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,…
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…