The Week That Was - Grab, MRT3, Minda Global, Comfort Gloves,

TheStar Fri, Apr 16, 2021 10:20am - 3 weeks ago

(FILES) In this file photo a Vietnamese Grab motorbike-taxi rider drives on the Long Bein bridge in Hanoi on November 23,2018. - The Asian ride-hailing firm Grab said on April 13,2021 that it plans a US listing in partnership with Altimeter Growth Corporation in an operation that values Grab at $39.6 billion (33.3 billion euros).The listing, planned "in the coming months" on the Nasdaq exchange, would be the biggest market launch to date via a Special Purpose Acquisition Company (SPAC). (Photo by Manan VATSYAYANA/ AFP)

Headline ‘Grab-bing’ listing

GRAB, the ride-hailing firm that started its business in Malaysia nine years ago, announced a plan on Tuesday to list on Nasdaq in New York.
The US$40bil deal involved a merger with special purpose acquisition company Altimeter Growth Corp.

The transaction will be the world’s largest merger involving a so-called blank-cheque company. The accompanying US$4bil fundraising from global investors is also set to be the biggest ever US equity offering by a South-East Asian company.

The deals validate the 39-year-old co-founder Anthony Tan’s strategy to go hyper local and expand further in a region whose digital economy is estimated to triple to US$309bil by 2025.

Born into the family behind Tan Chong Motor, one of Malaysia’s biggest auto groups, Tan attended the University of Chicago and Harvard to prepare for entry into the family business. He and classmate Tan Hooi Ling came up with a plan to revamp the Malaysian taxi market and launched MyTeksi in June 2012.

Grab fought Uber Technologies Inc for five years before Uber exited the region in 2018 by selling its business to Grab.

MRT3 tender coming in August

MASS Rapid Transit Corp Sdn Bhd (MRT Corp), the owner and developer of the Klang Valley MRT project, has scheduled the tender for the MRT circle line project (MRT 3) to start in August.

CEO Datuk Mohd Zarif Hashim 9pic below) on Tuesday said MRT Corp has issued requests for information to industry players, while the government has given MRT Corp a three-month deadline to finalise the alignment of MRT 3.

MRT Corp is targeted to complete the awarding process by the end of 2021 and to start construction in early 2022. It indicated the cost for the MRT 3 to be around RM20bil-RM30bil.

Minda Global soars on Top Glove boss’ entry

SHARES in Minda Global Bhd climbed this week after billionaire Tan Sri Lim Wee Chai, (pic below) the founder and executive chairman of Top Glove Corp Bhd, emerged as a shareholder.

Lim acquired the shares in a recent placement and holds less than 5% of the company that owns the University of Cyberjaya that focuses on medical programmes.

At 16 sen yesterday, the stock has more than doubled its value so far this year. Minda Global runs institutions including the University of Cyberjaya, Asia Metropolitan University and Asia Metropolitan International School.

Comfort Gloves plans bonus warrants

Comfort Gloves Bhd is planning to issue 174 million bonus warrants to its shareholders. The free warrants can be converted to new shares for RM2.60 each over a five-year period. Assuming full conversion, the company is to raise gross proceeds of RM452mil for its capital expenditure.

In March, Comfort Gloves said it will commission new production lines to raise production capacity by 33% towards financial year ending Jan 31,2022.

Related Stocks

MINDA 0.145
RAPID 8.160


Login to comment.