KARACHI: Asian Development Bank (ADB) has approved a $500 million loan for Pakistan to support and improve trade competitiveness and exports and help finance the trade deficit. Muhammad Hammad Azhar, Minister for Economic Affairs witnessed the loan signing of Trade & Competitiveness Program (Subprogram – 1) amounting to $500 million between the Government of Pakistan…
UK-funded Karandaaz to promote sustainable energy and economic development
KARACHI: A UK commitment to provide financing for renewable energy and energy efficiency to Pakistan’s industrial Small and Medium Enterprises (SME) sector has been signed by the Department for International Development (DFID). As part of DFID’s Sustainable Energy and Economic Development (SEED) programme, Karandaaz will invest over £15 million to promote renewable energy generation and…
Dana Gas reports 483% increase in net profit to $140mn
SHARJAH, UAE: Dana Gas, the Middle East’s largest regional private sector natural gas company, announced H1 2019 ended June 30, 2019 net profit jumped 483 % to $140 million compared with $24 million in H1 2018. This was mainly due to the recognition at fair value of certain reserve based earn out entitlements amounting to…
KIA introduces first-ever all wheel vehicle in Pakistan
KARACHI: KIA Lucky Motors (KLM) has launched the much-awaited, Pakistan’s first all-wheel 2000 CC SUV. KIA Sportage is Pakistan’s first All-Wheel Drive car with 100,000 km or 4 years warranty. KIA Sportage comes in two models- top of the line being an All-Wheel Drive (AWD) version, which is a first of its kind in Pakistan…
Europa Oil & Gas awarded 15-year Frontier Exploration Licence, Offshore Ireland
LONDON: Europa Oil & Gas, the UK and Ireland focused oil and gas exploration, development and production company, has announced that the Irish government approved the Company’s application to convert Licensing Option 16/20 in the Slyne basin in Atlantic Ireland to Frontier Exploration Licence 4/19. The 100%-owned Licence includes the Company’s flagship Inishkea prospect which…
James Fisher and Sons acquires 60% stake in Continental Participação E Administração
LONDON: James Fisher and Sons has announced the acquisition of 60% of the share capital of Continental Participação E Administração Ltda., the holding company of Serviços Marítimos Continental S.A. for a total cash consideration of £7.5 million- £4.9 million payable on completion and £2.6 million payable in January 2022. Continental is an established air diving…
Avon Rubber to acquire 3M’s Ballistic-Protection Business
LONDON: Avon Rubber has signed an agreement to acquire 3M’s ballistic-protection business and the rights to the Ceradyne brand for an initial cash consideration of approximately $91 million, subject to closing and customary adjustments. A further contingent cash consideration of up to $25 million is payable depending on the outcome of pending tenders, a release…
UKOG to acquire Tellurian’s subsidiary Magellan Petroleum
LONDON: UK Oil & Gas (UKOG) has signed a binding heads of terms with Tellurian Investments LLC to acquire the entire share capital of its subsidiary Magellan Petroleum (UK) Investment Holdings Limited for a total consideration of £12 million in cash and shares, a release issued to London Stock Exchange (LSE) noted. Magellan holds a…
CentralNic Group completes acquisition of Hexonet Group
LONDON, UK: CentralNic Group, the global internet platform that derives revenue from the subscription sales of internet domain names, has announced the acquisition of Hexonet Group is now complete. Hexonet, with operations in Canada and Germany, sells domain name subscriptions directly and via more than a thousand resellers in over 110 countries, managing over 3.8…
Eight Capital Partners acquires €2 million receivables
LONDON: Eight Capital Partners has completed the acquisition of a €2 million receivable as outlined in its announcement of 1 June 2019 Notice of AGM. Finance Partners Group (FPG) is an Italian financial services company that, among other things, takes minority stakes in private companies seeking future listings on public markets. Its main holding is…
Energy caps to fall this winter due to lower wholesale costs: Ofgem
LONDON, UK: The default price cap is set to fall from £1,254 to £1,179 from 1 October for this winter period (October-March). The pre-payment meter cap will fall from £1,242 to £1,217 per year for the same six month period. As a result, energy bills will fall this winter for around 15 million households who…
CentralNic acquires international domain name retailer Ideegeo for $5.2mn
LONDON: CentralNic Group has completed the acquisition of the entire share capital of Ideegeo Group Limited for $5.2 million of which $520,000 constitutes a deferred payment, held in escrow until May 2021, a release issued to London Stock Exchange (LSE) noted. CentralNic is the global internet platform that derives revenue from the subscription sales of…