SYDNEY, AUSTRALIA: RPM Automotive Group announced the acquisition of another FNQ based business, Direct Wholesale Tyres (DWT). RPM will pay $1.7 million for DWT, split 60% in cash and 40% in RPM ordinary shares (escrowed for 12 months from the issue date) at an issue price equivalent to the weighted average share price over the…
Comvita forms new North America joint venture with Caravan
AUCKLAND: Comvita, global market leaders in Mānuka Honey, announced a strategic partnership with Caravan, a Joint Venture with entertainment and sports agency, Creative Artists Agency (CAA). Central to this partnership is the formation of a celebrity-backed lifestyle brand, using the natural healing properties of Mānuka Honey and Propolis for topical use. Commenting, Comvita Group CEO…
Third Age Health appoints Tony Wai as Chief Executive Officer
AUCKLAND, NEW ZEALAND: Third Age Health has appointed Tony Wai to take over as Chief Executive Officer (CEO) from Michael Haskell. Tony will start on 27 September 2021. As Chair Bevan Walsh states, “Given the board’s understanding of the business and its needs, and with input from Michael, we had a deeply-considered wish list for…
Bidding for the shares of ‘solutions by stc’ begins at SAR 136
RIYADH, KSA: The book building for the sale of Saudi Telecom Company (stc) shares in Arabian Internet and Communications Services Company (solutions by stc) started on Sunday at a price range of SAR 136 – SAR151 per share in an initial public offering (IPO). Arabian Internet and Communications Services Company (solutions by stc) announced the…
Fitch revises outlook on Swisscard to stable
LONDON, UK: Fitch Ratings has revised the Outlook on Swisscard AECS GmbH’s (SC) Long-Term Issuer Default Rating (IDR) to Stable from Negative and affirmed the IDR at ‘A-‘. Fitch has also affirmed the Short-Term IDR at ‘F1’, a statement said. Swisscard’s Long-Term IDR is driven by its Standalone Credit Profile (SCP), but is also underpinned…
Fitch expects Latvia GDP growth of 4% in 2021
FRANKFURT, GERMANY: Fitch expects Latvia GDP growth of 4% in 2021 due to a stronger performance in 2Q21 than previously expected; and affirmed Latvia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘A-‘ with a stable outlook. Latvia’s ratings are supported by a credible policy framework, EU membership and the benefits of eurozone reserve currency flexibility,…
Serbia GDP growth to moderate to 4.4% in 2022 and 3.9% in 2023: Fitch
LONDON: Fitch Ratings has projected Serbia GDP growth to moderate to 4.4% in 2022 and 3.9% in 2023, while affirmed Serbia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BB+’ with a Stable Outlook. Serbia’s rating is supported by a credible macroeconomic policy framework, relatively low inflation, somewhat higher foreign exchange reserves, and stronger governance, human…
Fitch revises Estonia GDP growth forecast to 9.7% this year
FRANKFURT, GERMANY: Fitch Ratings has affirmed Estonia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘AA-‘, ratings reflect strong governance standards and institutions underpinned by EU and eurozone membership, a record of sound fiscal policies that have resulted in low public debt, and a net external creditor position. “These are balanced by lower income per capita…
Fitch updates LRGs rating criteria
LONDON, UK: Fitch Ratings has updated its “International Local and Regional Governments (LRGs) Rating Criteria” as part of its routine criteria review process, a statement said. Revisions to the criteria are mostly editorial in nature and there is no impact on existing ratings. The update includes describing the effect on ratings of a distressed debt…
Fitch predicts higher natural gas price in 2021 & 2022
LONDON: Given the recovering demand and supply challenges as well as strong year-to-date prices, Fitch has revised upwards the natural gas price assumptions for 2021 and 2022. The most significant increases are to European Title Transfer Facility (TTF) gas price assumptions. The current record-high spot prices are driven by extreme weather conditions this year, low…
Fitch Ratings is likely to revise up Mexican GDP growth forecast
NEW YORK: Fitch Ratings is likely to revise up Mexican GDP growth forecasts (currently 5.3% for 2021 and 2.7% for 2022) after stronger-than-expected performance in 2Q21. “The banking system’s improving profitability in 1H21 outpaced expectations as credit quality deterioration was less than expected, particularly at large banks that frontloaded provisions in 2020,” the rating agency…
New India Assurance sustains financial strength rating of B++
SINGAPORE: New India Assurance, having ultimate majority ownership by the Government of India, is exposed to high market risk arising from a notable allocation to domestic equity investments, with market value fluctuations amid the COVID-19 pandemic. It has resulted in elevated volatility in the company’s reported shareholders’ equity in recent years. New India Assurance is…