WINE AND SPIRITS
Heineken to buy Distell
Heineken NV agreed to buy South African wine and spirits maker Distell Group Holdings NV for 2.2 billion euros (US$2.52 billion), creating a new regional group to compete with larger rival Anheuser-Busch InBev SA and spirits giant Diageo PLC. The Dutch brewer made an offer of 180 rand a share that has been recommended by Distell’s board, according to a statement yesterday. Heineken is also looking to buy a majority stake in the owner of Namibia Breweries Ltd, a regional partner, the brewer said. The move forms a Heineken majority-owned entity with a total valuation of about 4 billion euros, the company said.
FOOD
Deal boosts French delivery
Deliveroo PLC is partnering with French frozen food specialist Picard Groupe SAS to offer express deliveries countrywide, marking its third deal with a major food provider in the country. The latest alliance is part of Deliveroo’s global effort to expand its rapid grocery delivery business, and take part in the booming quick-commerce sector. Groceries now represent 7 percent of the total value of transactions made on the Deliveroo app, according to a statement from the company yesterday. Picard topped a recent OC&C annual survey of France’s most favored retail brands this year, and is well-established in the country with 1,050 shops.
PROPERTY
Sunac sells stake for cash
Sunac China Holdings Ltd (融創中國控股) raised about US$953 million through the sale of new shares as well as a stake in its property management unit, the latest Chinese developer to seek funds amid an industry-wide liquidity crunch. Sunac said in a statement on Sunday that it sold 335 million shares at HK$15.18 each, raising about US$653 million. Another US$300 million came from a sale of 158 million shares in its property management arm Sunac Services Holdings Ltd (融創服務控股), via a subsidiary. Sun Hongbin (孫宏斌), the controlling shareholder of Sunac and the chairman of the board, also provided US$450 million from his own funds in the form of a loan with no interest.
REAL ESTATE
Singapore home sales grow
Sales of private homes in Singapore rebounded after two months of consecutive declines, with demand spurred by long-term investors and those seeking upgrades, even as virus restrictions limit viewings. Purchases of new private apartments climbed about 9 percent to 909 units last month, Urban Redevelopment Authority figures showed yesterday. That is higher than the 834 units sold in September. There is still appetite for Singapore’s private homes as buyers look to upgrade from public apartments, which have seen prices surpassing a peak in 2013, said Christine Sun (孫燕清), senior vice president of research and analytics at OrangeTee & Tie (橙易產業).
TECHNOLOGY
Cyber review for HK IPOs
China might require a cybersecurity review for data-holding companies planning to go public in Hong Kong, if it is decided that the listing would potentially affect its national security. The draft rule, published by China’s cyberspace regulator on Sunday, did not specify how the regulators would define a listing that endangers security. Firms holding data of more than 1 million users must undergo cybersecurity approval when seeking listings in other nations, the Cyberspace Administration of China said in the statement.
STEEP DECLINE: Yesterday’s drop was the third-steepest in its history, the steepest being Monday’s drop in the wake of the tariff announcement on Wednesday last week Taiwanese stocks continued their heavy sell-off yesterday, as concerns over US tariffs and unwinding of leveraged bets weighed on the market. The benchmark TAIEX plunged 1,068.19 points, or 5.79 percent, to 17,391.76, notching the biggest drop among Asian peers as it hit a 15-month low. The decline came even after the government on late Tuesday authorized the NT$500 billion (US$15.2 billion) National Stabilization Fund (國安基金) to step in to buoy the market amid investors’ worries over tariffs imposed by US President Donald Trump. Yesterday’s decline was the third-steepest in its history, trailing only the declines of 2,065.87 points on Monday and
TAKING STOCK: A Taiwanese cookware firm in Vietnam urged customers to assess inventory or place orders early so shipments can reach the US while tariffs are paused Taiwanese businesses in Vietnam are exploring alternatives after the White House imposed a 46 percent import duty on Vietnamese goods, following US President Donald Trump’s announcement of “reciprocal” tariffs on the US’ trading partners. Lo Shih-liang (羅世良), chairman of Brico Industry Co (裕茂工業), a Taiwanese company that manufactures cast iron cookware and stove components in Vietnam, said that more than 40 percent of his business was tied to the US market, describing the constant US policy shifts as an emotional roller coaster. “I work during the day and stay up all night watching the news. I’ve been following US news until 3am
Six years ago, LVMH’s billionaire CEO Bernard Arnault and US President Donald Trump cut the blue ribbon on a factory in rural Texas that would make designer handbags for Louis Vuitton, one of the world’s best-known luxury brands. However, since the high-profile opening, the factory has faced a host of problems limiting production, 11 former Louis Vuitton employees said. The site has consistently ranked among the worst-performing for Louis Vuitton globally, “significantly” underperforming other facilities, said three former Louis Vuitton workers and a senior industry source, who cited internal rankings shared with staff. The plant’s problems — which have not
TARIFF CONCERNS: The chipmaker cited global uncertainty from US tariffs and a weakening economic outlook, but said its Singapore expansion remains on track Vanguard International Semiconductor Corp (世界先進), a foundry service provider specializing in producing power management and display driver chips, yesterday withdrew its full-year revenue projection of moderate growth for this year, as escalating US tariff tensions raised uncertainty and concern about a potential economic recession. The Hsinchu-based chipmaker in February said revenues this year would grow mildly from last year based on improving supply chain inventory levels and market demand. At the time, it also anticipated gradual quarter revenue growth. However, the US’ sweeping tariff policy has upended the industry’s supply chains and weakened economic prospects for the world economy, it said. “Now
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