KARACHI: Pakistan Automotive Manufacturers Association (PAMA) published monthly automobile sales data for July 2019, wherein overall auto sales for the month of July 2019 nosedived 37% YoY and 13% MoM to 18,848 units. Passenger car sales in the country plummeted 42%YoY/26%MoM to 10,968 units during the month. Trucks sales declined 30%YoY, however, on a MoM…
Georgia Capital acquires Alaverdi Ltd
LONDON: Georgia Capital PLC announced that the Group’s wine business has acquired a 100% equity interest in Alaverdi Ltd. Alaverdi owns 244 hectares of vineyards in the Kakheti region, the vast majority of which grow Georgia’s flagship red wine grapes, Saperavi. The acquisition of Alaverdi also provides the Wine Business with access to 135 hectares…
IMI to acquire specialty valve manufacturer PBM for $85mn
LONDON: IMI plc has announced the proposed acquisition of PBM Inc., for an enterprise value of $85 million. PBM will become part of IMI’s Critical Engineering division. The proposed acquisition of PBM is fully aligned with IMI’s strategy and represents an important opportunity to broaden IMI Critical Engineering’s offering into attractive, adjacent markets. Closing is…
Gresham House acquires 5MW grid level battery storage project
LONDON: Gresham House Energy Storage Fund has completed its investment in a symmetrical 5MW battery-only project based in Wolverhampton for a total enterprise value of approximately £3.5 million. The project is one of the exclusivity portfolio projects identified by the Company in its initial public offering (IPO) prospectus published in October 2018. The project was…
Wood reaches agreement to sell nuclear business for £250 million
LONDON: John Wood Group PLC announced the sale of its nuclear business to a subsidiary of Jacobs for a cash consideration of £250 million representing a multiple of approximately 12.4x based on 2018 EBITDA of £20.2 million. Closing is conditional upon, among other things, obtaining anti-trust clearance from the Competition and Markets Authority (CMA) and…
Asiamet announces successful placing of $2.1 million
LONDON: Asiamet Resources Limited has successfully placed a total of 50 million new common shares of par value US$0.01 each at a price of 3.5 pence per share raising gross proceeds of approximately US$2.124 million. Proceeds of the placing will be utilised to fund a number of the value enhancement initiatives outlined in the recently…
LINE Securities launches new service
TOKYO: Nomura Holdings Inc. announced that LINE Securities Corporation, the firm’s joint venture with LINE Financial Corporation, has launched a new investment service on the LINE platform. LINE Securities is committed to making investing more accessible to a wide range of clients. The company will work to further enhance its service lineup in order to…
Kazatomprom announces extension of production cuts
LONDON: JSC National Atomic Company (Kazatomprom) has announced its intention to continue to flex down production by 20% through 2021, compared to the planned levels under Subsoil Use Contracts, a release issued to London Stock Exchange noted. The Company will now begin working with joint venture partners to assess the impact and implement the plan…
Dubai Financial Market achieves 96% compliance
DUBAI, UAE: Listed companies at Dubai Financial Market (DFM) have recorded a 96% compliance regarding the disclosure of Q2-2019 results within the deadline of 45 days from the end of the period, a release said. The total number of UAE public and private joint stock companies as well as the dually- listed companies on DFM,…
Gross refinery margins increased 21% in August 2019
DUBAI: Gross Refinery Margins (GRMs) for August-2019, increased by 21% YoY to US$11.45/bbl, supported by robust performance at the top and bottom of the barrel. However, sequential uptick of 23% MoM in GRMs is a result of strong middle of the barrel margins mainly HSD and Jet fuel. Analysts expect refinery margins to come under…
Gulf Drilling signs a joint venture agreement with Seadrill
DOHA: Gulf International Services announced that Gulf Drilling International (GDI), a wholly owned subsidiary of GIS, has executed a joint venture agreement with Seadrill limited to service the Qatar Petroleum North Field Expansion drilling program. The joint venture, which will be established by Qatar Financial Centre under a 50:50 ownership structure, will be named “GulfDrill”….
Rex International updates business strategy
SINGAPORE: Rex International Holding Limited, a technology-driven oil company, updates its business strategy going forward, after achieving a record profit net of tax of approximately US$26.29 million for the quarter ended 30 June 2019, following the Group’s sales of interests in certain assets in Norway. Rex’s war chest has been bolstered by the same transaction,…