Daily Briefing: ARA Asset Management weighs Singapore float in dual listing plan; Search engine Wego partners with STB to boost tourism

And employee language discrimination cases fell in recent years.

From Reuters:

Warburg Pincus-backed ARA Asset Management, one of the largest Asian real estate fund managers, is exploring a dual stock market listing, including one in Singapore, in the next two to three years, group CEO and co-founder John Lim said.

“A dual listing is a likely scenario. Singapore definitely will be one venue,” Lim told Reuters on the sidelines of a conference organized by DealStreetAsia on Tuesday.

ARA Group and its associates have grown their assets under management to $83b from $36b (US$26.2b) in 2017 when Lim partnered with Warburg Pincus and China’s AVIC Trust to take ARA private, valuing the company at $1.8b.

Besides Singapore, other listing options include Shanghai, Hong Kong, London and the United States, Lim said.

"Our transformation is done. This is the time for us to grow,” said Lim, adding that he expected the company to have a valuation of between $4b to $5b in two to three years.

Read more here.

From TTG Asia:

Singapore- and Dubai-headquartered search engine Wego, the largest online travel marketplace in the Middle East and North Africa (MENA), has teamed up with Singapore Tourism Board (STB) Middle East to drive more GCC travellers to visit Singapore during the winter season.

The joint partnership aims to increase brand and destination awareness to Singapore, showcasing the unique experiences, events and all-year-round activities in the country, which attracted 18.5 million visitors in 2018.

Mamoun Hmedan, Wego’s managing director, MENA and India, said: “We saw a 34% increase in the number of bookings to Singapore on our platform in H1 2019 compared to the same period in 2018. Through our partnership with STB, we aim to educate travellers and showcase Singapore’s unique offerings helping holiday makers plan and book their next trip.”

Read more here.

From Channel News Asia:

Whilst language discrimination complaints continue to exist at the workplace, the number has decreased over the years, according to the Tripartite Alliance for Fair and Progressive Employment Practices (TAFEP).

In a statement to Channel News Asia, TAFEP said complaints about alleged workplace discrimination related to language have been on a downward trend in the last five years. These complaints involved discriminatory job advertisements, interview processes, and HR practices, TAFEP said.

It received a total of 113 complaints on the matter between 2014 and 2018, with 31 cases in 2014 and 15 in 2018, said TAFEP.

Addressing concerns about job advertisements or interviews that may state preferred languages, TAFEP said: “The Tripartite Guidelines on Fair Employment Practices require employers to hire on the basis of merit and not use language as a limiting criterion during selection or recruitment.”

Read more here.

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