LONDON: Vodafone Group and Sunrise Communications Group have announced a new partnership agreement in Switzerland, which began on 1 January 2020. This strategic partnership will allow Sunrise’s Enterprise customers to benefit from a range of Vodafone Business services, including mobile connectivity, roaming and central procurement. Over time, the companies plan to expand their relationship to…
Financial strength rating of Florida Family Insurance Group downgraded with stable outlook
OLDWICK: Global credit rating agency, AM Best has downgraded the Financial Strength Rating (FSR) of Florida Family Insurance Company (FFIC) and its subsidiary, Florida Family Home Insurance Company (FFHIC), while the outlook of the FSR has been revised to stable from negative while the outlook for the Long-Term ICR remains negative. Both companies are domiciled…
First Abu Dhabi Bank intends to acquire Bank Audi Egypt
ABU DHABI: First Abu Dhabi Bank (FAB) has entered into exclusive discussions with Bank Audi to acquire its fully owned subsidiary in Egypt, Bank Audi Egypt. A working group has been formed to assess the potential acquisition. At the current time, no valuations have been announced and there is no certainty that these discussions will…
DIB acquires Noor Bank structured through a share swap
DUBAI: Dubai Islamic Bank (DIB) has announced the completion of the acquisition of Noor Bank in a transaction structured through a share swap. As part of this agreement, DIB has issued 651,159,198 new shares to take its issued share capital to 7,240,744,377 shares. In line with the acquisition process, Noor operations will be completely integrated…
Questerre Energy completes acquisition of assets in Quebec
CALGARY: Questerre Energy Corporation has received all approvals and closed the acquisition of assets in Quebec pursuant to the purchase and sale agreement with a senior exploration and production company. Michael Binnion, President and Chief Executive Officer of Questerre, commented, “With the acquisition closed, we have regained control and operatorship of our giant natural gas…
BW Energy completes second production well of the Tortue Phase 2 development
OSLO: BW Energy, a growth E&P company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low risk phased developments, has completed the second production well of the Tortue Phase 2 development. The DTM-5H well marks the completion of the first of two new well clusters on the Tortue field which will…
Bosch to increase holding in Ceres to 18% to extend strategic relationship
LONDON: Ceres Power Holdings announced that Robert Bosch GmbH (Bosch) will increase its equity shareholding in Ceres from c.4% to c.18%. This is a significant strategic step forward in the partnership established in August 2018 and follows successful collaboration on technology development and manufacturing in both the UK and Germany. Since signing a strategic agreement…
Technology solutions provider teams up with a cannabis business
MELBOURNE: LYPHE Group, a European leader in medical cannabis solutions, is entering into a joint venture with JAYEX Technology Ltd, a subsidiary of JAYEX Healthcare Ltd. JAYEX is a specialist in patient engagement software, supplying the UK NHS, Australian and New Zealand health care markets. The new joint venture is deploying software solutions that will…
MyFiziq signs pact to integrate body tracking application into the Bearn app
PERTH: MyFiziq Limited, a company within the information technology sector, has signed a binding term sheet with Bearn LLC in North America, the owner and operator of a transformative Bearn Application (app). MyFiziq will be paid US$2.00 per scan from Bearn. Bearn and MyFiziq will collaborate to integrate MyFiziq’s body tracking application into the Bearn…
XTEK launches three ballistic product launch at Shooting, Hunting and Outdoor Trade Show (SHOTShow)
SYDNEY: XTEK Limited announced to launch three new products and meet with potential distributers, customers and strategic parties during the 42nd Shooting, Hunting and Outdoor Trade Show (SHOTShow) in Las Vegas, USA from 21 to 24 January 2020. XTEK’s XTclave manufactured hard armour plate and ballistic helmet shell to be introduced to the lucrative US…
QSE closes registration for its Financial Education Competition for Universities
DOHA: Qatar Stock Exchange (QSE) has closed registration for its second annual Financial Education Competition for Universities, whose final ceremony will be held and its prizes will be presented on March 17, 2020. Students’ teams from seven universities/colleges are participating in the event including: The second edition of this competition represents Qatar Stock Exchange’s commitment…
SHUAA led issuance of GFH Financial Group’s $300mn Sukuk oversubscribed more than two times
DUBAI, UAE: SHUAA Capital, the asset management and investment banking platform created by the merger of SHUAA Capital and Abu Dhabi Financial Group (ADFG), announced that it had along with other parties successfully priced and issued GFH Financial Group’s five-year sukuk at $300 million. The sale of GFH Financial Group’s sukuk held yesterday was a…