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.
Hon Hai Precision Industry Co (鴻海精密) yesterday said that its research institute has launched its first advanced artificial intelligence (AI) large language model (LLM) using traditional Chinese, with technology assistance from Nvidia Corp. Hon Hai, also known as Foxconn Technology Group (富士康科技集團), said the LLM, FoxBrain, is expected to improve its data analysis capabilities for smart manufacturing, and electric vehicle and smart city development. An LLM is a type of AI trained on vast amounts of text data and uses deep learning techniques, particularly neural networks, to process and generate language. They are essential for building and improving AI-powered servers. Nvidia provided assistance
DOMESTIC SUPPLY: The probe comes as Donald Trump has called for the repeal of the US$52.7 billion CHIPS and Science Act, which the US Congress passed in 2022 The Office of the US Trade Representative is to hold a hearing tomorrow into older Chinese-made “legacy” semiconductors that could heap more US tariffs on chips from China that power everyday goods from cars to washing machines to telecoms equipment. The probe, which began during former US president Joe Biden’s tenure in December last year, aims to protect US and other semiconductor producers from China’s massive state-driven buildup of domestic chip supply. A 50 percent US tariff on Chinese semiconductors began on Jan. 1. Legacy chips use older manufacturing processes introduced more than a decade ago and are often far simpler than
STILL HOPEFUL: Delayed payment of NT$5.35 billion from an Indian server client sent its earnings plunging last year, but the firm expects a gradual pickup ahead Asustek Computer Inc (華碩), the world’s No. 5 PC vendor, yesterday reported an 87 percent slump in net profit for last year, dragged by a massive overdue payment from an Indian cloud service provider. The Indian customer has delayed payment totaling NT$5.35 billion (US$162.7 million), Asustek chief financial officer Nick Wu (吳長榮) told an online earnings conference. Asustek shipped servers to India between April and June last year. The customer told Asustek that it is launching multiple fundraising projects and expected to repay the debt in the short term, Wu said. The Indian customer accounted for less than 10 percent to Asustek’s
Gasoline and diesel prices this week are to decrease NT$0.5 and NT$1 per liter respectively as international crude prices continued to fall last week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. Effective today, gasoline prices at CPC and Formosa stations are to decrease to NT$29.2, NT$30.7 and NT$32.7 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to cost NT$27.9 per liter at CPC stations and NT$27.7 at Formosa pumps, the companies said in separate statements. Global crude oil prices dropped last week after the eight OPEC+ members said they would
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