KUALA LUMPUR, May 20 (Bernama) -- CT Group was among a select group of private enterprises invited to participate in a special exhibition held at the National Assembly Building, Hanoi, aimed at implementing Vietnam’s Resolution No. 68-NQ/TW on private economic development.
In a statement, CT Group said unlike traditional trade fairs, this event served as a showcase for innovation and progress within the private sector.
Under the theme Resolution No. 68 – A New Driver for Vietnam’s Private Economic Development”, CT Group and its member companies highlighted pioneering technologies in advanced transportation, semiconductors, and carbon credit trading—positioning the group as a leading force in shaping Vietnam’s future innovation landscape.
The presence of General Secretary To Lam at CT Group's booth underscored the growing national focus on the private sector’s role in technological advancement and economic transformation.
At the centre of CT Group’s exhibit was an unmanned aerial vehicle (UAV) capable of carrying passengers.Developed by CT UAV, the aircraft features a 190 kilometres per hour (km/h) top speed, two-hour flight endurance, and 350 km range. With a full-sized prototype set to debut in October 2025, the innovation signals a transformative vision for urban mobility.
CT Semiconductor also made headlines with its semiconductor manufacturing facility in Binh Duong, currently in its second phase of development. As the first domestically owned ATP chip plant in Vietnam, it aims to produce 100 million chips annually by 2027.
Scheduled to begin operations in the fourth quarter of this year, the project dedicates over 10 per cent of its budget to research and development, targeting future technologies like artificial intelligence, 6G, and autonomous systems.
Further reinforcing its role in green transformation, CT Group’s CCTPA initiative is building a full-service ASEAN Carbon Credit Trading Platform (CCTPA). The ecosystem includes UAV-based emission monitoring (CarbonFly), automation tools like Sustain.Life for emissions reporting, and environmental, social and governance (ESG) consulting—supporting Vietnamese businesses in accessing global carbon markets and meeting sustainability benchmarks.
CT Group’s strategic focus on nine core Industry 4.0 technologies reflects a broader transformation from a diversified business group into a future-ready innovation hub. By concentrating on high-impact sectors such as transportation, semiconductors, and carbon trading, the group is actively contributing to the goals of Resolution No. 68—enhancing productivity, innovation, and integration into the global economy.
With over three decades of development, CT Group is redefining the role of private enterprise in Vietnam’s economic structure—moving from growth to leadership through technology mastery and sustainable development.
-- BERNAMA
Wednesday, 21 May 2025
IMM INVESTMENT SECURES HAMILTON LANE BACKING IN LANDMARK ASIA SECONDARY DEAL
KUALA LUMPUR, May 20 (Bernama) -- IMM Investment, a prominent Korean asset manager, and Hamilton Lane, a global private markets firm, announced the completion of a strategic secondary transaction involving the IMM Infra 8th Private Equity Fund.
The deal, finalised on March 31, 2025, marks Hamilton Lane’s investment through the purchase of existing limited partner interests, and represents the first infrastructure-focused secondary deal in Asia for IMM Investment, according to a statement.
“This transaction speaks to the institutional strength of our infrastructure platform and the increasing confidence global investors have in Korea as a long-term infrastructure market.
“We are excited to welcome Hamilton Lane as an investor. Their global perspective and deep secondaries expertise will enhance our ability to manage and scale high-quality assets while continuing to deliver value to both existing and new investors,” said IMM Investment Singapore chief executive officer, Jin Heum Paek.
Meanwhile, Hamilton Lane Head of Infrastructure and Real Assets, Brent Burnett highlighted the growing opportunities in the infrastructure secondaries market, driven by the global expansion of assets under management.
He emphasised that the investment in the IMM fund aligns with Hamilton Lane’s focus on sourcing distinctive, high-quality opportunities across the infrastructure space.
The IMM Infra 8th Private Equity Fund is a core-plus and value-added infrastructure vehicle, offering exposure to a diverse portfolio across Korea’s energy, mobility, digital, and social infrastructure sectors.
This investment highlights the increasing appeal of Korean infrastructure to global institutional investors and underscores IMM Investment’s ability to attract international capital through specialised, high-performing platforms.
Through this partnership, IMM Investment will continue managing the fund with a hands-on, value-creation approach, while Hamilton Lane contributes cross-border reach, institutional due diligence, and governance alignment. The collaboration also reinforces IMM Investment’s transformation from a Korea-centric manager into a regional player with global reach.
Established in 2023, IMM Investment Singapore serves as the firm's international gateway for fundraising and strategic alliances, helping bridge Korean infrastructure opportunities with overseas capital.
-- BERNAMA
The deal, finalised on March 31, 2025, marks Hamilton Lane’s investment through the purchase of existing limited partner interests, and represents the first infrastructure-focused secondary deal in Asia for IMM Investment, according to a statement.
“This transaction speaks to the institutional strength of our infrastructure platform and the increasing confidence global investors have in Korea as a long-term infrastructure market.
“We are excited to welcome Hamilton Lane as an investor. Their global perspective and deep secondaries expertise will enhance our ability to manage and scale high-quality assets while continuing to deliver value to both existing and new investors,” said IMM Investment Singapore chief executive officer, Jin Heum Paek.
Meanwhile, Hamilton Lane Head of Infrastructure and Real Assets, Brent Burnett highlighted the growing opportunities in the infrastructure secondaries market, driven by the global expansion of assets under management.
He emphasised that the investment in the IMM fund aligns with Hamilton Lane’s focus on sourcing distinctive, high-quality opportunities across the infrastructure space.
The IMM Infra 8th Private Equity Fund is a core-plus and value-added infrastructure vehicle, offering exposure to a diverse portfolio across Korea’s energy, mobility, digital, and social infrastructure sectors.
This investment highlights the increasing appeal of Korean infrastructure to global institutional investors and underscores IMM Investment’s ability to attract international capital through specialised, high-performing platforms.
Through this partnership, IMM Investment will continue managing the fund with a hands-on, value-creation approach, while Hamilton Lane contributes cross-border reach, institutional due diligence, and governance alignment. The collaboration also reinforces IMM Investment’s transformation from a Korea-centric manager into a regional player with global reach.
Established in 2023, IMM Investment Singapore serves as the firm's international gateway for fundraising and strategic alliances, helping bridge Korean infrastructure opportunities with overseas capital.
-- BERNAMA
Tuesday, 20 May 2025
AM BEST AFFIRMS EXCELLENT RATINGS FOR CHINA’S PING AN P&C
KUALA LUMPUR, May 19 (Bernama) -- Global credit rating agency, AM Best has affirmed the financial strength rating of A (Excellent) and the long-term issuer credit rating of “a+” (Excellent) of Ping An Property & Casualty Insurance Company of China Ltd (Ping An P&C), with a stable outlook for both ratings.
The affirmation reflects Ping An P&C’s robust financial foundation, strong operational performance, favourable business profile and appropriate enterprise risk management, according to AM Best in a statement.
The company’s balance sheet is considered very strong, supported by the highest level of risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio. Ping An P&C's consolidated capital and surplus (C&S) grew by nine per cent year-over-year to 136.7 billion Chinese yuan (US$18.7 billion) by the end of 2024. (US$1=RM4.28)
Its investment strategy remains conservative, with a focus on fixed-income assets, while its financial flexibility is bolstered by a consistent ability to issue capital supplementary bonds domestically.
Operationally, Ping An P&C has sustained strong returns, with a return on equity (ROE) of 11.5 per cent in 2024, recovering from underperformance in 2022 and 2023. The insurer reported a net profit after tax of 15.0 billion Chinese yuan.
Its motor insurance line continues to be a key revenue driver, accounting for about 70 per cent of total premiums over the past five years.
Despite the rise in new-energy vehicle (NEV) policies, the company has maintained stable underwriting margins thanks to advanced pricing models and operational efficiency. Losses in credit and guarantee lines in previous years were labelled as one-off events, and the company has since exited that segment.
Ping An P&C holds a strong market position, being the second-largest property/casualty insurer in China since 2009, with around a 20 per cent market share. In 2024, the company’s insurance service revenue hit 328.1 billion Chinese yuan, and its broad distribution network and technological investments have contributed to enhanced risk management and operational performance.
AM Best notes that Ping An P&C is well-positioned at its current ratings level. A potential upgrade could be on the horizon if the company expands its global footprint while maintaining its financial strength. Conversely, a downgrade could result from a prolonged decline in underwriting results or a weakening of its capital base due to elevated risk exposures.
-- BERNAMA
The affirmation reflects Ping An P&C’s robust financial foundation, strong operational performance, favourable business profile and appropriate enterprise risk management, according to AM Best in a statement.
The company’s balance sheet is considered very strong, supported by the highest level of risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio. Ping An P&C's consolidated capital and surplus (C&S) grew by nine per cent year-over-year to 136.7 billion Chinese yuan (US$18.7 billion) by the end of 2024. (US$1=RM4.28)
Its investment strategy remains conservative, with a focus on fixed-income assets, while its financial flexibility is bolstered by a consistent ability to issue capital supplementary bonds domestically.
Operationally, Ping An P&C has sustained strong returns, with a return on equity (ROE) of 11.5 per cent in 2024, recovering from underperformance in 2022 and 2023. The insurer reported a net profit after tax of 15.0 billion Chinese yuan.
Its motor insurance line continues to be a key revenue driver, accounting for about 70 per cent of total premiums over the past five years.
Despite the rise in new-energy vehicle (NEV) policies, the company has maintained stable underwriting margins thanks to advanced pricing models and operational efficiency. Losses in credit and guarantee lines in previous years were labelled as one-off events, and the company has since exited that segment.
Ping An P&C holds a strong market position, being the second-largest property/casualty insurer in China since 2009, with around a 20 per cent market share. In 2024, the company’s insurance service revenue hit 328.1 billion Chinese yuan, and its broad distribution network and technological investments have contributed to enhanced risk management and operational performance.
AM Best notes that Ping An P&C is well-positioned at its current ratings level. A potential upgrade could be on the horizon if the company expands its global footprint while maintaining its financial strength. Conversely, a downgrade could result from a prolonged decline in underwriting results or a weakening of its capital base due to elevated risk exposures.
-- BERNAMA
Monday, 19 May 2025
Bitget Gains Market Share in April 2025 Monthly Report Highlights
VICTORIA, Seychelles, May 19 (Bernama-GLOBE NEWSWIRE) -- Bitget, the leading cryptocurrency exchange and Web3 company, released its April 2025 Transparency Report, highlighting a month of growth, regulatory milestones, and continued momentum despite broader market uncertainties through consistent innovation and strong execution.
In a month marked by market correction and investor caution, Bitget recorded a futures trading volume of $757.6 billion, representing 17.3% growth month-on-month. Spot trading volume also rose to $68.6 billion, defying the broader industry downturn. These gains contributed to Bitget’s rise as the 3rd largest crypto exchange by trading volume, with a market share of 7.2%, reflecting strong performance and continued momentum in a competitive market environment. According to Coingecko and WuBlockchain, Bitget defied broader exchange trends, gaining market share while others contracted. Bitget also surpassed 120 million users, signaling strong platform engagement and trust in its products and services.
In April, Bitget made a major regulatory leap by securing both DASP and BSP licenses in El Salvador, allowing it to offer full crypto services—spot, derivatives, staking, and yield—under one of the world’s most forward-thinking digital asset frameworks.
The month also marked the launch of Bitget Onchain, a feature that lets users trade on-chain assets directly through the Bitget app using USDT or USDC. This bridges the gap between centralized UX and decentralized access, making Web3 more approachable.
To support institutional growth, Bitget upgraded its Liquidity Incentive Program with better maker-taker rates and faster onboarding, boosting liquidity across spot and derivatives markets.
On the marketing front, Bitget teamed up with FC Barcelona star Raphinha in a global campaign spotlighting smart trading tools like Copy Trading, Launchpool, and Pre-market. This was paired with the “Your Team, Your Skin” initiative with LALIGA, letting users personalize their trading interface with team branding.
Bitget Research Employment Report estimates blockchain could create 500,000 jobs by 2028, echoing the growth path of the AI sector and highlighting blockchain’s expanding impact.
Finally, Bitget reinforced its global presence with immersive activations at TOKEN2049 Dubai and Paris Blockchain Week, including side events like Cryptoverse Dream Night, underscoring its commitment to community and innovation.
Between regulatory wins, rapid user growth, and focus on accessibility and security, Bitget leads as one of the top players in the crypto industry's evolution. As market sentiment begins to shift, Bitget is geared up to lead the next phase of crypto adoption and WEB3 integration.
For the full transparency report, visit here.
About Bitget
Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 120 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.
Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World's Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.
For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet
For media inquiries, please contact: media@bitget.com
Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5bf1a171-5c5d-4536-b7ba-529f3be725b6
SOURCE : Bitget Limited
DISCLAIMER: BERNAMA MREM are not accountable for any causes of website defacement, misuse, or illegal activities connected to cryptocurrency, blockchain, tokenisation, or bitcoin. This material should not be considered as guidance or an opinion, as it does not constitute financial or investment advice. Use this information at your own risk; we are not liable for any losses or damages caused by the republication of this article.
In a month marked by market correction and investor caution, Bitget recorded a futures trading volume of $757.6 billion, representing 17.3% growth month-on-month. Spot trading volume also rose to $68.6 billion, defying the broader industry downturn. These gains contributed to Bitget’s rise as the 3rd largest crypto exchange by trading volume, with a market share of 7.2%, reflecting strong performance and continued momentum in a competitive market environment. According to Coingecko and WuBlockchain, Bitget defied broader exchange trends, gaining market share while others contracted. Bitget also surpassed 120 million users, signaling strong platform engagement and trust in its products and services.
In April, Bitget made a major regulatory leap by securing both DASP and BSP licenses in El Salvador, allowing it to offer full crypto services—spot, derivatives, staking, and yield—under one of the world’s most forward-thinking digital asset frameworks.
The month also marked the launch of Bitget Onchain, a feature that lets users trade on-chain assets directly through the Bitget app using USDT or USDC. This bridges the gap between centralized UX and decentralized access, making Web3 more approachable.
To support institutional growth, Bitget upgraded its Liquidity Incentive Program with better maker-taker rates and faster onboarding, boosting liquidity across spot and derivatives markets.
On the marketing front, Bitget teamed up with FC Barcelona star Raphinha in a global campaign spotlighting smart trading tools like Copy Trading, Launchpool, and Pre-market. This was paired with the “Your Team, Your Skin” initiative with LALIGA, letting users personalize their trading interface with team branding.
Bitget Research Employment Report estimates blockchain could create 500,000 jobs by 2028, echoing the growth path of the AI sector and highlighting blockchain’s expanding impact.
Finally, Bitget reinforced its global presence with immersive activations at TOKEN2049 Dubai and Paris Blockchain Week, including side events like Cryptoverse Dream Night, underscoring its commitment to community and innovation.
Between regulatory wins, rapid user growth, and focus on accessibility and security, Bitget leads as one of the top players in the crypto industry's evolution. As market sentiment begins to shift, Bitget is geared up to lead the next phase of crypto adoption and WEB3 integration.
For the full transparency report, visit here.
About Bitget
Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 120 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.
Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World's Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.
For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet
For media inquiries, please contact: media@bitget.com
Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5bf1a171-5c5d-4536-b7ba-529f3be725b6
SOURCE : Bitget Limited
DISCLAIMER: BERNAMA MREM are not accountable for any causes of website defacement, misuse, or illegal activities connected to cryptocurrency, blockchain, tokenisation, or bitcoin. This material should not be considered as guidance or an opinion, as it does not constitute financial or investment advice. Use this information at your own risk; we are not liable for any losses or damages caused by the republication of this article.
Friday, 16 May 2025
D’ALBA GLOWS GLOBAL WITH STAR-STUDDED LAKE COMO EVENT
KUALA LUMPUR, May 16 (Bernama) -- South Korean premium vegan beauty brand d’Alba recently hosted its global event, the ‘d’Alba Trip’, in Lake Como, Italy, bringing together over 80 international guests to celebrate the brand’s heritage and clean beauty philosophy.
The two-day event featured exclusive activities that highlighted d’Alba’s commitment to sustainable and innovative skincare, including celebrities, influencers and media representatives.
In a statement, a spokesperson from d’Alba said the event served as both a celebration of the brand’s roots and a platform to share its forward-looking vision.
“We are proud to lead the beauty industry with innovation, integrity, and global unity,” said the spokesperson.
Among the notable attendees were global figures such as South Korean singer Jeon Somi, Russian model Irina Shayk, Japanese actress Ayaka Miyoshi, and Indonesian actress Nikita Willy.
On the first day, guests participated in an immersive beauty class led by renowned South Korean makeup artist and global beauty creator Ri Sa Bae. The session introduced two of d’Alba’s newly launched products – the Vita Toning Line and Green Tone-Up Sunscreen – both of which received positive responses from the attendees.
Following the product showcase, guests enjoyed a private yacht experience across Lake Como, culminating in a scenic sunset cruise.
The second day concluded with a glamorous gala dinner and fireworks show, celebrating the brand’s global presence and fostering closer ties with its partners and supporters.
Known for its premium vegan formulations and focus on clean beauty, d’Alba continues to strengthen its global footprint in the luxury skincare market.
-- BERNAMA
The two-day event featured exclusive activities that highlighted d’Alba’s commitment to sustainable and innovative skincare, including celebrities, influencers and media representatives.
In a statement, a spokesperson from d’Alba said the event served as both a celebration of the brand’s roots and a platform to share its forward-looking vision.
“We are proud to lead the beauty industry with innovation, integrity, and global unity,” said the spokesperson.
Among the notable attendees were global figures such as South Korean singer Jeon Somi, Russian model Irina Shayk, Japanese actress Ayaka Miyoshi, and Indonesian actress Nikita Willy.
On the first day, guests participated in an immersive beauty class led by renowned South Korean makeup artist and global beauty creator Ri Sa Bae. The session introduced two of d’Alba’s newly launched products – the Vita Toning Line and Green Tone-Up Sunscreen – both of which received positive responses from the attendees.
Following the product showcase, guests enjoyed a private yacht experience across Lake Como, culminating in a scenic sunset cruise.
The second day concluded with a glamorous gala dinner and fireworks show, celebrating the brand’s global presence and fostering closer ties with its partners and supporters.
Known for its premium vegan formulations and focus on clean beauty, d’Alba continues to strengthen its global footprint in the luxury skincare market.
-- BERNAMA
PINNACLE LIFE RECEIVES POSITIVE CREDIT RATINGS FROM AM BEST
KUALA LUMPUR, May 16 (Bernama) -- Global credit rating agency, AM Best has affirmed the financial strength rating of B+ (Good) and the long-term issuer credit rating of “bbb-” (Good) of New Zealand’s Pinnacle Life Limited (Pinnacle Life).
The stable outlook of these credit ratings (ratings) reflects Pinnacle Life’s balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
AM Best in a statement said the ratings also factored in a neutral impact from the company’s ultimate parent, Greenstone Holdco Pty Limited (Greenstone).
Pinnacle Life’s balance sheet strength is underpinned by its risk-adjusted capitalisation, which was at the strongest level at fiscal year-end 2024, as measured by Best’s Capital Adequacy Ratio, and is expected to remain at that level over the medium term.
The company’s balance sheet strength assessment also reflects its appropriate regulatory solvency and good financial flexibility, supported by Greenstone.
Additionally, the balance sheet strength assessment has factored in Pinnacle Life’s high reliance on third-party reinsurance and small capital base, which increase the sensitivity of its capital adequacy to outsized new business growth, changes in the interest rate environment, and shock events.
With operating performance assessed as adequate, Pinnacle Life’s operating results have been driven by the adequate underwriting performance of its in-force life business and healthy investment returns.
Meanwhile, its business profile was assessed as limited, largely reflecting the company’s small scale of operations and its low product and geographic diversification in New Zealand, as key product offerings are focused on mortality products.
While AM Best considers Pinnacle Life’s risk management capabilities as appropriate for its key risks, ongoing development is expected as the company expands its scope of operations.
-- BERNAMA
The stable outlook of these credit ratings (ratings) reflects Pinnacle Life’s balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
AM Best in a statement said the ratings also factored in a neutral impact from the company’s ultimate parent, Greenstone Holdco Pty Limited (Greenstone).
Pinnacle Life’s balance sheet strength is underpinned by its risk-adjusted capitalisation, which was at the strongest level at fiscal year-end 2024, as measured by Best’s Capital Adequacy Ratio, and is expected to remain at that level over the medium term.
The company’s balance sheet strength assessment also reflects its appropriate regulatory solvency and good financial flexibility, supported by Greenstone.
Additionally, the balance sheet strength assessment has factored in Pinnacle Life’s high reliance on third-party reinsurance and small capital base, which increase the sensitivity of its capital adequacy to outsized new business growth, changes in the interest rate environment, and shock events.
With operating performance assessed as adequate, Pinnacle Life’s operating results have been driven by the adequate underwriting performance of its in-force life business and healthy investment returns.
Meanwhile, its business profile was assessed as limited, largely reflecting the company’s small scale of operations and its low product and geographic diversification in New Zealand, as key product offerings are focused on mortality products.
While AM Best considers Pinnacle Life’s risk management capabilities as appropriate for its key risks, ongoing development is expected as the company expands its scope of operations.
-- BERNAMA
MCI DEBUTS TRACK PLATFORM IN QATAR, MARKING MIDDLE EAST ENTRY
KUALA LUMPUR, May 16 (Bernama) -- Management Controls Inc (MCi), the leader in contractor data and cost management, has expanded its global presence with the launch of its Track Platform in Qatar.
“This deployment reinforces our commitment to serving industrial leaders across the globe. We are enabling our customers to reduce risk, eliminate waste, and ensure accountability—no matter where they operate.
“By anchoring our platform with such a key site in the Middle East, we have gained a crucial foothold in a region where we expect to expand considerably over the coming years,” said MCi President, Ken Naughton in a statement.
First in the Middle East, this milestone marks the 55th international site to implement MCi’s solutions for real-time contractor visibility, compliance, and cost control, which have a presence spanning major industrial operations in North America, Europe, Asia-Pacific, and Africa.
The implementation took place at one of the largest gas-to-liquids (GTL) facilities, a complex industrial operation run by a global energy leader, reinforcing Track’s ability to scale across the most demanding environments.
Expansion into Qatar reflects MCi’s continued international growth and worldwide demand for enterprise-grade solutions that bring transparency and control to complex contractor operations.
With the Track Platform now live, site leadership in Qatar will benefit from improved labour, equipment, and material cost control; automated contract enforcement; real-time data visibility; and seamless integration with existing enterprise resource planning (ERP) systems.
-- BERNAMA
“This deployment reinforces our commitment to serving industrial leaders across the globe. We are enabling our customers to reduce risk, eliminate waste, and ensure accountability—no matter where they operate.
“By anchoring our platform with such a key site in the Middle East, we have gained a crucial foothold in a region where we expect to expand considerably over the coming years,” said MCi President, Ken Naughton in a statement.
First in the Middle East, this milestone marks the 55th international site to implement MCi’s solutions for real-time contractor visibility, compliance, and cost control, which have a presence spanning major industrial operations in North America, Europe, Asia-Pacific, and Africa.
The implementation took place at one of the largest gas-to-liquids (GTL) facilities, a complex industrial operation run by a global energy leader, reinforcing Track’s ability to scale across the most demanding environments.
Expansion into Qatar reflects MCi’s continued international growth and worldwide demand for enterprise-grade solutions that bring transparency and control to complex contractor operations.
With the Track Platform now live, site leadership in Qatar will benefit from improved labour, equipment, and material cost control; automated contract enforcement; real-time data visibility; and seamless integration with existing enterprise resource planning (ERP) systems.
-- BERNAMA
ANAQUA ACQUIRES RIGHTHUB IN PUSH FOR GLOBAL GROWTH
KUALA LUMPUR, May 16 (Bernama) -- Anaqua, an innovation and intellectual property (IP) management technology provider, has announced its acquisition of RightHub, an IP management software and services provider, to accelerate global growth.
Anaqua in a statement said the acquisition represents a continuation of its strategy to deliver solutions positioned to meet the needs of customers in various segments worldwide and strengthens its organisational footprint in the United Kingdom (UK), Sweden, and Denmark.
“We are thrilled to welcome RightHub to Anaqua. We share a deep commitment to providing the IP market with best-in-class, software-driven solutions that are tailored to meet the specific needs of IP practitioners in organisations of different types and sizes.
“RightHub complements Anaqua exceptionally well, bringing passionate IP industry experts and a client-focused philosophy that will further bolster Anaqua's EMEA presence, particularly in the UK and Nordic region,” said Anaqua Chief Executive Officer (CEO), Justin Crotty.
Meanwhile, RightHub Co-Founder and CEO, Toni Nijm said: “We are excited to join Anaqua to collectively address the needs of IP professionals for intuitive, nimble, and collaborative tools powered by AI to drive their business outcomes.”
Nijm will become a member of the Anaqua Executive Management Team. He has a long and successful track record in the IP space – as a patent attorney, a senior executive within the IP solutions industry and a serial entrepreneur.
Designed to meet the needs of midsize law firms and corporations, RightHub's AI-native platform will remain a distinct brand complementing Anaqua's existing IP management software platforms, AQX and PATTSY WAVE.
Anaqua will integrate its full range of IP data and services into RightHub to deliver additional benefits to its customers while also continuing to leverage shared components and services across all of its solutions and is committed to the continued development of each IP management software platform.
-- BERNAMA
Anaqua in a statement said the acquisition represents a continuation of its strategy to deliver solutions positioned to meet the needs of customers in various segments worldwide and strengthens its organisational footprint in the United Kingdom (UK), Sweden, and Denmark.
“We are thrilled to welcome RightHub to Anaqua. We share a deep commitment to providing the IP market with best-in-class, software-driven solutions that are tailored to meet the specific needs of IP practitioners in organisations of different types and sizes.
“RightHub complements Anaqua exceptionally well, bringing passionate IP industry experts and a client-focused philosophy that will further bolster Anaqua's EMEA presence, particularly in the UK and Nordic region,” said Anaqua Chief Executive Officer (CEO), Justin Crotty.
Meanwhile, RightHub Co-Founder and CEO, Toni Nijm said: “We are excited to join Anaqua to collectively address the needs of IP professionals for intuitive, nimble, and collaborative tools powered by AI to drive their business outcomes.”
Nijm will become a member of the Anaqua Executive Management Team. He has a long and successful track record in the IP space – as a patent attorney, a senior executive within the IP solutions industry and a serial entrepreneur.
Designed to meet the needs of midsize law firms and corporations, RightHub's AI-native platform will remain a distinct brand complementing Anaqua's existing IP management software platforms, AQX and PATTSY WAVE.
Anaqua will integrate its full range of IP data and services into RightHub to deliver additional benefits to its customers while also continuing to leverage shared components and services across all of its solutions and is committed to the continued development of each IP management software platform.
-- BERNAMA
Thursday, 15 May 2025
Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025
VICTORIA, Seychelles, May 15 (Bernama-GLOBE NEWSWIRE) -- Bitget, the leading cryptocurrency exchange and Web3 company, reports that its Protection Fund held an average value of $561 million throughout April 2025, highlighting the exchange's ongoing efforts to maintain strong security for its user base. The Protection Fund hit a high of $617M and a low of $496M for the month of April but maintained a strong average overall. The fund remains a key layer of protection against market instability, offering reassurance to users during a period of macroeconomic uncertainty and shifting investor sentiment in crypto markets.
The fund fluctuated in tandem with broader digital asset movements in April, as Bitcoin traded within a moderate range and altcoins showed mixed performance. Despite a challenging market, the Protection Fund sustained strong fundamentals, showcasing its stability and the resilience of Bitget’s risk mitigation framework.
“Our Protection Fund continues to reflect the strength of Bitget’s long-term security strategy,” said Gracy Chen, CEO of Bitget. “As conditions in the crypto market evolve, the fund’s performance shows our priority in safeguarding user assets and building a reliable ecosystem that can weather both volatility and growth.”
Launched in 2022 with an initial allocation of $300 million, the Protection Fund has more than doubled in size, bolstered by Bitget’s steady platform growth and smart financial management. Bitget’s security framework is built on a comprehensive, multi-layered approach that goes well beyond its $516M Protection Fund and 191% Proof of Reserves. With monthly Merkle Tree audits verifying full asset backing and ISO 27001:2022 certification reinforcing best-in-class protocols, the platform integrates SSL encryption and an advanced risk control system that actively monitors suspicious activity. This combination of rigorous standards and real-time protection has kept Bitget breach-free since 2018 and contributed to its AAA security rating and helped reinforce user confidence to set a benchmark for transparency across the industry.
For more information and monthly updates on the Protection Fund, visit here.
About Bitget
Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 120 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.
Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World's Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.
For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet
For media inquiries, please contact: media@bitget.com
Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d71d7905-324d-44e1-be39-0046857f39ac
https://www.globenewswire.com/NewsRoom/AttachmentNg/d3a3c692-7be0-41a9-9b0d-edd9ebc3511b
SOURCE: Bitget Limited
DISCLAIMER: BERNAMA MREM are not accountable for any causes of website defacement, misuse, or illegal activities connected to cryptocurrency, blockchain, tokenisation, or bitcoin. This material should not be considered as guidance or an opinion, as it does not constitute financial or investment advice. Use this information at your own risk; we are not liable for any losses or damages caused by the republication of this article.
The fund fluctuated in tandem with broader digital asset movements in April, as Bitcoin traded within a moderate range and altcoins showed mixed performance. Despite a challenging market, the Protection Fund sustained strong fundamentals, showcasing its stability and the resilience of Bitget’s risk mitigation framework.
“Our Protection Fund continues to reflect the strength of Bitget’s long-term security strategy,” said Gracy Chen, CEO of Bitget. “As conditions in the crypto market evolve, the fund’s performance shows our priority in safeguarding user assets and building a reliable ecosystem that can weather both volatility and growth.”
Launched in 2022 with an initial allocation of $300 million, the Protection Fund has more than doubled in size, bolstered by Bitget’s steady platform growth and smart financial management. Bitget’s security framework is built on a comprehensive, multi-layered approach that goes well beyond its $516M Protection Fund and 191% Proof of Reserves. With monthly Merkle Tree audits verifying full asset backing and ISO 27001:2022 certification reinforcing best-in-class protocols, the platform integrates SSL encryption and an advanced risk control system that actively monitors suspicious activity. This combination of rigorous standards and real-time protection has kept Bitget breach-free since 2018 and contributed to its AAA security rating and helped reinforce user confidence to set a benchmark for transparency across the industry.
For more information and monthly updates on the Protection Fund, visit here.
About Bitget
Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 120 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.
Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World's Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.
For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet
For media inquiries, please contact: media@bitget.com
Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d71d7905-324d-44e1-be39-0046857f39ac
https://www.globenewswire.com/NewsRoom/AttachmentNg/d3a3c692-7be0-41a9-9b0d-edd9ebc3511b
SOURCE: Bitget Limited
DISCLAIMER: BERNAMA MREM are not accountable for any causes of website defacement, misuse, or illegal activities connected to cryptocurrency, blockchain, tokenisation, or bitcoin. This material should not be considered as guidance or an opinion, as it does not constitute financial or investment advice. Use this information at your own risk; we are not liable for any losses or damages caused by the republication of this article.
Wednesday, 14 May 2025
APPSEC SHIFTS FROM BACKSTAGE TO BOARDROOM IN CHECKMARX STUDY
KUALA LUMPUR, May 14 (Bernama) -- Application security (AppSec) is emerging as a key consideration in purchasing decisions, with nearly half of chief information security officers (CISOs) confirming that buyers now prioritise secure software, according to a new report by Checkmarx.
Titled “A CISO’s Guide to Steering AppSec in the Age of DevSecOps”, the annual report is based on a global survey of 200 CISOs across various sectors, including banking and finance, media, insurance, manufacturing, and the public sector.
As applications become more complex—driven by AI, microservices, and hybrid architectures—development teams are increasingly responsible for embedding security directly into the software development process. Faster release cycles and growing codebases are prompting budget and decision-making authority to migrate from CISOs to developers.
Checkmarx Chief Product Officer Jonathan Rende emphasised this transition, noting that AppSec is no longer just a technical concern but a strategic, boardroom-level issue.
“As development teams take greater ownership, CISOs must focus on governance, strategy and collaboration to keep security outcomes on track,” he said in a statement.
A global leader in cloud-native application security, Checkmarx found that 49 per cent of respondents stated AppSec is regularly factored into customer purchasing decisions, while 24 per cent said it is “always” a consideration. The trend is most prominent in Europe (58 per cent), compared to the Asia Pacific (33 per cent) and North America (eight per cent).
The report also revealed a shift in security ownership, where responsibility is divided in software product companies, with 50 per cent of security oversight lies with CISOs, while 43 per cent has shifted to development teams. Additionally, 56 per cent noted their development teams are fully integrated with AppSec programmes.
Despite the growing importance of AppSec, the study found inconsistency in how security is reported at the executive level. While 62 per cent of CISOs present AppSec metrics to their boards, only 25 per cent link them to business outcomes such as brand reputation or regulatory exposure.
The survey, conducted in partnership with Global Surveyz, involved CISOs from companies generating over US$750 million in annual revenue and managing development teams of at least 180 members. (US$1=RM4.30)
-- BERNAMA
Titled “A CISO’s Guide to Steering AppSec in the Age of DevSecOps”, the annual report is based on a global survey of 200 CISOs across various sectors, including banking and finance, media, insurance, manufacturing, and the public sector.
As applications become more complex—driven by AI, microservices, and hybrid architectures—development teams are increasingly responsible for embedding security directly into the software development process. Faster release cycles and growing codebases are prompting budget and decision-making authority to migrate from CISOs to developers.
Checkmarx Chief Product Officer Jonathan Rende emphasised this transition, noting that AppSec is no longer just a technical concern but a strategic, boardroom-level issue.
“As development teams take greater ownership, CISOs must focus on governance, strategy and collaboration to keep security outcomes on track,” he said in a statement.
A global leader in cloud-native application security, Checkmarx found that 49 per cent of respondents stated AppSec is regularly factored into customer purchasing decisions, while 24 per cent said it is “always” a consideration. The trend is most prominent in Europe (58 per cent), compared to the Asia Pacific (33 per cent) and North America (eight per cent).
The report also revealed a shift in security ownership, where responsibility is divided in software product companies, with 50 per cent of security oversight lies with CISOs, while 43 per cent has shifted to development teams. Additionally, 56 per cent noted their development teams are fully integrated with AppSec programmes.
Despite the growing importance of AppSec, the study found inconsistency in how security is reported at the executive level. While 62 per cent of CISOs present AppSec metrics to their boards, only 25 per cent link them to business outcomes such as brand reputation or regulatory exposure.
The survey, conducted in partnership with Global Surveyz, involved CISOs from companies generating over US$750 million in annual revenue and managing development teams of at least 180 members. (US$1=RM4.30)
-- BERNAMA
Best’s Market Segment Report: AM Best Maintains Stable Outlook on Japan Non-Life Insurance Segment
HONG KONG, May 14 (Bernama-BUSINESS WIRE) -- AM Best is maintaining a stable outlook on Japan’s non-life insurance industry, citing improved profitability in the fire insurance line and heightened regulatory oversight, which is driving industry reforms.
The Best’s Market Segment Report, “Market Segment Outlook: Japan Non-Life Insurance”, notes that Japan’s Financial Services Agency has increased scrutiny of non-life insurers in the past 18 months, outlining stricter governance requirements for insurers, including stronger oversight of agency networks and eliminating improper incentives provided by insurers to distributors. While the new regulatory measures may lead to higher compliance costs for insurers in the short term, these shifts should increase transparency and foster fair market competition, as well as help insurers improve acquisition cost efficiency over the long term.
The non-life industry also will see the implementation of the Insurance Capital Standard in fiscal-year 2025, whereby assets and liabilities will be measured at market value. While the new solvency regime should have a greater impact on life insurers, most Japanese non-life insurers have been preparing for this transition by augmenting their risk management frameworks over the past few years.
“AM Best expects that the regulatory shift will lead to increased transparency and comparability for Japanese non-life insurers with global counterparts under similarly advanced regulatory frameworks, equipping them to navigate economic uncertainties more effectively and enrich global competitiveness over the long term,” said Chanyoung Lee, director, analytics, AM Best.
According to the report, Japan’s non-life insurers have implemented various measures to combat significant underwriting volatility in their homeowners-related fire insurance products, given the increase in the occurrence and severity of natural catastrophes. The measures are aimed at ensuring that policies are more accurately priced according to actual risk exposure and reduce the likelihood of underwriting losses over time.
Japan’s interest rate environment also has become more favourable for insurers, and the paradigm shift, transitioning from a focus on deflation avoidance to inflation control, has benefited non-life insurers with substantial bond portfolios. This trend is expected to persist over the next 12 months and contribute positively to non-life insurers’ investment income.
Conversely, the report notes that Japan’s automobile insurance segment continues to face profitability challenges. “A key issue is the persistent increase in repair costs, driven by higher prices for spare parts and rising labour costs,” said Charles Chiang, senior financial analyst, AM Best. “Our analysis shows that the loss ratios of major non-life insurers have been trending upward in recent quarters.”
To access the full copy of this report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=353781.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2025 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20250513248433/en/
Contact
Charles Chiang
Senior Financial Analyst
+852 2827 3427
charles.chiang@ambest.com
Chanyoung Lee
Director, Analytics
+852 2827 3404
chanyoung.lee@ambest.com
Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com
Cynthia Ang
Senior Industry Research Analyst
+65 6303 5026
cynthia.ang@ambest.com
Source : AM Best
The Best’s Market Segment Report, “Market Segment Outlook: Japan Non-Life Insurance”, notes that Japan’s Financial Services Agency has increased scrutiny of non-life insurers in the past 18 months, outlining stricter governance requirements for insurers, including stronger oversight of agency networks and eliminating improper incentives provided by insurers to distributors. While the new regulatory measures may lead to higher compliance costs for insurers in the short term, these shifts should increase transparency and foster fair market competition, as well as help insurers improve acquisition cost efficiency over the long term.
The non-life industry also will see the implementation of the Insurance Capital Standard in fiscal-year 2025, whereby assets and liabilities will be measured at market value. While the new solvency regime should have a greater impact on life insurers, most Japanese non-life insurers have been preparing for this transition by augmenting their risk management frameworks over the past few years.
“AM Best expects that the regulatory shift will lead to increased transparency and comparability for Japanese non-life insurers with global counterparts under similarly advanced regulatory frameworks, equipping them to navigate economic uncertainties more effectively and enrich global competitiveness over the long term,” said Chanyoung Lee, director, analytics, AM Best.
According to the report, Japan’s non-life insurers have implemented various measures to combat significant underwriting volatility in their homeowners-related fire insurance products, given the increase in the occurrence and severity of natural catastrophes. The measures are aimed at ensuring that policies are more accurately priced according to actual risk exposure and reduce the likelihood of underwriting losses over time.
Japan’s interest rate environment also has become more favourable for insurers, and the paradigm shift, transitioning from a focus on deflation avoidance to inflation control, has benefited non-life insurers with substantial bond portfolios. This trend is expected to persist over the next 12 months and contribute positively to non-life insurers’ investment income.
Conversely, the report notes that Japan’s automobile insurance segment continues to face profitability challenges. “A key issue is the persistent increase in repair costs, driven by higher prices for spare parts and rising labour costs,” said Charles Chiang, senior financial analyst, AM Best. “Our analysis shows that the loss ratios of major non-life insurers have been trending upward in recent quarters.”
To access the full copy of this report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=353781.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2025 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20250513248433/en/
Contact
Charles Chiang
Senior Financial Analyst
+852 2827 3427
charles.chiang@ambest.com
Chanyoung Lee
Director, Analytics
+852 2827 3404
chanyoung.lee@ambest.com
Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com
Cynthia Ang
Senior Industry Research Analyst
+65 6303 5026
cynthia.ang@ambest.com
Source : AM Best
PLEXUS RAISES US$6 MLN TO DRIVE GLOBAL GROWTH, NEXT-GEN AUTOMATION
 |
| Andrew Mellett, Plexus Founder and CEO, is leading the company’s next phase of AI-driven innovation following a $6 million capital raise. |
KUALA LUMPUR, May 14 (Bernama) -- Plexus, the artificial intelligence (AI)-powered legal automation platform, has secured over US$6 million in new funding to accelerate global expansion and AI-led innovation. (US$1=RM4.30)
The funding round, led by current investors and Seattle-based Lighter Capital, marks Plexus’ first institutional partnership in addition to accelerating AI product delivery and onboarding the next wave of exceptional talent, according to a statement.
Plexus founder and chief executive officer, Andrew Mellett emphasised the growing need for tech-forward legal solutions, stating that outdated legal processes no longer meet the pace of modern business.
He sees Plexus at the forefront of a major industry shift toward AI-driven legal services, positioning the company to capitalise on the US$1.1 trillion global legal market.
Mellett views this funding as just the beginning of reshaping how in-house legal teams operate—faster, smarter, and at scale.
Meanwhile, Lighter Capital investment director, Matthew Dowling highlighted the legal automation space as one of the fastest-growing sectors in business-to-business (B2B) software as a service (SaaS), calling Plexus well-positioned to capture more of this emerging market.
“With recent growth and solid business metrics, Plexus was a perfect fit for Lighter Capital's non-dilutive financing. This raise is not just about fuelling growth; it is about accelerating a new phase of legal innovation,” said Dowling.
Lighter Capital was selected for its proven experience supporting high-growth SaaS platforms and alignment with Plexus' strategic direction.
With major brands like Nike, L’Oréal, and PepsiCo already using the platform to automate tasks like contract review and compliance, Plexus is evolving from a legal tool into a full-fledged digital legal assistant.
-- BERNAMA
Tuesday, 13 May 2025
AM BEST TO PRESENT OUTLOOK ON PHILIPPINE NON-LIFE INSURANCE AT INDUSTRY SUMMIT
KUALA LUMPUR, May 13 (Bernama) -- AM Best will be represented at the Philippine Insurance Summit 2025, with senior financial analyst Susan Tan scheduled to deliver a presentation on the company’s outlook for the Philippine non-life insurance sector.
According to the global rating agency in a statement, the summit will be held on May 20 in Makati City, Philippines.
Tan, who is based in Singapore, manages a portfolio of rated insurers across the Asia Pacific region and will share insights into market developments and expectations for the Philippine insurance landscape.
Also attending the summit are AM Best managing director and chief executive officer for Asia Pacific Rob Curtis and market development analyst Johnathan Wong, who will be available for meetings with industry stakeholders.
Organised by the Insurance Institute for Asia and the Pacific (IIAP) in partnership with the Philippine Insurers and Reinsurers Association (PIRA), the summit carries the theme “Shaping the Future of Insurance: A Collaborative Path to Sustainability”.
The event will bring together industry professionals to discuss emerging trends, challenges and opportunities in the evolving insurance sector.
-- BERNAMA
Wednesday, 7 May 2025
Antalpha Announces Launch of Initial Public Offering
SINGAPORE, May 7 (Bernama-GLOBE NEWSWIRE) -- Antalpha Platform Holding Company (“Antalpha” or the “Company”) today announced that it has launched the roadshow for its proposed initial public offering of 3,850,000 ordinary shares with expected pricing between $11.00 and $13.00 per ordinary share. Antalpha expects to grant the underwriters a 30-day option to purchase an additional 577,500 ordinary shares to cover over-allotments, if any. The Company has applied to list its ordinary shares on the Nasdaq Global Market under the ticker symbol “ANTA.”
Roth Capital Partners and Compass Point are joint book-running managers for the proposed offering.
The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to this proposed offering, when available, may be obtained by visiting EDGAR on the SEC's website at www.sec.gov. Alternatively, copies of the preliminary prospectus, when available, may be obtained from: Roth Capital Partners, LLC, 888 San Clemente Drive, Suite 400, Newport Beach, CA 92660 Attn: Prospectus Department, by phone: (800) 678-9147, or by email at rothecm@roth.com; or Compass Point Research & Trading, LLC, Attention: Syndicate, 1055 Thomas Jefferson Street, N.W. Suite 303, Washington, D.C. 20007, or by email to: syndicate@compasspointllc.com.
A registration statement on Form F-1 relating to the proposed offering of these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release is being made pursuant to, and in accordance with, Rule 134 under the Securities Act of 1933, as amended, and shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Antalpha
Antalpha is a leading fintech company specializing in providing financing, technology and risk management solutions to institutions in the digital asset industry. As the primary lending partner of Bitmain, Antalpha offers Bitcoin supply chain and margin loans through the Antalpha Prime technology platform, which allows customers to originate and manage their digital asset loans, as well as monitor collateral positions with near real-time data.
Contact
Investor Relations: ir@antalpha.com
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about Antalpha’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Antalpha’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Antalpha does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f0c7d150-bab1-4305-b435-3075d23fa0ad
SOURCE: Antalpha Platform Holding Company
DISCLAIMER: BERNAMA MREM are not accountable for any causes of website defacement, misuse, or illegal activities connected to cryptocurrency, blockchain, tokenisation, or bitcoin. This material should not be considered as guidance or an opinion, as it does not constitute financial or investment advice. Use this information at your own risk; we are not liable for any losses or damages caused by the republication of this article.
--BERNAMA
Roth Capital Partners and Compass Point are joint book-running managers for the proposed offering.
The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to this proposed offering, when available, may be obtained by visiting EDGAR on the SEC's website at www.sec.gov. Alternatively, copies of the preliminary prospectus, when available, may be obtained from: Roth Capital Partners, LLC, 888 San Clemente Drive, Suite 400, Newport Beach, CA 92660 Attn: Prospectus Department, by phone: (800) 678-9147, or by email at rothecm@roth.com; or Compass Point Research & Trading, LLC, Attention: Syndicate, 1055 Thomas Jefferson Street, N.W. Suite 303, Washington, D.C. 20007, or by email to: syndicate@compasspointllc.com.
A registration statement on Form F-1 relating to the proposed offering of these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release is being made pursuant to, and in accordance with, Rule 134 under the Securities Act of 1933, as amended, and shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Antalpha
Antalpha is a leading fintech company specializing in providing financing, technology and risk management solutions to institutions in the digital asset industry. As the primary lending partner of Bitmain, Antalpha offers Bitcoin supply chain and margin loans through the Antalpha Prime technology platform, which allows customers to originate and manage their digital asset loans, as well as monitor collateral positions with near real-time data.
Contact
Investor Relations: ir@antalpha.com
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about Antalpha’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Antalpha’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Antalpha does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f0c7d150-bab1-4305-b435-3075d23fa0ad
SOURCE: Antalpha Platform Holding Company
DISCLAIMER: BERNAMA MREM are not accountable for any causes of website defacement, misuse, or illegal activities connected to cryptocurrency, blockchain, tokenisation, or bitcoin. This material should not be considered as guidance or an opinion, as it does not constitute financial or investment advice. Use this information at your own risk; we are not liable for any losses or damages caused by the republication of this article.
--BERNAMA
Tuesday, 6 May 2025
NIKE REVAMPS LEADERSHIP TEAM, PROMOTES KEY EXECUTIVES AS O'NEILL RETIRES
KUALA LUMPUR, May 6 (Bernama) -- NIKE Inc (Nike) has unveiled a strategic reorganisation of its Senior Leadership Team (SLT) to fast-track progress on the company’s "Win Now" action plan and position it for long-term growth.
In a statement, the company said its President and Chief Executive Officer (CEO), Elliott Hill, along with outgoing President of Consumer, Product, and Brand, Heidi O’Neill, announced that leadership responsibilities will now be split into three distinct areas.
These areas are Consumer and Sport, Marketing, and Product Creation, which includes Innovation and Design. These divisions will report directly to Hill.
Following this reorganisation, O’Neill will retire after 26 years with the company, remaining in an advisory role until September.
Hill praised her lasting influence on Nike’s brand and innovation, crediting her for putting athletes at the core of the company’s vision.
He also expressed confidence in the revamped structure, stating that the appointments would enable Nike to fully leverage its competitive strengths and maintain its focus on sport and athletes.
In line with the leadership changes, Amy Montagne, formerly Vice President (VP)/General Manager of Global Women’s, has been appointed Nike President, tasked with driving growth and strengthening consumer engagement across all sports.
Phil McCartney, who previously held the role of VP, Footwear, has been promoted to Executive Vice President (EVP), Chief Innovation, Design & Product Officer, overseeing innovation and product creation for Nike, Jordan and Converse.
Nicole Graham has been elevated to EVP, Chief Marketing Officer (CMO), from her previous position as CMO, where she will lead brand storytelling and global marketing efforts for all three brands.
Meanwhile, Dr Thomas Clarke, who has been serving as strategic advisor to the CEO, takes on the new position of Chief Growth Initiatives Officer, focusing on Nike's long-term expansion strategies.
-- BERNAMA
In a statement, the company said its President and Chief Executive Officer (CEO), Elliott Hill, along with outgoing President of Consumer, Product, and Brand, Heidi O’Neill, announced that leadership responsibilities will now be split into three distinct areas.
These areas are Consumer and Sport, Marketing, and Product Creation, which includes Innovation and Design. These divisions will report directly to Hill.
Following this reorganisation, O’Neill will retire after 26 years with the company, remaining in an advisory role until September.
Hill praised her lasting influence on Nike’s brand and innovation, crediting her for putting athletes at the core of the company’s vision.
He also expressed confidence in the revamped structure, stating that the appointments would enable Nike to fully leverage its competitive strengths and maintain its focus on sport and athletes.
In line with the leadership changes, Amy Montagne, formerly Vice President (VP)/General Manager of Global Women’s, has been appointed Nike President, tasked with driving growth and strengthening consumer engagement across all sports.
Phil McCartney, who previously held the role of VP, Footwear, has been promoted to Executive Vice President (EVP), Chief Innovation, Design & Product Officer, overseeing innovation and product creation for Nike, Jordan and Converse.
Nicole Graham has been elevated to EVP, Chief Marketing Officer (CMO), from her previous position as CMO, where she will lead brand storytelling and global marketing efforts for all three brands.
Meanwhile, Dr Thomas Clarke, who has been serving as strategic advisor to the CEO, takes on the new position of Chief Growth Initiatives Officer, focusing on Nike's long-term expansion strategies.
-- BERNAMA
Monday, 5 May 2025
EXP REALTY PROMOTES FELIX BRAVO TO MANAGING DIRECTOR, INTERNATIONAL
KUALA LUMPUR, May 5 (Bernama) -- Independent real estate brokerage, eXp Realty has announced the promotion of Felix Bravo to Managing Director, International, a key move accelerating the company’s mission to build the most empowering global brokerage in the world.
In this elevated role, Bravo will lead international growth and circle-based innovation, building an agent-first infrastructure in every country and empowering regional leaders to launch, scale, and sustain agent success at the local level.
“Felix is building the playbook for global scale, rooted in trust, systems, and agent success. He is not just launching countries; he is empowering leadership and creating infrastructure that helps agents thrive anywhere,” said eXp Realty Founder and eXp World Holdings Chief Executive Officer, Glenn Sanford.
Meanwhile, Bravo said: “I have seen what eXp’s model can do when it is locally led and globally connected. This next chapter is about scaling that power, creating systems that last, leaders who thrive, and communities of agents that grow stronger together.”
Bravo has delivered some of the most successful international launches in company history, including Perú and Türkiye, each marked by trusted local leadership, strong agent activation, and scalable systems built from the ground up.
According to a statement, the company's next expansion is Egypt, with multiple markets in development as it moves toward its 2030 target of 50 countries and 50,000 agents globally.
Bravo’s mandate includes launching new countries with operational precision, reinforcing existing ones through local autonomy, and driving global alignment across agent enablement, tech infrastructure, as well as artificial intelligence-powered operations.
With Bravo at the helm, eXp Realty enters its boldest phase of international expansion by relentlessly focusing on agent outcomes, tech-powered scale, and durable growth in every market.
-- BERNAMA
In this elevated role, Bravo will lead international growth and circle-based innovation, building an agent-first infrastructure in every country and empowering regional leaders to launch, scale, and sustain agent success at the local level.
“Felix is building the playbook for global scale, rooted in trust, systems, and agent success. He is not just launching countries; he is empowering leadership and creating infrastructure that helps agents thrive anywhere,” said eXp Realty Founder and eXp World Holdings Chief Executive Officer, Glenn Sanford.
Meanwhile, Bravo said: “I have seen what eXp’s model can do when it is locally led and globally connected. This next chapter is about scaling that power, creating systems that last, leaders who thrive, and communities of agents that grow stronger together.”
Bravo has delivered some of the most successful international launches in company history, including Perú and Türkiye, each marked by trusted local leadership, strong agent activation, and scalable systems built from the ground up.
According to a statement, the company's next expansion is Egypt, with multiple markets in development as it moves toward its 2030 target of 50 countries and 50,000 agents globally.
Bravo’s mandate includes launching new countries with operational precision, reinforcing existing ones through local autonomy, and driving global alignment across agent enablement, tech infrastructure, as well as artificial intelligence-powered operations.
With Bravo at the helm, eXp Realty enters its boldest phase of international expansion by relentlessly focusing on agent outcomes, tech-powered scale, and durable growth in every market.
-- BERNAMA
Perma-Pipe FY24 Sales Up, Backlog Doubles To US$138 Mln
KUALA LUMPUR, May 2 (Bernama) -- Perma-Pipe International Holdings Inc reported full-year net income of US$9.0 million for fiscal 2024 (FY24), down from US$10.5 million a year earlier due to the absence of a one-time US$5.9 million non-cash tax benefit recognised in 2023. (US$1=RM4.31)
Excluding that tax gain, net income rose by US$4.4 million, reflecting stronger operational performance, according to a statement.
The piping systems manufacturer generated net sales of US$45.0 million for the fourth quarter, marking an increase of US$4.8 million, while annual sales reached US$158.4 million, a 7.7 per cent year-over-year increase, driven by higher sales volumes in the Middle East and Canada.
Its chief executive officer, David Mansfield said the company’s backlog more than doubled to US$138.1 million, a 102 per cent year-over-year increase, positioning Perma-Pipe for continued growth in fiscal 2025.
He also cited strong contributions from the firm’s Saudi joint venture and early momentum at its new Vars, Ontario facility in Canada.
Quarterly and full-year income before taxes reached US$5.3 million and US$18.5 million, respectively, driven by a continued shift toward higher-margin products and services.
Gross profit improved to US$53.2 million, or 34 per cent of sales, compared to US$41.5 million, or 28 per cent in the prior year.
General and administrative expenses increased to US$28.0 million, reflecting higher compensation and professional fees. Selling expenses fell by US$0.4 million, aided by reduced borrowings and lower rates.
Looking ahead, Mansfield noted recent large-scale project wins and strong performance across key regions, including the Middle East and North America, as drivers of continued growth and positioning for future mega-project participation.
-- BERNAMA
Saturday, 3 May 2025
xSuite Asia To Host 2025 User Conference In Singapore On May 29
KUALA LUMPUR, May 2 (Bernama) -- xSuite Asia will hold its 2025 User Conference on May 29 in Singapore, offering information technology (IT) and finance professionals an in-depth look at future-ready technologies including artificial intelligence (AI), invoice processing, SAP S/4HANA, cloud computing and SAP Clean Core strategies.
In a statement, the company said under the theme "One Team. One Journey", the software provider showcases innovations and solutions for the finance sector.
A major highlight of the conference will be a customer keynote sharing real-world insights into the implementation of xSuite’s automated invoice processing solution. The session will outline the project’s setup, challenges encountered, and the measurable results achieved.
The conference will focus on finance technologies with a forward-looking perspective, showcasing its latest product roadmap while exploring how trends such as AI and cloud platforms are reshaping the finance landscape.
The agenda includes a deep dive into xSuite’s Prediction Server, an AI-powered tool supporting invoice processing in SAP environments.
The session will explore its expanding capabilities across finance workflows and the use of large language models (LLMs) to enhance document recognition and data extraction.
Another key session will focus on SAP S/4HANA migration and Clean Core strategy. Participants will gain insights into xSuite’s SAP-integrated Business Solutions 6.0 and offerings developed on the SAP Business Technology Platform (BTP), including for private cloud environments.
The event will conclude with networking opportunities and strategic discussions on customer requirements, digital transformation best practices, and xSuite’s role as a premium technology partner.
-- BERNAMA
Friday, 2 May 2025
AKWEL Q1 REVENUE SLIPS 4.0 PCT ON WEAK AUTO OUTPUT, 2025 OUTLOOK UNCHANGED
KUALA LUMPUR, May 2 (Bernama) -- AKWEL, a French automotive parts supplier specialising in fluid management and components for electric vehicles, posted first-quarter (QI) 2025 revenue of 255.6 million euros, down 4.0 per cent on a like-for-like basis as global auto production weakened in most key markets outside China and Japan. (1 Euro = RM4.87)
According to AKWEL in a statement, revenue declined across core regions, with Europe, the Middle East and Africa (EMEA) down 3.8 per cent to 170.7 million euros and the Americas down 1.9 per cent to 76.4 million euros.
However, the Asian region registered a modest increase of 2.8 per cent to 8.5 million euros.
Meanwhile, Products and Functions turnover dropped 3.3 per cent to 247.8 million euros, though demand in the Decontamination (10.4 per cent) and Cooling (4.5 per cent) segments remained resilient.
However, other segments such as Air, Mechanisms and Fuel saw declines of 27.1 per cent, 8.7 per cent and 2.7 per cent, respectively. The Tools division remained relatively stable, with a turnover of 5.6 million euros.
AKWEL reported consolidated net cash, excluding lease liabilities, of 149.6 million euros at the end of March, an increase of 4.6 million euros compared to Dec 31, 2024, despite reduced investments of 8.6 million euros, down from 20.2 million euros a year earlier.
Citing continued market uncertainty and muted production trends, AKWEL maintained its outlook, anticipating a decrease in 2025 revenue similar to that recorded in 2024.
-- BERNAMA
According to AKWEL in a statement, revenue declined across core regions, with Europe, the Middle East and Africa (EMEA) down 3.8 per cent to 170.7 million euros and the Americas down 1.9 per cent to 76.4 million euros.
However, the Asian region registered a modest increase of 2.8 per cent to 8.5 million euros.
Meanwhile, Products and Functions turnover dropped 3.3 per cent to 247.8 million euros, though demand in the Decontamination (10.4 per cent) and Cooling (4.5 per cent) segments remained resilient.
However, other segments such as Air, Mechanisms and Fuel saw declines of 27.1 per cent, 8.7 per cent and 2.7 per cent, respectively. The Tools division remained relatively stable, with a turnover of 5.6 million euros.
AKWEL reported consolidated net cash, excluding lease liabilities, of 149.6 million euros at the end of March, an increase of 4.6 million euros compared to Dec 31, 2024, despite reduced investments of 8.6 million euros, down from 20.2 million euros a year earlier.
Citing continued market uncertainty and muted production trends, AKWEL maintained its outlook, anticipating a decrease in 2025 revenue similar to that recorded in 2024.
-- BERNAMA
Saturday, 26 April 2025
Redefining Global Talent Search in Footwear & Apparel: Chester Sullivan-Manders Launches Trident Partners Global
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| Redefining Global Talent Search in Footwear & Apparel: Chester Sullivan-Manders Launches Trident Partners Global |
SINGAPORE, April 24 (Bernama-BUSINESS WIRE) -- Drawing on over 25 years of Search and Selection, including 16 years solely dedicated to Sourcing and Supply Chain within global footwear and apparel sectors, Chester Sullivan-Manders proudly announces his latest venture: Trident Partners Global Pte Ltd.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250416125680/en/
Headquartered in Singapore, Trident Partners Global is a highly specialized search and selection firm focused on placing high-impact talent within the complex ecosystems of sourcing, manufacturing, and supply chain. With clients ranging from global market leaders to cutting-edge startups, the firm is already recognized as a trusted ally in solving some of the industry’s most strategic people challenges.
“I’ve spent the past sixteen years partnering with brands that move the world — both in scale and innovation,” said Chester Sullivan-Manders, Founder and Principal Consultant. “This next chapter reflects my continued belief that the right people, placed in the right environments, are what truly transform businesses. Trident Partners Global was established to be the trusted partner of choice for companies committed to building world-class sourcing and supply chain teams.”
With a widely recognized track record among industry leaders and an already unrivalled global network, the firm is primed for strategic growth. Sullivan-Manders will be launching a formal U.S. presence in Q4 2025, followed by an expansion into Europe in Q3 2026. This global vision is underpinned by his unrivaled network, deep domain knowledge, and reputation for discretion, authenticity, and delivery.
Trident Partners Global places professionals from mid-management through to C-suite executives, with an emphasis on category-specific expertise in lifestyle, sporting goods, outdoor, and fast fashion. The firm also advises on talent acquisition, strategic hiring and long-term succession planning.
To learn more, visit www.tridentpg.com or contact Chester directly at Chester@tridentpg.com.
About Trident Partners Global
Founded by industry expert Chester Sullivan-Manders, Trident Partners Global is a specific talent firm delivering executive and leadership searches across the global footwear, apparel, sourcing and supply chain sectors.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250416125680/en/
Friday, 25 April 2025
Uni-Fuels Announces Full Year 2024 Financial Results
Year-Over-Year increases in Sales of Marine Fuels, Total Revenues and Gross Profit
SINGAPORE, April 23 (Bernama-GLOBE NEWSWIRE) -- Uni-Fuels Holdings Limited (NASDAQ: UFG), (“Uni-Fuels” or the “Company”), a global provider of marine fuel solutions headquartered in Singapore, today announced its financial results for year ended December 31, 2024.
Recent Developments
· On January 15, 2025, the Company closed its initial public offering (the “Offering”) of 2,100,000 Class A Ordinary Shares at a public offering price of $4.00 per share, for total gross proceeds of $8.4 million, before deducting underwriting discounts and commissions. All of the Class A Ordinary Shares are offered by Uni-Fuels. The Class A Ordinary Shares commenced trading on Nasdaq Capital Market on January 14, 2025, under the ticker symbol “UFG”.
· On February 4, 2025, the Underwriter exercised the over-allotment option (the “Over-Allotment Option”) in full to purchase additional 315,000 Class A Ordinary Shares from the Company at the public offering price of $4.00 per share, generated gross proceeds of $1.26 million. After giving effect to the full exercise of the Over-Allotment Option, the total number of Class A Ordinary Shares sold by the Company in the Offering increased to 2,415,000 Class A Ordinary Shares and the gross proceeds increased to $9.66 million, before deducting underwriting discounts and commissions.
Main Highlights:
· In 2024, Sales of Marine Fuels reached US$155.2 million, an increase of US$85.0 million, 121% Year-Over-Year, compared to approximately US$70.2 million in 2023. As a result, Total Revenues reached US$155.2 million an increase of US$84.4 million, 119% YOY, versus US$70.8 million in 2023.
· Cost Of Revenues increased approximately US$83.5 million or 122% from approximately US$68.5 million in 2023 to US$152.0 million in 2024, mainly due to growth in sales of marine fuels with increasing cost to acquire marine fuels for sales.
· Gross Profit was US$2.3 million in 2023 and increased YOY in 2024 by US$0.9 million, 40%, to US$3.2 million.
· Total Operating Expenses rose from US$0.9 million in 2023 to approximately US$3.0 million, a YOY increase of US$2.1 million or 236%.
· As a result of these factors, Net Income decreased from US$1.2 million in 2023 to US$0.2 million in 2024, a YOY decrease of approximately US$1.0 million or 86%.
Management Commentary
“We are pleased to present our first annual results as a publicly listed company, marking a transformative year for our business and laying the groundwork for accelerated global growth” said Mr. Koh Kuan Hua, Chairman & CEO of Uni-Fuels. “Our listing on Nasdaq on January 14 of this year represents a significant milestone in our corporate journey and a strategic effort to strengthen our capital base and enhance our market presence in an increasingly competitive and globalized industry. Looking ahead, we remain confident in our capacity to capture further market share and scale our operations responsibly and efficiently to build on our early success and deliver sustained value to our shareholders.”
The Company anticipates ongoing growth in 2025, driven by its global expansion in key markets and enhanced operational efficiency, positioning it to achieve continuous improvements in revenue and profitability year-over-year.
Financial Results for the Year Ended December 31, 2024
Revenues
Total revenues increased significantly by 119% from US$70.8 million for the year ended December 31, 2023 to US$155.2 million for the year ended December 31, 2024. This substantial increase was primarily driven by a pronounced rise in sales of marine fuels. This growth was partially offset by a decrease in brokerage commissions, part of a strategic shift in the Company’s revenue mix.
Sales of marine fuels – Sales of marine fuels increased by approximately US$85.0 million, or 121%, from approximately US$70.2 million for the year ended December 31, 2023, to approximately US$155.2 million for the year ended December 31, 2024. This increase was attributable to strategic initiatives aimed at strengthening core business activities within the sales sector. The expansion of the Company’s sales and marketing department through additional hiring enabled the Company to conduct its own marine fuels sales. As a result, the Company substantially broadened its customer base and increased the number of ports served during the year ended December 31, 2024. The number of customers for marine fuel sales nearly doubled from 83 customers in the year ended December 31, 2023 to 156 customers in the year ended December 31, 2024, while the number of ports served rose from 51 to 87 over the same period. The successful expansion into new customer bases and supply ports resulted in a substantial increase in both the number of customers and ports where the Company arranged marine fuels supplies, subsequently leading to substantial revenue growth.
Brokerage commissions – Brokerage commissions decreased by approximately US$0.6 million or 98% to US$12,150 for the year ended December 31, 2024, from approximately US$0.6 million for the year ended December 31, 2023. This decline was primarily due to a strategic shift towards enhancing sales activities. By allocating more resources through recruiting sales and marketing specialists and other personnel, the Company decided to leverage its resources for sales instead of referring deals to other parties for brokerage commissions during the year ended December 31, 2024. The significant reduction in the number of brokerage transactions referred, which dropped to 1 for the year ended December 31, 2024, from 85 for the year ended December 31, 2023, is reflected in the decrease in the Company’s brokerage commissions.
Cost of revenues
Cost of revenues increased by approximately US$83.5 million or 122% from approximately US$68.5 million for the year ended December 31, 2023 to US$152.0 million for the year ended December 31, 2024. The increase was mainly attributable to the growth in sales of marine fuels with increasing costs to acquire marine fuels for sales.
Gross profit
Gross profit increased by approximately US$0.9 million or 40%, from approximately US$2.3 million for the year ended December 31, 2023 to approximately US$3.2 million for the year ended December 31, 2024. The total gross profit margin for the year ended December 31, 2024, was approximately 2.1%, compared to approximately 3.2% for the year ended December 31, 2023.
Gross profit margin for sales of marine fuels decreased to 2.1% for the year ended December 31, 2024 from 2.3% for the year ended December 31, 2023. This decline was primarily due to the strategic focus on expanding market presence and capturing additional market share for the reselling business. As part of the Company’s growth strategy, resources were dedicated to acquiring new customers by offering competitive prices in line with market conditions to increase market share.
Despite decreases in gross profit and gross profit margin, these decisions were part of a strategy to drive sales, expand market share, and adapt to prevailing market dynamics. By offering more competitive pricing and strategically allocating resources, the Company is able to strengthen its market position and enhance long-term profitability.
Operating expenses
Selling and marketing expenses increased to US$0.7 million for the year ended December 31, 2024, from US$0.2 million for the year ended December 31, 2023, primarily driven by the expansion of sales activities. Personnel were added in the sales and marketing department to strengthen customer relationships. Additionally, efforts in building and nurturing relationships with customers and business partners increased, along with business travel and marketing activities, contributing to the substantial increase.
General and administrative expenses increased by US$1.7 million to US$2.3 million for the year ended December 31, 2023, compared to US$0.7 million for the year ended December 31, 2023. One significant factor was the expansion of the workforce through the recruitment of administrative staff and key management personnel to enhance operational efficiency. Professional fees related to auditing consolidated financial statements, consulting services regarding leasing new office premises, and negotiating banking facilities for business financing also contributed to the increase. These factors collectively increased total general and administrative expenses compared to the preceding year, reflecting the Company’s concerted efforts to support operational growth and strategic initiatives.
Other income
Other income increased by US$46,046 from US$9,037 for the year ended December 31, 2023 to US$55,083 for the year ended December 31, 2024. The increase was mainly due to interest income earned from fixed deposits and an increase in other ancillary service income not within the scope of ASC 606.
Income before income taxes
Income before income taxes of US$0.3 million and US$1.4 million for the years ended December 31, 2024 and 2023, respectively. The decrease was primarily due to lower margins resulting from increased sales activities and higher operating costs during the expansion of the Company’s operations through the recruitment of staff and additional operating expenses to support growth initiatives and enhance overall capabilities during the year ended December 31, 2024.
Income tax expense
Income tax expense decreased from US$0.2 million for the year ended December 31, 2023 to US$0.1 million for the year ended December 31, 2024. The decrease was in tandem with the decrease in income before income taxes.
Net income
As a result of the foregoing factors, net income decreased by 86% from US$1.2 million for the year ended December 31, 2023 to US$0.2 million for the year ended December 31, 2024.
About Uni-Fuels Holdings Limited
Uni-Fuels is a fast-growing global provider of marine fuel solutions, helping shipping companies optimize fuel procurement across all markets and time zones. Founded in 2021, Uni-Fuels has evolved from modest beginnings into a dynamic, forward-thinking company. Backed by a passionate team and a growing presence across multiple locations, it has forged trusted partnerships with customers, supporting them in achieving their operational objectives with confidence, from shore to shore.
For more information, visit www.uni-fuels.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”, “should”, “can have”, “likely” and other words and terms of similar meaning. Forward-looking statements represent Uni-Fuels’ current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and other factors discussed in the “Risk Factors” section of the registration statement filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
Contact Information
For Investor Relations:
Uni-Fuels Holdings Ltd
Email: investors@uni-fuels.com
Skyline Corporate Communications Group, LLC
Email: info@skylineccg.com
Click here for Uni-Fuels Holdings Limited attachments
SOURCE: UNI-FUELS Holdings LTD.
--BERNAMA
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