Thai mobile phone retailer Jaymart’s VC arm to raise US$20 million from ICO

Jaymart, J-Ventures
Thai mobile phone retailer Jaymart’s VC arm to raise US$20 million from ICO

Jaymart, J-Ventures

17/1/2018 – J-Ventures, the subsidiary and venture capital arm of SET-listed mobile retailer Jaymart Pcl (JMART) is planning to raise US$20 million via an initial coin offering (ICO).

According to a regulatory filing to the Stock Exchange of Thailand, J-Ventures has created 300 million JFin digital tokens, and it plans to offer 100 million tokens in the first phase at the price of US$0.20 each.

The pre-sale period will run during February 14 to 28, while the ICO offering will officially begin from March 1 to 31. The remaining 200 million tokens will be use in later stages to raise funds for expansion or acquisition.

Proceedings from this investment, on the other hand, will be used by the company to develop a decentralized digital lending platform integrated with blockchain technology.

Adisak Sukhumvitaya, the Chief Executive of Jaymart said, “We are confident that our JFin coin will get good responses from investors and other interested persons who trust Jaymart’s business and the future of the digital world.”

At present, J-Ventures is in the process of completing the white paper as a key pitch document to potential investors for the JFin ICO. It will be released globally on their website on February 14.

“Jaymart’s loan service business has a large growth potential. Therefore, we need to create an ecosystem, develop a customer database and provide a new channel for people to access loans more easily,” said J-Ventures Chief Executive Officer Thanawat Lertwattanarak.

JFin digital currency can be used to purchase products in Jaymart’s shops, as well as being traded on Thailand Digital Asset Exchange (TDAX) and Thailand Bitcoin Exchange (BX).

At present, there are no clear regulations with regards to ICOs in Thailand. “Before launching the ICO, we have been in talks with the Securities and Exchange Commission. However, once the ICO regulations are officially enacted, we will definitely consider and adhere to the regulations,” Lertwattanarak added.

Founded in 2017, J-Ventures provide services for software development and make investments in financial technology firms. Previously, the company has led a US$3 million Series A round in Thai e-wallet developer T2P last August.

In a related development, JMart has recently announced its plans to invest more than B19.5 billion (about US$610 million) to supports its business growth, among which J-Ventures will receive around B140 million (about US$4.38 million).

Philippine Stock Exchange purchases San Miguel’s stake in PDS Holdings

PSE, PDS Holdings

PSE, PDS Holdings

15/1/2018 – The Philippine Stock Exchange (PSE) announced that it has forged a deal to acquire the stake of San Miguel Corporation (SMC) in a fixed-income bourse Philippine Dealing System Holdings Corp (PDS Holdings) for P80 million (about US$1.6 million).

According to details of the share purchase agreement, PSE will acquire SMC’s four percent stake covering 250,000 common shares in PDS Holdings to boost its stake in the exchange operator to 61.03 percent.

“This transaction is envisioned to facilitate further growth in the local capital markets by introducing efficiency in the trading and back-office systems of both the equities and fixed income markets, among others,” said a representative from PSE.

This is the sixth share purchase agreement signed by PSE as pertaining to its acquisition of additional shares in PDS Holdings.

In June 2017, PSE entered into an agreement to acquire the 23.47 percent stake of Bankers Association of the Philippines (BAP) Credit Bureau covering 1,466,800 common shares in PDS Holdings which was then worth at P437.8 million (about US$8.69 million).

Separate purchase agreements to acquire PDS Holdings shares were also signed with Investment Houses Association of the Philippines (IHAP), Whistler Technologies Services Inc (WTSI), the Philippine American Life, and General Insurance Co., and the Financial Executives Institute of the Philippines Research and Development Foundation.

“All of the above-mentioned purchases shall be subject to the approval of government agencies, particularly the Securities and Exchange Commission (SEC) and Philippine Competition Commision (PCC) as required by law and regulation,” noted PSE.

Other major shareholders of PDS Holdings include the Singapore Stock Exchange, Tata Consultancy Services Asia-Pacific Phils Incorporated, Development Bank of the Philippines, Social Security System, and Citibank NA.

PDS Holdings’ parent firm PDS Group is a capital market infrastructure that also owns and operates the Philippine Dealing & Exchange Corp (PDEx), Philippine Depository & Trust Corp (PDTC), Philippine Securities Settlement Corp (PSSC), and PDS Academy for Market Development Corp (PDSA).