HONG KONG: AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of KB Insurance Co., Ltd. of South Korea. The outlook of these Credit Ratings is stable. The ratings reflect KBI’s balance sheet strength, which AM Best categorizes as strong, as well as its adequate…
Halfords Group announces acquisition of McConechy’s Tyre Service
LONDON: Halfords Group plc has announced the acquisition of McConechy’s Tyre Service Limited, one of the largest independent garage chains in the UK. The acquired business comprises of 60 sites and 100 vans across Scotland and the North of England, providing tyre fitting and vehicle servicing, maintenance and repair for both retail and commercial vehicles….
Inchcape agrees to acquire Autolider, a distributor of Daimler brands, for £47mn
LONDON: Inchcape plc has agreed to acquire Autolider, a distributor of Daimler brands, for £47 million. The enterprise value of £47 million represents a multiple of c.8.5x on 2018 EBIT. Completion is expected in Q4 and will therefore contribute minimal profit to FY19. Inchcape is the leading independent multi-brand Automotive distributor with global scale, and…
Ontario’s economic and fiscal outlook: government implements plan to build Ontario together
TORONTO: The Ontario province’s current 2019-20 deficit outlook is $9 billion; $1.3 billion lower than the target projected in the 2019 budget. “We will continue to implement our prudent and responsible approach to fixing our finances, balancing the budget by 2023, so that we can make critical investments and provide relief for families and businesses,”…
Cann launching imported medicinal cannabis products
VICTORIA: Cann Group Limited is launching a range of imported medicinal cannabis products for supply to approved Special Access Scheme (SAS) patients. Cann has entered into a distribution agreement with Symbion Pty Ltd, which supplies healthcare services and products to more than 4000 retail pharmacies and 1300 hospitals throughout Australia. Symbion will carry Cann’s full…
Bouvet posts strong growth in operating revenues
OSLO: Bouvet ASA, a Scandinavian consultancy, announced operating revenues of NOK 460.9 million for the third quarter of 2019 ended 30 September 2019, compared with NOK 395.4 million in the same period of last year. Operating profit (EBIT) came to NOK 32.6 million, compared with NOK 20.1 million in the third quarter of 2018. Operating…
DOF Subsea gets contracts in Trinidad and GoM
OSLO: DOF Subsea has announced multiple contract awards from undisclosed clients in two important growing regions, Trinidad and US GoM. Skandi Neptune has been awarded a 3-year frame agreement for IMR and light construction services with a major operator in Trinidad. She will commence operation in Trinidad late November for the 1st offshore inspection campaign….
Emerge sings agreement to commercialise ArcadeX in South Africa
SUBIACO: Emerge Gaming Limited has signed a billing and distribution agreement for ArcadeX with leading South African full solutions mobile aggregator WorldPlay Mobile Solutions Emerge Gaming is the operator of online eSports and casual gaming tournament platform and lifestyle hub ArcadeX. WorldPlay is a direct carrier billing Aggregator and Content Distributor which provides mobile payment…
AppsVillage signs partnership agreement with Fundomate
SYDNEY: AppsVillage Australia Ltd, an SMB SaaS solutions provider, has signed a partnership agreement with Fundomate Incto offer AppsVillage SMB customers a fully automated, one-click funding solution. Fundomate is a US-based funding services provider that a one-click funding platform to small-to-medium-businesses across the USA. Providing small businesses with fast and easy financing, Fundomate’s entirely online…
Emirates Investment Bank posts decline in profits
DUBAI, UAE: Emirates Investment Bank (EIBank) announced its financial results for the first nine months of 2019 recording total comprehensive income for the nine-month period ended 30 September 2019 reaching AED 30.37 million as against AED 29.65 million same period in 2018. Net profit reached AED 21.50 million for the nine-month period ended 30 September…
Kigobaby becomes Jatenergy’s exclusive distributor in China
SHANGHAI: Jatenergy Limited has signed a distribution agreement with Kigobaby, a distributor of consumer products throughout China. The agreement was signed at the second China International Import Expo in Shanghai. The distribution agreement provides for Kigobaby to be the exclusive distributor in China of a single NEURIO product line, being NEUIRO Formulated Milk Powder with…
Exploration commences at Lamil Project in Western Australia
SUBIACO: AIC Mines Limited has commenced initial field work at its Lamil Gold-Copper project in the Paterson Province, East Pilbara, Western Australia. The Lamil Project is a conceptual exploration project with a previously unrecognised and untested Telfer look-alike “domal” aero magnetic signature. The project secures an area of 1,375km2 and is located midway between the…