LONDON, UK: Brooks Macdonald Group has entered into a binding agreement to acquire 100% of the issued share capital of Cornelian Asset Managers Group Limited, the Edinburgh based independent wealth and asset manager from its shareholders, including senior management. The total net consideration is expected to be up to £39 million, with initial consideration being…
Category: Australian Exchange
Australian Securities Exchange news today and company announcements regarding mergers, acquisitions, appointments, expansion and technology of companies listed on Australian Securities Exchange (ASX).
AM Best affirms credit ratings of Folgate Insurance with stable outlook
LONDON, UK: AM Best has affirmed the Financial Strength Rating (FSR) of B (Fair) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bb+” of Folgate Insurance Company Limited. The outlook of these ratings is stable. The ratings reflect Folgate’s balance sheet strength, which AM Best categorises as adequate, as well as its adequate operating…
Breedon to form joint venture with Robert Brett & Sons Limited
LONDON: Breedon Southern Limited announced plans to form a joint venture in London trading as Capital Concrete Limited, with Robert Brett & Sons Limited and the Capital Concrete senior management. Three of Breedon’s existing ready-mixed concrete assets will be combined with those of Capital Concrete, Brett’s established ready-mixed concrete operation in London. The enlarged business,…
Glycotest receives $3mn second tranche of $10mn Series A financing
NEW YORK: Glycotest, Inc., a diagnostics company commercializing new and unique blood tests for life threatening liver cancers and fibrosis-cirrhosis, has received the second $3 million tranche of the $10 million Series A financing round from Shanghai Fosun Pharmaceutical Co., Ltd. The focus of this strategic investment is the advancement of the HCC Panel toward…
Etihad Etisalat signs SAR3bn financing agreement with Alinma Bank
RIYADH: Etihad Etisalat Co. (Mobily) has announced the signing of SAR 3 billion financing agreement with Alinma Bank to replace existing debt. The duration of the financing is 10 years, which will be utilized to replace the existing financing, and for the general corporate purpose including capital expenditure. This financing is part of the company…
AM Best revises outlooks to negative for Slavonic Mutual Group’s Members
OLDWICK: AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” of Slavonic Mutual Fire Insurance Association and its wholly owned subsidiary, Slavonic Insurance Company of Texas. Both companies are domiciled in Rosenberg, TX. These companies are collectively…
Equals Group acquires UK based payment services provider Casco Financial
LONDON: Equals Group PLC, the e-banking and international payments group, has acquired the entire issued ordinary share capital of Casco Financial Services Limited, a UK based payment services provider for £1.725 million with a potential additional consideration of £2.0 million, depending on future performance. Casco, which is regulated by the FCA as an Authorised Payment…
Sberbank and Mail.ru Group have agreed on strategic cooperation
MOSCOW: Sberbank and Mail.ru Group have agreed on strategic cooperation and signed binding paperwork to partner in mobility and food-tech. Sberbank has also signed binding documents to acquire a 36% shareholding in MF Technologies. The parties are set to leverage their expertise to boost the development of digital economy and AI-powered products in Russia. The…
GFH Financial Group posts 21% decline in earnings
MANAMA: GFH Financial Group announced its results for the third quarter and first nine months of 2019 ended 30 September 2019. For the third quarter of 2019 net profit attributable to shareholders was US$24.4 million versus US$30.9 million in the third quarter of 2018, a decrease of 21.0%, while earnings per share was US cents…
Abu Dhabi Exchange prepares paper to help develop Crypto Asset platforms
ABU Dhabi: Abu Dhabi Securities Exchange (ADX) has prepared a working paper to facilitate best practice and provide recommendations for developing platforms in the Crypto Asset space. The paper outlines recommendations and best practice considerations in relation to issuance, settlement, safekeeping, asset servicing and regulation of Crypto Assets. The paper ‘Crypto Assets: Moving from theory…
STOXX Europe 600 ESG-X Index licensed to Kairos Partners
ZUG: Qontigo’s global index provider STOXX Ltd. has licensed the STOXX Europe 600 ESG-X Index to Kairos Partners SGR to serve as an underlying for an actively managed fund. The STOXX Europe 600 ESG-X index includes a product involvement screening for controversial weapons, tobacco and thermal coal as well as a norm-based screening that follows…
AM Best withdraws credit ratings of Royal Insurance Corporation of Bhutan
SINGAPORE: AM Best has affirmed the Financial Strength Rating of C (Weak) and the Long-Term Issuer Credit Rating of “ccc+” of Royal Insurance Corporation of Bhutan Limited. These ratings remain under review with negative implications. Concurrently, AM Best has withdrawn these ratings as the company has requested to no longer participate in AM Best’s interactive…