SINGAPORE: City Developments Limited (CDL) has secured a S$250 million SDG Innovation Loan, in the form of a three-year revolving credit facility provided by DBS Bank Ltd. (DBS). This is a first-of-its-kind concept that CDL has pioneered for a sustainability-linked loan to accelerate innovative solutions that have a positive impact on SDGs. The SDG Innovation…
Mitsubishi’s U-MACHINE opens local subsidiary in China
TOKYO: Mitsubishi UFJ Lease & Finance Company Limited has announced that its consolidated subsidiary U-MACHINE Inc. has established U-MACHINE (CHINA) CO., LTD., a local subsidiary in Shanghai. U-MACHINE is a general trading firm of used machinery. In China, as a consequence of recent matters including increase in labor costs, environmental regulation, and U.S.-China trade friction…
Microsoft harnessing power of cloud to accelerate Pakistan’s digital transformation journey
KARACHI: “Now more than ever, academic and government leaders need to open their eyes to the need for learning, embracing and investing in advanced technologies, particularly the unprecedented opportunities that the cloud can bring”. These thoughts were expressed by Abid Zaidi Country Manager, Microsoft Pakistan while highlighting Pakistan’s digital transformation journey. “As businesses and organisations…
Pakistan’s oil sales slide to multi year lows in Aug-19
KARACHI: Pakistan’s overall petroleum products sales plummeted by over 4.0% YoY and as much as 20% MoM to 1.29mn tons in Aug-19, a level not seen at least since Jul-2009. Motor Spirit (MS) sales have grown at a miserly CAGR of 1.2% over the past 10 years; on the other hand, High Speed Diesel (HSD)…
JLEN Environmental Assets Group acquires an anaerobic digestion plant
LONDON: JLEN, the listed environmental infrastructure fund, announced the acquisition of Warren Power Limited (WPL) for an initial consideration, including working capital, of £14.8 million subject to additional deferred payments up to £0.8 million. WPL owns 100% of the equity in Warren Energy Limited (WEL), which holds the rights and operational assets that make up…
Dechra Pharmaceuticals acquires Ampharmco LLC for $30mn
LONDON, UK: The Board of Dechra Pharmaceuticals has announced the acquisition of Ampharmco LLC (APC) and its associated holding companies, Dragon Fire Holdings LLC and Black Griffin Holdings LLC together with its manufacturing site based in Fort Worth, Texas, for a cash consideration of USD 30.0 million (£24.5 million). APC was originally founded in 1999…
Oakley Capital announces investment in leading design company Alessi
LONDON: Oakley Capital Investments Limited announced that Oakley Capital Private Equity III has completed an investment in Alessi S.p.A (Alessi), the Italian high-end design business focused on home ware products. Alessi is an iconic homeware brand with 100 years of heritage; working with some of the world’s leading architects and designers it has captured a…
DGO to acquire assets in the State of Ohio from EdgeMarc Energy Holdings
LONDON: Diversified Gas & Oil (DGO), the U.S. based owner and operator of natural gas, natural gas liquids, and oil wells as well as midstream assets, announced that the asset purchase agreement with EdgeMarc Energy Holdings, LLC, and certain of its subsidiaries, has been approved by the Seller and the United States Bankruptcy Court. Accordingly,…
Vodafone group to sponsor Porsche Formula E team
LONDON: Vodafone Group will be the official communication partner of Porsche Motorsport when the automobile manufacturer enters the 2019/2020 ABB FIA Formula E Championship. Formula E is the first fully-electric international single-seater racing series in which cars zoom at more than 200 km/h – with zero emissions – along the streets of 12 major cities…
Tullow announces termination of farm-down agreement with Total and CNOOC in Uganda
LONDON: Tullow Oil announced it has been informed that its farm-down to Total and CNOOC will terminate at the end of 29 August 2019, following the expiry of the Sale and Purchase Agreements (SPAs). Tullow has been unable to secure a further extension of the SPAs with its Joint Venture Partners, despite previous extensions to…
Pakistan to replace national payment gateway with state-of-the-art Automated Transfer System
KARACHI: Government of Pakistan has planned to upgrade and replace the existing central bank operated national payment gateway and payment system i.e. Real Time Gross Settlement System (RTGS) with a state-of-the-art Automated Transfer System (ATS+), an official said. “In recognition that the payments system is an integral part of the financial system in Pakistan, and…
Pakistan’s overall electricity generation increase 3.0 percent in July 2019
KARACHI: Pakistan’s overall electricity generation increased 3.0 percent to 14,231 Gwh in July 2019 as against 13,751 Gwh in the corresponding period last year, official data released on Thursday suggests. “Slender rise in power generation during the month is attributed to improvement in hydel and coal based generation, which exhibited a hefty increase of 19…