Tan Sri Azman Hashim, Chairman, AmBank Group said, “We sympathise with our customers who have been affected by the floods and we are aware that they may be experiencing difficulties and severe inconveniences as a result of this natural disaster. AmBank Group would like to reassure them that we are on hand to help them as far as possible, and to call our hotlines or contact their branch should they require assistance. We are committed to our customers in this time of need and they are in our thoughts and prayers as we hope and look forward to improving conditions.”
Tuesday 30 December 2014
AmBank Group assists customers affected by the floods
KUALA LUMPUR, Dec 30 (Bernama) -- AmBank Group is ready to assist customers who are currently affected by the floods. The affected areas include the states of Kelantan, Pahang, Terengganu, Perak and Perlis.
Tan Sri Azman Hashim, Chairman, AmBank Group said, “We sympathise with our customers who have been affected by the floods and we are aware that they may be experiencing difficulties and severe inconveniences as a result of this natural disaster. AmBank Group would like to reassure them that we are on hand to help them as far as possible, and to call our hotlines or contact their branch should they require assistance. We are committed to our customers in this time of need and they are in our thoughts and prayers as we hope and look forward to improving conditions.”
http://mrem.bernama.com/viewsm.php?idm=23634
Tan Sri Azman Hashim, Chairman, AmBank Group said, “We sympathise with our customers who have been affected by the floods and we are aware that they may be experiencing difficulties and severe inconveniences as a result of this natural disaster. AmBank Group would like to reassure them that we are on hand to help them as far as possible, and to call our hotlines or contact their branch should they require assistance. We are committed to our customers in this time of need and they are in our thoughts and prayers as we hope and look forward to improving conditions.”
Wednesday 24 December 2014
Ten IPath(R) Exchange Traded Notes To Switch Listing To Nasdaq
KUALA LUMPUR, Dec 24 (Bernama) -- Nasdaq today announced that Barclays
Bank PLC ("Barclays") will be transferring the listing of ten iPath®
exchange-traded notes (ETNs) from NYSE Arca to The Nasdaq Stock Market,
effective on or about Monday, December 29, 2014. The ETNs will be traded
as a designated security.
"We are excited to expand our relationship with Barclays through the transfer of these ten ETNs to The Nasdaq Stock Market," said Jeffrey McCarthy, Head of ETP Listings at Nasdaq. "We will continue to provide ETN and ETP issuers like Barclays with an end-to-end solution with capabilities in listing, trading, indexing, data dissemination, visibility and superior technology."
http://www.bernama.com/bernama/v7/newsindex.php?id=1095879
"We are excited to expand our relationship with Barclays through the transfer of these ten ETNs to The Nasdaq Stock Market," said Jeffrey McCarthy, Head of ETP Listings at Nasdaq. "We will continue to provide ETN and ETP issuers like Barclays with an end-to-end solution with capabilities in listing, trading, indexing, data dissemination, visibility and superior technology."
http://www.bernama.com/bernama/v7/newsindex.php?id=1095879
Tuesday 23 December 2014
UTP To Have Centre Of Excellence For Virtual Reality
KUALA LUMPUR, Dec 23 (Bernama) -- Universiti Teknologi Petronas (UTP) has teamed up with Thames Technology Sdn Bhd and UK's Virtalis Ltd to set up a centre of excellence for virtual reality (VR) at UTP.
The three parties signed a memorandum of understanding (MoU) to set up the lab with the objective of developing talents and certified professionals in VR among UTP students.
It will also help enhance design, training and maintenance procedure in engineering and oil and gas industry.
"The collaboration will get us (UTP) one step closer to be the first university in Asia to have a centre of excellence for VR," UTP vice-chancellor Datuk Dr Abdul Rahim Hashim told reporters at the MoU signing ceremony here last Friday.
Abdul Rahim signed the MoU on behalf of UTP while Virtalis was represented by its managing director, David Cockburn-Price and Thames Technology by its managing director, Kamarul Hisham Hashim.
The signing ceremony was witnessed by Deputy Education Minister P Kamalanathan.
Abdul Rahim said through the collaboration, Virtalis would provide hardware and software worth RM1.86 million to the centre for students and researchers in engineering and technology programmes and extend VR knowledge and skills for three years.
He said the centre could play a major role in research and innovation by helping industries, particularly the oil and gas sector in addressing safety issues.
"VR helps prepare would-be engineers to ward off disasters on offshore rigs through immerse training, allowing them to work through various scenarios and providing holistic views through virtual tours of oil rigs or chemical plants. This could lead to cost-saving opportunities," he said.
He said the partnership would provide ample research and development opportunities for the company, especially in building virtual reality and advanced visualisation facilities and resources in Malaysia.
Cockburn-Price said Virtalis' collaboration with UTP would serve as a springboard for the company to expand its business in Asia through its regional partner, Thames Technology.
He said the VR technology in UTP could attract interest from companies in neigbouring countries to adopt the technology in their business.
-- BERNAMA
http://www.bernama.com/bernama/v7/bu/newsbusiness.php?id=1095606
The three parties signed a memorandum of understanding (MoU) to set up the lab with the objective of developing talents and certified professionals in VR among UTP students.
It will also help enhance design, training and maintenance procedure in engineering and oil and gas industry.
"The collaboration will get us (UTP) one step closer to be the first university in Asia to have a centre of excellence for VR," UTP vice-chancellor Datuk Dr Abdul Rahim Hashim told reporters at the MoU signing ceremony here last Friday.
Abdul Rahim signed the MoU on behalf of UTP while Virtalis was represented by its managing director, David Cockburn-Price and Thames Technology by its managing director, Kamarul Hisham Hashim.
The signing ceremony was witnessed by Deputy Education Minister P Kamalanathan.
Abdul Rahim said through the collaboration, Virtalis would provide hardware and software worth RM1.86 million to the centre for students and researchers in engineering and technology programmes and extend VR knowledge and skills for three years.
He said the centre could play a major role in research and innovation by helping industries, particularly the oil and gas sector in addressing safety issues.
"VR helps prepare would-be engineers to ward off disasters on offshore rigs through immerse training, allowing them to work through various scenarios and providing holistic views through virtual tours of oil rigs or chemical plants. This could lead to cost-saving opportunities," he said.
He said the partnership would provide ample research and development opportunities for the company, especially in building virtual reality and advanced visualisation facilities and resources in Malaysia.
Cockburn-Price said Virtalis' collaboration with UTP would serve as a springboard for the company to expand its business in Asia through its regional partner, Thames Technology.
He said the VR technology in UTP could attract interest from companies in neigbouring countries to adopt the technology in their business.
-- BERNAMA
http://www.bernama.com/bernama/v7/bu/newsbusiness.php?id=1095606
Global Eagle Entertainment Announces STC Approval of its Connectivity System on Boeing 777 Aircraft
KUALA LUMPUR, Dec. 23 (Bernama) -- Global Eagle Entertainment Inc. (Nasdaq:ENT), a worldwide leading provider of content, connectivity and digital media solutions to airlines, today announced that it has received Supplemental Type Certificate (STC) approval to install its Ku-band satellite connectivity system on Boeing 777 aircraft.
Beginning in January 2015, airlines can equip their B777 aircraft with GEE's connectivity system.
Beginning in January 2015, airlines can equip their B777 aircraft with GEE's connectivity system.
Global Shark Conservation NGO and Wedding Portal launch V-Day Challenge 2015
KUALA LUMPUR, Dec 22 (Bernama) -- Global shark conservation NGO WildAid Shark Savers teams up with Asia’s leading wedding platform Wedding.com.myfor a worthy cause; encouraging Malaysian couples to swear off shark fin soup consumption in a series of special V-Day programs and challenges created to raise awareness about the urgent need to conserve sharks.
Wedding.com.my has over 200,000 members consisting of couples and brides-to-be. Through this campaign, the objective is to raise awareness and unite all participating wedding vendors and bridal community under Wedding.com.myplatform, in an aim to promote an idea to couples planning their weddings in 2015; that is it socially acceptable and environmentally astute to not feature shark fin soup at wedding banquets. Shark Savers Malaysia will be using their iconic “I’m FINished with FINs” campaign to lend viral social media influence and bring immense celebrity ambassadorial power to bear on the activities planned for 14th to 15th February 2015.
http://mrem.bernama.com/viewsm.php?idm=23613
Wedding.com.my has over 200,000 members consisting of couples and brides-to-be. Through this campaign, the objective is to raise awareness and unite all participating wedding vendors and bridal community under Wedding.com.myplatform, in an aim to promote an idea to couples planning their weddings in 2015; that is it socially acceptable and environmentally astute to not feature shark fin soup at wedding banquets. Shark Savers Malaysia will be using their iconic “I’m FINished with FINs” campaign to lend viral social media influence and bring immense celebrity ambassadorial power to bear on the activities planned for 14th to 15th February 2015.
http://mrem.bernama.com/viewsm.php?idm=23613
SeaChange Announces Agreement to Acquire Timeline Labs
Acquisition Brings Social Media Analytics to Leading Multiscreen Television Footprint
KUALA LUMPUR, Dec. 23 (Bernama) -- SeaChange International, Inc. (Nasdaq:SEAC), a leading global multiscreen video software innovator, today announced that it has entered into a binding agreement to acquire TLL, LLC which does business as Timeline Labs. Timeline Labs is a privately-owned, California-based SaaS company that enables local broadcasters, local and national news organizations, cable news channels and other media companies and brands to analyze social media messages in real-time, find and broadcast newsworthy social trends and insights, and measure viewing audience engagement across television, mobile and PC. Timeline's customers include FOX Television Stations, Sinclair, Media General and Tribune broadcast television stations, as well as online providers like 120Sports.com.
http://mrem.bernama.com/viewsm.php?idm=23617
KUALA LUMPUR, Dec. 23 (Bernama) -- SeaChange International, Inc. (Nasdaq:SEAC), a leading global multiscreen video software innovator, today announced that it has entered into a binding agreement to acquire TLL, LLC which does business as Timeline Labs. Timeline Labs is a privately-owned, California-based SaaS company that enables local broadcasters, local and national news organizations, cable news channels and other media companies and brands to analyze social media messages in real-time, find and broadcast newsworthy social trends and insights, and measure viewing audience engagement across television, mobile and PC. Timeline's customers include FOX Television Stations, Sinclair, Media General and Tribune broadcast television stations, as well as online providers like 120Sports.com.
http://mrem.bernama.com/viewsm.php?idm=23617
Monday 22 December 2014
A.M. Best Affirms Ratings Of Cigna Life Insurance New Zealand Limited
KUALA LUMPUR, Dec 22 (Bernama) -- A.M. Best has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of "a-" of Cigna Life Insurance New Zealand Limited (CLINZ) (New Zealand). The outlook for both ratings is stable.
The affirmation of the ratings reflects CLINZ's strong risk-adjusted capitalization, consistently positive operating results and high quality investment portfolio.
http://mrem.bernama.com/viewsm.php?idm=23610
The affirmation of the ratings reflects CLINZ's strong risk-adjusted capitalization, consistently positive operating results and high quality investment portfolio.
http://mrem.bernama.com/viewsm.php?idm=23610
Porto Seguro Begins GRC Journey With Nasdaq's BWise
KUALA LUMPUR, Dec 22 (Bernama) -- Nasdaq's BWise (Nasdaq:NDAQ), a global leader in enterprise Governance, Risk Management and Compliance (eGRC), announced today that it has been selected by PortoSeguro, one of Brazil's largest insurance companies, to help support its new business risk management process. Porto Seguro will use BWise for Internal Audit, Internal Control, Compliance and Operational Risk Management as well as to support its new loss database for compliance with Superintendência de Seguros Privados (SUSEP), a local regulation institution for insurance companies.
http://mrem.bernama.com/viewsm.php?idm=23604
http://mrem.bernama.com/viewsm.php?idm=23604
Nasdaq Positioned In Leaders Quadrant Of The First Ever Magic Quadrant For Operational Risk Management For Its BWise Solution
KUALA LUMPUR, Dec 22 (Bernama) -- Nasdaq (Nasdaq:NDAQ) announced today that it has been positioned as a Leader for its BWise solution, a global leader in Governance, Risk Management and Compliance (GRC) software, in Gartner's first Magic Quadrant for Operational Risk Management Report by John A. Wheeler and Paul E. Proctor, published on December 15, 2014. Seventeen companies across the globe were evaluated and positioned in the report based on their "completeness of vision" and "ability to execute."
http://mrem.bernama.com/viewsm.php?idm=23605
http://mrem.bernama.com/viewsm.php?idm=23605
A.M. Best Affirms Ratings Of Sovereign Assurance Company Limited
KUALA LUMPUR, Dec 22 (Bernama) -- A.M. Best has affirmed the financial strength rating of A+ (Superior) and the issuer credit rating of "aa-" of Sovereign Assurance Company Limited (Sovereign) (New Zealand). The outlook for both ratings is stable.
The affirmations reflect Sovereign's strong business profile, supportive risk-adjusted capitalization and financial flexibility as part of the Commonwealth Bank of Australia (CBA) group.
http://mrem.bernama.com/viewsm.php?idm=23609
The affirmations reflect Sovereign's strong business profile, supportive risk-adjusted capitalization and financial flexibility as part of the Commonwealth Bank of Australia (CBA) group.
http://mrem.bernama.com/viewsm.php?idm=23609
A.M. Best Affirms Ratings of Peak Reinsurance Company Limited
KUALA LUMPUR, Dec 22 (Bernama) -- A.M. Best has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating (ICR) of "a-" of Peak Reinsurance Company Limited (Peak Re) (Hong Kong). The outlook of all ratings remains stable.
The ratings of Peak Re reflect its strong risk-based capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), and the experience of its senior management, particularly in underwriting reinsurance business. The ratings also recognize the company's diversified business lines and initiatives to improve underwriting profitability through expanding into North America and Europe.
http://mrem.bernama.com/viewsm.php?idm=23608
The ratings of Peak Re reflect its strong risk-based capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), and the experience of its senior management, particularly in underwriting reinsurance business. The ratings also recognize the company's diversified business lines and initiatives to improve underwriting profitability through expanding into North America and Europe.
http://mrem.bernama.com/viewsm.php?idm=23608
A.M. Best Affirms Ratings of China Taiping Insurance (HK) Company Limited
KUALA LUMPUR, Dec 22 (Bernama)-- A.M. Best has affirmed the financial strength rating of A (Excellent) and the issuer credit rating of "a" of China Taiping Insurance (HK) Company Limited (CTPIHK) (Hong Kong). The outlook for both ratings remains stable.
The ratings reflect CTPIHK's excellent risk-adjusted capitalization, strong market presence in Hong Kong's non-life insurance market and consistent operating profits over the past five years.
http://mrem.bernama.com/viewsm.php?idm=23607
The ratings reflect CTPIHK's excellent risk-adjusted capitalization, strong market presence in Hong Kong's non-life insurance market and consistent operating profits over the past five years.
http://mrem.bernama.com/viewsm.php?idm=23607
A.M. Best Affirms Ratings of ACR ReTakaful Holdings Limited and Its Subsidiaries
KUALA LUMPUR, Dec 22 (Bernama)-- A.M. Best has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of "a-" of ACR ReTakaful Berhad (ACR ReTakaful) (Malaysia) and ACR ReTakaful MEA B.S.C. (c) (ACR ReTakaful MEA) (Bahrain). A.M. Best has also affirmed the ICR ratings of "bbb-" of ACR ReTakaful Holdings Limited (United Arab Emirates). The outlook for all ratings is stable.
The affirmations for both ACR ReTakaful and ACR ReTakaful MEA consider the de-risking exercise on their underwriting portfolios and their plans to rebuild those with profitable, less volatile business. Stable investment results from the relatively large and prudently managed investment portfolios are expected to help offset both companies' high expense ratios during this period.
http://mrem.bernama.com/viewsm.php?idm=23606
The affirmations for both ACR ReTakaful and ACR ReTakaful MEA consider the de-risking exercise on their underwriting portfolios and their plans to rebuild those with profitable, less volatile business. Stable investment results from the relatively large and prudently managed investment portfolios are expected to help offset both companies' high expense ratios during this period.
http://mrem.bernama.com/viewsm.php?idm=23606
A.M. Best Affirms Ratings of Asia Capital Reinsurance Group Pte. Ltd and its Associated Companies
KUALA LUMPUR, Dec 22 (Bernama)-- A.M. Best has affirmed the financial strength rating of A- (Excellent) and the issuer credit ratings (ICR) of “a-” of Asia Capital Reinsurance Group Pte. Ltd. (Asia Capital Re) (Singapore) (Malaysia) and of Asia Capital Reinsurance Malaysia Sdn. Bhd (ACRM) (Malaysia). A.M. Best has also affirmed the ICR of “bbb-” of ACR Capital Holdings Pte. Ltd. (ACR) (Singapore). The outlook for all ratings is stable.
Asia Capital Re’s ratings consider its business profile and balance sheet strength. Since it started writing business, Asia Capital Re has grown its franchise across the Asia Pacific region. Supported by relationships with key cedents, its gross premiums have grown from USD 342 million in 2008 to USD 923 million in 2014. A capital injection after the 2011-12 catastrophe year, helped restore the company’s risk-adjusted capitalization to a level that supports its ratings.
http://mrem.bernama.com/viewsm.php?idm=23603
Asia Capital Re’s ratings consider its business profile and balance sheet strength. Since it started writing business, Asia Capital Re has grown its franchise across the Asia Pacific region. Supported by relationships with key cedents, its gross premiums have grown from USD 342 million in 2008 to USD 923 million in 2014. A capital injection after the 2011-12 catastrophe year, helped restore the company’s risk-adjusted capitalization to a level that supports its ratings.
http://mrem.bernama.com/viewsm.php?idm=23603
Friday 19 December 2014
ANADIGICS Expands WiFi Infrastructure Product Line
New WiFi Power Amplifier Delivers Industry-Leading Performance and Integration for 802.11ac Wave 2 Infrastructure and Multimedia Applications, Including Access Points, Routers, Media Gateways and Set-Top Boxes
KUALA LUMPUR, Dec. 19 (Bernama-GLOBE NEWSWIRE) -- ANADIGICS, Inc. (Nasdaq:ANAD) (the "Company"), a world leader in radio frequency (RF) solutions, today introduced the AWL5911 power amplifier (PA) optimized for 802.11a/n/ac WiFi infrastructure and multimedia applications. The new AWL5911 delivers an industry-leading combination of linearity, efficiency, gain and thermal characteristics, while minimizing external components. These performance and integration advantages help 802.11ac Wave 2 solutions enable multi-user multi-input/multi-output (MU-MIMO) functionality, take advantage of 160 MHz channels, and make use of an additional transmit spatial stream. When employed, these features can provide higher data throughput at greater range and coverage than existing Wave 1 solutions.
KUALA LUMPUR, Dec. 19 (Bernama-GLOBE NEWSWIRE) -- ANADIGICS, Inc. (Nasdaq:ANAD) (the "Company"), a world leader in radio frequency (RF) solutions, today introduced the AWL5911 power amplifier (PA) optimized for 802.11a/n/ac WiFi infrastructure and multimedia applications. The new AWL5911 delivers an industry-leading combination of linearity, efficiency, gain and thermal characteristics, while minimizing external components. These performance and integration advantages help 802.11ac Wave 2 solutions enable multi-user multi-input/multi-output (MU-MIMO) functionality, take advantage of 160 MHz channels, and make use of an additional transmit spatial stream. When employed, these features can provide higher data throughput at greater range and coverage than existing Wave 1 solutions.
Vopia Inc., Has Built and is Developing Vopia.com, Which Aims to be the World's Largest Platform Online for Local Reviews, Daily Deals and Company Sites for Small Businesses.
KUALA LUMPUR, Dec. 19 (Bernama) -- By offering the ability for reviews and promotional daily deals, the Vopia.com search engine took another step forward yesterday in its bid to dominate as the go-to-place for local businesses.
The Vopia.com functions launched this December 15th, are expected to draw considerable attention as it will be the first of its kind, with over 45 million small and medium-sized enterprises listed on its platform. Vopia's database will be over five times larger than Yelp's 8 million company listings.
http://mrem.bernama.com/viewsm.php?idm=23593
The Vopia.com functions launched this December 15th, are expected to draw considerable attention as it will be the first of its kind, with over 45 million small and medium-sized enterprises listed on its platform. Vopia's database will be over five times larger than Yelp's 8 million company listings.
http://mrem.bernama.com/viewsm.php?idm=23593
Thursday 18 December 2014
Nasdaq Lists BioShares(TM) Biotechnology Clinical Trials Fund and BioShares(TM) Biotechnology Products Fund
New ETFs Track an Index of Clinical and Product Biotechnology Companies
KUALA LUMPUR, Dec. 18 (Bernama) -- Nasdaq today announced that LifeSci Index Partners, LLC, will list two new exchange-traded funds, the BioSharesTM Biotechnology Clinical Trials Fund (Symbol: BBC) and the BioSharesTM Biotechnology Products Fund (Symbol: BBP), on The Nasdaq Stock Market. BBC and BBP will begin trading today, December 17, 2014.
"The landscape of the biotechnology sector has experienced dramatic shifts since the initial public offerings of Cetus and Genentech in the early 1980s," said Paul Yook, Co-Founder of LifeSci Index Partners. "Our BioShares funds are designed with the current biotechnology market in mind and offer investors unique and diversified portfolios of entrepreneurial biotechnology stocks by applying our rules-based index methodology."
http://mrem.bernama.com/viewsm.php?idm=23584
KUALA LUMPUR, Dec. 18 (Bernama) -- Nasdaq today announced that LifeSci Index Partners, LLC, will list two new exchange-traded funds, the BioSharesTM Biotechnology Clinical Trials Fund (Symbol: BBC) and the BioSharesTM Biotechnology Products Fund (Symbol: BBP), on The Nasdaq Stock Market. BBC and BBP will begin trading today, December 17, 2014.
"The landscape of the biotechnology sector has experienced dramatic shifts since the initial public offerings of Cetus and Genentech in the early 1980s," said Paul Yook, Co-Founder of LifeSci Index Partners. "Our BioShares funds are designed with the current biotechnology market in mind and offer investors unique and diversified portfolios of entrepreneurial biotechnology stocks by applying our rules-based index methodology."
http://mrem.bernama.com/viewsm.php?idm=23584
Tuesday 16 December 2014
Nasdaq-100 Index Revised
KUALA LUMPUR, Dec 16 (Bernama) -- American Airlines Group, Inc, Electronic Arts Inc. and Lam Research Corporation have been added to Nasdaq 100 Index during the annual re-ranking by the Nasdaq OMX Group Inc.
Also, as the result of the re-ranking the following three companies will be removed from the Index - Expedia, Inc., F5 Networks, Inc. and Maxim Integrated Products, Inc.
The ranking will become effective prior to market opening on Monday, Dec 22, 2014, said Nasdaq in a statement issued today in New York.
As a result of the revision in the index methodology allowing multiple share classes of index participants to be included in the index, the following three securities will also be added to the index: Comcast Corporation Class A Special, Twenty-First Century Fox, Inc. Class B and Liberty Global Plc Class C.
The Nasdaq-100 Index is composed of the 100 largest non-financial companies listed on The Nasdaq Stock Market and dates back to January 1985 when it was launched along with the Nasdaq Financial-100 Index, which comprises of the 100 largest financial stocks on NASDAQ.
These indices act as the benchmarks for financial products such as options, futures and funds. The Nasdaq-100 is re-ranked each year in December, timed to coincide with the quadruple witch expiration Friday of the quarter.
-- BERNAMA
http://www.bernama.com.my/bernama/v7/newsindex.php?id=1093733
Also, as the result of the re-ranking the following three companies will be removed from the Index - Expedia, Inc., F5 Networks, Inc. and Maxim Integrated Products, Inc.
The ranking will become effective prior to market opening on Monday, Dec 22, 2014, said Nasdaq in a statement issued today in New York.
As a result of the revision in the index methodology allowing multiple share classes of index participants to be included in the index, the following three securities will also be added to the index: Comcast Corporation Class A Special, Twenty-First Century Fox, Inc. Class B and Liberty Global Plc Class C.
The Nasdaq-100 Index is composed of the 100 largest non-financial companies listed on The Nasdaq Stock Market and dates back to January 1985 when it was launched along with the Nasdaq Financial-100 Index, which comprises of the 100 largest financial stocks on NASDAQ.
These indices act as the benchmarks for financial products such as options, futures and funds. The Nasdaq-100 is re-ranked each year in December, timed to coincide with the quadruple witch expiration Friday of the quarter.
-- BERNAMA
http://www.bernama.com.my/bernama/v7/newsindex.php?id=1093733
ADM to Sell Global Cocoa Business to Olam
$1.3 billion transaction frees capital for higher-return, less-volatile investments
KUALA LUMPUR, Dec 16 (Bernama) -- Archer Daniels Midland Company (NYSE: ADM) today announced that it has reached an agreement to sell its global cocoa business to Olam International Limited (SGX: O32) for $1.3 billion, subject to customary adjustments.
“We are continuing to actively manage our portfolio to create shareholder value by improving returns and dampening the volatility of our earnings,” said ADM Chairman and CEO Patricia Woertz. “This transaction will allow us to redeploy capital to investments that offer improved returns potential and less volatility than the cocoa business, or distribute excess capital to shareholders, or a combination of both.”
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