Daily Briefing: Vietnamese challenger threatens Olam's cashew dominance; Carousell to buy Philippine online marketplace OLX

And a commercial building in Joo Chiat Road is up for sale at $20m.

From Bloomberg:

Vietnamese conglomerate is entering the cashew market with possible deals in West Africa for more than a 10th of global output, a bold start to take on the US$7b industry’s dominant buyers such as Olam International Ltd.

In a fractured sector with dozens of producers, the purchase of such a large amount of cashews by a single company could sway prices in a market that’s not traded publicly and dominated by a handful of traders. It could also offer poor, small-scale African farmers better assurance that their crop would be bought.

Hanoi-based T&T Group JSC, which holds investments that range from motorcycle parts to banks and real estate, will purchase 200,000 metric tons of raw cashews this year from the world’s No. 2 producer, Ivory Coast, said Adama Coulibaly, the head of the local Cotton and Cashew Nut Council. The volumes may increase to 400,000 tons in coming years, T&T said on its website.

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From DealStreetAsia:

Online marketplace Carousell has acquired the Philippines operations of Naspers-owned OLX Group, according to a source familiar with the development.

The deal is understood to be part of an investment by Naspers into Carousell routed through OLX Group.

In June last year, Naspers was negotiating a minority investment in Carousell, valuing it at $500 million. The global internet and entertainment firm was pursuing Carousell to strengthen its presence in the Southeast Asian and Asia Pacific region. Naspers has made similar moves via OLX Group before.

In January, Naspers inked a US$1.1b deal to buy out Aviva BB, Russia’s largest classified advertising platform. The acquisition was done through OLX Group.

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From iCompareLoan:

A four-storey freehold commercial building with attic at 118 Joo Chiat Road has just been launched for sale via an Expression of Interest (EOI) exercise by exclusive marketing agent JLL with a guide price of $20m reflecting $1,077 psf on existing gross floor area.

The four-storey freehold commercial building enjoys excellent visibility with a wide 22-metre frontage. It sits on a 4,686 sf site and has a Gross Floor Area (GFA) of approximately 18,571 sq ft. Under the Master Plan 2014, the site is zoned for “Commercial” use. Each floor within the building comes with a regular layout and can be accessed by lift.

Read more here.