MADRID: Costain Alcaidesa Limited has agreed to the sale of Alcaidesa Holding S.A.U to Millenium Hotels Real Estate, a real estate investment fund based in Spain, for total cash consideration of €15.2 million. The disposal, which is to be effected by way of share sale, is subject to the satisfaction of certain conditions to completion…
Amino’s 24i provides next generation solution for BroadwayHD
LONDON: Amino Technologies announced that 24i, the Group’s global video experience business, has launched a new suite of applications and Subscription Video-On-Demand (SVOD) services for US-based video streaming service BroadwayHD. 24i’s capacity to create next-generation, branded video experiences and applications, has provided BroadwayHD with a robust end-to-end OTT video solution that accelerates growth by providing…
Euan Sutherland appointed Group CEO of Saga Plc
LONDON, UK: Saga Plc has appointed Euan Sutherland as Group Chief Executive Officer with effect from 6 January 2020. Lance Batchelor is retiring and will continue as a statutory Director until he leaves the business on 31 January 2020. Saga is a specialist in the provision of products and services for life after 50. Euan…
DWF to acquire Spanish law firm RCD for €50.5 million
LONDON: DWF Group has reached a definitive agreement to acquire Rousaud Costas Duran (RCD), an independent Spanish law firm, for up to €50.5 million (£42.5m) in shares and cash with the transaction expected to complete prior to 31 December 2019. Initial consideration consisting of €7.4 million (£6.2m) in cash and €27.6 million (£23.2m) in newly…
Amazon’s investment in Deliveroo raises competition concerns
LONDON, UK: The Competition and Markets Authority (CMA) has flagged competition concerns over Amazon’s investment in Deliveroo. “Amazon’s investment in Deliveroo raises serious competition concerns for UK customers that may require an in-depth investigation by the CMA,” the competition UK watchdog said. Amazon reported UK net sales from its online store in 2018 of almost…
EFG Hermes successfully concludes advisory on landmark Aramco IPO
RIYADH, KSA: EFG Hermes, the leading financial services corporation in Frontier Emerging Markets (FEM), announced that its investment banking team has successfully completed advisory on Saudi Aramco’s USD 29.4 billion IPO on Tadawul, the largest IPO on record. EFG Hermes acted as joint bookrunner on the transaction. “We are incredibly proud to have been a…
Pakistan’s automobile manufacturers’ sales decline 44% in November 2019
KARACHI: Pakistan Automotive Manufacturers Association (PAMA) published monthly automobile sales data for November 2019 wherein passenger car (PC) sales plummeted 44% to 8,524 units, with downturn in volumes witnessed in all categories during the month. Truck/ Pickup volumes plunged 42%/40%, however, on a sequential basis demand rose 40%/7% with 330/978 units sold during the month….
Comments on credit ratings of ARABIA Insurance Company
BEIRUT: AM Best has commented that the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb” of Lebanon based ARABIA Insurance Company (AIC), both with a negative outlook, remain unchanged despite the increased social, political and economic uncertainty in Lebanon. In October 2019, demonstrations spread across Lebanon, rapidly…
AM Best maintains U.S. commercial lines insurance market outlook at stable
NEW YORK: AM Best has maintained a market segment outlook of stable on the U.S. commercial lines industry for 2020, citing factors such as improved market conditions and solid levels of risk-adjusted capitalization that have helped insurers weather short-term profitability challenges. A new Best’s Market Segment Report, titled, “Market Segment Outlook: U.S. Commercial Lines,” notes…
Kongberg to provide PROTECTOR Remote Weapon Station to Danish Army
OSLO, NORWAY: Kongsberg Defence & Aerospace AS has signed a contract with the Danish Ministry of Defence Acquisition and Logistics Organisation (DALO) for delivery of the KONGSBERG PROTECTOR Remote Weapon Station (RWS) to the Danish Army worth 270 MNOK. The system will be integrated on Denmark’s new fleet of Piranha V 8×8 vehicles. The contract…
Overseas Investors Chamber holds 2nd Women Empowerment Awards
KARACHI, PAKISTAN: ‘The Overseas Investors Chamber of Commerce and Industry (OICCI) and its member companies are role models for empowering women at the workplace and the corporate sector across Pakistan should follow the ‘OICCI Women’ initiative to foster economic growth of the country’, Governor Sindh, Imran Ismail, remarked while commending the efforts of foreign investors…
Hargreaves Raw Material Services acquires DK Recycling
LONDON: Hargreaves Services plc announced an acquisition by its German associate company, Hargreaves Raw Material Services GmbH (HRMS), which furthers its strategy of creating an integrated specialist manufacturing and minerals trading business in Germany’s industrial heartland. Hargreaves has acquired 94.9% of DK Recycling und Roheisen GmbH (DK) from DK Holdings GmbH. The acquisition cost was…