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,…
TBC Group acquires Georgian e-commerce company My Group
LONDON, UK: TBC Bank Group has entered into an agreement to acquire a 65% stake in LLC My.ge, the leading classified e-commerce player in Georgia trading under the My.ge Group name for GEL 19.45 million, implying a valuation of GEL 29.93 million for My Group. The consideration is payable in cash and will be satisfied…
Safestore and Carlyle form JV to enter Dutch self storage market
LONDON: Safestore Holdings will invest in a 20% stake in a joint venture with Carlyle to invest in carefully selected self-storage opportunities in Europe. Safestore has developed a highly scalable platform in self-storage built on leading marketing and operational expertise. This platform is proven to work across geographies and Safestore sees an opportunity to leverage…
LondonMetric acquires warehouse development for £24.0 million
LONDON: LondonMetric Property has agreed to purchase and fund a new 232,000 sq ft distribution warehouse for £24.0 million, reflecting a yield on cost of 5.2%. The warehouse has been pre-let to Croda, a FTSE 100 speciality chemical company, on a 20 year lease at a rent of £1.3 million pa subject to annually payable…
John McAdam appointed Chairman of ConvaTec
READING, UK: Dr John McAdam has been appointed Chairman of the Board of ConvaTec with effect from 30th September 2019, the same date as Karim Bitar joins as Chief Executive Officer of the Company. John has recently stepped down as Chairman of Rentokil Initial plc and is due to retire as Chairman of United Utilities…
MSC Gülsün completes first voyage from Asia to Europe
GENEVA: MSC Mediterranean Shipping Company has announced that MSC Gülsün, the world’s largest container ship, has arrived in Europe after completing its landmark maiden voyage from the north of China. MSC Gülsün is the first of a new class of 23,000+ TEU vessels to be added in 2019-2020 to the global shipping network of MSC,…
Hubco declares commercial operations date for its Chinese joint venture
KARACHI: China Power Hub Generation Company (CPHGC) – a joint venture between Hub Power Company Ltd. (HUBCO) and China Power International Holding – has successfully declared the Commercial Operations Date (COD) of its 1320MW imported coal power plant and integrated jetty with coal transhipment capacity of 4.2 MTPA. Developed in record time, as per schedule…
Pakistan to unveil new shipping policy next week
KARACHI: Pakistan’s Economic Coordination Committee (ECC) has approved the new shipping policy, which would strengthen the shipping sector and benefit exporters, Federal Minister for Maritime Affairs Ali Zaidi said on Saturday. “I will hold a press conference next week to share the details of the new policy,” the minister said speaking at Karachi Chamber of…
CIMIC’S CPB Contractors wins $424mn Campbelltown hospital project
SINGAPORE: CIMIC Group Company CPB Contractors has been selected by the NSW Government to deliver the Campbelltown Hospital Redevelopment Stage 2 project. The NSW Government funded project will generate revenue of $424 million to CPB Contractors. Construction has commenced and is expected to be complete by mid-2023. CIMIC Group Chief Executive Officer Michael Wright said:…
Cello Health announces $10.5 million acquisition of Innovative Science Solutions
LONDON: Cello Health plc, the healthcare-led advisory group, has acquired the trade and assets of Innovative Science Solutions for $10.5 million, a release issued to London Stock Exchange noted. ISS is a scientific consulting firm specialising in strategic counsel and regulatory support for the healthcare industry in the US. Initial consideration of $6.4 million is…
Telstra reaches $1 billion in asset monetisation
LONDON: Telstra Corporation has announced establishment and part sale of an unlisted property trust to own 37 of Telstra’s existing exchange properties, a release issued to London Stock Exchange noted. As part of the transaction a Charter Hall-led consortium will acquire a 49 percent stake in the new trust for $700 million, reflecting a capitalisation…