South Africa: PG Bison announces $623mln future investment in new Melamine Faced Board line at Mkhondo facility
This investment incorporates the most advanced technology available globally, strengthening PG Bison's capability to deliver innovative, world-class products that align with the changing needs of customers in the markets we serve. It plays a critical role in our strategy to expand value-added product capacity, enabling us to meet growing demand from both consumers and industry in our primary markets.
The new line will also support the goals of the South African Furniture Industry Master Plan (FIMP) and the Forestry Master Plan through product innovation thereby unlocking greater localisation opportunities.
Gerhard Victor, CEO of PG Bison, remarked: 'This investment reflects KAP and PG Bison's ongoing commitment to growth and value creation for our key stakeholders. It also reaffirms our dedication to job creation and localisation of the furniture and forestry value chains.
'We appreciate the continued support from our stakeholders and look forward to sharing updates as the project progresses,' Victor adds.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
3 hours ago
- The National
‘Chance of getting our money back looks grim': UAE investors lose funds to UK asset manager
Investors from the UAE who put their funds into UK-based asset manager 79th Group are now trying to retrieve their money, after the company was placed into administration. The company sold structured loan notes secured against properties to investors and promised high annual returns ranging from 15 per cent to 18 per cent. The company claimed it used investor funds to buy properties in distress sales, refurbish them, sell them at a profit and make payouts. The 79th Group, which describes itself as a real estate and wealth management company, is being investigated by the City of London Police on suspicion of fraud. The company has denied any wrongdoing. Its website is down, and 79th Group closed its Dubai office, which opened in 2023, in the Dubai Multi Commodities Centre. Its directors are listed as David Webster, Curtis Webster and Jake Webster. Attempts by The National to get a response from the company owner and administrators were unsuccessful. The company has not met DMCC's compliance requirements and would currently not be able to renew their licence, the free zone authority told The National. The company has vacated its office in the DMCC district, it added. 'It was a high-risk investment' KR, an Abu Dhabi-based investor, said he was approached by a Dubai financial adviser who proposed the structured loan notes for investment. He invested Dh400,000 ($108,917) into the loan notes. 'It was a high-risk investment, which, unfortunately, turned out to be a Ponzi scheme. I received the first tranche of the returns, but the company defaulted before paying the second tranche and the principal amount,' he said. KR said he knows of people in the UAE who have lost millions of dirhams 'Our investor group has reported this to Action Fraud [the UK's national reporting centre for fraud and cybercrime]. We also reached out to banks to see if they can recall the funds from the receiver bank, but we did not get a satisfactory response. "We then elevated the issue to Sanadak, the UAE Central Bank's ombudsman body, but the response was not optimal. The receiver bank said the funds had been frozen since the company was placed in administration.' SS, a Dubai-based investor, was introduced to structured loan notes from the 79th Group by a financial adviser. Although he recognised there was risk involved, he transferred Dh50,000 to the company's local bank account to buy the product. 'I was offered 16 per cent, to be paid across two tranches on a half-yearly basis. But I didn't receive my first tranche of interest payment,' he said. 'Getting the money back looks very grim. Unfortunately, from the latest updates from the administrators, it looks like they have a zero balance or negative balance book.' Legal hurdles 'Administration is a formal insolvency procedure under UK law. When a company is placed in administration, control of the company passes from its directors to licensed insolvency practitioners [the administrators],' says Ahmed Kamran, associate at law firm BSA. 'The main objectives are to rescue the company as a going concern, achieve a better result for creditors than immediate liquidation, or realise property to make a distribution to secured or preferential creditors.' Once in administration, the company's assets are protected from legal action by creditors. The administrators assess the company's assets and liabilities and attempt to maximise returns for creditors, Mr Kamran says. Creditors must submit claims to the administrators, who will then determine the validity and amount of each claim, he adds. Recovery is often challenging in these situations, according to Mr Kamran. How to submit a recovery claim UAE investors should contact the administrators as soon as possible to register themselves as creditors and to receive updates on the process. They will need to submit a formal claim to the administrators, he instructs. 'This document details the amount owed and the basis for the claim. Supporting documentation, such as investment contracts and correspondence, should be included,' Mr Kamran says. 'The administrators are required to keep creditors informed about the progress of the administration, including the likelihood and timing of any repayments.' He suggests investors can form groups and potentially pursue collective legal action. This can increase leverage and reduce costs. Mr Kamran says the likelihood of fund recovery depends on several factors, including the value of the company's remaining assets, the total amount owed to all creditors, and the specific terms of the investment. He says the UK insolvency law sets out a strict order of priority for repayment. Secured creditors with fixed charges have security over specific assets and are paid first from the proceeds of those assets. In cross-border investment fraud and insolvency cases, the administration process may result in minimal or no recovery for unsecured creditors, so a 'more fruitful' strategy is to pursue legal claims against third parties who may have facilitated or endorsed the scheme. This includes regulated financial advisers, unlicensed introducers, promoters and marketing firms, corporate service providers, legal or compliance consultants involved in structuring or distributing the products, Mr Kamran says. 'These third parties may be civilly liable for misrepresentation, negligence, breach of regulatory obligations, or knowing participation in fraudulent schemes,' he says. Red flags It can be difficult to identify red flags if you are not an experienced investor or dealing with a new market, according to Carol Glynn, founder of Conscious Finance Coaching. Red flags Promises of high, fixed or 'guaranteed' returns. Unregulated structured products or complex investments often used to bypass traditional safeguards. Lack of clear information, vague language, no access to audited financials. Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult. Hard-selling tactics - creating urgency, offering 'exclusive' deals. Courtesy: Carol Glynn, founder of Conscious Finance Coaching 'Many investors are drawn in by the fear of missing out or the desire to secure their financial future, especially in locations like the UAE, where there's a high expatriate population seeking ways to grow wealth without traditional pension systems,' she says. Alison Soltani, founder of Leap Savvy Savers, warns that the biggest sign to watch out for is the promise of high and unrealistic returns. 'Another sign to be aware of is when terms and conditions are not clear and transparent. Any fees levied on you should be outlined clearly, and you should be able to ask questions of the company and receive clarity in the response you are given,' Ms Soltani recommends. 'Finally, if a sense of urgency is placed on you to part with your money, this is a major red flag. Fraudsters want you to transfer your money before you can think too logically about the situation and evaluate the company.'
Gulf Business
12 hours ago
- Gulf Business
Al Reem Island leads the pack: 38% price surge puts it at no 1 in Abu Dhabi
Image credit: Supplied Abu Dhabi's real estate market is witnessing unprecedented momentum in 2025, with Al Reem Island emerging as the standout performer in both investment and lifestyle offerings. According to MERED, the international award-winning real estate developer, Al Reem Island recorded a remarkable 38 per cent year-on-year increase in off-plan property weighted average prices during Q2 2025. Read- These figures, based on extensive transaction data from Quanta, underscore the island's appeal as a premium investment destination. In comparison, Khalifa City and Jubail Island saw notable, though more modest, price increases of 24 per cent and 20 per cent respectively, further confirming the overall resilience and upward trajectory of Abu Dhabi's property market. Image credit: Supplied In the rental segment, Residents of Al Reem Island benefit from a unique urban lifestyle that blends waterfront living, Grade-A office spaces, top-tier healthcare, expansive retail offerings, and the sprawling 1,000,000 square-foot Reem Central Park. Situated between Abu Dhabi's business core and the cultural hub of Saadiyat Island, the island embodies a modern 'live-work-play' ethos. Branded residences power luxury real estate growth Abu Dhabi's booming real estate sector isn't limited to just one location. The luxury and branded residences market is experiencing record growth in 2025, with branded property launches increasing fourfold compared to 2024, according to Metropolitan Capital Real Estate (MCRE). Fuelled by rising interest from high-net-worth individuals (HNWIs), international investors, and a growing pool of long-term residents, the capital's premium segment has seen a five per cent increase in transactions valued at Dhs7m and above, totaling Dhs6.3bn in the first four months of the year alone. More than half of these deals were in the Dhs10m and above bracket, signaling heightened investor confidence in Abu Dhabi's upscale real estate offerings. 'Abu Dhabi has firmly positioned itself as a premier destination for luxury and lifestyle-led investments,' said Evgeny Ratskevich, CEO of MCRE. 'Many investors who began with a single unit are expanding their portfolios, while long-term residents are choosing to buy rather than rent, reflecting a deep trust in the market's long-term potential.' One of the most significant drivers of this growth has been the surge in branded residence developments, particularly in hot spots like Saadiyat Island, Al Reem Island, and Mariah Island. With at least 25 new branded residences expected to launch in 2025, up from just a handful last year, Abu Dhabi is quickly becoming a hub for high-end, lifestyle-centric living. Notable launches this year include Jacob & Co Beachfront Residences, Brabus Residences by Cosmo, Waldorf Astoria Residences, Elie Saab Waterfront, SHA Wellness Residences, and Mandarin Oriental Residences. One standout transaction came from Nobu Residences, which made headlines with a record-breaking penthouse sale of Dhs137m, the highest ever residential sale in Abu Dhabi. New era for Al Reem Island and ADGM MERED is poised to further elevate Al Reem Island's profile with a new waterfront project that spans over 23,400 square meters within the Abu Dhabi Global Market (ADGM) jurisdiction. Designed in partnership with Pritzker Prize-winning architects, the project promises to redefine super-prime living in the capital, offering direct sea views, iconic design, and unmatched luxury. 'Al Reem Island has unequivocally established itself as Abu Dhabi's premier residential destination. Waterfront properties are now averaging over Dhs1,800 per square foot, with new launches exceeding those prices,' said Artemiy Marinin, Project Director at MERED. A major catalyst in Al Reem's ascent has been the expansion of ADGM's jurisdiction to the island in April 2023. Since then, more than 1,100 new businesses have joined, bringing the total to over 11,000 registered entities. This influx of professionals, executives, and entrepreneurs has added further depth to the island's luxury appeal and rental demand. As Abu Dhabi's urban landscape evolves, the combination of strong fundamentals, visionary developments, and branded living is setting a new benchmark for residential real estate. From record-breaking sales to design-driven innovation, Al Reem Island is leading the charge in the capital's transformation into a global real estate hotspot.
Zawya
15 hours ago
- Zawya
GWM Brazil Plant Officially Opens with President Lula in Attendance
Iracemápolis, São Paulo - Media OutReach Newswire - 16 August 2025 - In the early hours of August 16 (Beijing time), GWM's Brazil plant officially commenced operations, marked by a grand ceremony for the rollout of its first vehicle, the HAVAL H6 GT. The plant, located in Iracemápolis, São Paulo, was acquired from Daimler Group and has since been upgraded into an intelligent manufacturing base. As GWM's third full-process vehicle manufacturing center overseas, it carries the core mission of serving the Latin American market and acts as a key hub linking Europe, Asia, Southeast Asia, and Latin America. This milestone not only advances GWM's globalization in Latin America but also sets an example of China's high-quality automotive expansion, showcasing innovative collaboration between the Chinese and Brazilian auto industries. At the opening ceremony, Brazilian President Luiz Inácio Lula da Silva, Vice President Geraldo Alckmin, Chinese Ambassador Zhu Qingqiao, Brazil's Minister of Labor, and other dignitaries joined GWM President Mu Feng, GWM International President Parker Shi, GWM Brazil Region President Zhang Gengshen, and other GWM executives to witness this landmark moment in the company's globalization journey. President Lula personally signed the hood of the first HAVAL H6 GT, marking its final production step before entering the market. After the ceremony, he also posed for photos with factory workers. In his welcome address, GWM President Mu Feng stated: "The Brazil plant is not only a strong commitment to the Brazilian market, but also the starting point for building the future together with our Latin American partners. In our global expansion, we adhere to the 'Four New Modernizations': Locally Built, Locally Operated, Globally Cultivated, Supply Chain Integrated. Following international quality standards, we will deliver highly reliable vehicles to the Latin American market." He further announced that the plant's annual production capacity will gradually increase from 20,000 to 50,000 vehicles, creating over 1,000 direct jobs. Initial models include the HAVAL H9, POER P30, and HAVAL H6, with the H9 and POER P30 scheduled to launch in Brazil this September. Chinese Ambassador Zhu Qingqiao emphasized that since the establishment of diplomatic ties 51 years ago, China and Brazil's comprehensive strategic partnership has continued to deepen, with key areas of cooperation including renewable energy, infrastructure, and manufacturing. He described the Brazil plant as a model of Sino-Brazilian industrial synergy, combining "Chinese smart manufacturing + Brazilian localization." He noted that GWM is contributing to economic development and quality job creation in São Paulo and Brazil, and expressed hope for further collaboration in clean energy and digital technology to provide a "China-Brazil solution" for global climate governance. In his speech, President Lula stressed: "The GWM Brazil plant is very important for Brazil's national industry. Its inauguration shows that Brazil has the capability to acquire advanced technology and produce vehicles that can compete with those from any country in the world. This means creating jobs, increasing income, and enhancing professional expertise for Brazilians. We hope GWM will make Brazil its production base in Latin America. The Brazilian government stands ready to support businesses and welcomes more Chinese companies to invest here." Brazilian Vice President Alckmin, the Minister of Labor, and the Mayor of Iracemápolis also gave speeches, jointly opening a new chapter for GWM in Latin America. Guests at the ceremony praised GWM's rapid growth and contributions to Brazil's automotive market and expressed confidence in the company's ability to further drive innovation and transformation in the industry. During the event, the Great Place to Work Institute awarded GWM Brazil the "Great Place To Work" (GPTW) honor. In addition, GWM announced a donation of 500,000 reais to local schools in Iracemápolis to help improve educational facilities. Located in Iracemápolis, São Paulo, the GWM Brazil plant covers a total area of 1.2 million square meters, with 94,000 square meters of built-up area. It houses welding workshops, robotic painting lines, assembly lines, energy and equipment facilities, and logistics supply systems. With an initial annual production capacity of 50,000 vehicles, the plant is expected to create 1,000 jobs by the end of this year. Initial models will include the HAVAL H9, POER P30, and the HAVAL H6 series. The plant also supports flexible production of multiple energy types, including hybrid (HEV), plug-in hybrid (PHEV), and diesel. Since entering the Brazilian market in 2021, GWM has reached annual sales of 29,000 units within just three years, ranking 14th in the market. In the first half of this year, GWM sold over 15,700 vehicles in Brazil, up 19.8% year-on-year—17 percentage points above the industry average—demonstrating the company's confidence and determination to expand overseas and compete globally. Rooted in Brazil, expanding across Latin America, and reaching the world, GWM will continue to invest in Brazil, focusing on quality jobs, technological leadership, and R&D. The opening of the Brazil plant marks a new chapter in Chinese automotive globalization. With this plant, GWM will strengthen localized smart manufacturing, deepen its presence in Latin America, and bring its products and services to more global markets. Hashtag: #GWM The issuer is solely responsible for the content of this announcement. GWM
