Company Briefs: Binance

Binance Holdings has set up a joint venture to develop a digital-asset exchange in Indonesia with a unit of a local telecommunications operator. The world's largest cryptocurrency exchange is partnering with a consortium led by MDI Ventures, the venture-capital arm of state-owned telecom company PT Telkom Indonesia, according to a joint statement yesterday. The deal will also aim to expand the use of blockchain in Indonesia. The partnership gives Binance deeper access into a country where it already has an investment in Tokocrypto, a major trading platform for digital coins.

BLOOMBERG

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Grab

Grab Holdings, a unit of South-east Asia's largest ride-hailing and delivery group, is buying Malaysia's top premium grocery chain Jaya Grocer Holdings, according to filing with the US Securities and Exchange Commission. Grab signed an agreement to buy all of the chain's ordinary shares and 75 per cent preference shares for an undisclosed amount. The acquisition is Grab's largest since it took control of Indonesian wallet provider Ovo earlier this year. The South-east Asian ride-hailing giant has employed M&A sparingly since taking over Uber Technologies' regional ride-hailing operations.

BLOOMBERG

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H&M

Sweden's H&M, the world's second-biggest fashion retailer, yesterday reported an increase in September through November sales that was in line with expectations. Net sales were up 8 per cent year on year at 56.8 billion kronor (S$8.5 billion), matching the mean forecast in a Refinitiv poll of analysts. "Despite continued restrictions... the H&M group's sales in local currencies were back at the same level as in the fourth quarter of 2019," the firm said. At the end of the quarter around 115 stores were temporarily closed due to restrictions, against around 100 at the start.

REUTERS