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Malacca Straits Acquisition Company Limited

  • 3 min read

Termination of business combination agreement between Malacca Straits Acquisition company and Asia Vision Network

September 7, 2021. WASHINGTON, US.

Malacca Straits Acquisition Company Limited (“Malacca Straits” or “MLAC”) (NASDAQ: MLAC), a publicly traded special purpose acquisition company led by CEO Kenneth Ng, and Asia Vision Network (“AVN” or the “Company”), the holding company for Vision+ and MNC Play today announced that they have mutually agreed to terminate the business combination agreement which was originally entered into on March 21, 2021.

Kenneth Ng, Chief Executive Officer of Malacca Straits, said, “While both parties have made diligent and dedicated efforts towards a successful closing of the business combination within the planned timetable, various unforeseen circumstances beyond the control of either party have precluded this. Therefore, we have concluded together with AVN that it is in the best interest of both parties to terminate our business combination agreement.”


Ade Tjendra, Chief Executive Officer of PT MNC Vision Networks Tbk, commented, “We have been working closely over the past several months with the Malacca Straits team, and while we are disappointed not to have completed this transaction as originally contemplated, we believe this is the correct decision, which was mutually and amicably reached by both parties.”

About Asia Vision Network

Asia Vision Network is the holding company for Vision+, Indonesia’s fastest growing Over-The-Top media business and MNC Play, the 3rd largest broadband and IPTV operator in Indonesia. Vision+ offers Subscription Video on Demand (SVOD) and Advertising-based Video on Demand (AVOD), based on exclusive OTT access to MNC Group market-leading Free-to-Air channels and a content library of over 300,000 hours. MNC Play delivers fiber-optic based broadband & IPTV services and is the pioneer in 100% FTTH technology in Indonesia.

About Malacca Straits Acquisition Company

Malacca Straits is a blank check company incorporated as a Cayman Islands exempted company and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Malacca Straits consummated its initial public offering on July 17, 2020. Its units, shares and warrants are listed on the Nasdaq Capital Market.

Forward Looking Statements

This press release contains, and certain oral statements made by representatives of Malacca Straits and AVN and their respective affiliates, from time to time may contain, “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Malacca Straits’ and AVN’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “might” and “continues,” and similar expressions are intended to identify such forward-looking statements. Malacca Straits does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, subject to applicable law.

No Offer or Solicitation

This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities pursuant to the Transaction or otherwise, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Contacts:

Investors:


Kenneth Ng / Stanley Wang

kenneth@malaccastraits.net / stanley@malaccastraits.net




Letter to the Business Times: Temasek’s interests aligned with those of Sembcorp Marine shareholders

  • 3 min read

August 29, 2022. SINGAPORE.

As a major shareholder in both Keppel Corporation and Sembcorp Marine, we think it would also be useful to share our perspectives with fellow shareholders.

We have noted increased commentary on the Proposed Combination of Keppel Offshore & Marine and Sembcorp Marine, and the letter by Sembcorp Industries (Sembcorp) to the Business Times on 25 August 2022 explaining the context behind the demerger of Sembcorp and Sembcorp Marine in 2020.


These highlight important issues for all shareholders to consider as they prepare to vote on the Proposed Combination at the respective EGMs of Keppel Corporation and Sembcorp Marine, expected to take place in the fourth quarter of 2022. As a major shareholder in both Keppel Corporation and Sembcorp Marine, we think it would also be useful to share our perspectives with fellow shareholders.


Temasek became a direct shareholder of Sembcorp Marine in 2020 following the demerger of Sembcorp Marine from its then-parent, Sembcorp. Along with the demerger, Sembcorp Marine carried out a S$2.1 billion Rights Issue to repay a loan of S$1.5 billion advanced by Sembcorp to Sembcorp Marine, and to strengthen its cash position and balance sheet. Temasek sub-underwrote the Rights Issue and took up the Rights Shares not subscribed by other Sembcorp Marine shareholders in the Rights Issue and received its pro-rata entitlement during Sembcorp’s distribution of Sembcorp Marine shares to its shareholders thereafter (based on our 49.3% shareholding in Sembcorp). The demerger and the 2020 Rights Issue resulted in Temasek acquiring a 42.6% shareholding in Sembcorp Marine. The financial outlay by Temasek in the 2020 Rights Issue was S$206 million.


In 2021, amidst the COVID-19 pandemic, Sembcorp Marine urgently needed to recapitalise to address business requirements and complete existing projects. The Board of Sembcorp Marine called for a S$1.5 billion Rights Issue to strengthen the company’s balance sheet, and continue its progress on its transformation journey, which included a Memorandum of Understanding for the Proposed Combination. Temasek participated in the Rights Issue based on commercial considerations. We voted in favour of the Rights Issue and agreed to subscribe for not only our pro-rata entitlements based on our 42.6% shareholding in Sembcorp Marine, but also any excess rights not taken up by other shareholders, up to 67% of the 2021 Rights Issue. The commitment, provided without the benefit of a whitewash waiver resolution, gave Sembcorp Marine certainty that it could raise the full S$1.5 billion that it needed. This resulted in Temasek having to make a Mandatory General Offer, at the Rights Issue Price. Shareholders tendered an additional 8.0% of Sembcorp Marine shares. The financial outlay by Temasek in the 2021 Rights Issue and Mandatory General Offer was S$942 million.


Since becoming a direct shareholder of Sembcorp Marine in 2020 through the demerger of Sembcorp and Sembcorp Marine, Temasek has made a significant investment of approximately S$1.1 billion in Sembcorp Marine through the 2020 Rights Issue, 2021 Rights Issue and Mandatory General Offer, resulting in an ownership of 54.6% in the company.


This year, Keppel Corporation and Sembcorp Marine announced the Proposed Combination, and both companies have clearly articulated the benefits of the merger. As a major shareholder in both companies, we fully support the rationale for the transaction and share the belief that all shareholders will benefit from being part of the Combined Entity.


We expect the Combined Entity to be well-positioned to achieve the necessary scale and synergies to become more competitive and to build a sustainable orderbook amidst the changing global energy environment. This is also well-aligned with our objective to catalyse the transition of our portfolio companies towards a Net Zero World.


With substantial value at stake through our shareholding in Sembcorp Marine, Temasek is fully aligned with fellow shareholders in seeking the best outcome for the company. We support the Sembcorp Marine Board’s expressed view that the Proposed Combination offers the best and most compelling way forward for Sembcorp Marine to unlock long term value for all of its stakeholders.


As a major shareholder of both Keppel Corporation and Sembcorp Marine, Temasek will abstain from voting on all resolutions relating to the Proposed Combination in the upcoming EGMs. The decision will therefore rest solely in the hands of the independent shareholders of both companies, who have to carefully consider the facts around the transaction. We hope our perspectives shared will be beneficial to fellow shareholders as they prepare to vote on the Proposed Combination.


Nagi Hamiyeh

Head, Portfolio Development Group

Temasek


Credit Suisse Collaborates with Girls Who Code to Jump-start Careers in Technology

  • 3 min read

August 01, 2022. NEW YORK, US.

Credit Suisse Collaborates with Girls Who Code to Jump-start Careers in Technology through Summer Immersion Program

Credit Suisse announced today that it has teamed up with Girls Who Code, an international nonprofit working to close the gender gap in technology, as a corporate partner for its signature Summer Immersion Program. This is the third consecutive year that Credit Suisse has partnered with the organization.


Credit Suisse will host a two-week program where students in high school will have an opportunity to build the technical skills and professional network to make an impact and prepare for a successful future career in technology.


Marinela Tudoran, Head of Investment Bank Technology at Credit Suisse, said "We are excited for this opportunity to invest in the next great technological minds in the financial services industry. At Credit Suisse, we are passionate about creating a culture of empowered engineering. This program aims to open doors for students by providing a network of knowledgeable mentors in computer science and engineering across the bank. Together, we will work to lay the foundation to continue to diversify the pipeline of technologists working on Wall Street."


Credit Suisse's 2022 Summer Immersion Program runs from August 1 through August 12. The bank will host approximately 60 students during the duration of the program and intends to provide an immersive educational experience and invaluable networking opportunities for participants. Credit Suisse will organize a series of mentoring sessions focused on cyber and information security awareness, building a personal brand, resume writing, and career journeys in technology. The students will also hear speakers ranging from the bank's senior leaders to a panel of the bank’s Technical Analysts.


Credit Suisse

Credit Suisse is one of the world's leading financial services providers. Our strategy builds on Credit Suisse's core strengths: its position as a leading wealth manager, its specialist investment banking capabilities and its strong presence in our home market of Switzerland. We seek to follow a balanced approach to wealth management, aiming to capitalize on both the large pool of wealth within mature markets as well as the significant growth in wealth in Asia Pacific and other emerging markets, while also serving key developed markets with an emphasis on Switzerland. Credit Suisse employs approximately 51,410 people. The registered shares (CSGN) of Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.


Girls Who Code

Girls Who Code is an international nonprofit organization working to close the gender gap in technology, and leading the movement to inspire, educate and equip young women with the computing skills needed to pursue 21st-century opportunities. 2 Since launching in 2012, Girls Who Code has reached 450,000 girls through our in-person programming and we have nearly 90,000 college-aged alumni. We have sparked culture change through marketing campaigns and advocacy efforts, generating 13 billion engagements globally. In 2018, the organization was named the #1 Most Innovative Non-Profit on Fast Company's Most Innovative Companies list. Follow the organization on social media @GirlsWhoCode.


Disclaimer

This document was produced by and the opinions expressed are those of Credit Suisse as of the date of writing and are subject to change. It has been prepared solely for information purposes and for the use of the recipient. It does not constitute an offer or an invitation by or on behalf of Credit Suisse to any person to buy or sell any security. Any reference to past performance is not necessarily a guide to the future. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable but Credit Suisse does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof.


Copyright © 2022 Credit Suisse Group AG and/or its affiliates. All rights reserved.


Press Contacts

+1 (212) 325 8226,


+1 (212) 538 4537,


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