Asean Business File

Thai-Malaysian mobile banking alliance

BANGKOK -- Advanced Info Service, Thailand's largest cellular phone operator, is partnering with CIMB Thai, the local arm of Malaysian bank CIMB, in Thailand's fast growing mobile banking sector. With services due for launch at the end of the yea...

  • Singaporean supermarkets open shop in China

    SINGAPORE -- Sheng Siong Group, a leading Singaporean supermarket chain, has announced its first venture overseas with plans to open in China. The firm has proposed a joint venture with China's Kunming LuChen Group, a food manufacturer based in Yunna...

  • OCBC may sell listed construction company

    SINGAPORE -- Oversea-Chinese Banking Corp., the city-state's second largest financial institution by assets, is in preliminary talks to sell off its stake in the renowned United Engineers construction company. Earlier this week, OCBC announced a ...

  • Axis merger drags XL Axiata to 1H loss

    JAKARTA -- XL Axiata, Indonesia's second-largest mobile phone operator, suffered a first-half net loss of 495 billion rupiah ($42 million), hit by rising costs stemming from a merger with loss-making rival Axis Telekom Indonesia. XL, a subsidiary...

  • Malaysia state fund invests in LPG transport

    KUALA LUMPUR -- Malaysian sovereign wealth fund Ekuiti Nasional will invest 400 million ringgit ($126 million) in two local companies, raising its total investment to 2.8 billion ringgit. The private equity fund, also known as Ekuinas, said it is...

  • China's tech CEOs join rest of Internet for ALS challenge

    TAIPEI -- Several top executives of China's leading tech companies have joined the global "ice bucket challenge" campaign that has spread online to raise awareness of amyotrophic lateral sclerosis (ALS), a neurodegenerative disease that can lead to t...

  • Lippo launches Indonesia's first 4G-compatible smartphone

    JAKARTA -- Indonesian conglomerate Lippo Group on Thursday introduced the country's first 4G smartphone in a partnership with Chinese device maker ZTE. Internux, a joint venture between Lippo and Japan's Mitsui & Co, had already rolled out fourth...

  • Neptune Orient Lines may spin off logistics unit

    SINGAPORE -- Neptune Orient Lines, Singapore's state-linked shipping line, may sell its logistics business or spin it off via an initial public offering. The company's stock went up 4% Wednesday on news of the potential sale, then held steady Thursda...

  • AirAsia's Q2 net income grows more than 500% on foreign exchange gains

    KUALA LUMPUR -- Malaysia-based AirAsia's net income for April-June grew 529% year-on-year to 367 million ringgit ($116 million) on gains from foreign borrowings. But the regional budget airline's net operating profit for the quarter fell 52% to 71 mi...

  • Indonesia's Indofood to sell stake in Nissin Foods venture

    JAKARTA -- Indonesia's biggest instant noodle maker, Indofood Sukses Makmur, said in a stock exchange filing Wednesday that it will sell its stake in a joint venture with Japan's Nissin Foods. Indofood said it will sell its entire 49% stake in th...

  • Singapore makes major investment in Brazilian education

    SINGAPORE -- The Government of Singapore Investment Corporation (GIC), a major sovereign wealth fund, has increased its presence in Latin America with the acquisition of an 18.5% stake in Abril Educacao, a Brazilian education company listed on the Bo...

  • Indonesia's BRI considering acquisition of life insurer Jiwasraya

    JAKARTA -- Indonesian state-owned lender Bank Rakyat Indonesia said it is exploring the acquisition of life insurer Asuransi Jiwasraya, another state-owned entity, in what is seen as the latest government effort to consolidate the country's financial...

  • Chinese tourists becoming scarce at SE Asian destinations

    KUALA LUMPUR -- Chinese tourist arrivals to Southeast Asia's top three destinations have been declining in recent months. Political upheavals, a missing airliner and unfavorable exchange rates are some of the factors that have been deterring Chinese ...

  • Alliance Global eyes being Philippines' biggest hotel developer by 2020

    MANILA -- Major Philippine conglomerate Alliance Global Group is gunning to become the nation's biggest hotel developer in six years. "By the year 2020, we envision our group to be the largest hotel developer in the Philippines, with a total port...

  • Malaysia's new property developer Eco World builds up luxury home market

    SINGAPORE -- Malaysia's emerging property developer Eco World Development Group is expanding quickly as it snatches up land for high-end homes around Kuala Lumpur and other big cities in the country. Its stock price has risen seven-fold in just one y...

  • Heftier tax payments weigh on Alliance Global's 1st-half earnings

    MANILA -- Major Philippine conglomerate Alliance Global Group saw its first-half earnings slide by nearly a tenth as revenues dropped while tax payments soared. Its net income attributable to equity holders of the parent company declined 9.1% to ...

  • Pertamina CEO to step down

    JAKARTA -- Indonesian state-owned oil and gas company Pertamina announced that its chief executive will step down to pursue a career in academia. Pertamina's President and CEO Karen Agustiawan, 55, submitted a letter of resignation to the company...

  • Genting's casino resort management course to include Japanese students

    SINGAPORE -- Genting Singapore, an international arm of Malaysia's top casino operator Genting, will launch a three-month program for university students from Japan and Singapore to teach them how to run integrated casino resorts. Genting Singapore t...

  • Malaysia's Astro shoots for reality-TV success in SE Asia

    KUALA LUMPUR -- Hoping to win over viewers across Southeast Asia, pay-TV operator Astro Malaysia Holdings will soon begin producing the region's answer to "American Idol," the hit U.S. reality show that has launched many amateur vocal artists to star...

  • Singapore's F&N in $82M deal to up stake in Vietnam dairy king

    SINGAPORE -- Fraser & Neave, the Singapore-based food and beverage unit of Thai Beverage, announced Friday it will increase its stake in Vietnam Dairy Products Joint Stock Co. (Vinamilk). The deal could see F&N acquire up to 15 million additional sha...