HONG KONG: Global Rating Agency, AM Best has placed under review with negative implications the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of Hanwha General Insurance Company Limited (HGI), South Korea. The under review status follows HGI’s public disclosure on Jan. 31, 2020, of a consolidated net loss…
Brave Bison’s Snapchat show, Slick, attracts over 40 mn unique viewers
LONDON: Social video company Brave Bison, announced the successful launch of its Snapchat show, Slick, which has attracted over 40 million unique viewers in less than two months. Advertising executive Kate Burns, who was appointed as Chief Executive Officer of Brave Bison in April 2019, has led a shift in focus to other platofrms such…
Shanta Gold to acquire Barrick’s subsidiary Acacia Exploration, Kenya
LONDON: Shanta Gold, the East Africa-focused gold producer, has entered into a definitive agreement pursuant to which it will purchase 100% of the shares of Barrick’s subsidiary Acacia Exploration (Kenya) Ltd. from two subsidiaries of Barrick Gold Corporation. Acacia’s primary asset is a 100% participating interest in licences held by Afriore which includes an existing…
Malaysian authorities approve two Pakistani meat plants for exports to Malaysia
KARACHI: Malaysian authorities have approved two Pakistani establishments for exporting meat and its allied products to Malaysia, which would open a new meat export market for the country, Trade Development Authority of Pakistan (TDAP) said. Pakistan exports around four percent of beef and veal produced in a year. This is despite a fact that the…
Frasers Property establishing AUD 2 billion Multicurrency Debt Issuance Programme
SINGAPORE: Frasers Property AHL Limited has established an AUD 2 billion Multicurrency Debt Issuance Programme, which is unconditionally and irrevocably guaranteed by Frasers Property Limited. In connection with the Programme, the Issuer has appointed Oversea-Chinese Banking Corporation Limited and Australia and New Zealand Banking Group Limited to act as the joint arrangers and dealers of…
SGX and IPOS jointly launch Intangible Disclosure Evaluation and Audit Scheme
SINGAPORE: Singapore Exchange (SGX) and the Intellectual Property Office of Singapore (IPOS) have partnered to launch the Intangible Disclosure Evaluation and Audit Scheme (IDEAS) programme exclusively for SGX-listed companies and companies preparing for a listing. The programme aims to raise awareness and encourage companies to undergo intangible assets (IA) evaluations and promote a more robust…
Yew Grove REIT acquires portfolio of six office buildings at Millennium Park for €25.3 million
LONDON: Yew Grove REIT, which owns a diversified portfolio of Irish commercial property assets, has completed the acquisition of a portfolio of six office buildings at Millennium Park, Naas, County Kildare. The purchase price for the portfolio is €25.3 million, which represents a net initial yield of 5.8 per cent. after accounting for purchase costs….
Mediclinic Southern Africa gets approval for the acquisition of Matlosana hospitals
LONDON: Mediclinic International, a diversified private healthcare services group, announced that its Mediclinic Southern Africa division has received approval for its proposed acquisition of a controlling share in Matlosana Medical Health Services Proprietary Limited, based in Klerksdorp in the North-West Province of South Africa. The acquisition includes two multi-disciplinary hospitals namely the 185-bed Wilmed Park…
Hg Group to acquire smartTrade Technologies to accelerate growth in multi-asset electronic trading solutions
LONDON: Hg Capital Trust, Europe’s leading software investor, has entered into an agreement to acquire stakes from Keensight Capital and Pléiade Venture in smartTrade Technologies, a leader in multi-asset electronic trading solutions, headquartered in Aix-en-Provence, France. David VINCENT, CEO & co-Founder, and the smartTrade management team will remain invested in the business alongside Hg. smartTrade…
Midwich acquires Starin Marketing for $46.1 million
LONDON: Midwich Group Plc has acquired the entire issued share capital of Starin Marketing, a specialist value-add audio visual (AV) distributor in the US for an enterprise value of up to $46.1 million (£35.7m), consisting of a $27.1 million (£21.0m) cash consideration and an assumption of up to $19.0 million (£14.7m) in existing debt facilities….
Grieg Seafood takes the next step on its growth journey by acquiring Grieg Newfoundland
OSLO: Grieg Seafood ASA has signed Share Purchase Agreements (SPA) for the acquisition of Grieg Newfoundland AS in Newfoundland, Canada. The Newfoundland project includes exclusivity for salmon farming in Placentia Bay, which has a farmable area bigger than the Faroe Islands. The project currently comprises licenses for 11 sea sites. The project also includes a…
AM Best assigns stable outlook to Kuwait Insurance Company
LONDON: Insurance sector rating agency AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” with stable outlook to Kuwait Insurance Company. The ratings reflect KIC’s balance sheet strength, which AM Best categorises as very strong, as well as its strong operating performance, limited business profile…