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JAPAN: Toyota Motor Corporation chairman Akio Toyoda is set to face heightened scrutiny at the company’s annual general meeting on Thursday, amid shareholder concerns surrounding a ¥4.7 trillion (approximately US$33 billion or RM140 billion) deal to take a key group supplier private. This year’s AGM, commencing at 10:00am local time (01:00 GMT), marks the first in three years where Toyoda will not be opposed by leading shareholder proxy advisory firms. Both Glass Lewis and Institutional Shareholder Services have recommended shareholders support his re-election, reversing previous opposition over governance concerns. However, the spotlight is expected to fall on a contentious transaction that has triggered strong reaction among minority shareholders of Toyota Industries Corporation, a group company being taken private. At a separate shareholder meeting held on Tuesday, stakeholders of Toyota Industries voiced disapproval over the proposed deal, describing the offer as potentially detrimental to minority interests. The bid, structured as a multi-phase transaction, includes a proposed offer of ¥16,300 per share. While the pricing may appear favourable to Toyota Motor stakeholders, fund managers such as London-based Zennor Asset Management have raised concerns about fairness and transparency, especially with respect to the treatment of minority shareholders. Koichi Ito, president of Toyota Industries, defended the transaction during Tuesday’s nearly two-hour meeting – the longest in the company’s history – which saw a record number of shareholder questions. Ito insisted the decision was made with comprehensive consideration and not at the expense of minority investors. The deal outlines the creation of a new holding company, with Toyota Fudosan, an unlisted real estate business, contributing ¥180 billion. Akio Toyoda is expected to personally invest ¥1 billion, while Toyota Motor will contribute ¥700 billion in non-voting preferred shares. The transaction has attracted pushback from activist investor Oasis Management, which holds positions in both Toyota Motor and Toyota Industries and has indicated it will advocate for a higher acquisition price. Toyota Motor has justified the move as a strategic decision aimed at enabling closer collaboration within the Toyota Group, positioning Toyota Industries to operate free from the pressures of short-term financial performance. This, the company argues, supports its ongoing transformation into a comprehensive mobility company. Despite the easing of proxy opposition, Toyoda’s governance remains under watch. Shareholder backing for his reappointment has declined over the past three years, falling from 96% in 2022 to 72% in 2024 – the lowest ever for a Toyota board member. In an internal interview conducted last year, Toyoda acknowledged that his seat on the board could be at risk should support levels fall further. Toyota Industries, originally founded in 1926 as Toyoda Automatic Loom Works, was the company from which Toyota Motor later emerged following the creation of its automotive division. The group has remained closely intertwined since, both operationally and through significant cross-shareholdings. -Reuters

Singapore’s Changi Airport Group (CAG) has awarded a major construction contract valued at S$999 million to a joint venture between Japan’s Penta-Ocean Construction and Singapore’s Koh Brothers Building and Civil Engineering Contractor (KBCE). The agreement marks a significant milestone in the development of Terminal 5 (T5), a cornerstone of the Changi East expansion project. Announced on Tuesday (10 June), the contract covers the design and construction of underground tunnels that will form a vital part of the infrastructure supporting T5. This includes the development of two automated people-mover systems—reminiscent of the airport’s current Skytrain—as well as state-of-the-art baggage-handling systems to streamline passenger movement and luggage transfers across the terminal. The multi-year project, which follows the recent groundbreaking ceremony for T5, is expected to span over four years. The tunnels will also house a common services conduit for essential utilities such as electrical power, communication infrastructure, and water systems. In addition, the project scope includes the construction of a ventilation facility and built-in provisions for potential future underground expansion. Terminal 5, which is scheduled to be operational by the mid-2030s, is poised to be a transformative addition to Singapore’s air transport landscape. It will be equivalent in size to Terminals 1 through 4 combined and is designed to accommodate approximately 50 million passengers annually. Upon completion, it will expand Changi Airport’s overall capacity by more than 55 per cent—from 90 million to 140 million passengers per year. “This contract award represents a critical step forward in the realisation of Terminal 5 and the broader Changi East vision,” said Ong Chee Chiau, Managing Director for Changi East at CAG. “We are pleased to collaborate with Penta-Ocean Construction and KBCE, whose robust track records make them ideal partners for this project.” Penta-Ocean Construction has played an instrumental role in Changi Airport’s history, dating back to the 1970s with land reclamation works that enabled the original airport development. More recently, it undertook ground improvement and land preparation works from 2014 to 2020 in support of both T5 and the third runway extension. KBCE, a longstanding CAG partner, was previously involved in the construction of a stormwater retention pond—critical for flood prevention—and development works that facilitated three-runway operations, executed through a separate joint venture. The wider Changi East development spans 1,080 hectares and includes the construction of the third runway—expected to be operational by late 2027—alongside new cargo complexes and aviation support infrastructure. As passenger traffic across the Asia-Pacific region is projected to double by the 2040s, the added capacity at T5 is expected to position Singapore as a leading global aviation hub for decades to come. Prime Minister Lawrence Wong officiated the groundbreaking for T5 on 14 May, describing the endeavour as a “bold move” to ensure Singapore’s continued competitiveness as a key air transport node. Currently linked to over 170 cities, Changi aims to expand its global connectivity to more than 200 cities with the advent of T5. To support the expected surge in traffic, T5 will include a second control tower and an integrated ground transport centre—a first for Changi Airport—that will interconnect the Thomson-East Coast and Cross Island MRT lines, as well as bus, taxi, and other transport services. Construction is set to ramp up significantly in the coming years, with peak activity anticipated around 2029. -The Nation

Dubai-based global logistics provider DP World has expressed its readiness to proceed with a landmark investment in Thailand’s land bridge initiative, according to a senior official at the country’s Ministry of Transport. A source within the ministry confirmed that Chayatan Phromsorn, the ministry’s permanent secretary, recently chaired a high-level meeting with DP World executives to discuss the company’s intention to participate in the project, which is valued at approximately 1 trillion baht. The meeting signified a continuation of earlier dialogues aimed at bolstering the Southern Economic Corridor and improving the strategic freight link between the Gulf of Thailand and the Andaman Sea. DP World has also requested further engagement with Transport Minister Suriya Jungrungreangkit, underlining its ongoing interest in aligning with Thailand’s long-term logistics and infrastructure vision. While no additional joint investment has been proposed at this stage, DP World is currently undertaking an in-depth analysis of the project’s technical and financial requirements. This evaluation is expected to inform the company’s investment strategy and commitment going forward. The project, overseen by the Office of Transport and Traffic Policy and Planning (OTP), is set to be implemented in four structured phases: Phase 1, valued at approximately 522 billion baht, will focus on the foundational infrastructure, including the development of Ranong Port (with a planned capacity of 6 million TEUs) and Chumphon Port (4 million TEUs), as well as a new railway line and a four-lane motorway. Construction is scheduled to commence in 2028 and conclude by 2030. Phase 2, estimated at 164 billion baht, will concentrate on expanding port capacities—Ranong Port to 12 million TEUs and Chumphon Port to 8 million TEUs—and upgrading the motorway to six lanes. This phase will begin in 2032 and conclude in 2033. Phase 3 will see an additional 228 billion baht invested to further increase port throughput, with Ranong Port targeted to handle 20 million TEUs and Chumphon Port 14 million TEUs by 2035. Construction will commence in 2034. The final phase, valued at 85.1 billion baht, aims to complete the expansion of Chumphon Port to 20 million TEUs and develop the Single Rail Transfer Operator (SRTO) facility. Work is scheduled to begin in 2036 and be finalised by 2038. The Transport Ministry’s confirmation of DP World’s involvement marks a significant step forward for one of Southeast Asia’s most ambitious infrastructure ventures, aimed at positioning Thailand as a critical logistics hub for regional and global trade. -The Nation

SINGAPORE: Corporate interest in listing on the Singapore Exchange (SGX) is witnessing a marked resurgence, driven by a US$5 billion capital infusion initiative aimed at breathing life into the local equities market. Several high-profile listings are already in progress. SAC Capital, a corporate finance advisory firm, is currently handling multiple deals, including the highly anticipated spin-off of Yangzijiang Maritime and the reverse takeover (RTO) involving Sincap and Skylink Apac—both targeted for SGX listing within 2025. This follows earlier announcements: SGX-listed Yangzijiang Financial in April revealed its intention to carve out its maritime business into a separately listed entity, while Sincap Group announced plans to acquire vehicle leasing firm Skylink for S$42.3 million via an RTO, effectively positioning Skylink for a public debut. SAC Capital’s Chief Executive, Ong Hwee Li, confirmed the firm is also advising two to three additional IPO candidates in sectors ranging from event management and real estate services to natural resources, with planned listings in 2026. “We are receiving more listing inquiries—around one to two per month—from companies in sectors such as construction, F&B, technology, and finance,” Ong said in an interview with The Straits Times. “There is clear renewed interest in IPOs.” According to Ong, SAC Capital’s IPO pipeline is now fully subscribed, buoyed by a noticeable uptick in investor participation during the book-building phase, compared with 2024. Book building is a key phase where investors indicate demand for shares at various price points, enabling advisers to determine optimal pricing ahead of listing. At the core of this revival is a Monetary Authority of Singapore (MAS)-led programme to deploy US$5 billion in seed capital to Singapore-based funds. These funds are mandated to invest in local equities outside of the benchmark Straits Times Index (STI), which currently tracks the performance of the top 30 largest and most liquid SGX-listed firms. Announced in February, this strategic capital deployment is part of broader measures to reinvigorate the domestic stock market and has attracted substantial interest from global fund managers. The MAS has indicated that shortlisted investment strategies will be finalised by September, with funds likely to be deployed before the end of 2025. This renewed institutional support appears to be catalysing broader listing interest. In early June, Bloomberg reported that Link REIT, a Hong Kong-based property trust, is exploring an SGX listing for a REIT comprising properties outside China and Hong Kong. Japan’s Nippon Telegraph and Telephone has also indicated plans to float its data centre REIT in Singapore, as disclosed in its May earnings report. Further strengthening the trend, Reuters reported in May that at least five firms from mainland China and Hong Kong are pursuing IPOs, dual listings, or share placements in Singapore over the next 12 to 18 months. These include a Chinese energy firm, a healthcare group, and a Shanghai-based biotech company. Meanwhile, SGX-HK dual-listed LHN Group revealed plans in April to spin off its co-living business, Coliwoo Group, for a mainboard listing on SGX. Centurion Corp also announced in January its exploration of a REIT listing tied to its worker and student accommodation portfolio. In the same month, US-based AvePoint, listed on Nasdaq, filed for a secondary SGX listing. If these plans materialise, they will provide a welcome lift to the SGX, which saw just four IPOs in 2024—marking an all-time low. To date, only one notable listing has taken place in 2025: automotive group Vin’s Holdings, currently trading at US$0.29, marginally below its IPO price of US$0.30. Ong noted that a critical factor in the long-term success of new listings lies in post-listing trading dynamics. Many IPOs, especially those listed on Catalist, often suffer from constrained liquidity due to tightly held share floats. While this limited availability may spur short-term price momentum, it often results in insufficient market depth once sentiment wanes. To enhance trading activity and shareholder diversity, SAC Capital actively promotes retail participation by allocating ATM tranches during IPOs. These tranches allow retail investors to subscribe via bank ATMs, a move Ong says encourages more frequent trading and a healthier post-listing market environment. -The Strait Times

South Korea has appointed former trade envoy Yeo Han-koo as its new Minister for Trade, the Office of the President announced on Tuesday. The move signals the administration’s urgency to resume negotiations with Washington over suspended US tariffs, which have cast a shadow over key South Korean export sectors. Yeo, a seasoned trade strategist, steps into the role as President Lee Jae-myung prioritises tariff reductions in the wake of delays caused by a leadership vacuum. The United States imposed 25% tariffs on South Korean imports, among the highest applied to any American ally, on 2 April. While those levies are currently suspended, the relief expires in early July, leaving a narrow window for diplomatic progress. South Korea’s automotive, aluminium, and steel industries have borne the brunt of these tariffs, with negotiations to ease them now elevated to a national priority. Yeo’s appointment is widely viewed as a strategic measure to accelerate these efforts ahead of the looming deadline. Yeo previously served as South Korea’s trade minister from August 2021 to early 2022 under former President Moon Jae-in and played a key role in negotiations with the United States during the first Trump administration. His diplomatic experience includes his tenure as commercial attaché at the Korean Embassy in Washington, where he was actively involved in revising the Korea-US Free Trade Agreement and navigating Section 232 steel negotiations in 2017. Over the past two years, Yeo has been a senior fellow at the Peterson Institute for International Economics in Washington, further deepening his expertise in global trade dynamics. In a parallel appointment, Lee Hyoung-il, head of the national statistics agency, has been named first vice finance minister. He will temporarily lead the Ministry of Economy and Finance until a permanent finance minister is appointed, according to presidential spokesperson Kang Yu-jung. Both appointments are seen as critical to strengthening South Korea’s economic leadership at a time of intensifying global trade pressures. -Reuters