Asean Daily Updates: 1-7-2026, Indonesia’s Nadiem Makarim Sentenced & More

NIELSEN IQ ACQUIRES FLYWHEEL’S CHINA AND SOUTHEAST ASIA ECOMMERCE DATA & INSIGHTS BUSINESS

NielsenIQ, a consumer intelligence company, Wednesday said it has acquired Flywheel’s China and Southeast Asia eCommerce Data & Insights business. 

The acquired business operates in China under the YiMian brand and is a provider of eCommerce, social commerce, and digital shelf solutions.

Financial transaction details were not disclosed. 

The acquisition expands NIQ’s capabilities across China and Southeast Asia and strengthens its ability to measure and understand consumer behavior across retail, eCommerce, social commerce, and digital environments. 

It also enhances NIQ’s data and analytics foundation by expanding access to digital commerce signals that support the development of more advanced analytics and AI-powered solutions.

By bringing together NIQ’s global intelligence, analytics, and retail measurement capabilities with the acquired business’ digital commerce data and expertise, NIQ will offer clients a more connected view of performance across marketplaces, social commerce, and the digital shelf. 

This will help clients improve visibility into pricing, assortment, availability, content quality, and competitive positioning, while making faster, more informed commercial decisions.

A key benefit of the acquisition is the introduction of Digital Shelf capabilities in China, enabling NIQ to deliver more consistent and comprehensive eCommerce insights across global and regional markets.

“Flywheel brings deep expertise in digital commerce, social commerce, and digital shelf measurement across China and Southeast Asia, along with a talented team that complements NIQ’s global scale,” said Rachel White, APAC Regional President of NIQ. 

“Joining forces with NIQ marks an exciting new chapter for our business and, most importantly, for our clients,” said Will Lv, General Manager, Flywheel. “Our expertise in digital commerce intelligence across China and Southeast Asia, combined with NIQ’s global reach and analytics capabilities, creates a stronger platform for helping clients navigate complexity, move faster, and unlock growth.”

The acquired business supports more than 100 global and regional clients across China and Southeast Asia, reflecting its strong market position and trusted client relationships.

SOFTBANK

SOFTBANK EXECUTES SECOND TRANCHE OF US$10 BILLION FOLLOW-ON INVESTMENT IN OPENAI

SoftBank Group Wednesday said it has executed the second tranche of follow-on investment of US$ 10.0 billion (JPY 1,627.3 billion) in OpenAI Group, via SoftBank Vision Fund 2, as part of the total US$ 30.0 billion follow-on investments.

SoftBank Group plans to complete the third tranche, in the amount of US$ 10.0 billion, on October 1, 2026.

SoftBank Group said it made borrowings of US$10 billion on July 1, 2026, under the bridge facility agreement to procure the funds from JPMorgan Chase, Goldman Sachs, Mizuho Bank, Sumitomo Mitsui Banking Corporation, and MUFG Bank, required for the Follow-on Investment.

SoftBank Group during late February 2026 entered into a definitive agreement with OpenAI, to participate in OpenAI’s fundraising round, and to make follow-on investments of USD 30.0 billion via SoftBank Vision Fund 2.. Upon completion of the Follow-on Investment, SBG’s cumulative investment in OpenAI is expected to total US$ 64.6 billion, representing an ownership interest of approximately 13%.

SOUTH KOREAN PHARMARESEARCH TO ACQUIRE COSMETIC GROUP IN US

PharmaResearch, South Korea-based regenerative medicine company behind REJURAN, is strengthening its localization strategy across North America with the planned acquisition of Cosmetic Group USA, a U.S.-based cosmetics manufacturer. 

Cosmo Group Inc. advised on the acquisition. Financial terms were not disclosed. 

Based in California, CG USA is a cosmetics OEM and ODM manufacturer with capabilities across product planning, formula development, manufacturing, filling, packaging, and quality control. 

The company holds a cosmetics manufacturing license and operates an FDA-registered facility with a quality management system aligned with current good manufacturing practice, or cGMP, standards. Its manufacturing infrastructure also supports production of over-the-counter (OTC) products. 

PharmaResearch decided to pursue the acquisition to respond more stably to growing demand for REJURAN Cosmetics, driven in part by its Sephora launch and expanding Amazon channel. Until now, the company has supplied the U.S. market with products manufactured in Korea. Through the acquisition of CG USA, PharmaResearch will secure a local manufacturing base, creating a foundation to improve supply chain efficiency and market responsiveness across production, logistics and distribution. 

Building on this, the company plans to strengthen supply stability in North America while accelerating its localization strategy across the Americas to support future expansion into Canada, broader North America and South America. 

REJURAN Cosmetics is PharmaResearch’s premium derma cosmetics brand, developed from the company’s regenerative medicine technology.  REJURAN Cosmetics is also scheduled to enter Canada in the second half of the year. 

“The acquisition of CG USA is a strategic decision to strengthen supply stability and build a stronger foundation for business expansion in North America,” said Ji Hoon Sohn, CEO of PharmaResearch. “Through this acquisition, PharmaResearch will secure a local production base to support its growth in North America, while also gaining the potential to expand its ODM business in the U.S. over the mid to long term.” 

Sohn added, “CG USA’s FDA-registered facility and OTC production capabilities make this acquisition meaningful not only for cosmetics, but also as a foundation for expanding into over-the-counter production. Based on local production capabilities and quality infrastructure, we will continue to strengthen the competitiveness of our global derma cosmetics business.” 

A CG USA representative said, “We are pleased to partner with PharmaResearch at an important stage in the growth of REJURAN Cosmetics. We look forward to supporting the brand’s expansion by bringing together CG USA’s manufacturing capabilities and PharmaResearch’s expertise.”

SINGAPORE’S FRASERS CENTREPOINT TO DIVEST WHITE SANDS FOR S$467 MILLION

Singapore-based Frasers Centrepoint Asset Management., the manager of Frasers Centrepoint Trust, Wednesday said it has entered into an agreement with an unrelated third party, in relation to the proposed divestment of its real estate asset – White Sands for S$467.0 million.

Mr Richard Ng, Chief Executive Officer of the Manager, said, “White Sands, the smallest mall in our portfolio, has performed well since acquisition. The divestment is part of our proactive portfolio management strategy to strengthen FCT’s portfolio resilience and to unlock value for unitholders. The transaction will enhance FCT’s financial position through the lowering of its aggregate leverage, and provide us with headroom to redeploy it into future growth opportunities.”

The sale consideration was negotiated on a willing-buyer-willing-seller basis after taking into account the independent valuation of the Property at S$431.0 million as at 31 May 2026. 

The divestment is at an 8.4% premium to its independent valuation, with an estimated net gain of approximately S$32.4 million.

Net proceeds from the divestment are expected to be approximately S$454.1 million. The Manager intends to utilise the net proceeds to repay debt and reduce FCT’s pro forma aggregate leverage from 40.0% to 36.5%, strengthening its financial position and creating additional debt headroom for future growth opportunities. 

Upon completion of the divestment, FCT’s retail portfolio will comprise eight retail properties, located in the suburban regions of Singapore. FCT’s retail property portfolio will have an aggregate net lettable area of approximately 2.84 million square feet, anchored by essential trades and services. They include Causeway Point, Century Square, Hougang Mall, NEX, Northpoint City, Tampines 1, Tiong Bahru Plaza and Waterway Point (effective 50.0%-interest).

HONG KONG’S MINT PLANS TO ACQUIRE MAJORITY STAKE IN SINGAPORE-BASED ASCENDZE TO EXPAND IN SEMICONDUCTOR AND ROBOTICS SECTOR

Mint Incorporation, a Hong Kong-based company strategically focused on artificial intelligence and robotics, plans to acquire a majority stake in Ascendze Pte, a Singapore-based company that focuses on the semiconductor industry and its associated manufacturing processes.

The companies signed a MOU outlining Mint’s intention to acquire a controlling or majority equity stake in Ascendze, establishing it as Mint’s primary platform for strategic expansion and investment in Singapore’s technology sector. The proposed partnership will focus on advancing chip production technologies, robotics-driven automation, and explore related innovation initiatives.

Mr. Damian Chan, Chairman of the Board and Chief Executive Officer of Mint stated: “This MOU marks an important milestone in Mint’s global growth strategy. By partnering with Ascendze, we are strengthening our presence in Singapore — a global hub for semiconductors and advanced manufacturing — and combining our AI and robotics expertise with Ascendze’s local capabilities and industry relationships to drive significant value creation.”

Ascendze serves prominent global customers including Fabrinet Co. Ltd, providing consulting services and automation solutions in semiconductor manufacturing and precision engineering.

Mr. Leong Kar Lee, Founder of Ascendze added: “We are excited to collaborate with Mint Incorporation Limited. This strategic partnership will accelerate our growth, enhance our technological capabilities, and allow us to jointly develop cutting-edge solutions in chip production and automation that benefit our customers and the broader industry.

Through the proposed partnership, the parties intend to collaborate on the research, development, and commercialization of advanced chip production technologies and robotics-driven automation solutions. In addition, Mint plans to provide further capital investment to support Ascendze’s expansion and growth initiatives in Singapore, subject to the execution of separate definitive agreements.

DIGITALBRIDGE AND JAPAN EXTENSIVE INFRASTRUCTURE FORM DATA CENTER PLATFORM IN JAPAN

DigitalBridge Group, a global investor in digital infrastructure, and Japan Extensive Infrastructure, Wednesday said they have formed Nippon Gateway Infrastructure, a new colocation data center platform dedicated to serving the digital infrastructure needs of enterprises across Japan.

NGI launches with a foundational portfolio of data center assets acquired from NEC Corporation, comprising facilities in the Greater Tokyo and Greater Osaka regions. NEC will remain a strategic customer while NGI intends to expand its enterprise platform.

“The formation of NGI reflects DigitalBridge’s strategy of creating and scaling digital infrastructure platforms alongside exceptional management teams and strategic partners. With a foundational portfolio of high-quality data center assets, a highly experienced management team led by Hiroshi Ogasawara and Masato Hoshino, and a pipeline of expansion opportunities, we believe NGI is well positioned to become a leading data center platform in Japan,” said Justin Chang, Senior Managing Director and Head of Asia at DigitalBridge.

“NGI aims to become a leading enterprise-focused colocation data center platform in Japan, supporting customers’ growing requirements for secure, reliable, and scalable digital infrastructure. NGI intends to pursue growth through strategic acquisitions, expansion of existing facilities, and selective greenfield developments in key markets across Japan,” said Hiroshi Ogasawara, President and CEO at NGI.

KOREAN CONGLOMERATE SK GROUP AND KKR LAUNCH $1.3 BILLION RENEWABLE ENERGY PLATFORM

SK Inc. and KKR, a global investment firm, Wednesday said they have signed  definitive agreements under which funds managed by KKR and SK will launch Korea’s largest renewable energy platform valued at KRW 2 trillion (~$1.3 billion). 

Through this newly established platform, SK and KKR will bring together renewable energy assets previously held by SK affiliates spanning solar, onshore and offshore wind, and fuel cells into a single, integrated platform, tapping into each company’s respective operational experience and renewables investment expertise.

The launch of the platform marks the latest transaction between KKR and SK, deepening a longstanding relationship built across multiple collaborations. It will help Korea meet the surging demand for clean power from AI data centers, semiconductor production lines, and other large industrial needs. 

KKR will have management control of the platform in its initial phase, with SK participating as an equity investor and retaining the flexibility to pursue control rights through future discussions.

By bringing together renewable businesses and assets from SK Innovation, SK ecoplant, and SK eternix, the platform integrates the entire value chain, from development and construction through to operation and maintenance, enhancing economies of scale and operational efficiency. The platform will manage a portfolio covering all areas of renewable energy generation – except hydrogen – including solar, offshore and onshore wind, and fuel cells.

The platform will be Korea’s largest renewable energy business, with approximately 1.7GW of capacity currently in operation and a development pipeline that will bring the total capacity to 10GW, which is capable of simultaneously and continuously powering 100 large-scale, 100MW-class data centers. 

Keith Kim, Partner at KKR, commented, “We are delighted to work alongside SK, a strategic partner with deep local operational capability. Korea is one of Asia’s most attractive renewable energy markets, underpinned by strong corporate demand for clean power from the semiconductor, data center, and manufacturing sectors. Together, we are establishing a leading, scaled renewable energy platform that can supply reliable clean power to Korea’s most demanding industrial users.”

SK is integrating these renewable energy businesses as part of a proactive portfolio rebalancing aimed at strengthening their sustainability and competitiveness. By combining the capital strength of a global fund with SK’s execution capability, SK aims to respond to surging clean energy demand and build a sustainable growth model over the long term.

KKR is making this investment primarily from its Asia Pacific infrastructure strategy. KKR is one of the most active infrastructure investors globally, with over $100 billion in infrastructure assets under management and more than $31 billion invested into energy transition and renewables infrastructure since 2011. 

Across Asia Pacific, KKR has invested behind the region’s energy transition through platforms such as Serentica Renewables, a clean-energy platform delivering power to large-scale industrial users in India; CleanPeak Energy, a distributed-energy platform in Australia; and Zenith Energy, an off-grid energy solution platform in Australia.

SK plans to use the launch of the platform as an opportunity to strengthen the foundation and support the growth of its renewable energy business, while continuing to restructure its portfolio in a direction that enhances capital efficiency and business competitiveness.

Nadiem Anwar Makarim

GOJEK CO-FOUNDER NADIEM MAKARIM SENTENCED TO 10 YEARS IN INDONESIA CHROMEBOOK CASE

Nadiem Anwar Makarim, the co-founder of Indonesian ride-hailing and payments platform Gojek, has been sentenced to 10 years in prison by Jakarta’s Corruption Court in a graft case tied to a school laptop procurement programme during the Covid-19 pandemic.

The verdict recasts one of Southeast Asia’s most closely watched founder stories as a wider debate over Indonesia’s governance and legal climate. Makarim, who helped build Gojek into a defining company of Indonesia’s consumer internet economy before entering government, was convicted over decisions made while he served as education minister under former president Joko Widodo.

Reuters reported that the court found Makarim guilty of abusing authority and causing state losses in the procurement of Google Chromebooks for schools. The court fined him Rp1 billion and ordered him to repay more than Rp800 billion, or about US$45 million. Failure to make the repayment could add another five years to the sentence.

Makarim has denied wrongdoing and said he would appeal. His defence said the Chromebook plan was a cost-saving measure, not a scheme to benefit him or direct public contracts for personal gain.

That distinction has become one of the key fault lines in the case. According to Reuters, the court did not find Makarim guilty of directly seeking to enrich himself, even as it held that his actions amounted to an abuse of authority and caused losses to the state.

Prosecutors focussed on the ministry’s decision to buy Chromebooks for schools, arguing that the procurement terms effectively led the programme towards Google’s technology ecosystem. They alleged that Google’s investment in Gojek’s parent company had influenced the decision and that the tender requirements favoured ChromeOS.

Google was not charged in the case. Reuters reported that the company denied any improper arrangement and said its investments in Gojek predated Makarim’s entry into government and were not tied to any Indonesian government decision to adopt Chromebooks.

The sentence was lighter than the 18-year prison term sought by prosecutors. AP reported that one judge on the panel dissented, arguing there was insufficient evidence and that Makarim should be acquitted.

Makarim served as education minister from 2019 to 2024. He left Gojek in 2019 to join the cabinet, and CNA, citing AFP, reported that GoTo Group said he had no decision-making role at the company after his resignation.

The ruling is significant because of Makarim’s public profile and the company he helped create. Founded in 2010, Gojek grew from a bike taxi booking service into a broader platform spanning transport, food delivery, logistics, payments and other digital services. It later merged with Tokopedia to form GoTo Group, one of Indonesia’s largest technology companies.

But the case has moved way beyond Gojek or a disputed laptop procurement programme. Reuters reported that legal experts and supporters of Makarim had questioned the ruling, warning that it could deepen concerns about legal certainty and the risks facing private-sector professionals who enter public office.

For Indonesia, the verdict comes at a sensitive moment. The country has spent years promoting its technology economy, backed by homegrown platforms, a large consumer market and rising investment in digital infrastructure and technology-led public services. It is also Southeast Asia’s largest economy, which gives the case wider significance for regional investors.

Makarim’s appeal will determine whether the conviction stands, is reduced or is overturned. Until then, the case remains one of the region’s rare examples of a high-profile startup founder being convicted over decisions made after moving from business into government.

With reporting from Reuters, AP and CNA/AFP; Additional information: World Bank