Southeast Asia

Philippine fast food restaurant chain Jollibee Foods Corp (JFC) is planning to float its Vietnamese unit, according to a stock exchange filing on Monday.

VietJet Air has started seeking investor interest for its potential $200m domestic IPO, according to bankers close to the deal.

Fullerton Healthcare Corp has decided to pull its S$213.3m ($149.6m) IPO after delaying the transaction mid-bookbuild when questions were raised about its business model.

ECM regular IOI Properties Group is back with a rights issue, and is looking to raise MR1.53bn ($346m) from existing shareholders. The deal is already in the bag as the Malaysian company’s largest stakeholders are all expected to sign up for the transaction.

A Park Hotel Group company has approached the loan market for a S$760m ($536m) five year fundraising.

The Laos government sold a five tranche baht-denominated bond in Thailand’s domestic market last week, netting Bt11bn ($309.7m) in proceeds. In its sixth deal in the Thai market, the sovereign targeted high net worth investors to tap into a new liquidity pool.

Last week’s shock US election result caused a rout in emerging markets, with stocks and currencies in southeast Asia among the hardest hit. But unlike in the past, this has not brought equity capital markets activity to a standstill, as share sales in Indonesia, the Philippines and Thailand showed this week. John Loh reports.

Therma Power, part of Philippine company Aboitiz Power Corp, is accessing the offshore loan market for a $650m unsecured financing.

Two live IPOs in Asia are seeing an encouraging response from investors, with Donald Trump’s surprise victory in the US presidential election having little impact on their bookbuilds.

Real estate investment company MYP is looking to seal a S$188.7m ($133.5m) rights issue in order to help fund its acquisition of the Straits Trading Building in Singapore.

Indonesia’s Sinar Mas Group is planning to float its power assets on the Singapore Exchange (SGX) through a potential $800m IPO, according to a source familiar with the matter.

Banks are yet to reach a unanimous decision on relaxations sought by Royal Industries Indonesia, which defaulted on the first principal repayment of a dual tranche loan signed in 2015. All lenders have to grant approval for the changes to be implemented.