KUALA LUMPUR, April 7 (Bernama) -- United States-headquartered AM Best has removed from under review with positive implications and upgraded the credit ratings of Hong Kong’s CMB Wing Lung Insurance Company Limited (CMBWLI).
In a statement, AM Best said CMBWLI’s Financial Strength Rating was upgraded to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” (Excellent) from “a-” (Excellent). The outlook assigned to these credit ratings (ratings) is stable.
The ratings of CMBWLI were placed under review with positive implications in October 2022, following an announcement on Sept 28, 2022 by China Merchants Bank Co Ltd (CMB) that CMBWLI would acquire the general insurance business of China Merchants Insurance Company Limited (CMI).
According to the business transfer agreement, CMI would transfer its general insurance business (including assets and liabilities related to the business) to CMBWLI, which would then issue 9,856,066 of its shares to CMI.
Subsequently, CMI will distribute all of its shares in CMBWLI to China Merchants Insurance Holdings (CMIH) and apply to the Hong Kong Insurance Authority (IA) to withdraw its authorisation to carry on general insurance business.
In addition, CMIH entered into a share subscription agreement with CMBWLI on Sept 28, 2022, to acquire 25,590,806 of CMBWLI’s new shares at a cash amount of HK$1,171 million. (HK$100=RM56.07)
Upon completion of the above transactions, CMIH will become the majority shareholder of CMBWLI by directly holding 55 per cent of its enlarged share capital, while CMB will indirectly own the remaining 45 per cent of the shares.
The ultimate parent of CMBWLI will change to China Merchants Group Limited (CMG) from CMB. The aforementioned change in shareholders has been approved by IA and the capital injection will take place in the foreseeable future.
The ratings reflect the company’s balance sheet strength, which AM Best assessed as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
CMBWLI’s overall operating performance has been consistently strong and better than average. Its five-year average return on equity was 7.6 per cent (2017–2021).
As a medium-size, non-life insurer in Hong Kong, and one of the major market players in its domestic market’s employees’ compensation segment, CMBWLI continues to demonstrate its capability to acquire insurance business with better-than-average loss experience.
-- BERNAMA
Friday, 7 April 2023
AKWEL Announces 2022 Annual Results
KUALA LUMPUR, April 6 (Bernama) -- AKWEL, the automotive and heavy goods vehicle (HGV) equipment and systems manufacturer specialising in fluid management, mechanisms and structural parts for electric vehicles, has announced its 2022 annual results.
In an automotive production market that is still subject to strong tensions, the AKWEL Group ends 2022 with a 7.4 per cent annual increase and up 11.3 per cent on a like-for-like basis.
According to AKWEL in a statement, the delay in the impacts of increases in purchase prices on sale prices weighed heavily on the Group’s results in 2022.
Its current operating income amounted to €38.6 million, representing a margin of 3.9 per cent, down 4.3 points compared to 2021, while net income Group share stands at €11.1 million. (€1 = RM4.79)
The business generated cash-flow of €48.9 million for an investment flow of €33.2 million leading to a positive net cash position of €113.7 million compared with €98.2 million at the end of 2021.
The distribution of a dividend of €0.30 per share for 2022 will be proposed at the Annual General Meeting on May 25.
For this year, AKWEL remains cautious with regard to the sector’s recovery forecasts and anticipates a slight increase in turnover and continued tension over production costs.
Operating in 20 countries across every continent, AKWEL employs 9,500 people worldwide.
-- BERNAMA
FURA GEMS LARGEST, MOST VALUABLE RUBY TO STEAL THE SHINE AT AUCTION
KUALA LUMPUR, April 6 (Bernama) -- FURA Gems Inc, a young coloured gemstone mining and marketing company, announced the Estrela de FURA will be auctioned in Sotheby's Magnificent Jewels sale, set to break records with an estimate of more than US$30 million. (US$1=RM4.40)
Unearthed from FURA’s ruby mine in Montepuez, Mozambique in July 2022, the gemstone, weighing a sizable 55.22 carats, is also poised to become the largest gem-quality ruby to ever appear at auction.
Even in its rough, untouched state, Estrela de FURA was considered by experts as an exceptional treasure of nature for its fluorescence, outstanding clarity and vivid red hue, known as ‘pigeon’s blood’, a colour traditionally associated only with Burmese rubies.
FURA Gems Founder and Chief Executive Officer, Dev Shetty said important gemstones, such as Estrela de FURA, are extremely rare, and a beautifully faceted gem-quality ruby of 55.22 carats is almost unheard of.
“Witnessing the completion of Estrela de FURA 55.22 was a monumental achievement for all of us, and we are excited that a new page in the story of this incredible gem and Mozambican rubies is about to be written with Sotheby’s,” he said in a statement.
Following an initial series of studies of the 101 carat rough crystal to determine cutting options in the beginning of year, Estrela de FURA was masterfully cut and faceted by a team of artisans.
Estrela de FURA 55.22 is poised to make history as it sets to surpass The Sunrise Ruby, a 25.59 carat ruby of Burmese origin, which sold for US$30.3 million (US$1,185,451 per carat) at Sotheby’s Geneva in 2015, and still holds the world auction record for a ruby.
This exceptionally important and rare Mozambique gem’s new journey commences at Sotheby’s Hong Kong, where it will then embark on a worldwide tour, with exhibitions scheduled in Taipei, China, Singapore, Geneva and Dubai before it stars in Sotheby’s Magnificent Jewels auction in New York on June 8.
-- BERNAMA
Thursday, 6 April 2023
4TH ANNUAL INTERNATIONAL TECHNOLOGY SUMMIT IN BERMUDA KICKS OFF APRIL11
KUALA LUMPUR, April 5 (Bernama) -- Penrose Partners, a global blockchain advisory firm, unveiled the agenda for the 4th Annual International Technology Summit, taking place April 11—14 at the Fairmont Hamilton Princess in Hamilton, Bermuda.
The event will be hosted in partnership with 3iQ Corp, a Canadian digital asset investment firm that launched the world’s first publicly traded Bitcoin investment fund and the Government of Bermuda’s Economic Development Department, according to a statement.
Penrose Partners, Sean Stapley said attendees and speakers will discuss how the digital asset industry can move forward by building stronger and more resilient ecosystems.
“We are navigating uncharted waters right now with increased regulatory oversight, and this presents an opportunity to build bridges between a new generation of infrastructure and traditional financial institutions," he said.
Featured speakers include 3iQ Corp President, Pascal St-Jean; Bloomberg Intelligence Senior Commodity Strategist, Mike McGlone; Elliptic Director of Global Policy and Regulation, Liat Shetret; and many more of the world’s leading innovators.
The summit will bring together innovators, regulators, and executives from Canada, the United States, Bermuda, India, and the United Kingdom, among others, to explore the latest breakthroughs in blockchain, artificial intelligence and fintech.
This year’s event includes numerous interactive panel discussions that will address key elements across building core infrastructure through bear markets, the regulation and evolution of decentralised finance (DeFi) and digital assets, and what the future of insurance will look like.
On April 12, the Government of Bermuda’s Economic Development Department and the Bermuda Economic Development Corporation will co-host a career fair and community education day alongside Penrose Partners.
Meanwhile, a virtual startup pitch competition globally connecting founders and investors will be featured on April 13, followed by leisure activities, networking and an outdoor afterparty on the 14th.
-- BERNAMA
VYTELLE SEALS US$20 MILLION IN SERIES B FUNDING TO EXPEDITE CATTLE GENETIC PROGRESS
KUALA LUMPUR, April 5 (Bernama) -- Vytelle, a precision livestock company, has raised US$20 million in Series B funding to accelerate genetic progress in cattle. (US$1=RM4.39)
With this new investment, Vytelle in a statement said it will continue to expand its global operations, while delivering the most accessible, reliable and predictable reproductive technology available to customers today.
The investment was led by Forage Capital Partners, a Calgary based growth equity fund that invests across the entire food and agriculture value chain.
In addition, new investor, Mountain Group Partners, joins current investors, Grosvenor Food and Ag Tech, Open Prairie, Fulcrum Global Capital, Serra Ventures and KC Rise to complete the round.
“We are delighted to have secured this new investment; this is indicative of strong market interest in our products and services.
“Our mission is clear and we are grateful for the support of our investors who join us on our journey to ensure meat and milk are viable food choices for future generations," said Vytelle Chief Executive Officer, Kerryann Kocher.
Vytelle's integrated technology platform combines Vytelle ADVANCE, a breakthrough in vitro fertilisation (IVF) technology, with Vytelle SENSE, an animal performance data capture system, and Vytelle INSIGHT, an artificial intelligence based genetic analytics engine.
As the fastest growing advanced reproduction company, Vytelle is easily accessible to more than 50 per cent of the United States cow herd.
Combining this footprint, with Vytelle’s curation of the world’s largest multibreed efficiency database, provides the infrastructure to impact bovine genetic progress rapidly.
-- BERNAMA
HONG KONG SEVENS BACK AS RUGBY LOVERS CHEER IN HONG KONG STADIUM
KUALA LUMPUR, April 5 (Bernama) -- As Hong Kong returns to the international stage, Hong Kong Sevens was finally back in the Asian world city in full swing from March 31 to April 2.
According to Hong Kong Tourism Board in a statement, this year's tournament also made history to include the first women’s competitions alongside the men’s on the same days.
The tournament gathered some of the world’s best rugby players from 28 of the premier men’s and women’s Rugby Sevens teams at the iconic Hong Kong Stadium.
New Zealand took home the champions in both men’s and women’s tournaments against strong contenders including Fiji, Australia, Great Britain, South Africa and the host Hong Kong China this year.
Rugby lovers worldwide flocked to Hong Kong to watch one of the most celebrated international tournaments and experience the adrenaline-filled atmosphere at the stadium.
Enthusiastic fans attended the sports extravaganza in creative costumes, while enjoying the immersive experience with a tremendously hyped crowd in the uniquely Hong Kong party across three days.
-- BERNAMA
THE RAINE GROUP ACQUIRES CODE ADVISORS
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| Quincy Smith (Photo: Business Wire) |
KUALA LUMPUR, April 6 (Bernama) -- The Raine Group, a global merchant bank announced it is acquiring Code Advisors, an independent merchant bank specialising in mergers and acquisitions (M&A) and capital raising for technology and media companies.
According to a statement, Code Advisors co-founders Quincy Smith and Michael Marquez will join Raine’s San Francisco office as a Partner and Special Advisor, respectively.
Smith will expand Raine’s coverage, advising on M&A and financings for technology and media clients, while Marquez will focus on managing Code’s existing investment portfolio while exploring potential new investment initiatives with The Raine Group.
“We built Raine to be true thought partners for our portfolio companies and clients, always focusing only on deals where we believe our involvement can maximise meaningful outcomes.
“Code Advisors shares that commitment, so we are thrilled to combine our networks and tap into the incredible energy, expertise and creativity Quincy brings to deal-making,” said The Raine Group co-founder and President, Brandon Gardner.
Meanwhile Smith said: “Raine’s global merchant banking model and extensive resources uniquely position them at the epicentre of technology, media and telecom, and combining Code into Raine gives us a larger platform at exactly the time when clients need a trusted Advisor.”
With over 90 completed M&A transactions and nearly 65 primarily equity financings, Code Advisors has steadily grown its technology and media client base since inception in 2010. Its notable clients include Twitter, Spotify, Vox and Warner Bros Discovery.
Since its founding in 2009, The Raine Group has emerged as a leader in technology, media and telecom deal-making with offices in New York, San Francisco, Los Angeles, Paris, London, Shanghai, Hong Kong, Singapore and Mumbai.
Currently, the firm oversees approximately US$4 billion in global growth equity and venture capital investments, with an entertainment and technology portfolio including DraftKings, SoundCloud and Imagine Entertainment. (US$1=RM4.40)
-- BERNAMA
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