Singapore clinches 3 of top 5 South-east Asia deals despite Covid-19 slowdown
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SINGAPORE - Singapore clinched three of the top five private equity and venture capital deals struck in the region in the first quarter amid markedly slower economic activity across South-east Asia due to the pandemic. There were 141 such deals worth US$1.4Singapore clinches 3 of top 5 South-east Asia deals despite Covid-19 slowdown
SINGAPORE - Singapore clinched three of the top five private equity and venture capital deals struck in the region in the first quarter amid markedly slower economic activity across South-east Asia due to the pandemic. There were 141 such deals worth US$1.4 billion (S$1.95 billion) in the region in the three months to March 31, Ernst & Young noted on Wednesday (July 8). This was 9 per cent down in terms of deal numbers and 65 per cent lower in value compared with the same period last year. Exit activity - the resale of acquired assets - remained largely muted. The report also found that the cash in hand for potential buyouts had reached record levels of US$439 billion by mid-May. The biggest first-quarter deal in the region was the US$706 million investment by Krungsri Finnovate and MUFG Innovation Partners in the Singapore-based ride-hailing software company Grab Holdings. The other two Singapore deals that made the top five were the US$75 million investment in eCommerce company ShopBack and the US$37 million in solar energy firm Sunseap Group by separate consortiums, both including Temasek Holdings. Read more