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VNG Group, one of Vietnam’s leading technology firms, has reaffirmed its commitment to pursuing a listing on a US stock exchange, despite postponing its initial public offering (IPO) last year. Chief Executive Officer Kelly Wong confirmed the company’s continued interest in an American listing, although no timeline has been established. Speaking on the sidelines of the company’s annual shareholders meeting in Ho Chi Minh City, Wong cited macroeconomic headwinds and investor caution as key considerations. “The challenge for us is always going to be timing,” she said, referring to concerns over the US economy and the lingering impact of former President Donald Trump’s global tariff policies on market sentiment. VNG Ltd had initially filed in August 2023 to list nearly 22 million shares on the Nasdaq Global Select Market. However, it withdrew its registration in early 2024 amid unfavourable market conditions. The company has been contemplating a US listing since at least 2017. In parallel, VNG has evaluated the possibility of transferring its domestic listing from the Unlisted Public Company Market (UpCom) to the more prominent Ho Chi Minh City Stock Exchange, in a move that would enhance visibility and liquidity. The company’s stock declined by 0.6% at last Friday’s close, reaching its lowest level since 5 May. VNG continues to face regulatory scrutiny, with the company disclosing last September that it is under investigation by Ho Chi Minh City police. No further details have been provided. Co-founder Le Hong Minh temporarily stepped aside during this period but retained his role as Chief Executive Officer. The company has since announced that Kelly Wong now holds the position of full-time CEO, while Minh serves as Chairman. Founded in 2004 as Vinagame, VNG began as a game publisher and has since evolved into a diversified technology enterprise. It develops proprietary titles and localises international games for the Vietnamese market. In recent years, it has expanded into digital services, including messaging and mobile payments. Its flagship messaging platform, Zalo, commands approximately 78 million users. The company also operates Zalopay, a mobile payment application, which it plans to introduce to two overseas markets in 2025, targeting Vietnamese expatriates. Wong stated that VNG is actively seeking partners in Southeast Asia to integrate games and mini-games into e-wallet platforms, enhancing international reach. Wong highlighted increased demand for digital transformation across industries, noting that VNG is well-positioned to capitalise on this trend. The company forecasts revenue to rise to approximately 10.8 trillion dong (US$413.3 million) this year. It expects an after-tax loss of 620 billion dong, a significant improvement from the 1.2 trillion dong loss reported in 2024. -Bloomberg

Daruma Capital Sdn Bhd, the operator behind the Japanese-inspired Chizu Café chain, has announced plans to pursue an initial public offering (IPO) on the Singapore Exchange (SGX), aiming to fuel its expansion across Southeast Asia. The proposed listing is a strategic move to leverage Singapore’s established capital markets, offering the company access to regional and global investors with growing interest in Southeast Asia’s fast-evolving consumer sector. Despite a subdued IPO landscape in Singapore, Daruma Capital founder and managing director Ong Leong Fuei remains optimistic. He views the SGX as an ideal gateway to international capital without compromising operational focus. “The timing is particularly favourable,” Ong stated. “Consumer spending across the region remains robust, and international investors are increasingly drawn to high-quality regional F&B brands with proven scalability.” Daruma Capital has appointed private equity firm MCI Capital Sdn Bhd as financial adviser for the IPO. MCI Capital will support the company’s overall capital markets strategy and listing preparedness. The statement did not disclose the offering’s size or timeline. Currently operating seven outlets in Malaysia’s Klang Valley under the “Meet Me at Chizu” concept, Daruma Capital plans to scale its footprint regionally. Its portfolio also includes Yaki Soul and Daruma, a pastry supply business. Chizu Café, originally established in Malaysia, is best known for its signature blend of milky cheese foam paired with artisanal beverages and premium buttery croissants. The company’s vertically integrated model, supported by a central kitchen, underpins its multi-brand platform and enhances operational scalability. MCI Capital chairman Datuk Cannis Chan expressed confidence in Daruma’s investor appeal. “We understand what international investors seek in Southeast Asian F&B companies, and Daruma Capital checks all the boxes — including proven leadership, scalability, solid financials, and a clear growth strategy,” he said. -The Edge

The Philippines has affirmed its commitment to building upon Malaysia’s current leadership of ASEAN as it prepares to assume the regional bloc’s chairmanship in 2026, with a focus on enhancing regional economic integration and fostering a unified stance on global issues. Philippine Ambassador to Malaysia Maria Angela A. Ponce underscored the significance of aligning closely with Malaysia to ensure continuity and sustained momentum in ASEAN initiatives. Speaking to Bernama at the recent celebration of the 127th Anniversary of the Philippines’ Independence, she praised Malaysia’s robust chairmanship and emphasised the importance of collaborative efforts in carrying forward its initiatives. “Malaysia’s chairmanship is very strong, and it is important to work closely with it to carry forward the initiatives it has put in place so that we are able to advance as we prepare for our own chairmanship,” said Ponce. She noted that the Philippines is currently in the process of developing a theme and strategic direction for its upcoming term, which will shape the focus of its engagements and initiatives during its leadership in 2026. “We are not working in a vacuum. What we want to do is build on the accomplishments and initiatives that Malaysia has undertaken during its chairmanship. If you start without that context and continuity, it is difficult to achieve much within just one year,” she said. Malaysia, which holds the ASEAN chairmanship in 2025 under the theme Inclusivity and Sustainability, has prioritised regional peace, security, stability and prosperity within a cohesive and sustainable framework. The Philippines intends to align its preparations with these goals to maintain progress and strengthen regional cooperation. Looking ahead, Ponce also confirmed the Philippines’ intent to participate actively in the ASEAN Foreign Ministers’ Meeting and Post-Ministerial Conference scheduled for the first two weeks of July. “These meetings are very important because they involve not only ASEAN member states but also its dialogue partners. We are looking forward to contributing actively to the discussions,” she added. Ponce further highlighted that the Philippines’ engagement in these upcoming meetings is guided by President Ferdinand R. Marcos Jr’s broader regional vision, which consistently advocates for a united ASEAN committed to peace and regional stability. -Bernama

Airbus received a significant boost at the Paris Airshow with a fresh order from Taiwan’s Starlux Airlines, securing 10 additional A350 long-haul aircraft. The latest commitment builds on Starlux’s 2019 order for 17 of the same model and, according to aircraft price estimates from Cirium Ascend, could be valued at approximately US$1.85 billion. The European aerospace group continued to project confidence, indicating the potential for higher dividends in the future as it steadily accumulated new business during the airshow. This momentum contrasted with a more subdued showing from rival Boeing, which scaled back its presence to prioritise the ongoing investigation into last week’s Air India Boeing 787 crash. Boeing had previously dominated the headlines with large orders secured during US President Donald Trump’s recent Middle East tour. Despite speculation that Airbus might conclude major deals with AirAsia before the end of the event, discussions appear to have stalled. Tony Fernandes, Chief Executive of Capital A Group—the parent company of AirAsia—confirmed that negotiations are ongoing for 50 to 70 A321XLR aircraft and up to 100 A220 or Embraer E2 regional jets. However, he played down expectations for a near-term agreement, stating that finalising the group’s financial restructuring remains the immediate priority. “I don’t think there’ll be an order at this air show. We’re still doing a lot of work with Airbus and other manufacturers. I think we’ll look to do something imminently, in the next 1–3 months,” Fernandes told Reuters. Industry sources suggest Airbus has presented an “aggressive” offer aimed at increasing A220 orders, potentially positioning AirAsia as the launch customer for a proposed 160-seat variant. A larger configuration, still under development, is also reportedly under consideration. However, financing remains a sticking point, contributing to the temporary impasse in negotiations. Elsewhere at the show, other manufacturers reported notable successes. Embraer confirmed a 60-aircraft order for its E175 regional jet from SkyWest Airlines, alongside purchase rights for an additional 50 units. Meanwhile, Airbus disclosed an order for two A350 freighters from MNG Airlines and revealed EgyptAir as the previously undisclosed customer behind an order for six A350-900s. Amid strong post-pandemic demand for fuel-efficient aircraft, manufacturers continue to contend with persistent supply chain issues, particularly concerning engine availability. Nonetheless, Airbus reported a 40% reduction in disruption from delayed components at its production sites since the beginning of 2025. On the defence front, US drone company Anduril and Germany’s Rheinmetall announced a partnership to develop aerial drones for European markets, underscoring efforts to strengthen European defence capabilities by leveraging American technologies. -Reuters

Citigroup has appointed Drago Rajkovic as co-head of its global mergers and acquisitions (M&A) division, marking another high-profile hire under the leadership of Viswas Raghavan. Rajkovic joins from JPMorgan Chase, where he most recently held the position of Global Chairman of M&A. The appointment, outlined in an internal memo reviewed by Reuters, will see Rajkovic formally join Citigroup in September. He will co-lead the bank’s M&A operations alongside Kevin Cox, splitting his time between New York and San Francisco. With more than 30 years of experience advising on complex, high-value transactions, Rajkovic brings a formidable track record to the role. His recent mandates include advising Salesforce on its $8 billion acquisition of Informatica and Hewlett Packard Enterprise on its $14 billion purchase of Juniper Networks. Rajkovic’s hire reflects Raghavan’s ongoing strategy to strengthen Citigroup’s investment banking leadership since assuming his role as head of banking last year. Other notable additions include Achintya Mangla, another former JPMorgan executive, who joined the bank in September to lead its investment bank financing operations. Citigroup reported a significant boost in investment banking fees in the first quarter of 2025, driven by an 84% year-on-year increase in M&A revenues. Key transactions this year have included advising Charter Communications on its $21.9 billion merger with Cox Communications and working with Boeing on the $10.5 billion divestiture of its Jeppesen flight navigation division to private equity firm Thoma Bravo. “M&A continues to be super active – there’s a lot of dialogue, a lot of engagement,” Raghavan told investors earlier this month. “The debt market will be more a function of how the M&A market manifests itself, through acquisition financing.” -Reuters