Daily Update: Vinpearl Secures $255M; Well Link Life Raises $200M via Tier 2 Bonds; Singapore Airlines Launches $200M Debt Raise; Nickel Industries Invests $169M in Indonesia; DFC-OCIC Back Cambodia Airport with $100M Financing; Versework Raises $2.7M

VIETNAM’S VINPEARL SECURES US$ 255 MILLION FROM INTERNATIONAL INVESTORS

Vinpearl Joint Stock Company, a tourism, hospitality, entertainment and experiences company based in Vietnam, Wednesday said it has raised US$ 255 million strategic investment from SeaTown Private Credit Fund III, a private credit fund managed by SeaTown Holdings International, and Oman Investment Authority (OIA), Vietnam Oman Investment (VOI). 

The investment is made in the form of convertible dividend preference shares (CDPS) issued by Vinpearl. Jefferies acted as the exclusive financial advisor to Vinpearl on this transaction.

A representative of SeaTown commented: “Vietnam’s tourism and hospitality sector continues to demonstrate long-term growth potential, driven by rising domestic demand and growing international arrivals. As an experienced, long-term investor in Vietnam, we are committed to supporting the market’s next phase of development, and view Vinpearl as a well-positioned partner in this dynamic sector.”

A representative of VOI commented: “As a capital bridge between Oman, the wider GCC and Vietnam, VOI has been an active investor in Vietnam for many years, with investments across a range of sectors and companies. We see Vietnam as one of the most dynamic economies in the region, with substantial long-term growth potential. Based on that conviction, we are broadening our investment focus into new high-growth areas, and Vinpearl is a flagship example of this strategy. As one of Vietnam’s leading hospitality and tourism platforms, Vinpearl is well-positioned to benefit from rising domestic consumption, growing international arrivals and continued sector expansion.”

A representative of Vinpearl shared: “We are pleased to welcome SeaTown, OIA and VOI as strategic partners of Vinpearl. This investment not only provides additional resources for our long-term development plans, but also represents recognition from international institutions of Vinpearl’s operational capabilities, strategic vision, and growth potential. With the support of reputable global investors, we will continue to enhance our products and services, and contribute positively to the development of Vietnam’s tourism industry and the wider region.”

Vinpearl operates 60 facilities across 20 provinces and cities. Its ecosystem includes 5-star hotels and resorts with over 17,500 rooms; 16 VinWonders theme parks offering diverse attractions for all age groups; 6 world-class golf courses; and 3 international-standard convention and performing arts centers VinPalace. In addition, it operates 2 semi-wildlife conservation parks, an equestrian academy, and large-scale live entertainment shows in destinations such as Nha Trang and Phu Quoc, attracting millions of visitors annually.

HONG KONG’S WELL LINK LIFE RAISES US$200 MILLION 10-YEAR TIER 2 CAPITAL BONDS

Hong Kong based Well Link Life Insurance Wednesday said it has issued US$200mm 10-year, Non-callable 5-year, Tier 2 capital bonds in the international market. The Bonds have a coupon rate of 7.875%, and are rated BB+ by S&P / BB+ by Fitch.

“Well Link Life is the first Hong Kong locally established life insurance company to issue Tier 2 capital bonds. The Bonds attracted active participation from the international capital markets, with peak orderbook over US$1.1 billion representing an oversubscription of more than 5 times,” the company said. 

The investors of the Bonds came from multiple countries and regions across the globe, including 63% from the APAC while 37% from the EMEA, where the EMEA proportion being one of the highest among Greater China US$ bonds issuances in recent years.

By investors type, 55% came from Asset Managers, 19% from Hedge Funds, 13% from Securities, 11% from Sovereign Wealth Funds / Pension Funds / Insurers, while the remaining 2% came from Private Banks and other types.

The Joint Global Coordinators of the Bonds are CITIC Securities, J.P. Morgan, Credit Agricole CIB, Deutsche Bank and Guotai Junan International.

Singapore Airlines

SINGAPORE AIRLINES LAUNCHES US$200 MILLION DEBT RAISE

Singapore Airlines Wednesday said it has launched and priced offshore CNY1,500 million (US$200 million) in aggregate principal amount of 2.38 per cent notes due 2031. Bank of China, Singapore Branch, DBS Bank, The Hongkong and Shanghai Banking Corporation and Standard Chartered Bank (Singapore) Limited are the joint lead managers.

The Notes will be issued at an issue price of 100 per cent. of their principal amount and in denominations of offshore CNY1,000,000 and integral multiples of offshore CNY10,000 in excess thereof cleared with the Central Moneymarkets Unit Service operated by the Hong Kong Monetary Authority. 

The Notes will bear interest at a fixed rate of 2.38 per cent. per annum payable semi-annually in arrear. The Notes are expected to be issued on 30 June 2026, subject to satisfaction of customary closing conditions, and are expected to mature on 30 June 2031.

The net proceeds from the issue of the Notes under the Programme will be used by the Company for aircraft purchases and aircraft related payments and general corporate or working capital purposes, including refinancing of existing borrowings of the Company.

AUSTRALIA’S NICKEL INDUSTRIES TO INVEST US$169 MILLION IN INDONESIA’S MINING MAJOR TO EXPAND IN EV VALUE CHAIN

Australia-based Nickel Industries Wednesday said it has agreed to invest US$169 million for a 17.5% interest in PT Teluk Metal Industry HPAL project, with the acquisition payment due on 26 November 2026. 

TMI is being developed as an expansion to ENC on the same site within the Indonesia Morowali Industrial Park (IMIP), producing mixed hydroxide precipitate (MHP) for the EV battery supply chain. 

Nickel Industries’ 17.5% interest sits alongside a 72.5% interest held by a Korean Japanese consortium (comprising LS MnM, Hanwa and an undisclosed strategic investor), and a 10% interest by a Singapore-based investment company, Sumber International Investment.

The Company will be the beneficiary of a comprehensive construction guarantee whereby Nickel Industries’ total acquisition cost will not exceed US$169 million and the delivery of nameplate capacity will occur by September 2027. A slurry pipeline and tailings pipeline between the Sampala Project and TMI will be funded under the Construction Guarantee, replicating the integrated configuration already in place between Hengjaya Mine and ENC. TMI is under construction, with commissioning expected to commence in mid2027.

TMI’s annual nameplate production capacity of 38,640 Ni provides attributable production to Nickel Industries of approximately 6,775 Ni tonnes per annum in MHP.

The HPAL economics underpinning TMI are already proven within Nickel Industries’ portfolio – the HNC HPAL delivered an Adjusted EBITDA margin to the Company of US$9,996/t Ni in Q1 2026 and outperformed nameplate capacity by 40%, demonstrating the cash-generation profile of the asset. With the Indonesian Government having announced a moratorium on new HPAL projects, TMI represents one of the last opportunities for Nickel Industries to grow in the HPAL sector at this scale.

Strategically, Nickel Industries’ Sampala Project has been identified as the exclusive ore supplier to TMI, aligning the Company as both equity investor and upstream supplier. The world-class scale and grade of the Sampala Resource will ensure TMI has secured ore supply for decades to come.

Nickel Industries currently expects to fund the investment from its cash reserves and cash from its existing operations. Should there be any requirement for additional funding, Shanghai Decent (the Company’s largest shareholder) has agreed to provide debt funding on commercial terms.

Commenting on the TMI investment, Managing Director Justin Werner said: “Securing a 17.5% interest in TMI is a transformative step for Nickel Industries and one of the last opportunities of this scale in the HPAL sector following the Indonesian Government’s moratorium on new HPAL projects. Alongside a consortium of leading Korean and Japanese companies, LS MnM, Hanwa and an undisclosed strategic investor, we are investing in a world-class asset with a clear path to production by September 2027, underwritten by the Construction Guarantee capping construction costs at US$965 million.

TMI is one of the most capital-efficient HPAL developments globally, and the HPAL economics are already proven within our portfolio – HNC delivered Adjusted EBITDA margins to the Company of US$9,996/t Ni in Q1 2026. Our 17.5% interest delivers approximately 6,775 Ni tonnes in MHP per annum, materially advancing our transition into the EV battery supply chain.

Critically, our Sampala Project has been identified as the exclusive ore supplier to TMI, aligning Nickel Industries as both a downstream processing investor (as desired by the Indonesian Government) and upstream supplier. The world-class scale and grade of Sampala was central to securing our investment in TMI.”

U.S. DFC AND OCIC IN PACT FOR US$ 100 MILLION STRATEGIC FINANCING OF TECHO INTERNATIONAL AIRPORT, CAMBODIA

The U.S. International Development Finance Corporation and Overseas Cambodian Investment Corporation Wednesday said they have signed a Letter of Intent outlining a US$ 100 million strategic financing for Techo International Airport, Cambodia’s new international gateway and one of the country’s largest infrastructure investments.

“Today marks an important milestone for Techo International Airport,” said Oknha Dr. Pung Carolyne, Vice Chairperson of OCIC. “The proposed financing from DFC reflects confidence in Cambodia’s economic future and in the airport’s role as a gateway for trade, tourism, investment, and regional connectivity. It also demonstrates the project’s commitment to international standards and its long-term value to the country’s development.”

“You are just the type of partner we’re looking for in Cambodia and around the world,” said Caroline Vik, Chief Policy Officer of DFC. “We hope this is the first of many projects that we do together.”

Beyond the proposed financing, the Letter of Intent underscores the project’s alignment with the governance, transparency, environmental, and social standards expected by leading international development finance institutions. The agreement is expected to further strengthen investor confidence in Cambodia’s infrastructure sector and reinforce the country’s attractiveness as a destination for long-term investment.

The DFC financing also builds on OCIC’s growing engagement with American institutions and companies, including the U.S. Embassy in Cambodia, the American Chamber of Commerce in Cambodia, and leading U.S. firms such as General Electric, OTIS, Caterpillar, CISCO, and Ford across mobility, engineering, and infrastructure-related sectors.

The financing reflects growing economic cooperation between Cambodia and the United States, particularly in sectors such as aviation, infrastructure, logistics, trade, and investment. As Cambodia expands its connectivity with regional and global markets, partnerships such as this will play an important role in supporting sustainable economic growth, attracting international investment, and strengthening commercial ties between the two countries.

SOUTH KOREA’S VERSEWORK RAISES $2.7M FROM ALTOS VENTURES

South Korea-based Versework, a Roblox User-Generated Content (UGC) game developer and accelerator, Tuesday said it has raised a $2.7 million investment from Altos Ventures, one of Roblox’s earliest institutional backers. The $2.7 million investment from Altos Ventures brings Versework’s total funding to approximately $7.5 million to date. 

It was also selected for the official Roblox Incubator 2026 — a flagship program run directly by Roblox HQ  

Operating as a globally recognized accelerator with a broad portfolio spanning Asia and North America, Altos Ventures was also an early investor in Roblox itself, giving the firm a deep, foundational understanding of the global UGC gaming ecosystem. Altos Ventures committed the capital based on Versework’s potential to become the defining player representing Asia in this rapidly expanding market.

The investment comes amid explosive growth for the Roblox platform. As of Q3 2025, Roblox reported 151.5 million daily active users —a 70% year-over-year increase—with user engagement reaching 396 billion hours and revenue jumping 48% to $1.359 billion. Within this ecosystem, Versework stands out as one of the few Asian studios successfully competing with top-tier Western developers.

Financially, Versework demonstrated both scalability and profitability by generating approximately $7.3 million in revenue alongside positive operating income in 2025. The company expects steep revenue acceleration in the second half of 2026, driven by Roblox’s 42% DevEx (Developer Exchange) rate increase for age-verified US creators over 18, which took effect on June 8.

The DevEx program allows Roblox developers to convert their in-platform earnings into real-world currency, and the rate increase directly amplifies Versework’s monetization potential.

Beyond game development, Versework functions as an accelerator dedicated to discovering and nurturing UGC talent across Asia. Through its proprietary incubator track, the company provides emerging developers with design mentorship, global publishing infrastructure, and residential support near its headquarters, establishing ‘UGC Game Creator’ as a viable, high-growth career path in the region.

“The headroom for growth in the global Roblox ecosystem is still in its infancy, and we have already proven with Sols RNG that regional talent can achieve top-tier global status,” said Young-Gun Yoon, CEO of Versework. “Our selection for the Roblox Incubator and the backing from Altos Ventures validate our vision. Our goal is to make Asia a recognized powerhouse in the global UGC economy — and Sols RNG has already proven that’s possible.”

“Versework has demonstrated rare capabilities in the UGC space by delivering world-class traffic through Sols RNG while maintaining strict profitability,” a representative from Altos Ventures stated. “Their entry into the official Roblox Incubator is a clear signal of their global competitiveness. We are pleased to partner with them long-term as they empower regional creators to take center stage in the global market.”