DUBAI, UAE: Amanat Holdings, GCC’s largest healthcare and education investment company, has announced the launch of its Social Infrastructure Platform with the acquisition of the real estate property of Cambridge Medical and Rehabilitation Centre’s (CMRC) facility in Abu Dhabi for AED 46 million, a news release said. The transaction marks Amanat’s first investment in healthcare…
Al Salam Bank unveils its newly formed brand DNA
MANAMA, BAHRAIN: Al Salam Bank recently held an exclusive key-note event at the glittering Bahrain National Theatre, one of the largest theatres in the Arab world, which has emerged as an architectural landmark that embodies the artistic and cultural dynamism of the Kingdom. The event was held in celebration of the Bank’s newly launched Brand…
Futures: Coal prices exhibit 30% drop within a year
The Hurricane Ida, which hit the US gulf coasts last month led to soaring energy and petrochemical prices where oil, PVC and coal prices witnessed an upswing, while oil price rally witnessed a cool-off, coal prices made new highs, touching $150/ton. Despite the moniker of the ‘least-liked commodity’ and active government-level action to restrict its usage,…
BankIslami Pakistan wins restitution claim in USA Court
KARACHI: BankIslami, Pakistan’s leading Islamic finance institution, has emerged victorious and won a restitution case in the US as one of the victims of a cybercrime that occurred in 2018. This is a significant achievement not just for the Bank but for Pakistan at an international level. The proceedings were initiated by the US Department…
PIBT plans to expand coal handling capacity to 16mn tons
KARACHI: Pakistan International Bulk Terminal (PIBT), country’s only fully mechanized bulk terminal, plans an expansion of the terminal’s coal handling capacity to 16 million tons from existing 12 million tons. Presently, PIBT has a coal handling capacity of 12 million tons, and last year we handled over 10 million tons. Infrastructure projects are planned and…
Imdex buys MinePortal from DataCloud for $20 million
SYDNEY, AUSTRALIA: Imdex Limited has signed an asset purchase agreement to acquire the MinePortal software from Californian-based DataCloud International. The circa $20 million transaction includes a cash payment of $8 million and three tranches of IMDEX shares over a three-year period. The acquisition is on strategy and accelerates IMDEX’s growth within the mining production phase….
Holcim sells business in Brazil for $1.025bn
PARIS, FRANCE: Holcim Ltd has signed an agreement with CSN (Companhia Siderúrgica Nacional) as it sells business in Brazil for an enterprise value of USD 1.025 billion, a news release said. This divestment includes Holcim’s five integrated cement plants, four grinding stations, six aggregates sites and 19 ready-mix concrete facilities. Holcim sells business to strengthen…
Marshalls & SigmaRoc collaborate to develop ultra-low carbon technology
LONDON, UK: Marshalls Plc and SigmaRoc have entered into a strategic collaboration to develop ultra-low carbon technology within the concrete building materials sector. The aim of this collaboration is to share learnings in the application of current technologies while working together to develop new low carbon methods of production. The collaboration enables Marshalls to develop…
Bitcoin-backed loan agreement
LONDON, UK: Argo Blockchain plc, a global leader in cryptocurrency mining (LSE:ARB), has entered into a £18.05 million (US $25 million) loan agreement with a maturity date of 29 October 2021 with Galaxy Digital LP, using a portion of the Company’s Bitcoin holding as collateral. The Company’s outstanding loan with Galaxy Digital of £14 million…
Gresham buying venture capital business of Mobeus for £36.1mn
LONDON, UK: Gresham House announced its intention to acquire the Venture Capital Trust (VCT) business of Mobeus Equity Partners LLP for an initial consideration of £24.0 million, with further consideration of up to £12.1 million payable over a three-year period and subject to the achievement of certain criteria. The Company intends to raise gross proceeds…
Infratil commits $233mn to development of renewables in Asia
AUCKLAND, NEW ZEALAND: Infratil Limited has announced it is committing $233 million to establish Gurīn Energy, a renewable energy development platform headquartered in Singapore which will focus on greenfield renewable projects across Asia. Infratil CEO Jason Boyes said Asia presents a significant opportunity for Infratil to enter markets which are following a ‘transition to renewables’…
AM Best Affirms Credit Ratings of gig-Jordan
LONDON: AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Jordan based Arab Orient Insurance Company (gig-jordan) with a stable outlook. The ratings reflect gig-Jordan’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business…