Daily Update: Optus Finance Raises Debt; ChinaAMC-KBAM Partner; Thailand FastPass Targets US$21B; Singtel Sells Gulf Stake for S$1B; GMA Capital, ACMF Back US$212M Financing

AUSTRALIA’S OPTUS FINANCE TO RAISE SG$200 MILLION DEBT

Australia-based Optus Finance Tuesday said it plans to raise SG$200 million 10-year fixed rate notes which will be issued on 30 June 2026. 

The fixed rate notes are guaranteed by Singtel Optus and certain of its subsidiaries. The fixed rate notes will be denominated in Singapore dollars, will carry a coupon of 2.84 per cent per annum and will be drawn down under Optus Finance’s EUR3 billion Euro Medium Term Note Programme. The notes will mature on 30 June 2036.

The issue is part of the long-term financing strategy and extends the debt maturity profile of Optus and its subsidiaries including Optus Finance. The net proceeds from the issuance will be swapped into Australian Dollars and applied by Optus towards funding its ordinary course of business.

United Overseas Bank Limited acted as sole lead manager and bookrunner for the issuance.

CHINAAMC AND SOUTH KOREA’S KB ASSET MANAGEMENT IN PACT FOR CROSS-BORDER COLLABORATION

China Asset Management and South Korea’s KB Asset Management Tuesday said they have signed a strategic Memorandum of Understanding in Seoul, marking a significant step in cross-border asset management cooperation between China and South Korea.

While KBAM, is a wholly-owned subsidiary of KB Financial Group — one of South Korea’s top five financial holding companies — manages approximately US$124 billion, ChinaAMC is one of China’s premier asset management firms, with approximately US$470 billion in assets under management, making it one of the largest asset managers in China.

The MOU outlines a framework for an extensive and mutually beneficial partnership between the two parties, focusing on areas such as collaborative product development, market intelligence sharing, and the exchange of investment views.

Ms. Yimei Li, CEO of ChinaAMC, commented: “ChinaAMC has over two decades of deep-rooted expertise in China assets, and KBAM brings equally deep-rooted expertise in South Korea assets. This partnership is a shared conviction that two of Asia’s leading asset managers, combining their in-depth understanding of their respective markets, can create greater value for global investors. We look forward to building a long-term and fruitful partnership with KBAM.”

Mr. Young-sung Kim, CEO of KB Asset Management, commented: “ChinaAMC is one of the most experienced asset managers in China’s capital markets, with deep expertise in active investing, ETFs, and cross-border business. This partnership will combine KBAM’s distribution strengths in South Korea with ChinaAMC’s investment and research capabilities in China, offering South Korean investors better access to Chinese assets while opening new channels for South Korean assets into the Chinese market.”

The signing of this strategic MOU comes at a time of deepening financial cooperation between China and South Korea. Both institutions view this as a starting point for continued collaboration across product innovation, investment research, and market development, contributing to the broader connectivity of capital markets in the region.

THAILAND LAUNCHES FASTPASS PROGRAM, UNLOCKING US$ 21 BILLION IN STRATEGIC HIGH-TECH INVESTMENT

Thailand’s Prime Minister Anutin Charnvirakul Tuesday formally launched Thailand FastPass at Government House, mobilizing over US$ 21 billion (approximately 700 billion baht) in strategic high-tech investment. The program integrates eight government agencies to cut regulatory approval timelines by up to 50 percent, accelerating approved investments from license to operating factory.

FastPass targets high-value sectors including advanced electronics, aerospace technology, precision machinery and automation systems, and recycled plastics.

By coordinating eight key government agencies—including Thailand’s Board of Investment (BOI), the Department of Industrial Works, the Customs Department, the Office of Natural Resources and Environmental Policy and Planning (ONEP), the Industrial Estate Authority of Thailand (IEAT), the Energy Regulatory Commission, the Metropolitan Electricity Authority, and the Provincial Electricity Authority—the initiative removes historical friction in permitting, environmental approvals, and infrastructure connectivity.

At the ceremony, the eight agencies formalized their coordination by signing a memorandum of understanding (MOU) committing to reduce approval and licensing timelines by 20 to 50 percent across key investment milestones, including factory permits, free-zone processing, environmental impact assessments, and power grid connections.

“In today’s global economy, speed is the ultimate competitive differentiator,” said Mr. Anutin Charnvirakul, Prime Minister of Thailand. “The Thai government is shifting from regulator to active business facilitator. By removing regulatory hurdles, increasing speed, and ensuring policy transparency, we are driving physical investments that will generate next-generation employment and secure Thailand’s long-term regional competitiveness.”

The push to turn approved projects into physical factories follows a historic surge in investment applications. BOI received a record US$ 54.5 billion (approximately 1.8 trillion baht) in investment applications in 2025. Momentum has carried into 2026, with first-quarter applications already exceeding US$ 30.3 billion (approximately 1 trillion baht).

The US$ 21 billion total spans two FastPass cohorts. In the first phase, FastPass resolved regulatory bottlenecks for 76 previously approved projects valued at over US$ 14.4 billion (approximately 474 billion baht). Today’s ceremony launched the second cohort: 25 projects from 23 companies worth US$ 6.7 billion (approximately 223 billion baht), each receiving a formal Thailand FastPass certificate.

“We are focusing heavily on ‘realized investment’ entering the actual economy,” said Mr. Ekniti Nitithanprapas, Deputy Prime Minister and Minister of Finance. “The FastPass mechanism is designed to deliver immediate, concrete economic results in the short term, while laying down long-term structural benefits that will distribute wealth across our broader economy. These 25 pilot projects from 23 companies are projected to generate over 13,000 high-skilled jobs. Combined with the 76 projects cleared under FastPass in the preceding phase, total investment mobilized by the program exceeds 700 billion baht.”

This mechanism converts corporate capital into domestic benefits across five key dimensions: driving investment-led GDP growth, generating high-skilled careers, transferring technical know-how, integrating local SMEs, and creating localized economic multipliers within regional communities.

“The FastPass program fundamentally changes how Thailand works with global investors,” said Mr. Narit Therdsteerasukdi, Secretary-General of the BOI. “We put eight agencies into one pipeline. Permit timelines that once stretched for months can now be cut by up to half. That gets factories built, creates high-skilled jobs, and pulls Thai suppliers into global supply chains.”

To demonstrate Thailand’s readiness for advanced industries, the government showcased technologies currently being deployed or manufactured in Thailand, including humanoid robotics, LiDAR sensor systems, aerospace technology, and advanced electronics.

Credit: SINGTEL GROUP

SINGTEL GROUP SELLS 2.8% STAKE IN GULF DEVELOPMENT FOR S$1 BILLION

The Singtel Group Tuesday said it has sold 2.8% of its stake in Gulf Development, Thailand’s largest energy company, for approximately S$1 billion (US$773 million) as it continues its asset recycling programme. The transaction was executed via a private placement to institutional investors and will result in cumulative gains of approximately S$140 million in equity.

The Group received a 7.7% stake in Gulf Development in 2025 following the completion of the amalgamation of Intouch Holdings and its largest shareholder Gulf, to simplify Singtel’s shareholding in its Thai associate AIS. The merger removed Intouch as the intermediary holding company and resulted in the creation of a new entity, Gulf Development.

Mr Arthur Lang, Singtel’s Group CFO said, “The placement generated strong interest and was multiple times oversubscribed. We saw strong support from both international and domestic institutional investors.” 

He added, “This divestment underscores Singtel’s concerted efforts to optimise our portfolio as we continue our disciplined approach to capital management. Gulf Development’s share price has performed strongly since listing, providing an attractive opportunity for Singtel to crystallise value and reallocate capital towards growth and driving shareholder returns. Thailand remains a key market for Singtel and we continue to have a strong partnership with Gulf Development through our joint investment in AIS and our data centre venture GSA.”

After today’s transaction, the Group will hold a 4.95% stake in Gulf Development, valued at an estimated S$1.8 billion.

The Gulf transaction is the latest in the Group’s capital recycling programme which has now unlocked S$6.8 billion since the start of the Singtel28 plan in 2024, bringing the Group some three quarters of the way toward achieving its S$9 billion mid-term target.

Mr Lang said, “Today’s transaction is just one of many levers in our capital management arsenal to consistently return capital to our shareholders and to fund the development of our growth engines. With this transaction, we have raised a total of $6.8 billion and have moved even closer to our S$9 billion mid-term recycling target. This gives us considerable ability to fund and sustain our value realisation dividend, value realisation share buyback as well as digital infrastructure investments, putting us on track to deliver sustainable yield and growth over the coming years.”

As of 22 June 2026, Singtel has deployed approximately 34% of its planned S$2 billion value realisation share buyback (VRSB), having bought and cancelled 148.8 million ordinary shares for an aggregate gross consideration of approximately S$681 million. Upon full execution of the S$2 billion buyback, on a pro-forma basis, using FY2026 underlying net profit, this would lead to a permanent 3%1 accretion in underlying earnings per share and puts Singtel on a higher EPS and DPS trajectory.

Mr Lang said, “While our holding company discount has narrowed significantly since the implementation of Singtel28, we still believe that the current market valuation does not fully reflect the long-term value of the Group, given the strength of its core businesses, digital infrastructure and services assets and its regional associates. Our share buyback programme is a value-accretive use of capital, to enhance the value of our shares and signal its upside potential.”

The buyback programme complements the Group’s two-tier dividend policy comprising of a core dividend and a value realisation dividend (VRD). The core dividend is structured to deliver between 70% and 90% of underlying net profit to shareholders while the VRD is based on a programmatic framework which pays a reliable 3 to 6 cents per share annually on top of that.

In FY2026, Singtel proposed a VRD of 5.1 cents on top of a core dividend of 13.4 cents representing a payout ratio of 80% of underlying net profit. This would result in the highest annual ordinary dividend of 18.5 cents which also marks five consecutive years of dividend growth.

GMA Capital Partners. and ACMF Group Tuesday said they have entered into a strategic collaboration to facilitate up to THB 7 billion (US$212 million) in capital solutions for publicly listed companies and major shareholders in Thailand.

Through this collaboration, the parties will work together to identify and develop financing opportunities involving companies listed on the Stock Exchange of Thailand , as well as other exchanges across the Asia-Pacific region, and principal shareholders seeking liquidity solutions secured by listed equity positions. 

The initiative is intended to broaden access to international capital for Thai public companies while supporting strategic growth initiatives and shareholder liquidity requirements.

GMA Capital Partners is a Singapore-based investment firm focused on long-term principal investments and structured capital solutions across real-economy sectors, including infrastructure, maritime logistics, renewable energy, and strategic industrial markets. The firm works with corporate partners and institutional counterparties to deploy capital in transactions involving listed equities and other financial assets across international markets.

ACMF Group maintains an established presence in Thailand, Malaysia, Indonesia, China and Switzerland as a leading private fundraising consultancy; and brings extensive regional market expertise, corporate relationships, and origination capabilities within Thailand. Through the collaboration, ACMF Group supports transaction development and coordination within the local market.

The collaboration will focus on financing structures designed to provide liquidity to shareholders and companies without requiring the sale of strategic shareholdings. These transactions may include facilities secured by exchange-listed equities as well as other structured capital solutions tailored to the needs of publicly traded companies, with the parties targeting an aggregate financing capacity of up to THB 7 billion across the pipeline.

Chasen Nevett of GMA Capital Partners noted that Thailand represents an important capital market within Southeast Asia, with a significant number of founder-led and family-controlled listed companies seeking flexible capital solutions. He stated that the collaboration with ACMF Group provides an effective platform to originate opportunities in Thailand while maintaining international execution capabilities, and that the firms have structured the program to support up to THB 7 billion in financing over its initial phase.

Suvicha Nalita, Senior Managing Partner of ACMF Holdings (Thailand) Co., Ltd. commented that the partnership reflects ACMF Group’s focus on connecting regional corporate clients with international sources of capital. He added that the collaboration with GMA Capital Partners will enable Thai listed companies and their shareholders to access financing solutions that are increasingly utilized in global capital markets.

Both firms expect the collaboration to facilitate the development of a pipeline of potential transactions involving listed companies and major shareholders across a range of sectors represented on the Stock Exchange of Thailand.