Asean Business File

UOB expanding in western China

SINGAPORE -- United Overseas Bank (UOB), one of Singapore's top three banks, has opened for business in Chongqing, its second branch in western China after Chengdu. The new branch is UOB's 16th in China since it began operations there 30 years ...

  • Keppel Land to sell stake in Indonesian mall

    SINGAPORE -- Singapore's Keppel Land will sell its 80% stake in a mall in Surabaya, Indonesia, for approximately 42.8 million Singapore dollars ($33.9 million), the real estate developer said Monday. The stake will be sold to Silverise Enterprise...

  • Malaysia's Astro scores 'phenomenal' Q2 results

    KUALA LUMPUR -- Broadcaster Astro Malaysia's net profit strengthened 39% year-on-year to 136 million ringgit ($42 million) for the quarter ended July 31. The pay-TV operator attributes the result to increased subscriptions and advertising in light of...

  • Raffles Education goes Swiss

    SINGAPORE -- Singapore's private school operator Raffles Education Group has announced its entry into Europe through Switzerland. The firm has paid 29.12 million Swiss francs ($31.1 million) for properties in Nendaz in the Alpine canton of Valais...

  • Lippo housing Japanese expats outside Jakarta

    JAKARTA -- Indonesian conglomerate Lippo Group is seeking Japanese expatriates working in the Cikarang industrial complex east of the capital for a service apartment it is launching next week outside Jakarta. Axia South Cikarang has been built to...

  • Keppel Land sells Singapore office stake for $1 billion

    SINGAPORE -- Singapore's real estate developer Keppel Land announced Thursday it will divest its one-third stake in Marina Bay Financial Centre Tower 3, an office property in Singapore, to Keppel REIT, at a value of 1.25 billion Singapore dollars ($1...

  • Western carmakers looking to catch up in Indonesia

    JAKARTA -- Indonesia's 22nd International Motor Show kicked off here Thursday with western carmakers hoping to make a big splash. In Southeast Asia's biggest economy, more than 90% of the car market is controlled by Japanese producers. Indonesia ...

  • PTTEP gears up for Myanmar's energy needs

    BANGKOK -- Thailand's PTT Exploration and Production (PTTEP), the core subsidiary of state-owned energy conglomerate PTT, is stepping up its exploration budget in Myanmar for the next 5 years by 18%, compared to the previous plan, to $3.3 billion in ...

  • Bank of the Philippine Islands puts focus on domestic economy

    MANILA -- Bank of the Philippine Islands is focused on enlarging its domestic footprint, while many other major players look to regional expansion as economic integration progresses. The Philippines' oldest lender still prefers to expand its core...

  • Keppel secures a fifth major oil rig contract from Qatar

    SINGAPORE -- Keppel FELS, a subsidiary of Keppel's offshore and marine arm, announced on Tuesday a contract with Qatar's Gulf Drilling International (GDI) worth $227 million for Halul, a fifth jackup oil rig. Dukhan, GDI's fourth rig in the sam...

  • Thai Airways buffeted by costs, competition, politics

    BANGKOK -- Thai Airways, once a market leader in the Asia-Pacific region, has launched a concerted effort to restore both profitability and its battered image by banking on a five-year restructuring and rehabilitation plan. Thailand's military go...

  • Thailand's Bank of Ayudhya, new Japanese parent BTMU do a little matchmaking

    BANGKOK -- Bank of Ayudhya, Thailand's fifth-largest bank, and leading Japanese lender Bank of Tokyo-Mitsubishi UFJ have already matched up with each other. On Tuesday, as their first official collaboration in the runup to a planned integration of op...

  • Indonesia's Medco Energi to invest $320M in Tunisia oil assets

    JAKARTA -- Indonesia's Medco Energi Internasional is planning to spend $320 million over the next four years to develop the Tunisia oil and gas blocks it purchased in August. Medco said Tuesday in a presentation to investors that it aims to boost...

  • UOB survey finds regional companies bullish on China

    SINGAPORE -- Despite increasing costs and slower growth, companies in the region are still keen on expanding in China with its growing middle-class consumer market, according to a survey by Singapore's United Overseas Bank (UOB) of over 1,000 mid-tie...

  • Thailand's Kasikornbank offers insurance as market grows

    BANGKOK -- Kasikornbank, Thailand's fourth-largest bank by assets, is teaming up with nonlife insurer Muang Thai Insurance to sell products at the bank's counters. As the country's insurance market continues to grow, the companies expect to generate ...

  • IHH to acquire medical business in Singapore for $110M

    SINGAPORE -- Malaysia's IHH Healthcare has entered into an agreement to acquire Radlink-Asia, the Singaporean arm of India's Fortis Healthcare International, which specializes in operating diagnostic imaging clinics. The considered amount for acquisi...

  • Alliance Global to expand in fast food, move into industrial parks

    MANILA -- Philippine conglomerate Alliance Global Group on Tuesday laid out new expansion plans for its fast food restaurant and property units. In a stock exchange filing, its subsidiary Golden Arches Development, the local franchise holder for ...

  • Telkom Indonesia to buy 25% stake in mobile retailer TiPhone

    JAKARTA -- Indonesia's biggest mobile phone operator, Telekomunikasi Indonesia, known as Telkom, plans to buy a 25% stake in phone distributor TiPhone Mobile Indonesia worth 1.39 trillion rupiah ($116 million). In a stock exchange filing Monday, ...

  • LVMH's fund buys into K-pop company

    SINGAPORE -- L Capital Asia, an investment fund under the French luxury group LVMH Moet Hennessy Louis Vuitton, is buying into one of the largest K-Pop agencies, YG Entertainment. According to the agreement signed by both parties on Saturday, L Capit...

  • Indonesian property developer Agung Podomoro's January-August sales slip 20%

    JAKARTA -- Agung Podomoro Land reported a 20% decline in property sales in the January-August period, providing another sign of slowing demand in the country's real estate sector. The developer posted 3.13 trillion rupiah ($250 million) in market...