Mapletree Industrial Trust secures US$129 million via private placement



13/2/2019 – SGX-listed Mapletree Industrial Trust (MIT) is proposing a private placement of 90.44 million new units to raise at least S$175 million, which translates to about US$129 million.

From the proceedings, Mapletree intends to use S$172.1 million (about US$126.9 million) to finance the acquisition of 18 Tai Seng Street. This is subjected to an upsize option being exercised, as it involves issuing up to 12.92 million additional new units to raise at least S$25 million (about US$18.4 million).

The new units will be placed to eligible institutional, accredited and other new investors at an issue price of between S$1.935 and S$1.990 (about US$1.43 and US$1.47) per new unit.

This indicates a discount between 4.65 percent and 1.94 percent respectively, based on the volume weighted average price of US$1.5 (about S$2.0293) per unit of all trades on February 11.

Ultimately, the issue price will be set by the REIT manager and DBS bank as the sole bookrunner and underwriter of the placement. The two will follow a book-building process, and the price will be revealed thereafter via SGXNET.

The remaining S$2.9 million (about US$2.1 million) will be used to pay the estimated fees and expenses incurred from the placement.

In the case if the gross proceeds exceed S$175 million, the excess will go towards refinancing the acquisition, debt repayment, future acquisitions and working capital purposes.

Currently, the new units are expected to be issued on Feb 20.

In connection with the placement, the REIT manager intends to declare an advanced distribution for existing units for the period from Jan 1 to the day before the new units are issued, currently estimated to be between $1.69 and S$1.73.

A further announcement on the actual quantum of the advanced distribution will be made in due course. Holders of the new units will not be entitled to this advanced distribution.

Indonesian Auto Startup BeliMobileGue Raises US$10 Million in Series A Funding

BeliMobilGue 1

12/2/2019 – The funding will be used to open up more inspection centres in the Greater Jakarta area and other major Indonesian cities.

BeliMobileGue meaning BuyMyCar in Indonesian is an auto startup that focuses on the used-car market. Co-founder Rolf Monteiro recognized Indonesia’s potential as the biggest car market in Southeast Asia and launched the eBay esque platform for individual car owners to sell their used cars to verified dealers.

“We’re trying to remove as many headaches as possible for the private seller, so don’t have to go down the consumer-to-consumer route,” Monteiro explained. “We transact the car to our network of private buyers, which includes dealers, showrooms and corporates who are looking to trade or own vehicles.”

The app was officially launched in April 2017 as a joint venture between Monteiro, Berlin-based Frontier Car Group, an independent venture capital firm Intudo Ventures.

Individuals looking to sell their cars can do it with zero costs. Interested sellers can have their cars assessed by BeliMobileGue’s inspection centres and receive an assessment report showing a suggested selling price. An online auction is then triggered by the seller’s agreement

Car inspection is paid by the winning bidder while the startup takes zero cut from the deal. Sellers will get immediate payment after a deal is sealed via bank transfer. The car is then held at the company distribution centre awaiting for buyer’s pickup.

“We’re not very money-focused at the moment,” states Monteiro. “We’re very much marketplace growth-focused.”

With other players like iCar Asia in the market, Monteiro is looking to first achieve 1% market share and once that target is achieved, the startup is aiming for a 10% market share in Indonesia’s auto sales space.

BeliMobileGue had previously raised US$3.7 million in a pre-Series A round led by Indonesia’s Intudo Ventures, joined by Amand Ventures, Tasman Fund, and Digital Garage.