Qapita supports Campana Group with Convertible Note, Warrant and ESOP valuations for FY2024 audit

Qapita’s International Valuations team has assisted Campana Group (Campana), a multinational data network infrastructure operator with headquarters in Singapore, on its year-end valuations for FY2024 audit review process.

This marks our second consecutive valuations engagement with Campana. The scope included three types of financial instruments to be valued as per International Financial Reporting Standards (IFRS) for Fair Value Measurement (IFRS 13):

• Convertible Notes in line with IFRS 9 – Financial Instruments

• Share Warrants in line with IFRS 9 – Financial Instruments

• Employee Share Option Plan (ESOP) in line with IFRS 2 – Share-based Payment

The custom parameters of the convertible note required Qapita to utilise the Binomial Option Pricing Model, while the Black Scholes Merton model was utilised for ESOP valuations, in addition to the Asset-based and Market valuation approaches for underlying shares, with market benchmarks used to validate key assumptions.

The Qapita team handled the project end-to-end – from financial analysis and management discussions through to auditor engagement – delivering ahead of schedule and enabling Campana to finalise its audited financial statements with an unqualified opinion.

CHIN Poh Huat, Vice President of Finance at Campana, commented:

“Qapita was a valuable partner throughout our audit process. They demonstrated a strong understanding of the intricacies around our convertible instruments and employee equity plans, stayed aligned with our deadlines, and worked seamlessly with our auditors to help us navigate the process efficiently.”

Evelyn Tay, International Valuations Practice Lead at Qapita, said:

“It’s a privilege to work with dynamic companies across Southeast Asia, delivering valuation support that is thorough, timely, and informed by practical insights into business growth and value generation.”

This engagement underscores Qapita’s growing capability in complex private market valuations across Southeast Asia, and its position as a trusted valuation partner for venture capital and private equity funded companies operating in the region.