In today’s briefing:
- Sembcorp Marine (SMM SP) JVs for S$8.6bn Multi-Year Offshore HVDC Converter Platforms Deal
- Marshall Wace Bets $30m in Singapore’s Thunes
- MLT Placement – Small Deal but Recent Deals Didn’t Do Well
- Right-Hand Cybersecurity Raises US$5M Series A for Asia, US Expansion
Sembcorp Marine (SMM SP) JVs for S$8.6bn Multi-Year Offshore HVDC Converter Platforms Deal
- Sembcorp Marine (SMM SP) is a month in to its new existence as a business more than twice as large as its old business after absorbing Keppel O&M.
- There have been some noises about cost-cutting, which could be key to an early return to profitability.
- Today, mid-day, we get news of the biggest ever offshore renewables contract win in a JV with General Electric – a deal worth €6bn (SGD 8.64bn). It’s big.
Marshall Wace Bets $30m in Singapore’s Thunes
- Thunes, a global cross-border payments firm headquartered in Singapore, has raised US$30 million from London-based hedge fund Marshall Wace, according to VentureCap Insights, which tracks regulatory filings in the city-state.
- Peter de Caluwe, CEO of Thunes, has confirmed to Tech in Asia that Marshall Wace is the new investor.
- The funding brings the company closer to becoming a billion-dollar company, with an estimated post-money valuation now pegging at US$776 million after raising about US$166 million in equity funding.
MLT Placement – Small Deal but Recent Deals Didn’t Do Well
- Mapletree Logistics Trust (MLT SP) plans to raise around US$150 (S$200m) to partially fund the acquisition of logistics properties in Japan, Australia and South Korea.
- We have earlier covered the previous six placements for the REIT since 2017. Most of the past deals have done well except for the two most recent ones.
- In this note, we will run the deal through our ECM framework and talk about deal dynamics.
Right-Hand Cybersecurity Raises US$5M Series A for Asia, US Expansion
- Singapore-based startup Right-Hand Cybersecurity has received US$5 million Series A funding from former PayPal executive Jack Selby and his venture capital firm AZ-VC.
- The startup will use the money to expand its operations across Asia and the US while investing heavily in its human risk management (HRM) platform.
- Right-Hand aims to expand its platform integrations with commonly adopted technologies to improve employee behaviours and lower risk tendencies.
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