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…
Etalon Group acquires Leader-Invest
LONDON: Etalon Group Company AO, a subsidiary of Etalon Group Plc, has completed the purchase of the remaining 49% of the share capital of Leader-Invest JSC from Sistema PJSFC for RUB 14.6 billion. Etalon Group is one of Russia’s largest and longest-established development and construction companies. The Transaction was financed by an eight-year credit line…
AM Best affirms credit ratings of Delvag Versicherungs-AG
AMSTERDAM: AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of Delvag Versicherungs-AG. The outlook of these credit ratings (ratings) remains stable. The ratings reflect Delvag’s balance sheet strength, which AM Best categorises as very strong, as well as its strong operating performance, neutral business…
Group CEO of BreadTalk resigns
SINGAPORE: Chu Heng Hwee would resign as the Group Chief Executive Officer of BreadTalk Group Limited with effect from 31 December 2019. The The Board of Directors of BreadTalk Group Limited would like to express its appreciation to Chu for his contribution during his tenure as the Group Chief Executive Officer of the Company. Upon…
CPB Contractors secures NZ$221mn Auckland Airport works
SINGAPORE: CIMIC Group’s company CPB Contractors has reached contractual close to deliver Auckland Airport’s Taxiway Mike and Remote Stands Stage 2 project, a critical component in the facility’s major capital works program, a release issued to Singapore Exchange (SGX) noted. The project is expected to be completed by October 2021, and will generate revenue to…
Quadrise, Merlin signs MoU to promote heavy oil projects
LONDON: Quadrise Fuels International has signed a Memorandum of Understanding (MOU) with Merlin Energy Resources Limited to promote upstream heavy oil projects, a release issued to London Stock Exchange noted. Merlin Energy is an upstream oil and gas consultancy specialising in geological & geophysical Exploration and Production (E&P) related services, through all phases of the…
Gfinity to windup Australian joint venture
LONDON: Gfinity plc has announced that its Australian joint venture, Gfinity Esports Australia, will close at the end of November 2019, a release issued to London Stock Exchange noted. The decision was taken in conjunction with local partner HT&E and follows a strategic review by Gfinity’s leadership to refocus the business on core markets to…
Messe Frankfurt sets a new record of around €718 million sales in 2019
FRANKFURT: Messe Frankfurt, the largest player in the German trade fair industry is setting a new record of around €718 million sales in 2019. Messe Frankfurt has 30 subsidiaries and 56 sales partners in 190 countries. Pakistan is one of the largest sales partners of Messe Frankfurt and helps organize over 50 government pavilions and…
Aamir Khan appointed head of Pakistan’s corporate sector watchdog
ISLAMABAD: Pakistan government has appointed eminent financial sector professional Aamir Khan as Chairman of the Securities and Exchange Commission of Pakistan (SECP), corporate and insurance sector watchdog. Aamir has been working as Commissioner, Specialized Companies Division at SECP. According to a notification issued by the Finance Division here on Friday, the federal government has appointed…