and Greenwillow Capital Management. These two companies are backed by key figures, Sunny Yeo, Chief Executive Officer and Managing Director of Arkwood Trustee, and Loh Wai Keong, Managing Director of Greenwillow.

With over 16 thriving subsidiary brands in Singapore, PeopleUp has earned its reputation for delivering innovative, engaging, and memorable experiences for families. Its flagship brands, such as Bouncy Paradise – Asia’s largest inflatable playground – and Dinoland – Singapore’s first immersive and largest indoor dinosaur park with live forest, along with VroomTown, the first mega indoor drive-play city for kids, have welcomed over half a million visitors annually.

Set to open in the first half of 2025, the new expansion will build upon this success, showcasing exciting, family-oriented concepts from Singapore and introducing new experiences tailored to the Malaysian market.

OSK Property Investment Group Retail Leasing General Manager Samantha Lew said “At OSK Property, we are committed to curating spaces that bring value and excitement to the community. Partnering with PeopleUp is an exciting step forward in transforming Atria Shopping Gallery into a choice destination for families. This new play concept will enhance the mall’s position as a leading family-friendly venue, attracting visitors from across the region.”

Chris Tan Wei Quan, Chief Executive Officer of PeopleUp Singapore, expressed his enthusiasm for the expansion: “We are thrilled to bring our unique, holistic approach of family entertainment to Malaysia. The collaboration with OSK Property allows us to share our vision and passion for innovative play and enrichment with a wider audience. We are confident that this flagship will resonate with families and set a new benchmark for family entertainment in the region.”

Anchoring over 60,000 square feet within Atria Shopping Gallery, PeopleUp will see the creation of an exciting new flagship family destination that encapsulates a wide array of fun, entertainment, and learning experiences. The flagship will bring together six key areas designed to cater to every type of play:

Kids & Toddler Play: A safe and engaging environment for younger children to explore.
Sports Play: Promoting active play and physical fitness through dynamic sports activities.
E-gaming and Immersive Play: Combining cutting-edge technology with play for a thrilling digital experience.
Sky Play: Adventure high above the ground with elevated play areas.
Water Park: A fun-filled aquatic adventure for families.
Special Experiences: Unique, curated experiences that will surprise and delight visitors.

In addition to these fresh and exciting concepts, PeopleUp will also introduce its popular Singapore-based attractions to Atria Shopping Gallery, tailoring them to fit the tastes and preferences of the local market.

These zones will offer an all-encompassing mix of physical, mental, and sensory experiences for children of all ages, the new flagship destination will set a new standard for family entertainment in Malaysia.

OSK Property’s strategic partnership with PeopleUp is a testament to the growing demand for family-centric leisure destinations in Malaysia. By combining PeopleUp’s award-winning concepts with OSK Property’s vision, Atria Shopping Gallery hopes to become the top destination for families seeking fun and enriching experiences.

For more information, please visit Atria Shopping Gallery’s website at www.atria.com.my and PeopleUp Singapore’s website at www.peopleup.com.sg

About Atria Shopping Gallery
Atria Shopping Gallery is a transformation of yesterday’s beloved iconic mall in Petaling Jaya to cater to today’s more sophisticated and discerning tastes. The Shopping Gallery’s beautiful interior is inspired by the natural beauty and exquisite forms found in our tropical rainforest, creating a sense of natural opulence and an ambience that is warm and welcoming. Atria strives to offer shoppers a total experience and has in place tenants, activities and an environment that we hope will leave our shoppers feeling relaxed, inspired and enriched.

About the Developer – OSK Property
OSK Property is the property arm of the OSK Group which is a public listed company in Malaysia with an asset size over RM 10 billion. OSK Property is one of Malaysia’s leading property groups that has completed and delivered more than 50,000 properties across Malaysia and Australia. With a diverse portfolio that spans residential, commercial, hospitality, industrial and mixed-use developments, OSK Property is committed to delivering innovative and engaging spaces that enhances the way of life of communities.

With each project, OSK Property continues to seek and prioritize its sustainability strategy incorporating the integration of sustainable design features, minimizing our environmental footprint by incorporating advanced technologies and infusing the natural elements such as shadow play and wind flow, and utilizing environmentally friendly materials to ensure the overall health and well-being of occupants. For further information, visit OSK Property’s website at www.oskproperty.com.my

Issued By: Swan Consultancy Sdn. Bhd. on behalf of OSK Property

For more information, please contact:
Jazzmin Wan
Tel: +60 17-289 4110
Email: j.wan@swanconsultancy.biz

Asyraf Hakimi
Tel: +60 11-23774173
Email: a.hakimi@swanconsultancy.biz

9th Belt and Road Summit draws to a successful close

– The event attracts 6,000+ business participants, facilitated record-high 25 MoUs

– The ninth edition of the Belt and Road Summit, co-organised by the HKSAR Government and the HKTDC successfully concluded today after a two-day run
– 90+ key government and business leaders from Belt and Road countries and regions explored opportunities as the Belt and Road Initiative (B&RI) enters the next golden decade
– 280+ matched investment projects and 800+ one-to-one project matching meetings were arranged, positioning Hong Kong as a key dealmaker in the region

The 9th Belt and Road Summit, co-organised by the Government of the Hong Kong Special Administrative Region (HKSAR) and the Hong Kong Trade Development Council (HKTDC), successfully concluded today, attracting over 90 key government and business leaders from Belt and Road countries and regions.

Over 6,000 business participants from over 70 countries and regions explored opportunities, as the Belt and Road Initiative (BRI) enters the next golden decade. A total of record-high 25 Memoranda of Understanding (MoUs) were signed, demonstrating Hong Kong’s role as super value-adder, successfully connecting people, information and capital.

Facilitating global business opportunities
The 25 MoUs signed, including 4 G2G and 21 B2B, involving government bodies and companies from Hong Kong, Mainland China, ASEAN – Indonesia, Malaysia, Vietnam – and the Middle East – Bahrain, Kuwait, the United Arab Emirates – Kazakhstan and more.

Following the HKSAR Chief Executive John Lee’s mission to Laos, Cambodia and Vietnam with a business delegation and the mainland-Hong Kong visit to Hungary and Kazakhstan, these MoUs strengthened ties between Hong Kong and Belt and Road countries and regions.

Among the 4 G2G MoUs, one was signed between the HKTDC and the Ministry of Commerce of Cambodia, an extension of the fruitful visit by the Hong Kong delegation to Cambodia in July. The MoU aims to establish a framework to promote bilateral trade and economic cooperation, particularly within the BRI. The areas of cooperation include facilitating trade missions and business matching between Cambodian and Hong Kong companies as well as promoting Hong Kong’s advantages to Cambodian businesses.

Among B2B MoUs, Farmacy International Pty Ltd from Hong Kong and FutureBright Society Enterprise Pty Ltd from Australia announced a strategic joint venture, Farmacy ANZ, that aims to drive sustainability in agricultural innovation and develop scalable green food networks across Australia and New Zealand.

Raymond Mak, Co-Founder of Farmacy, stated: “Our technology is set to be a game-changer, contributing to a sustainable future for communities in Australia and New Zealand. The joint venture will also launch projects that are aligned with Belt and Road green initiatives, focusing on sustainable agriculture and conservation.”

Michael Chan, Director of FutureBright, said: “The Belt and Road Summit provides a crucial platform for forging international partnerships that promote sustainable growth and innovation. Through this joint venture, Farmacy and FutureBright can attract investment and support for green technologies, advancing our shared vision of sustainable urban development and contributing to the broader goals of the Belt and Road Initiative.”

State-Owned Enterprise of Indonesia – Perumda Varia Niaga Samarinda, LINKTA Technologies Holdings Limited from Indonesia and Rainmaker Ventures Holdings Limited from Hong Kong signed an MoU on strategic cooperation for technology investment to develop smart chicken farms and agriculture in Nusantara, Indonesia’s new capital region.

Zoe Zhao, Founder and CEO of Rainmaker Ventures, said: “We as a venture capital firm from Hong Kong with exposure in Mainland China and Southeast Asia are keen to showcase our sustainable technologies portfolios and connect with other potential business partners, project owners and government connections as a process of venture-building. We expect to strengthen ties with our existing connections around the world with this global event in Hong Kong and explore new opportunities for emerging businesses and investments in Southeast Asia, demonstrating the impact brought by Brand Hong Kong sustainable technologies.”

Over 280 investment projects matched
The Summit’s offering of investment and business matching services received an overwhelming response with over 280 investment projects matched and more than 800 project matching meetings taking place, positioning Hong Kong as a key deal-maker in the region. These sessions focused on four main areas: (1) energy, natural resources and public utilities; (2) innovation and technology; (3) urban development; and (4) transport and logistics infrastructure. Following the physical Summit, business matching meetings will be conducted online on 16 and 17 September.

The Summit once again featured an exhibition area showcasing more than 110 exhibitors, including a dedicated zone jointly organised by the Ministry of Commerce of the People’s Republic of China and the HKTDC. This dedicated zone for mainland trade and services was set up with more than 50 trade and service enterprises from Beijing, Tianjin, Shanxi, Shanghai, Shandong, Hubei, Guangdong and Shaanxi, which highlighted innovative achievements in areas, such as greentech, culture and creativity, cross-border e-commerce, cloud services and big data.

Heavyweight speakers delivered keynote address
Yesterday’s Keynote Luncheon featured a welcome address by Paul Chan, Financial Secretary of the HKSAR Government, opening remarks by Chen Liang, Chairman of the Board of Directors and Chairman of the Management Committee of China International Capital Corporation Limited, and a keynote speech by Dilma Rousseff, President of New Development Bank.

Dilma Rousseff said: “For developing countries, industrialisation is crucial and, to achieve it, they must undergo a process of catching up. In this context, innovation is the key to drive high productivity, which in turn creates better jobs and lays the foundation for inclusive and sustainable growth. Without international cooperation, closing this gap is extremely difficult. The Belt and Road Initiative stands out as a most relevant long-term financing and investment platform for green development, for sharing technologies, building capacities, digitalisation and connectivity.”

Opportunities in the Middle East and emerging markets
A highlight of this year’s Summit was the Business Plenary today, themed Tapping the Markets of New Opportunities. The session was moderated by Ronnie C. Chan, Honorary Chair of Hang Lung Properties Limited. H.E. Mohamed Abduljabbar Alkoheji, Second Vice Chairman of the Bahrain Chamber of Commerce & Industry; Bonnie Y Chan, CEO of Hong Kong Exchanges and Clearing Limited; Peter Fekete, Group CEO of 4iG; Eric Ip, Group Managing Director of Hutchison Port Holdings Limited; and Dato Paduka Iqbal Khan, CEO of Fajr Capital, discussed emerging opportunities in the Middle East and other markets along the Belt and Road.

Summit aligns with eight major steps
Following President Xi Jinping’s eight major steps announced last year in support of high-quality Belt and Road cooperation, the Summit launched two thematic breakout sessions, titled Multi-dimensional Connectivity under the Belt and Road Initiative and People-to-People Exchanges through Business and Cultural Collaboration.

The first session featured discussions among scholars and experts from the shipping, port, airport, logistics and trade sectors, focusing on the progress and potential for connectivity within transport networks. The second session explored how economic collaboration and cultural exchanges can enhance mutual understanding and foster friendly relations among countries and regions along the Belt and Road.

As part of Belt and Road Week, the Belt and Road Global Forum Annual Roundtable will take place tomorrow, during which Forum members exchange views on the latest BRI developments and seize collaboration opportunities.

Photo download: https://bit.ly/4e1gbqB

Media enquiries
Yuan Tung Financial Relations:

Anson Wong	Tel: (852) 3428 3413	Email: awong@yuantung.com.hk
Louise Song	Tel: (852) 3428 5691	Email: lsong@yuantung.com.hk

HKTDC’s Communications & Public Affairs Department:

Clayton Lauw	Tel: (852) 2584 4472	Email: clayton.y.lauw@hktdc.org
Agnes Wat	Tel: (852) 2584 4554	Email: agnes.ky.wat@hktdc.org

HKTDC Media Room: http://mediaroom.hktdc.com

About HKTDC
The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong’s trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus.

Petchsrivichai Enterprise PCL (SET: PCE) commences first-day trading on SET

– Set to expand palm oil extraction and palm olein production plants
– Determined to become a national leader in the integrated palm oil industry

Petchsrivichai Enterprise PCL (SET: PCE), a leader in the integrated palm oil industry, today began trading on the Stock Exchange of Thailand (SET), highlighting the Company’s readiness as an integrated producer and distributor of palm oil products with a supply chain management system in place, to respond to customer needs as a One-Stop Service.

The Company is also proceeding with the expansion of its palm oil extraction plant and palm olein production plat, taking advantage of the opportunity while the palm oil industry is expanding both domestically and in the export market, to create growth in a bid to become a leader in the palm oil industry at the national level.

Mr. Prakit Prasitsupaphol, CEO & Managing Director of Petchsrivichai Enterprise PCL, announced that the Company began trading PCE shares on the SET today, September 12, in the Agro & Food Industry Group, Agribusiness Sector, under the abbreviation PCE. This followed the successful IPO of 750 million common shares for 2.28 baht per share. At the IPO, PCE shares received overwhelming interest from investors, reflecting confidence in the Company’s integrated palm oil business. In so doing, they helped to make PEC one of the stocks that attracted keen interest from investors from the first day of trading.

PCE has set its growth strategy to become a leader in the integrated palm oil industry at the national level through 1. Being a leader in the integrated palm oil industry with full management readiness of the supply chain system, as group companies possess combined production processes for palm oil products from upstream to downstream, warehousing and port services, as well as the modern transportation processes to meet customer needs in the form of “One-Stop Service”, with nearly 40 years of direct experience in the industry; 2. The group’s location is in Surat Thani Province, an ideally strategic area for raw material sourcing and being close to customers and seaports; 3. The group’s production processes and quality control have been certified by international standards.

The Company plans to use the funds raised in the SET to invest in the expansion of a crude palm oil extraction plant, doubling the production capacity from the current 60 tons of fresh palm fruits per hour, along with increasing the stability of the supply of raw material and crude palm oil supply for further refining processes, as well as investing in machinery and equipment to double the production capacity of palm olein for consumption from the current 300 tons per day. The Company’s two production plants were already operating at 80-90% of installed production capacity. Moreover, the fund will also be used to improve the efficiency of the production process, to expand the market in all sectors both domestically and in the export markets, and to invest in technology that will apply to research and further development, to add value to products and create opportunities in new markets in the future.

As for the operating results for 2021 to 2023, the total revenues were 28,178.54 million baht, 32,696.15 million baht, and 24,722.79 million baht, respectively, while the net profits were 847.33 million baht and 214.40 million baht, and 330.50 million baht, respectively. For the first six months of 2024, the group had a total revenue of 12,921.47 million baht and a net profit of 211.97 million baht, similar to those of the same period of the previous year. In 2023, the group’s main revenue was derived from the palm oil industry at 98.61%, with the sales proportion of 63.67% for the domestic market and 36.33% for the international market.

Mr Somsak Sirichainarumitr, CEO of Asset Pro Management Co Ltd (APM), as a financial advisor, said PCE is considered the first fully integrated palm oil industry leader to list on the SET and has the potential to grow in line with the expansion of the palm oil industry, spurred on by growing purchasing power in both domestic and international markets, for consumption or applications, by the renewable energy groups where demand is continuously increasing, and in the use of oleochemicals as ingredients in products such as cosmetics, soaps, skin care creams, etc., following the recovery of the domestic and global economies. They are also applicable to the biodiesel industry.

Ms. Nalyne Viriyasathien, Managing Director, Investment Banking and Advisory of Maybank Securities (Thailand) PCL, as Joint Lead Underwriter, said PCE’s IPO offering of 750 million shares at 2.28 baht per share, or 1,710 million baht, was enthusiastically received by both retail and institutional investors. This was because investors were confident in the business potential of PCE, a leader in the palm oil industry with high growth potential. They also believed PCE would be another quality stock for investors in the Thai capital market.

Mr. Payupat Mahabhol, managing director of investment banking at Yuanta Securities (Thailand) Co Ltd and joint lead underwriter, said that he was confident that PCE would be a growth stock that would generate good returns for investors. The company’s strength as a leader in the integrated palm oil industry and its ability to manage the supply chain system that provides customers with a one-stop service can help reduce extraneous costs. Therefore, for PCE as an enterprise with strong business partnerships, this fundraising will help strengthen its capital, which will be used to expand the business and further the Company’s growth according to its business plan.

Released by Public Relations Dept., MT Multimedia Co., Ltd. for Petchsrivichai Enterprise Plc.
For more information, please contact: Thiyaporn “Dah” Sriadunphan
Tel. +66 (0) 87 556 6974; Email: thiyaporn.s@mtmultimedia.com

Petchsrivichai Enterprise PCL [SET: PCE; PCE/F; PCE/R] https://pce-th.com/