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Singapore Technologies Engineering and Singapore Power have agreed to sell their broadband joint venture SPTel to private equity firm Seraya Partners for an enterprise value of $290 million. Established in 1997 by Singapore Power, SPTel saw ST Engineering acquire a 51 per cent stake in May 2017. Seraya Partners, which manages assets worth US$1.8 billion according to its website, focuses on infrastructure investments across Asia. In a joint statement issued on 17 July, ST Engineering and SP said the transaction would allow SPTel to expand under new ownership with a primary mandate to invest in and grow digital infrastructure platforms. “With this strategic alignment, SPTel will be better placed to scale and provide a more diverse network in Singapore,” the companies stated. ST Engineering expects to book a one-off gain of approximately $80 million from the divestment, based on SPTel’s carrying value of around $65 million. The group confirmed the deal would not have a material impact on its net tangible assets or earnings for the current financial year. The agreed price represents an implied EV/revenue multiple of 4.1 times and EV/EBITDA multiple of 21.4 times, based on SPTel’s revenue and EBITDA for the year ended December 2024. Additionally, the sellers could receive an earn-out payment of up to $15 million if certain return thresholds for the buyer are met. SPTel recorded revenue of $72 million and a net loss of $4 million for the year ended December 2024. The proposed transaction is anticipated to close in the fourth quarter of 2025, subject to customary regulatory approvals. This divestment follows ST Engineering’s recent announcement to sell its US-based construction machinery unit, Leeboy, for US$290 million. On 16 July, ST Engineering shares closed at $8.34, rising 0.12 per cent. The stock remains the top-performing component of the Straits Times Index so far this year, registering a gain of nearly 80 per cent. -The Edge

Kuok Hui Kwong, chairman and executive director of Shangri-La Asia, will assume the role of chief executive officer effective 1 August. The appointment consolidates leadership within the group as it navigates a challenging operating environment. Kuok, 47, was appointed as an executive director in June 2016 and elevated to chairman six months later. The company stated the dual role under Kuok’s leadership is expected to strengthen strategic cohesion and operational execution, ensuring a unified vision across all levels of management. Daughter of Malaysian tycoon Robert Kuok, she is entitled under her current contract to a monthly base salary of HK$576,000, in addition to a discretionary bonus and pension benefits. Kuok holds direct and indirect interests in 95,570,245 shares, listed on both the Hong Kong and Singapore exchanges. For the financial year ended December 2024, Shangri-La Asia reported revenue of US$2.185 billion, marking a 2 per cent year-on-year increase. However, net earnings declined 12.3 per cent to US$161.4 million as a result of elevated operating and financing costs. As at 31 December 2024, the company’s net asset value per share stood at HK$11.32, with an adjusted NAV per share of HK$23.56. Kuok succeeds former CEO Lim Beng Chee, who stepped down in December 2022 but continues to serve as a non-executive director on the board. Lim previously held the role of CEO at CapitaMalls Asia. Shares of Shangri-La Asia listed on the Singapore Exchange last traded at HK$4.72, reflecting a 9.92 per cent decline year to date. -The Edge

Uber has announced a strategic partnership with China’s Baidu to introduce Baidu’s Apollo Go autonomous vehicles on its platform in several international markets outside the United States and mainland China. The companies confirmed on Tuesday that the initial deployment is set to begin later this year, with rollouts planned across Asia and the Middle East. Baidu’s Apollo Go currently operates a fleet of more than 1,000 fully driverless vehicles in 15 cities worldwide, including Dubai and Abu Dhabi. The service has already completed over 11 million rides as of May, underscoring its growing global presence. This collaboration marks another significant step in Uber’s ongoing push to strengthen its position in the competitive robotaxi sector. The ride-hailing giant has formed a series of alliances in recent months as it seeks to outpace rivals such as Lyft in the race to commercialise autonomous vehicle technology. -Reuters

Indonesia’s Ministry of Finance has introduced a regulation requiring eCommerce platforms to collect income tax from sellers, as part of efforts to enhance tax compliance among online merchants. Effective from 14 July, the new directive mandates online marketplaces operating in the country to withhold and remit a 0.5 per cent income tax on sellers with annual earnings exceeding 500 million rupiah. Prominent platforms affected by the regulation include TikTok Shop and Tokopedia, both under China’s ByteDance, Shopee owned by Singapore’s Sea Ltd, Lazada of Alibaba Group, and Blibli operated by Global Digital Niaga, a subsidiary of Indonesia’s Djarum Group. The regulation exempts specific categories of sellers such as courier services, mobile credit vendors and jewellery traders. Under the framework, online merchants are obliged to submit their sales invoice details to their respective eCommerce platforms, which will relay the information to Indonesia’s Tax Directorate General. Although the rule took immediate effect, eCommerce operators have been granted a one-month grace period to achieve full compliance. Rosmauli, spokesperson for the Tax Directorate General, noted that the regulation was implemented in response to a significant surge in online marketplace transactions across Indonesia. This trend, she highlighted, was accelerated by the Covid-19 pandemic and further supported by widespread smartphone adoption, rising Internet penetration and innovations in financial technology that have simplified online transactions. “Therefore, regulation that simplifies tax administration is necessary, particularly for businesses transacting via electronic systems,” Rosmauli said on Monday, as reported by Antara. She emphasised that the initiative also seeks to establish a level playing field between digital and traditional businesses. Similar measures have already been adopted in countries such as Mexico, India, the Philippines and Turkiye. -The Jakarta Post

Malaysia-based delivery platform Haloje Delivery is set to enter the Singapore market next month, building on its recent expansion into Indonesia as part of a broader strategy to reinforce its Southeast Asian footprint. Operated by Techzilla Global Solution Sdn Bhd, the platform is positioning itself to capitalise on Singapore’s reputation as a logistics and digital hub, which founder and director Jalluddin Abu Hassan described as a strategic choice for its next phase of growth. “Singapore is a mature and competitive market, which makes it ideal for testing and refining our service offerings. We will tailor our services to local needs, focusing on efficiency, punctuality, and technology integration,” Jalluddin told Bernama. Haloje Delivery is also targeting niche cross-border delivery services between Johor Bahru and Singapore, aiming to address a segment that remains underserved by larger platforms. In Indonesia, the company’s subsidiary PT Haloje Delivery Indonesia signed a memorandum of understanding earlier this month with Persatuan Ummat Islam, an organisation with more than 20 million members, to support the development of the digital economy within local communities. Having launched in late 2024 in Bekasi, West Java, approximately 20 kilometres east of central Jakarta, Haloje Delivery currently offers a range of services including food delivery, courier services, medicine delivery, groceries, and mobile prepaid credit top-ups. “Our approach in Indonesia is highly community-based, working closely with local organisations and entrepreneurs to ensure alignment with on-the-ground needs,” Jalluddin said. The company’s regional expansion efforts are supported by the Malaysia Digital X-Port Grant Programme under the Malaysia Digital Economy Corporation (MDEC), which is designed to help Malaysian technology companies scale globally. While operations in Malaysia have already achieved profitability, Jalluddin emphasised that the company is continuing to reinvest in technology, marketing, and talent to drive growth. He revealed that RM800,000 has been invested in Indonesia and RM200,000 in Singapore to date, with active efforts underway to secure additional funding from investors and strategic partners. “We are seeking partners who can offer not just capital, but also strategic value to accelerate our growth across ASEAN,” he said. Established in 2018, Haloje Delivery has been downloaded over 1.6 million times, initially focusing on rural and suburban areas in Malaysia before expanding into urban markets. The platform now holds Malaysia Digital Status and is a key partner in MDEC’s eRezeki programme, a national initiative aimed at empowering lower-income groups by enabling them to earn additional income through digital work. Jalluddin underscored Haloje Delivery’s ambition to become the leading community-based delivery platform in ASEAN, describing Indonesia and Singapore as critical markets due to their high growth potential and advanced digital readiness. -Bernama