7-Eleven Malaysia, a wholly owned subsidiary of 7-Eleven Malaysia Holdings Berhad and the No.1 standalone convenience store chain in the country has signed a memorandum of understanding (MOU) with Brahim’s SATS Food Services Sdn. Bhd., a 51%-owned subsidiary of Brahim’s Holdings Berhad (BHB) that will enable the leading halal in-flight caterer to penetrate a wider market via 7-Eleven’s close to 2000 stores network all across Malaysia. The deal is in line with the objective of the strategic partnership between BHB and SATS Ltd. (SATS) to venture into non-airline business in Malaysia. In the agreement, Brahim’s SATS Food Services Sdn. Bhd.…
Author: Business News Asia
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First Deputy CEO for Corporate Development and International Business of ROSATOM Kirill Komarov and Deputy Energy Minister of Laos Sinava Souphanouvong signed a memorandum on cooperation in the field of nuclear energy for peaceful purposes. The document was signed in Moscow in the presence of General Director of the State Corporation ROSATOM Sergey Kiriyenko and Deputy Prime Minister of the Lao Peoples Democratic Republic Somsavat Lengsavad during his visit to Russia. In the framework of the memorandum the parties plan to cooperate in the field of design, construction and operation of nuclear power and research reactors; conducting fundamental and applied…
One of China’s state-owned big-four banks, Bank of China, is opening a branch in Brunei, becoming the first Chinese financial institution to establish a presence in the sultanate. The bank has been granted approval for its Brunei branch opening, which is part of its move to extend its network coverage to all ten countries in the Association of Southeast Asian Nations (ASEAN). Read Also: Italy To Hear Money-Laundering Case Against Bank of China, 297 Others In 2016 In a statement, Bank of China described Brunei as one of the most important countries along the Belt and Road route that is politically…
International Container Terminal Services Inc (PSE:ICT) gained 3.65 percent in today’s trading at the Philippine Stock Exchange to end the day at P66.65 a piece after it declared cash dividends. ICT, which operates, manages, develops, and acquires container terminals, tops the 22 blue chips that gained in today’s trading against the five stocks that declined. Three blue chips – DMCI Holdings Inc (PSE:DMC), Jollibee Foods Corporation (PSE:JFC), and Semirara Mining and Power Corporation (PSE:SCC) – were flat in today’s trading. ICT’s gain can be attributed to the company’s announcement of a Php0.91 cash dividend per share for stockholders of record…
SYDNEY – Allegra Orthopaedic Limited (Allegra) (ASX:AMT) has announced the appointment of Jenny Swain as its Chief Executive Officer with effect from 2 May 2016. In a disclosure to the Australian Securities Exchange (ASX), the company said the appointment of Swain as new CEO follows a strategy review based on the decision to place a greater emphasis on sales and marketing by outsourcing Allegra’s manufacturing activities. “The appointment was based on a recommendation from Chris Calamos who will step down from his role as CEO and Chief Financial Officer,” the company said. Read Also: Corporate Travel Management Leads Gainers on ASX Chris…
Southeast Asia is now the top investment destination for a number of large Chinese corporations over the next three years, following a record-breaking first quarter 2016 investment in the United States and Europe. A survey conducted by law firm Herbert Smith Freehills showed that more mainland-based companies have marked the region as a focus for investment. The survey said mainland-based companies are expected to follow the move of Alibaba, which paid USD1bn to acquire a controlling stake in Singapore-based online shopping start-up Lazada. Southeast Asia’s Top Investment Destinations Malaysia was identified as the principal destination for Chinese deals, particularly its energy…
Max’s Group Inc (MGI; PSE:MAXS) intends to penetrate a major food and beverage hub in Southeast Asia – Singapore – by opening Yellow Cab Pizza stores in the city-state. MGI recently sealed a development agreement with Pagh Pte Ltd to build at least 5 Yellow Cab Pizza stores in Singapore. “We are thrilled with the opportunity to bring Yellow Cab Pizza in a highly strategic market such as Singapore. We are confident that our mainstream offerings and value proposition will allow us to stay competitive alongside some of the biggest global food names,” said Max’s Group President and CEO Robert…
The launch of new online travel booking website lifted Corporate Travel Management (CTM, ASX:CTD)’s stock on Wednesday’s trading at the Australian Securities Exchange (ASX). CTM’s stock gained 6.585% to end the day at 13.92 a share, up 0.860 from a day earlier. A total of 385,438 shares exchanged hands. Shares opened at 13.060 and reached a day’s high of 14.000 following the announcement that CTM has joined forces with Australia’s most popular shopping rewards program, flybuys, with the launch of a new online travel booking website, flybuys travel. (www.flybuystravel.com.au). Australia’s newest travel booking website is a one-stop online destination offering…
Mabuhay Inteflour Mill Inc (MIMI) has entered into a P998-million, seven-year loan deal with BDO Unibank Inc (BDO) to partly finance the construction of its flour mill within a 5.2-hectare property in Subic Bay Gateway Park Phase II. MIMI is the Philippine subsidiary of Interflour Group Pte Ltd of Singapore, one of the largest flour millers in Asia. In a disclosure to the Philippine Stock Exchange, BDO said the project, which is expected to be completed early 2017, involves the milling of wheat into food flour for direct sale to consumers, distributors, and retailers in the country as well as…
D.M. Consunji, Inc. (PSE:DMC) has completed the construction of a P900 million state-of-the-art steel plant in Calaca, Batangas. The newest high capacity steel fabrication plant in the country, the DMCI facility uses machine tool technology from Peddinghaus Corporation and Voortman Steel Machinery. Both are globally acknowledged suppliers of innovative machine tool technology for structural steel and plate fabrication, the company said in a disclosure to the Philippine Stock exchange. The last known high capacity steel fabrication plant in the Philippines was established in the 1980s. The DMCI steel plant has the capacity to fabricate heavy steel sections for power plants,…
The Mt. Apo geothermal plants of Energy Development Corporation (EDC) remain unaffected by the on-going fire in Mt. Apo and are operating normally, the EDC (PSE:EDC) said in a disclosure to the Philippine Stock Exchange. The fire is approximately 7 kilometers from the Mt Apo Geothermal Business Unit’s perimeter. “This is the third forest fire on Mt. Apo in 20 years and we are keenly aware of the fire risks at Mt. Apo when there is drought. Our forest protection rangers have the skills, equipment and training for this type of event. Having planted over 2.5 million trees that we…
Philippine Seven Corporation (PSC), the local licensee of 7-Eleven Convenience Stores, registered a 15.4 percent growth in net income in 2015 enabling it to surpass the 1.0 billion peso-mark. The improved financial performance was largely driven by the increase in sales of all corporate and franchise-operated stores, which grew by 25.3% to P25.8 billion from P20.6 billion in 2014. PSC ended 2015 with a total of 1,602 stores all over the country, up by 25.0% compared with same period in the preceding year. The Company achieved another milestone by entering Mindanao. It opened stores in Davao City and Cagayan de Oro during the…
Security Bank Corporation (PSE: SECB) and The Bank of Tokyo Mitsubishi UFJ, Ltd. (BTMU) have completed the strategic partnership deal signed last January 14, 2016. Security Bank received capital investment of Php 36.9 billion from BTMU. In turn, SECB issued to BTMU 150,707,778 common shares and 200,000,000 preferred shares, representing BTMU’s 20% ownership of the voting stock in Security Bank. The strategic partnership was earlier approved by the Bangko Sentral ng Pilipinas (BSP) on February 24, 2016. BTMU is now the second largest shareholder of Security Bank. Security Bank is now an equity affiliate of BTMU. The Dy Group remains…
Elders (ASX:ELD) has re-acquired 10% of Elders Insurance Underwriting Agency Pty Limited (EIUA) from QBE. Elders sold the final tranche of its investment in EIUA to QBE in June 2014 to retire debt. Elders has purchased the holding in EIUA for the same net profit after tax multiple that applied when Elders sold the stake to QBE. The purchase price, which is confidential, will be funded by Elders from free cash flow. EIUA is the vehicle through which insurance product branded “Elders Insurance” is distributed to rural and regional Australia through a network of Elders Insurance franchisees. EIUA franchisees are…
New Zealand Oil & Gas has applied to the Australian Securities Exchange (ASX) for removal from the official list of ASX. The company will continue to be listed on the New Zealand Stock Exchange (NZX) and trading on the NZX will continue after the ASX delisting process. “For 34 consecutive years since our company was founded, NZX has provided a reliable, well-regulated platform with ample liquidity for our shareholders,” said chairman Rodger Finlay. Finlay said the company’s board of directors has noted that trading in the company’s shares on the ASX consistently suffers from poor liquidity and low daily trading…
Public Bank Berhad (PBB) has on 24 March 2016 received the 100 percent foreign-owned bank license from the State Bank of Vietnam (SBV) in relation to PBB’s acquisition of the remaining 50 percent equity capital in VID Public Bank (VPB), the 50:50 joint venture bank with Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV). Effective 1 April 2016, VPB will become a 100 percent wholly-owned subsidiary of PBB and will be renamed as Public Bank Vietnam Limited (PBVN). Under the terms of the foreign-owned bank license, PBVN has been granted a term of operations of 99 years.…
AUSTRALIA – Norwest Energy NL (ASX:NWE) announced that Peter Munachen has resigned as Chief Executive Officer and Executive Director of the company effective 31 March 2016. In a disclosure to the Australian Securities Exchange, Norwest Energy said Munachen has resigned on 24 March. John Annand will continue in his role as acting CEO until a permanent appointment is made. Munachen became a director of Norwest Energy on 26 November 2003 and was appointed CEO on 3 December 2008. A chartered accountant and a former partner in an international accounting practice, Munachen has considerable experience in the resource sector. During his…
Ariadne Australia Limited (ASX:ARA) has announced that it has completed the sale of its interests in both the Port Macquarie and Batemans Bay marinas. In a disclosure to the Australian Securities Exchange (ASX), Ariadne Australia Limited executive director Gary Weiss said the sale of Port Macquarie and Batemans Bay marinas was for $3.5 million and in line with book value. As part of the transaction, the bank debt associated with the Port Macquarie marina was repaid, further reducing the group’s overall financial leverage. Ariadne Australia Limited is an investment company listed on the Australian Securities Exchange (ASX:ARA), with operations in…
GMR Megawide Cebu Airport Corp. (GMCAC), operator of the Mactan-Cebu International Airport (MCIA), welcomes the launch of two more international destinations out of Mactan-Cebu International Airport (MCIA) via two new airline companies. This March 28, Xiamen Airlines of China is launching a route between Cebu and Xiamen of Fujian province in China. Three round-trip flights will be scheduled each week. The plane will leave Xiamen at 9am on Mondays, Wednesdays and Saturdays, arrive in Cebu at 11:55 am, and return to Xiamen one hour later. It will be utilizing a Boeing 737 aircraft with a 170-seat capacity. Xiamen Air has…
ServiceSource, the global leader in customer and revenue lifecycle solutions with 2015 revenue of more than $250 million, has officially opened its new office in the Philippines, celebrating the occasion with an official ribbon-cutting ceremony. “This marks a significant step in ServiceSource’s growth and our commitment to powering the world’s revenue relationships,” said Christopher M. Carrington, CEO of ServiceSource. “The top-quality and rapidly growing workforce in the Philippines has made it one of the most attractive markets for growing global companies, and ServiceSource is extremely proud to make the Philippines home to our newest global office and to be part…