KARACHI: Pakistan National Shipping Corporation (PNSC) has planned to acquire a used AFRAMAX tanker, with a deadweight of 10,5000 tons, to expand its customer base in the tanker segment. PNSC has already invited bids from international suppliers in this regard, and the corporation expects the delivery by the third quarter of 2021-22. Due to their…
EVO appoints Craig Presland as Chief Operating Officer NZ,Craig Presland,
SYDNEY: Evolve Education Group (EVO) announce the appointment of Craig Presland as Chief Operating Officer, New Zealand, as CEO New Zealand Tim Wong is retiring. Craig has a very strong background as CEO in previous New Zealand childcare businesses. Craig will commence on 12 April and will report directly to Managing Director Chris Scott. EVO…
AMP Capital agrees internalisation of Precinct Properties NZ
AUCKLAND: AMP Limited has agreed to end the management agreement with listed NZ REIT,Precinct Properties New Zealand Limited, allowing them to internalise management for a one-off payment of NZ$215 million for 100 per cent of the management interests. AMP Capital, via its 50 per cent interest in the management company AMP Haumi Management Limited (AHML),…
VITAL and VENTIA form strategic partnership
WELLINGTON: VITAL Limited, a telecommunications services provider, announced a special partnering relationship with Ventia, one of the largest essential services providers in New Zealand and Australia. Both Vital and Ventia provide essential communication services to the market, and in some instances, already work together for the benefit of clients and the community. This partnering will…
Ratings of CNA Financial intact after cyber attack
OLDWICK: Global rating agency, AM Best has maintained the Credit Ratings of CNA Financial Corporation (CNAF) and its insurance subsidiaries following the company’s disclosure that it sustained a sophisticated cybersecurity attack that caused a network disruption and impacted certain CNAF systems, including corporate email. Based on the information available as of today, AM Best believes…
Doha Bank closes $500 million new bond issuance with strong investor demand
DOHA: Doha Bank, rated A by Fitch and Baa1 by Moody’s, successfully completed a USD 500 million 5-year senior unsecured bond at a yield of 2.431% per annum, which is equivalent to a credit spread of 150 basis points over 5-year Mid Swap Rate. The transaction was executed under the Bank’s USD 2 billion EMTN…
BH Mubasher changes name to BHM Capital
DUBAI: BH Mubasher Financial Services, a leading company in the UAE’s financial market, held its Annual General Meeting on 24th March 2021, which adopted a resolution to change the name of the company to BHM Capital Financial Services. The AGM was chaired by Mr. Al Hurr Mohammad Al Suwaidi, Chairman of BH Mubasher’s Board of…
AeroFarms merges with Spring Valley in a $1.2bn deal; trades at Nasdaq
NEWARK: AeroFarms has entered into an Agreement and Plan of Merger with Spring Valley Acquisition Corp., a special purpose acquisition company, to become publicly traded on Nasdaq under the new ticker symbol “ARFM”. The combined company will be led by David Rosenberg, Co-founder and Chief Executive Officer of AeroFarms. Under the terms of the Merger…
InstaMall, an online marketing platform, gets seed investment from Arif Habib
KARACHI: Arif Habib, Chairman Arif Habib Group, has made the seed investment in InstaMall, which is building a trustworthy, customer-centric and tech-enabled platform. “Pakistan is now in the early stages of its e-commerce life cycle and has a growing middle class who is seeking a trustworthy online marketplace that provides a seamless customer experience. InstaMall…
Guillaume Texier appointed new CEO of Rexel
PARIS: Rexel announced that Patrick Berard will step down as Chief Executive Officer on September 1, 2021. He will be succeeded on that date by Guillaume Texier, who joins the company after holding several senior management positions at Saint-Gobain. Mr. Texier was selected after an extensive search managed by the Board of Directors’ Nomination Committee,…
KONGSBERG signs agreement worth 1.7 billion NOK for deliveries to F-35 Joint Strike Fighter
OSLO: Kongsberg Defence & Aerospace AS has signed a new agreement with Lockheed Martin Aeronautics (LMA) worth 1.75 billion NOK for the F-35 Joint Strike Fighter program production lots 15-17. The agreement includes delivery of the F-35 Rudders, Vertical Leading Edges and Main Landing Gear Closeout panels for more than 500 aircraft. Production of these…
Irish Ferries will commence a new ferry service on the Dover – Calais route.
LONDON: Irish Ferries, a subsidiary of Irish Continental Group (ICG), announced a new service on the Dover – Calais route. Irish Ferries is the market leader for freight and passengers between Britain and the Republic of Ireland, a leadership position that has been built on the twin pillars of customer focus and investment in purpose…