Large-scale manufacturing (LSM) continued on a positive trajectory in February, with 4.85% growth compared to the same month last year. Cumulatively speaking, 8MFY21 LSM growth now stands at 7.45% YoY. On MoM basis, there was a minor decline of 4.15%, however, this is typical, given fewer working days in February. Among LSM heavy-weights, top performers…
Dubai Islamic Bank closes lowest-ever pricing on an AT1 sukuk from the GCC
DUBAI: Dubai Islamic Bank PJSC (DIB), rated A3 by Moody’s and A by Fitch, successfully priced a landmark USD 500 million Perpetual Non-Call 5.5yrs Additional Tier 1 Sukuk with a profit rate of 3.375% per annum. This transaction represents the lowest ever pricing achieved by a GCC bank (both conventional and Islamic) on an Additional…
HEINEKEN to be carbon neutral in production by 2030
AMSTERDAM: HEINEKEN, world’s most international brewer, announced a new ambition to decarbonise its own production by 2030 and its full value chain by 2040. This is the first in a series of refreshed Brew a Better World ambitions, which form an important part of the company’s new EverGreen balanced growth strategy. “In this Decade of…
DNB Bank to launch cash offer for 100% shares of Sbanken ASA
OSLO: DNB Bank ASA has reached an agreement with Sbanken ASA to launch a recommended voluntary cash tender offer for 100% of the shares of Sbanken. A cash consideration of NOK 103.85 will be offered per share, which implies a total consideration for all the Shares of approximately NOK 11.1 billion (based on 106,869,333 shares…
Carol Phelan appointed Group Chief Financial Officer at Dalata Hotel Group
DUBLIN: Dalata Hotel Group, the largest hotel operator in Ireland with a growing presence in the United Kingdom, announced the appointment of Ms Carol Phelan as Group Chief Financial Officer (CFO) effective 1 July, 2021. Ms Phelan’s appointment follows the announcement on 2 March 2021 that Dermot Crowley, Deputy Chief Executive Officer (CEO) – Business…
IMC Exploration agrees to purchase Karaberd gold mine in northern Armenia
LONDON: IMC Exploration Group has conditionally agreed to purchase the Karaberd Mine, a gold mine located in Lori Marz, northern Armenia. If the proposed acquisition proceeds, it will take effect via the acquisition by IMC of the entire issued share capital of MVI Ireland s.r.o. from Mineral Ventures Invest spol. s r.o., a transaction which…
Chesnara plc all set to acquire Dutch insurance portfolio of Brand New Day
LONDON: Chesnara plc confirmed that all remaining conditions precedent to the completion of the proposed acquisition of the Dutch insurance portfolio of Brand New Day Levensverzekeringen N.V. have now been fulfilled and the conversion of policies onto the systems of Chesnara’s Waard Leven N.V. has been completed. John Deane noted: “This marks Chesnara’s fifth successful…
Google Inc extends contract with 1Spatial
LONDON: 1Spatial, a global leader in Location Master Data Management (LMDM) software and solutions, announced that following an initial trial and implementation phase, Google Real Estate and Workplace Services, a division of Google Inc has extended its contract for services to support the licencing of 1Spatial’s rules engine, 1Integrate, and cloud portal, 1Data Gateway. The…
Ascential plc acquires Perpetua Labs Inc for a maximum of $250 million
LONDON: Ascential plc announced the acquisition of Perpetua Labs Inc, an eCommerce media optimisation business that primarily targets Third party (3P1) sellers. The acquisition is for an initial cash consideration of US$52m, plus deferred consideration payable over four years, resulting in an estimated total consideration (including the initial consideration) of between US$103m and US$162m. Total…
Electra Private Equity sells Sentinel Performance Solutions Group to Aalberts N.V.
LONDON: Electra Private Equity PLC announced the disposal of Sentinel Performance Solutions Group Ltd to Aalberts N.V., (‘Aalberts’) a global industrial technology group headquartered in Utrecht, the Netherlands and listed on the Amsterdam Stock Exchange. Following an initial investment in Sentinel in 2011, Electra gained control of the business for a nominal sum in July…
Nuance Communications acquired by Microsoft for $19.7 billion
MENLO PARK: SRI International congratulates Nuance Communications on their acquisition by Microsoft for $19.7 billion, making it the second-largest Microsoft acquisition after LinkedIn. Nuance is a market leader in speech recognition and transcription for healthcare and other applications worldwide. Nuance was an early spinoff of SRI’s Speech Technology and Research (STAR) Laboratory, a world leader…
Komplett Bank enters into new forward flow agreement in Norway
OSLO: Komplett Bank continues the cooperation with Axactor, and has entered into a new forward flow agreement for the sale of non-performing consumer loans in Norway. The agreement has a duration of 12 months. According to the agreement, Axactor will service the loans for the initial 180 days after they are sent to collection and…