KUALA LUMPUR, Oct 30 (Bernama) -- Singapore-headquartered marine fuel solutions provider, Uni-Fuels Holdings Limited (Uni-Fuels) will consolidate its shares at a ratio of one-for-10, effective Nov 3, 2026.
The Nasdaq-listed company’s Class A ordinary shares are expected to begin trading on a post-consolidation basis when the market opens on Nov 3. They will continue to trade under the symbol “UFG”, with a new CUSIP number, G92Y4F134.
In a statement, Uni-Fuels said the consolidation will reduce the company’s issued Class A shares from 9,815,000 to about 981,500 and its Class B shares from 22,650,000 to about 2,265,000.
Every 10 shares, or part thereof, will be combined into one share, with fractional shares rounded up to the next whole share. All outstanding stock options, warrants and other rights to buy Class A shares will be adjusted proportionately.
The company is authorised to issue 500 million shares, comprising 450 million Class A and 50 million Class B ordinary shares.
Shareholders holding shares through a bank, broker or other nominee will have their holdings adjusted automatically to reflect the consolidation.
-- BERNAMA
Friday, 30 October 2026
AM Best Affirms Credit Ratings of KB Insurance Co., Ltd.
HONG KONG, Oct 30 (Bernama-BUSINESS WIRE) -- AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of KB Insurance Co., Ltd. (KBI) (South Korea). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect KBI’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The ratings also reflect the support that the company receives from its parent, KB Financial Group Inc. (KB Group) and its strategic importance to the parent.
KBI’s risk-adjusted capitalisation is assessed at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The company’s local solvency ratio is largely in line with the industry average and demonstrates an adequate buffer above the minimum regulatory requirements. KBI has reported a positive adjusted financial leverage of 8.2% as of June 2026, as calculated by AM Best, after incorporating equity credit for subordinated debts and a strong interest coverage ratio. The company has good access to capital markets and maintains a conservative investment strategy.
KBI’s return-on-equity and combined ratios are largely in line with its domestic industry peers. However, near-term profitability remains under pressure for KBI’s major business line, long-term insurance, due to increased medical claims and market competition. AM Best expects the company to manage its profitability with stronger underwriting controls and a large contractual service margin base. Although KBI’s auto insurance line recorded underwriting losses in 2025, due to the cumulative impact of base rate cuts and intensified competition, the company continues to expand its auto online channel as part of ongoing efforts to improve acquisition cost efficiency. KBI remains the fourth-largest non-life insurer in South Korea with a stable market share of approximately 13%, while its overseas operations remain modest. The company plans to explore further international opportunities with a measured approach to diversify earnings and sustain long-term growth.
As a wholly owned subsidiary of KB Group, one of the largest financial holding companies in South Korea, KBI is strategically important to the parent in terms of business diversification given that it is the sole non-life insurer within the group. Since its affiliation into the KB Group in 2015, KBI has a track record of receiving explicit support to bolster its capitalisation. Implicit support includes shared distribution channels and group-wide marketing activities under the KB Group brand in both domestic and overseas markets.
Negative rating actions could occur if there is a significant deterioration in the balance sheet strength fundamentals of KBI. Negative rating actions also could arise if support from KB Group is reduced to a degree that no longer supports the current level of enhancement. Positive rating actions could occur if KBI’s operating performance demonstrates strong and consistent results to positively distinguish itself from industry peers.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20261029994589/en/
Contact
Seokjae Lee
Senior Financial Analyst
+852 2827 3407
seokjae.lee@ambest.com
Chanyoung Lee
Director, Analytics
+852 2857 3404
chanyoung.lee@ambest.com
Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com
Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com
Source : A.M. Best Rating Services, Inc.
--BERNAMA
The ratings reflect KBI’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The ratings also reflect the support that the company receives from its parent, KB Financial Group Inc. (KB Group) and its strategic importance to the parent.
KBI’s risk-adjusted capitalisation is assessed at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The company’s local solvency ratio is largely in line with the industry average and demonstrates an adequate buffer above the minimum regulatory requirements. KBI has reported a positive adjusted financial leverage of 8.2% as of June 2026, as calculated by AM Best, after incorporating equity credit for subordinated debts and a strong interest coverage ratio. The company has good access to capital markets and maintains a conservative investment strategy.
KBI’s return-on-equity and combined ratios are largely in line with its domestic industry peers. However, near-term profitability remains under pressure for KBI’s major business line, long-term insurance, due to increased medical claims and market competition. AM Best expects the company to manage its profitability with stronger underwriting controls and a large contractual service margin base. Although KBI’s auto insurance line recorded underwriting losses in 2025, due to the cumulative impact of base rate cuts and intensified competition, the company continues to expand its auto online channel as part of ongoing efforts to improve acquisition cost efficiency. KBI remains the fourth-largest non-life insurer in South Korea with a stable market share of approximately 13%, while its overseas operations remain modest. The company plans to explore further international opportunities with a measured approach to diversify earnings and sustain long-term growth.
As a wholly owned subsidiary of KB Group, one of the largest financial holding companies in South Korea, KBI is strategically important to the parent in terms of business diversification given that it is the sole non-life insurer within the group. Since its affiliation into the KB Group in 2015, KBI has a track record of receiving explicit support to bolster its capitalisation. Implicit support includes shared distribution channels and group-wide marketing activities under the KB Group brand in both domestic and overseas markets.
Negative rating actions could occur if there is a significant deterioration in the balance sheet strength fundamentals of KBI. Negative rating actions also could arise if support from KB Group is reduced to a degree that no longer supports the current level of enhancement. Positive rating actions could occur if KBI’s operating performance demonstrates strong and consistent results to positively distinguish itself from industry peers.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20261029994589/en/
Contact
Seokjae Lee
Senior Financial Analyst
+852 2827 3407
seokjae.lee@ambest.com
Chanyoung Lee
Director, Analytics
+852 2857 3404
chanyoung.lee@ambest.com
Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com
Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com
Source : A.M. Best Rating Services, Inc.
--BERNAMA
Thursday, 29 October 2026
EUROPEAN DEEP-TECH FIRMS SEEK SINGAPORE INVESTORS AT INNOVATION NIGHT
KUALA LUMPUR, Oct 29 (Bernama) -- More than 150 investors, corporate leaders, policymakers and innovators met European deep-tech companies at the European Innovation Night in Singapore on Oct 28, an event aimed at building business and investment partnerships between Europe and Singapore.
According to the European Innovation Council (EIC) in a statement, Singapore is the second-largest source of investment in EIC-backed companies outside Europe, after the United States.
“Singapore is a strategic partner for the EIC, with strong investment ties to our portfolio and shared ambitions for innovation, competitiveness and sustainable growth,” said EIC Head of Department, Stéphane Ouaki.
More than 60 European start-ups and scale-ups attended, including 12 backed by the EIC, and are meeting Singaporean investors and corporates to explore partnerships, co-development, supply chain integration and investment, throughout the week.
National Research Foundation Singapore Chairman, Heng Swee Keat said Singapore serves as a trusted hub for companies to test, validate and scale new solutions in Asia and beyond, complementing Europe’s scientific and engineering strengths.
EIC-backed scale-ups have raised 15.5 billion euros to date, with more than 1,000 investors co-investing alongside the EIC. The portfolio has produced 12 unicorns, and 2025 was its most active year, with over 500 million euros invested across 130-plus transactions. (1 Euro = RM4.54)
The event was co-organised by the EIC, the European Union (EU) Delegation to Singapore and the Eureka which brought a delegation of 35 companies from 16 countries. It was held at the Asian Civilisations Museum during the Singapore International Energy Week and SWITCH, the Singapore Week of Innovation and Technology.
-- BERNAMA
According to the European Innovation Council (EIC) in a statement, Singapore is the second-largest source of investment in EIC-backed companies outside Europe, after the United States.
“Singapore is a strategic partner for the EIC, with strong investment ties to our portfolio and shared ambitions for innovation, competitiveness and sustainable growth,” said EIC Head of Department, Stéphane Ouaki.
More than 60 European start-ups and scale-ups attended, including 12 backed by the EIC, and are meeting Singaporean investors and corporates to explore partnerships, co-development, supply chain integration and investment, throughout the week.
National Research Foundation Singapore Chairman, Heng Swee Keat said Singapore serves as a trusted hub for companies to test, validate and scale new solutions in Asia and beyond, complementing Europe’s scientific and engineering strengths.
EIC-backed scale-ups have raised 15.5 billion euros to date, with more than 1,000 investors co-investing alongside the EIC. The portfolio has produced 12 unicorns, and 2025 was its most active year, with over 500 million euros invested across 130-plus transactions. (1 Euro = RM4.54)
The event was co-organised by the EIC, the European Union (EU) Delegation to Singapore and the Eureka which brought a delegation of 35 companies from 16 countries. It was held at the Asian Civilisations Museum during the Singapore International Energy Week and SWITCH, the Singapore Week of Innovation and Technology.
-- BERNAMA
NORTH ATLANTIC FRANCE RAISES TENDER OFFER PRICE TO 75 EUROS
KUALA LUMPUR, Oct 29 (Bernama) -- North Atlantic France has raised the price of its mandatory tender offer for the shares of North Atlantic Energies it does not already own to 75 euros per share. (1 Euro = RM4.54)
The company said in a statement that the increase followed in-depth discussions with the independent expert, Ledouble SAS.
On Nov 28, 2025, North Atlantic France completed its acquisition of 82.89 per cent of the share capital and voting rights of Esso S.A.F., since renamed North Atlantic Energies, at 26.19 euros per share. It had initially set the offer price at 28.93 euros per share.
The company also reaffirmed its June 8, 2026, statement that it would not seek a squeeze-out procedure, under which remaining minority shareholders would be compelled to sell their shares as part of the offer.
The offer, made under the simplified procedure, will be filed with France’s financial markets regulator, the Autorité des marchés financiers (AMF), in November 2026.
The offer documentation, including the independent expert’s fairness opinion on the financial terms, will be submitted to the AMF for review, and the offer will open once the regulator has issued its compliance decision.
-- BERNAMA
The company said in a statement that the increase followed in-depth discussions with the independent expert, Ledouble SAS.
On Nov 28, 2025, North Atlantic France completed its acquisition of 82.89 per cent of the share capital and voting rights of Esso S.A.F., since renamed North Atlantic Energies, at 26.19 euros per share. It had initially set the offer price at 28.93 euros per share.
The company also reaffirmed its June 8, 2026, statement that it would not seek a squeeze-out procedure, under which remaining minority shareholders would be compelled to sell their shares as part of the offer.
The offer, made under the simplified procedure, will be filed with France’s financial markets regulator, the Autorité des marchés financiers (AMF), in November 2026.
The offer documentation, including the independent expert’s fairness opinion on the financial terms, will be submitted to the AMF for review, and the offer will open once the regulator has issued its compliance decision.
-- BERNAMA
YYFORCE TARGETS US$20 MLN MALAYSIAN REVENUE IN FY2027
KUALA LUMPUR, Oct 29 (Bernama) -- YYForce Inc (YYForce) is targeting US$20 million in revenue from its Malaysian operations in its 2027 financial year (FY2027), after signing new hospitality contracts and expanding its service robot deployments in the country. (US$1 = RM4.07)
The target would double management’s expected Malaysian revenue of about US$10 million for FY2026, YYForce said in a statement.
Its Malaysian subsidiary has signed service agreements with international hotel operators, supporting YYForce’s strategy of combining workforce services with facility automation.
YYForce said the FY2027 figure is a management target rather than revenue already secured under signed contracts, and that achieving it will depend on factors including contract implementation, customer retention and the availability of staff, equipment and working capital. The FY2026 figure is based on current expectations rather than completed full-year results.
“We are targeting US$20 million in Malaysian revenue for FY2027, with close attention to delivery costs, working capital and contract profitability.
“Alongside our operations in other markets, we believe this expansion can support the group’s progress toward sustainable profitability and long-term shareholder value,” said YYForce Chief Executive Officer, Mike Fu.
In Malaysia, the company combines flexible staffing with service robots for cleaning, internal logistics and guest-service support at hotels and other facilities, and plans to expand maintenance and operational support services.
Malaysia is part of YYForce’s wider expansion across Singapore, Hong Kong, Thailand, Dubai and Egypt. The company said it aims to achieve sustainable group-wide profitability but has not set a date for reaching consolidated net profit.
-- BERNAMA
The target would double management’s expected Malaysian revenue of about US$10 million for FY2026, YYForce said in a statement.
Its Malaysian subsidiary has signed service agreements with international hotel operators, supporting YYForce’s strategy of combining workforce services with facility automation.
YYForce said the FY2027 figure is a management target rather than revenue already secured under signed contracts, and that achieving it will depend on factors including contract implementation, customer retention and the availability of staff, equipment and working capital. The FY2026 figure is based on current expectations rather than completed full-year results.
“We are targeting US$20 million in Malaysian revenue for FY2027, with close attention to delivery costs, working capital and contract profitability.
“Alongside our operations in other markets, we believe this expansion can support the group’s progress toward sustainable profitability and long-term shareholder value,” said YYForce Chief Executive Officer, Mike Fu.
In Malaysia, the company combines flexible staffing with service robots for cleaning, internal logistics and guest-service support at hotels and other facilities, and plans to expand maintenance and operational support services.
Malaysia is part of YYForce’s wider expansion across Singapore, Hong Kong, Thailand, Dubai and Egypt. The company said it aims to achieve sustainable group-wide profitability but has not set a date for reaching consolidated net profit.
-- BERNAMA
Wednesday, 28 October 2026
PACIFICA HOTELS TO OPEN COURTYARD BY MARRIOTT IN JAPAN’S TAKAYAMA
KUALA LUMPUR, Oct 28 (Bernama) -- Japanese hotel operator, Pacifica Hotels G.K. has signed a franchise agreement with Marriott International to open a Courtyard by Marriott hotel in Takayama, Gifu prefecture, in autumn 2028.
The hotel operator in a statement said the 207-room Courtyard by Marriott Hida Takayama will be a short walk from Takayama Station and close proximity to the city’s main street, historical attractions and restaurants.
Takayama is known for its Edo-period architecture and traditions, listed by UNESCO as intangible cultural heritage, and is near the UNESCO World Heritage-listed village of Shirakawa-go.
“Takayama is one of my personal favourite tourist destinations in Japan. It has the best collection of Edo period structures anywhere I have seen in Japan, wonderful food and is a great base for numerous day trips such as Shirakawa-go and Kamikochi,” said Pacifica Hotels G.K. chief executive officer, Seth Sulkin.
The hotel will include flexible spaces for work and relaxation, and an all-day dining restaurant with semi-open kitchens serving Japanese and international cuisine.
Pacifica, which operates hotels under Marriott International and IHG brands, will also open Courtyard by Marriott Hiroshima in autumn 2027 and Westin Hokkaido Furano Resort in spring 2029.
-- BERNAMA
The hotel operator in a statement said the 207-room Courtyard by Marriott Hida Takayama will be a short walk from Takayama Station and close proximity to the city’s main street, historical attractions and restaurants.
Takayama is known for its Edo-period architecture and traditions, listed by UNESCO as intangible cultural heritage, and is near the UNESCO World Heritage-listed village of Shirakawa-go.
“Takayama is one of my personal favourite tourist destinations in Japan. It has the best collection of Edo period structures anywhere I have seen in Japan, wonderful food and is a great base for numerous day trips such as Shirakawa-go and Kamikochi,” said Pacifica Hotels G.K. chief executive officer, Seth Sulkin.
The hotel will include flexible spaces for work and relaxation, and an all-day dining restaurant with semi-open kitchens serving Japanese and international cuisine.
Pacifica, which operates hotels under Marriott International and IHG brands, will also open Courtyard by Marriott Hiroshima in autumn 2027 and Westin Hokkaido Furano Resort in spring 2029.
-- BERNAMA
HACK THE BOX CYBER TRAINING YIELDS 330 PCT ROI - STUDY
KUALA LUMPUR, Oct 28 (Bernama) -- A study commissioned by cybersecurity training platform Hack The Box (HTB) and conducted by Forrester Consulting has found that a modelled organisation using the platform achieved a 330 per cent return on investment over three years, recouping its costs in less than six months.
The study, Total Economic Impact, is based on interviews with seven decision-makers at HTB customers in the financial services, government, technology and professional services sectors. Their experiences were combined into a single composite organisation with a cybersecurity workforce of over 300 people, and the financial figures are risk-adjusted present values.
“The question we hear most often is how many cybersecurity jobs AI will replace. The more important question is whether teams are prepared to use AI effectively,” said HTB chief executive officer and founder, Haris Pylarinos.
In a statement, he said artificial intelligence (AI) amplifies the capabilities of the people using it, which is why workforce readiness matters.
Over three years, the composite organisation realised US$1.2 million in benefits against US$285,000 in costs, giving a net present value of US$939,000. (US$1 = RM4.08)
The study found a 50 per cent reduction in the probability of security incidents escalating, linked to earlier threat detection and attackers spending less time inside systems undetected. Incident response teams cut the time taken to acknowledge incidents by 50 per cent and the time to resolve them by 30 per cent.
Onboarding efficiency improved by 35 per cent and penetration testing efficiency by 50 per cent. Workforce attrition fell by four per cent, while annual cybersecurity certifications rose by 20 per cent.
Forrester Research separately named HTB a Leader in its Forrester Wave report on cybersecurity skills and training platforms for the first quarter of 2026, giving it the highest possible scores in 13 criteria, including readiness for agentic AI.
-- BERNAMA
The study, Total Economic Impact, is based on interviews with seven decision-makers at HTB customers in the financial services, government, technology and professional services sectors. Their experiences were combined into a single composite organisation with a cybersecurity workforce of over 300 people, and the financial figures are risk-adjusted present values.
“The question we hear most often is how many cybersecurity jobs AI will replace. The more important question is whether teams are prepared to use AI effectively,” said HTB chief executive officer and founder, Haris Pylarinos.
In a statement, he said artificial intelligence (AI) amplifies the capabilities of the people using it, which is why workforce readiness matters.
Over three years, the composite organisation realised US$1.2 million in benefits against US$285,000 in costs, giving a net present value of US$939,000. (US$1 = RM4.08)
The study found a 50 per cent reduction in the probability of security incidents escalating, linked to earlier threat detection and attackers spending less time inside systems undetected. Incident response teams cut the time taken to acknowledge incidents by 50 per cent and the time to resolve them by 30 per cent.
Onboarding efficiency improved by 35 per cent and penetration testing efficiency by 50 per cent. Workforce attrition fell by four per cent, while annual cybersecurity certifications rose by 20 per cent.
Forrester Research separately named HTB a Leader in its Forrester Wave report on cybersecurity skills and training platforms for the first quarter of 2026, giving it the highest possible scores in 13 criteria, including readiness for agentic AI.
-- BERNAMA
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