by Ferry Bayu | Aug 9, 2023 | Business
Philippines’ DoubleDragon considers Nasdaq SPAC listing for hotel arm
Philippine real estate company DoubleDragon Corp said on Tuesday it is considering listing its Singapore-registered unit Hotel101 Global on the U.S. Nasdaq via a merger with a special purpose acquisition company, or SPAC.
DoubleDragon confirmed in response to a local media report that it was weighing the SPAC route as one option to accelerate the international expansion of hotel group Hotel101.
“We likewise clarify, that the amount of equity to be raised will still be finalised at a future date, although it is notable that generally, most SPACs invest about $200 million for mergers and acquisitions,” the company said in a stock exchange filing.
DoubleDragon said it targets for Hotel101 to reach a valuation of up to $17 billion in the near term based on the hotel operator’s internal financial projections, but gave no more details.
Hotel101 provides mid-class hotel accommodation for leisure and business travellers in the Philippines, according to its website. DoubleDragon said Hotel101 will expand to 25 countries including the United States and China by 2026.
SPACs are seen as a quick route to a stock market listing but the once frenzied SPAC market has cooled as it came under closer scrutiny from the U.S. Securities and Exchange Commission amid concerns over what some saw as less stringent due diligence practices.
DoubleDragon’s plan follows that of Vietnamese electric vehicle company VinFast, which plans to list in the United States this month via a merger with a SPAC called Black Spade Acquisition.
The new merged entity was estimated by VinFast and Black Spade to have a potential equity value of $23 billion.
“We also take note from recent news articles that Vietnam is expected to produce their first NASDAQ SPAC company this year with VinFast EV company, and it is the aspiration of DoubleDragon’s Hotel101 to become the first of the same from the Philippines,” DoubleDragon said.
by Ferry Bayu | Aug 8, 2023 | Business
FWD Startup Studio Accelerator Opens Applications for Asia-based Startups
FWD Startup Studio, in collaboration with 1337 Ventures, is thrilled to announce the 5th cohort of FWD Startup Studio Accelerator, a game-changing 13-week programme designed to catapult your insurtech or adjacent vertical startups to new heights. If you have a brilliant idea for a collaboration with FWD Insurance in Malaysia, this is an opportunity you don’t want to miss!
Application for FWD Startup Studio Accelerator Programme is now open, with a focus on Asia-based startups that are venture-backed in insurtech or adjacent verticals.
FWD Startup Studio, in collaboration with 1337 Ventures, is thrilled to announce the 5th cohort of FWD Startup Studio Accelerator, a game-changing 13-week programme designed to catapult your insurtech or adjacent vertical startups to new heights. If you have a brilliant idea for a collaboration with FWD Insurance in Malaysia, this is an opportunity you don’t want to miss!
The FWD Startup Studio Accelerator aims to bring together the brightest minds in the industry, fostering innovative collaborations and potentially leading to proofs of concept (POC). Aspiring startups seeking to enrich their ventures through a strategic partnership with FWD Insurance in Malaysia are encouraged to apply.
“Startups bring new ideas to traditional businesses and industries, which aligns closely with our vision of changing the way people feel about insurance. Through our Startup Studio Accelerator as well as TIM Ventures, our venture capital fund, we are keen to identify outstanding startups, work together with them and help them grow, leveraging on our presence in 10 markets across Asia,” said Ryan Kim, Group Chief Digital & Marketing Officer, FWD Group.
The accelerator programme offers a plethora of benefits for participating startups:
Industry expertise: Gain unprecedented access to decision-makers within FWD Insurance and esteemed mentors who can provide invaluable guidance, open doors to collaborations, and facilitate partnerships.
Acceleration of growth: Fast-track the development of your collaboration to a real proof of concept (POC) before the accelerator programme concludes, giving your startup the momentum it needs to thrive.
Fundraising opportunities: Connect with prominent investors such as TIM Ventures and 1337 Ventures, expanding your network within the investor community. Exceptional collaboration ideas may even unlock the potential for Venture Capital funding.
Access to customers and markets: Successfully piloting your idea in Malaysia could spark interest from other FWD branches in different countries, opening doors to new markets and potential scaling opportunities.
Resource support: Empower your startup with over USD 20K worth of credits on digital infrastructure and cloud services, providing essential resources to fuel your growth.
Networking and community: Join a vibrant community of like-minded entrepreneurs and global insurtech and adjacent vertical leaders, fostering meaningful connections that could propel your startup to new heights.
Bikesh Lakhmichand, Founding Partner of 1337 Ventures, stated, “The FWD Startup Studio Accelerator presents an incredible opportunity for startups to engage with FWD Insurance to explore a proof of concept (POC) solution and access to decision-makers and mentors within FWD Group. We are eager to support and witness the growth of promising startups in the insurtech and fintech space.”
Venture-backed seed stage Asia-based startups who are in the insurtech or adjacent verticals are encouraged to apply and develop a proof of concept (POC) design with FWD Malaysia.
The startups who participated in the previous cohorts have walked away from the accelerator better equipped to be game changers within their respective industries. Past participants include; BlueDuck, Kapitani, Finory, Betterteem, Koha, Safyer, Cashku, eHibah, CoreHalal, Du-It, Marion, Protos Labs, uPledge, Warantee and more.
Join us in an upcoming webinar on 17 August 2023, to learn more about this accelerator, RSVP at https://bit.ly/eventfwdc5
Applications are open now, and the deadline for submissions is 28 August 2023. FWD Startup Studio Accelerator will begin on 5 September 2023. For more information and to apply, please visit https://fwdstartupstudio.com/accelerator.
Established in 2012, 1337 Ventures is Malaysia’s first accelerator programme and early-stage accelerator. Pioneering the Design Thinking Methodology and Design Sprints in Malaysia, 1337 Ventures has utilised its learning to accelerate the growth of over 2,500 startups from 6 different countries. 1337 Ventures has launched accelerators for MNCs and GLCs such as Bank Negara Malaysia, Khazanah Nasional, Telekom, Digi, MDEC, CIMB and Maybank, to name a few. More recently, 1337 Ventures is proud to be one of the three new recipients of the Equity Crowdfunding license from the Securities Commission.
To find out more about 1337 Ventures, please visit www.1337.ventures.
About FWD Startup Studio
FWD Startup Studio is a leading innovation and accelerator platform that empowers startups to realise their full potential and drive transformative change in the insurance, takaful and adjacent sectors. With a commitment to fostering innovation, FWD Startup Studio provides startups with access to industry expertise, resources, and collaboration opportunities to accelerate their growth.
Shannon Chow
Head of Marketing, 1337 Ventures
sh*****@**37.ventures
by Ferry Bayu | Aug 8, 2023 | Business
Potato Corner’s new snack Harvest Chips supports Benguet farmers
MANILA, Philippines – Potato Corner recently launched its new snack offering Harvest Chips in partnership with community development organization Gawad Kalinga (GK).
The potatoes used for Harvest Chips are sourced locally from Benguet farmers. These are then processed into chips by workers in Gawad Kalinga’s Enchanted Farm located in Angat, Bulacan.
Gawad Kalinga has been assisting local farmers through their BayanAnihan program by “providing harvest inputs and training, supporting their production, administrative and logistics process, and connecting them to committed buyers.”
Luis Oquiñena, chairman of Gawad Kalinga, said the partnership with Potato Corner can create “sustainable pathways for our poorest farmers through Harvest Chips.”
Potato Corner started as a small food cart in 1992 and soon became one of the largest kiosk-based chains in the Philippines. It was acquired by Shakey’s Pizza Asia Ventures Incorporated in 2022.
“We hope that, given its scale and the platform Gawad Kalinga has provided, we can boost the income of Filipino potato farmers and make a positive impact in their lives,” said Vicente Gregorio, president and chief executive officer of Shakey’s Pizza, in a disclosure on Monday, August 7.
A limited time offering, Harvest Chips is available in Metro Manila, Rizal, and select kiosks in Luzon and Cebu for only P99.
by Ferry Bayu | Aug 8, 2023 | Business
SM Prime profit climbs 38 percent in H1
MANILA, Philippines — SM Prime Holdings Inc. (SM Prime), the Sy-led property developer, reported a net income of P19.4 billion in the first half of the year, up 38 percent from the P14.1 billion recorded a year ago.
This is supported by the 29 percent growth in consolidated revenues to P59.9 billion from P46.3 billion.
In the second quarter alone, net income grew by 49 percent to P10 billion from P6.7 billion last year.
This is on the back of a 39 percent growth in consolidated revenues to P31.2 billion from P22.5 billion in the same period being reviewed.
SM Prime’s Philippine mall business revenues grew by 30 percent in the second quarter to P16.1 billion from P12.4 billion last year. For the first half, revenues reached P31.5 billion, an increase of 53 percent.
On the other hand, SM Prime’s China mall business reported RMB398 million in revenues in the first six months or an improvement of $55 million from the previous year.
SM Prime’s primary residential business, led by SM Development Corp. (SMDC), registered P9.9 billion in revenues in the second quarter, 82 percent higher than P5.4 billion recorded in the same quarter last year.
SMDC recorded P68.5 billion in reservation sales, up 15 percent from P59.4 billion, translating to a 17 percent growth in unit sales in the first half.
The improving market condition provided local and overseas Filipino buyers capacity to invest in SM Prime’s residential projects.
SM Prime’s other business segments, which include offices, hotels, and convention centers, recorded a 40 percent growth in revenue to P6.2 billion in the first half.
The Sy-led listed property developer said that it remains committed to its role as a catalyst for economic growth, delivering innovative and sustainable lifestyle cities, thereby enriching the quality of life of millions of people. яндекс
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