Low shareholder numbers, low levels of trading liquidity prompt CoAssets to delist from ASX
The CoAssets Group, a Singapore-based online investor platform, announced today it has delisted from the Australian Securities Exchange (ASX) on 19 June 2020.
The company cited low shareholder numbers, low levels of trading liquidity and high ongoing costs as reasons for the delisting.
As per a press statement, CoAssets has less than 400 shareholders, of which approximately 124 or 33.3 per cent hold unmarketable parcels (i.e. a shareholding of US$500 or less).
Plus, trading in the company’s shares has been limited, both in frequency and volume. The low level of liquidity has resulted in limited trading opportunities for shareholders who wish to exit their holdings.
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Besides, the firm also incurs costs in excess of US$750,000 per annum to maintain its ASX listing. This does not include any allocation of the cost of management’s time taken up by matters associated with being listed.
Additionally, the group announced the appointment of Denka Wee as its new Group CEO with effect from 22 June 2020. Wee first joined CoAssets as a non-executive chairman on 7 April 2020.
Getty Goh has been appointed as the new Chief Corporate Officer of the company. He will also continue to serve as CEO of CoAssets Pte Ltd (CAPL), a subsidiary that holds the Capital Market Service License from the Monetary Authority of Singapore.
GIC participates in Checkout.com’s Series B fundraise
Global payments solution provider Checkout.com has raised US$150 million in Series B funding round at US$5.5 billion valuation.
The round was led by Coatue, along with participation from existing investors, including Insight Partners, DST Global, Blossom Capital, and Singapore’s Sovereign Wealth Fund, GIC.
It will use these funds to further strengthen its balance sheet, bringing available cash to over US$300 million.
Checkout.com will also invest in the development of new innovative products, including its upcoming advanced Payouts solution and the capability to accelerate settlement times.
India’s Milkbasket raises US$5.5M led by Inflection Point
India-based grocery delivery startup Milkbasket has closed a funding round worth US$5.5 million, led by Inflection Point Ventures.
Existing investors also participated.
With advanced and deep technology across the full-stack supply chain from sourcing to last-mile delivery, Milkbasket claims it serves over 130,000 households and sells 9,000-plus products across fruits and vegetables, dairy, bakery and all other FMCG categories.
It is currently operating in Gurgaon, Noida, Dwarka, Ghaziabad, Hyderabad and Bangalore.
Japanese cloud optimisation firm Alphaus makes Malaysia its global development centre
Alphaus, a VCs-backed tech startup based in Tokyo and Kuala Lumpur, has decided to establish its global development centre & SEA regional office in Kuala Lumpur.
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Alphaus provides solutions to address cloud wastage. It’s solutions help AWS, Azure and Google Cloud partners and user enterprises to understand complicated cloud spend.
Its products, Ripple and Wave, automate and simplify complicated cloud billing processes, offer the insights in regards to cloud usage with historical information and recommending cost-saving measures.
The firm is backed by investors such as DNX Ventures, NTT Docomo Ventures, MUFG, Archetype, Accord Ventures, and 500 US.
Alphaus will continue to hire local and foreign talents as it continues to establish a presence in Kuala Lumpur and as businesses continue to adopt Cloud infrastructure rapidly.
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Image Credit: CoAssets
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