Company Briefs: InnoVen Capital; Memtech International

InnoVen Capital

South-east Asia's leading venture debt firm InnoVen Capital has bagged US$200 million (S$274 million) in capital commitment from shareholders Temasek and United Overseas Bank (UOB), each of which contributed US$100 million.

The Singapore-based firm, which has offices in India and China, said the funds will allow it to tap the potential in Asia's venture debt space. To date, it has supported more than 200 start-ups with financing in excess of US$500 million.

Mr Chin Chao, chief executive of InnoVen Capital Singapore and South-east Asia, said: "InnoVen has rapidly become the leading venture lender in South-east Asia, helping entrepreneurs accelerate their company's growth while minimising equity dilution."

The additional capital will allow the firm to engage even more start-ups, he added.

InnoVen is a UOB-Temasek joint venture set up in 2015. Mr Chao said last month that it is aiming for 25 to 30 loans this year, translating to more than US$50 million in disbursements.

Its portfolio companies include online retailer Pomelo Fashion, live-streaming firm M17 Entertainment, payments start-up InstaReM and cloud software player Deskera.

Memtech International

The Chuang family, which owns Memtech International, has made a voluntary conditional offer for the Singapore-listed electronics components manufacturer in a bid to delist it.

Led by Memtech executive chairman Chuang Wen Fu, the Chuangs are offering $1.35 in cash for each share, in a deal that values the company at $189 million.

The offer price of $1.35 represents a premium of 23.9 per cent over the firm's last transacted price of $1.09 a share last Friday. Memtech called for a trading halt on Monday.

The offer price is also a 31.5 per cent premium over Memtech's volume-weighted average price for the month leading up to last Friday.

The offeror, M-Universe Investments, is a special purpose vehicle that mixes the interests of the Chuang family, investment holding firm Keytech - also owned by the Chuang family - and some current and former members of Memtech's management team.

Universal Global Technology (UGT) is also coming in as a strategic investor.

M-Universe Investments currently controls 57.77 per cent of Memtech. The plan is for Keytech to hold equity interest of 57.77 per cent in M-Universe Investments, with UGT owning the remaining 42.23 per cent.

A version of this article appeared in the print edition of The Straits Times on May 15, 2019, with the headline 'Company Briefs'. Print Edition | Subscribe