LAS VEGAS: PLAYSTUDIOS Inc. and Acies Acquisition Corp. have entered into a definitive merger agreement that will result in PLAYSTUDIOS becoming a publicly listed company. Upon the closing of the transaction, the combined company will be named PLAYSTUDIOS and remain listed on Nasdaq under the new ticker symbol “MYPS.” The transaction implies an enterprise valuation…
Dometic Group inks agreement to acquire Twin Eagles USA
STOCKHOLM: Dometic Group AB has entered into an agreement to acquire Twin Eagles, a leading US manufacturer of freestanding and built-in grills and outdoor kitchen solutions for the residential outdoor market, a news release said. The acquisition strengthens Dometic’s offering in the fast-growing residential outdoor area in North America. Twin Eagles is a North American…
Lucky’s Pezu plant capacity to be enhanced by 3.15Mn tons pa.
§ Lucky Cement Limited (LUCK) has announced it will increase its Pezu Plant’s (located in the KPK) capacity by 3.15Mn tons pa, taking the total plant capacity to 10Mn tons pa. § The expansion is expected to enable the Company cater to the growing demand in the local cement industry as economic activity accelerates along…
UK commercial property insurers looking beyond difficult 2020
LONDON: Although disputes around non-damage business interruption (BI) cover, which made 2020 a difficult year for U.K. commercial property insurers, should subside in 2021, challenges remain for a sector that needs to rebuild its reputation among its small- to medium-sized enterprise (SME) clients. In a new Best’s Commentary, “UK Commercial Property Insurers —Looking Beyond a…
Eutelsat and TelOne to bring broadband connectivity to Zimbabwe
PARIS: Eutelsat Communications and TelOne (Pvt) Limited, one of Zimbabwe’s leading Internet Service Providers, have signed a master service agreement to bring high quality satellite broadband connectivity to Zimbabwe. Under the terms of the multi-year agreement with Eutelsat’s broadband division, Konnect Africa, beginning in March 2021, TelOne (Pvt) Limited will leverage the operational flexibility and…
AstraZeneca agrees to divest Viela shareholding for upto $780mn
STOCKHOLM: AstraZeneca Plc has agreed, subject to certain limited exceptions, to divest its 26.7% ownership in Viela Bio Inc. as part of the proposed acquisition of Viela by Horizon Therapeutics plc, a news release said. AstraZeneca is anticipating to receive cash proceeds and profit of c.$760-$780 million upon closing for the sale of the holding,…
January automobile sales likely to post 44% growth
Pakistan’s auto sales (cars, LCVs and jeeps) are likely to post stunning growth of 44% YoY in January, 2021. The sales estimates exclude KIA and Hyundai numbers. Total sales during January are expected to be around 16,950 units compared to 11,787 units last year. The 44% YoY jump would help increase auto sales to their…
Pakistan Fertilizers: All about “Yields”
Agriculture and fertilizer sector remained strong during the COVID-19 crisis. Despite challenges on supply chain front global fertilizer offtake witnessed growth of ~2% during FY20. Agriculture sector plays an important role in Pakistan’s economy. Despite being an agrarian country, Pakistan cropped area has remained stagnant over the years. Issues relate to poor crop yield and…
PSX holds Ceremony for onboarding of Meezan Bank as market maker
KARACHI: A Gong Ceremony was held at Pakistan Stock Exchange (PSX) to welcome Meezan Bank Limited on-board as a Market Maker for Shariah-compliant debt securities on PSX. An agreement was signed between PSX and Meezan Bank today at PSX Trading Hall whereby Meezan Bank becomes the first Islamic bank to be recognized as Market Maker…
Bank Alfalah and Beaconhouse Group sign MoU for personal loan financing solutions
LAHORE: Bank Alfalah and The Beaconhouse Group – one of Pakistan’s largest private school networks – have signed a memorandum of understanding (MoU) to facilitate personal loan financing solutions for the employees of the Beaconhouse School System. The agreement was developed to make Bank Alfalah’s diverse range of quick and affordable financing solutions available to…
FSRU Höegh Giant to serve 10-year charter with H-Energy in India
HAMILTON: Höegh LNG Holdings Ltd. has completed and signed all documentation for its 10-year charter with H-Energy and selected the FSRU Höegh Giant to serve this agreement, a news release said. The binding commitment was announced in a stock exchange notice on 19 November 2020. The agreement is for a period of 10 years with…
Höegh LNG
Höegh LNG (OSE- HLNG ) operates world-wide with a leading position as owner and operator of floating LNG import terminals; floating storage and regasification units (FSRUs), and is one of the most experienced operators of LNG Carriers (LNGCs). Höegh LNG’s vision is to be the industry leader of floating LNG solutions. Its strategy is to…