JUNEASIA BUSINESS OUTLOOK8MALAYSIA FORMALIZING APPLICATION TO BRICS ALLIANCEWEBTOON ENTERTAINMENT SEEKING $2.6 BILLION VIA IPO IN USAAccording to Prime Minister Anwar Ibrahim, Malaysia is getting ready to become a member of the BRICS group of emerging economies. "We have made a decision; we will be placing the formal procedures soon. We are just waiting for the final results from the government in South Africa", Anwar said in an interview with Shanghai-based new site Guancha.Originally consisting of Brazil, Russia, India, China, and South Africa, the BRICS group derives its name from these member nations. Last year, the group began expanding its membership to challenge the Western-dominated world order. Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates joined, and over 40 countries have expressed interest. The new members' admission became effective on January 1.He said he was relieved that the world was no longer unipolar, and Brics provided a ray of hope that there are checks and balances in it. "We can no longer accept the scenario where the West wants to control the discourse because the fact is they are not colonial powers anymore, and independent countries should be free to express themselves," he added.Anwar's remarks were made ahead of Chinese Premier Li Qiang's three-day visit this week, celebrating the 50th anniversary of diplomatic relations between Malaysia and China. During Li's visit, Malaysia and China are expected to sign several agreements, including the renewal of a five-year trade and economic cooperation pact. Online comics platform Webtoon Entertainment announced on Monday that it is targeting a valuation of up to $2.67 billion in its initial public offering (IPO) in the United States. The company, which is majority-owned by South Korean tech giant Naver, aims to raise up to $315 million by offering 15 million shares priced between $18 and $21 each.Based in Los Angeles, California, Webtoon is joining a number of companies that are capitalizing on improving investor sentiment towards stock market listings. This positive trend is driven by increasing optimism about a potential soft landing for the U.S. economy.Webtoon Entertainment has garnered interest from major investors, including certain funds and accounts managed by asset manager BlackRock, which have indicated their interest in purchasing up to $50 million worth of shares in the IPO.The company plans to list its shares on the Nasdaq Global Select Market under the symbol "WBTN". The lead underwriters for the offering are Goldman Sachs, Morgan Stanley, J.P. Morgan Securities, and Evercore Group.By going public, Webtoon Entertainment seeks to leverage the strong market conditions and the growing interest in digital content platforms, aiming to further expand its footprint in the global online comics market. NEWSROOM
< Page 7 | Page 9 >