ACN Newswire
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GBA Welcomes Venture Investment Platform DAO Maker as New Corporate Member

indie
2 minutes

Washington, D.C., Feb 19, 2021 - (ACN Newswire) - The GBA has added another valuable corporate member to their growing network. DAO Maker, DAOETH, is a venture investment platform for all risk appetites, building the crucial platform for retail venture investing in equity and tokens. This will be great news for the over 15,000 participants in the GBA community who are interested in all things blockchain.Providing a low-risk participation model for venture capital, DAO Maker allows retail investors the opportunity to step onto the playing field without risking large portions of their money. This framework gives everyday people a chance to safely grow their own capital, while it provides new funding for innovation worldwide. Some bullets on DAO Maker:- Provides low risk venture capital opportunities- Provides funding source to innovation worldwide- Has one of the largest ecosystems of quality retail investors- Signed on more than 75,000 retail users in 2020- Provides a suite of services to attract high quality startups to join the ecosystem- Allows startups a decentralized, safe, and autonomous environment in which to accelerateAnd, staying true to their DAO name, DAO Maker is now wo...

SeaPRwire
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Razer co-founder and director Lim Kaling pulls out of Myanmar joint venture

elean
3 minutes

SINGAPORE (THE BUSINESS TIMES) - Razer co-founder and director Lim Kaling is selling his one third stake in a joint venture that owns RMH Singapore Pte Ltd, a Singapore-based tobacco company which in turn owns 49 per cent of Virginia Tobacco Co Ltd (VTCL), the military-linked market leader in Myanmar's tobacco market. In a statement released on Tuesday (Feb 9), Mr Lim said he had been closely monitoring the situation in Myanmar and recent events there caused him "grave concern". "As a result, I have decided to exit my investment in Myanmar, disposing of my one-third stake in the joint venture that owns RMH Singapore Pte Ltd. "I am therefore exploring options for the responsible disposal of this stake," he said, adding that it is his only remaining investment in Myanmar, initiated nearly three decades ago under a very different circumstance. Back in 1993, Mr Lim started Distinction Investments to address an economic opportunity in Myanmar as the country was opening up to the rest of the world. "Through this venture, we had hoped to help the country spur economic growth, create jobs and raise standards of living," he said. Distinction Investments has three shareholders: Myanmar citiz...

SeaPRwire
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AirAsia sells stake in India venture to Tata for $50.4 million

elean
2 minutes

MUMBAI (BLOOMBERG) - AirAsia Group, hit by the coronavirus pandemic that's decimated passenger demand, is selling its 32.7 per cent stake in AirAsia India Ltd. to its partner Tata Sons for about US$38 million (S$50.4 million). The Malaysian low-cost carrier entered into an agreement with Tata Sons, which already owns 51 per cent of the venture, according to an exchange filing on Tuesday (Dec 29). AirAsia Group last month said it was reviewing investment in its cash-strapped Indian affiliate, hours after its Japan unit filed for bankruptcy. The group has also stopped funding AirAsia India leaving the future of the company largely dependent on India's Tata Group. Chief executive officer Tony Fernandes this month said AirAsia is evaluating its venture with the Tata Group, while the two expand their relationship in the digital business. "At the right time we will make the announcements, but definitely our strength is Southeast Asia and that's where most of our expansion is going to be over the next two to three years," he said in a Dec. 7 interview with Bloomberg Television. AirAsia India started flying in 2014 with a promise to break even in four months. But it's never made money in w...

JCN Newswire
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Arcelik and Hitachi Global Life Solutions Announce their Intention to Form a Joint Venture in the Global Home Appliances Business (excluding Japan)

ruth
6 minutes

TOKYO, Dec 17, 2020 - (JCN Newswire) - Today Arcelik A.S. (ARCLK:IST, "Arcelik") and Hitachi Global Life Solutions, Inc. (Hitachi GLS) have signed a share purchase agreement to establish a new joint venture company. As part of the transaction, Hitachi GLS will establish a new company into which it will transfer its global home appliances business outside of Japan. Arcelik will acquire 60% ownership in the new company, which both partners aim to establish in the spring of 2021, subject to regulatory approvals and satisfaction of other customary conditions.The transaction value is calculated as USD 300 million on a cash-free and debt-free basis for 60% of the business, which is subject to customary adjustments based on the balance of net debt, net working capital of the Company, and minority shares adjustment for the outstanding minority shares as of the closing date.Arcelik and Hitachi GLS plan to build a competitive value chain leveraging the complementarity of both companies' strategies and create growth opportunities that will increase their access to new markets, enhance their product ranges and sales capabilities, while delivering increased competitiveness across supply chain a...

SeaPRwire
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Uber joins forces with SK Telecom to crack tough South Korea market

elean
2 minutes

SEOUL (REUTERS) - Uber Technologies said on Friday (Oct 16) it will invest over US$150 million (S$204 million) in a joint venture and partnership with South Korea's SK Telecom Co Ltd, which is proposing to split off its mobility business. The move is Uber's latest attempt to expand in a market where it has faced tough competition, opposition from taxi drivers and regulations which forced it to stop using private cars for its ride-hailing service in 2015. The US ride-hailing company currently offers premium taxi-hailing and registered taxi-hailing services in South Korea, a market dominated by local player Kakao's mobility unit. The new joint venture would "create opportunities in the taxi-hailing market in Korea and explore new areas, including future mobility services," the companies said in a joint statement. Under the plan, SK Telecom would split off its mobility services including satellite navigation and taxi-hailing into a new company called T Map Mobility, which Uber would then back with a direct investment of US$50 million and another $100 million in a joint venture structure, the companies said. Subject to regulatory approval, the joint venture is expected to begin operati...