Bayern ends Rwanda tourism sponsorship after criticism
MUNICH : Bayern Munich will end a sponsorship promoting tourism in Rwanda after controversy relating to the ongoing conflict in the region.
Bayern on Friday announced its partnership with the African nation, initially signed in 2023 and set to run until 2028, would shift to focus on a youth academy.
'The new arrangement transitions away from a commercial sponsorship to a dedicated partnership focusing on football development in Rwanda through the expansion of the FC Bayern Youth Academy in Kigali,' Bayern CEO Jan-Christian Dreesen said in a statement.
The statement did not expressly mention the underlying reasons for the shift, but German media on Friday widely reported the decision was motivated by criticism as a result of the escalating conflict.
In February, Bayern fans held up a banner at a home game saying the deal 'betrayed the values' of the club.
The Rwandan government has been accused of disregarding human rights and supporting rebels fighting against government forces in the neighbouring Democratic Republic of the Congo.
At the beginning of 2025, violence in the eastern Democratic Republic of Congo intensified.
The Rwandan-backed M23 armed group and Rwandan troops seized Goma, the capital of North Kivu province, in January, and then Bukavu, the capital of South Kivu province, in February.
The UN estimates thousands have died as a result of the attacks.
The deal included 'Visit Rwanda' advertising at Bayern's 75,000-seat Allianz Arena home ground and replaced a controversial deal with Qatar, which was also criticised by the club's supporters.
Following criticism of the previous deal, Bayern sent staff to Rwanda to assess the situation on the ground. The new contract runs until 2028.
Premier League side Arsenal and Champions League winners Paris St-Germain have also faced criticism for similar sponsorship deals with Rwanda.
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Malay Mail
3 minutes ago
- Malay Mail
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Malay Mail
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(433,302 ) Other current and non-current assets (18,406 ) 528,649 Changes in operating liabilities Contract liabilities (37,362 ) (59,403 ) Notes payable - 34 Accounts payable 4,232,202 (2,160,932 ) Other payables (1,472,181 ) (1,500,939 ) Provisions 24,003 (79,505 ) Other current and non-current liabilities (54,820 ) 48,669 Guarantee deposits received 512 - Cash flows used in operations (11,979,222 ) (11,016,380 ) Interest received 1,205,745 448,299 Interest paid (324,623 ) (672,592 ) Tax paid (1,420,411 ) (18,106 ) Net cash used in operating activities (12,518,511 ) (11,258,779 ) CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of property and equipment (328,833 ) (363,096 ) Proceeds from disposal of property and equipment - 143 Acquisition of intangible assets (54,987 ) (57,982 ) Financial assets at fair value through profit or loss (4,000,000 ) - Investment in restricted deposits (179,930 ) - Guarantee deposits paid (289,069 ) (41,291 ) Net cash flows used in investing activities (4,852,819 ) (462,226 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from short-term borrowings 14,327,643 7,050,890 Repayments of short-term borrowings (18,680,180 ) (6,622,572 ) Repayments of long-term borrowings (1,105,138 ) (750,819 ) Principal repayment of lease liabilities (106,870 ) (68,252 ) Repayments of loan from shareholders - (3,000,000 ) Buyback of treasury stocks (1,798,849 ) - Exercise of share options 17,796 - Proceeds from preferred shares and private warrants 12,679,732 9,650,000 Exercise of restricted share units - (39,056 ) Proceeds from issuance ordinary share - 11,290,004 Net cash flows from financing activities 5,334,134 17,510,195 Effect of foreign exchange rate changes 448,200 122,449 Net (decrease) increase in cash and cash equivalents (11,588,996 ) 5,911,639 Cash and cash equivalents at beginning of period 21,699,202 5,306,857 Cash and cash equivalents at end of period $ 10,110,206 $ 11,218,496 RECONCILIATION OF OPERATING INCOME (LOSS) AS PER INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) TO ADJUSTED OPERATING INCOME AND ADJUSTED EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION (EBITDA) Six Months Ended June 30 Items 2025 (Unaudited and Unreviewed) 2024 (Unaudited and Unreviewed) (Amount in USD) Operating income (loss) (IFRS) $ (9,070,447 ) $ 1,773,629 Add: Exchange loss from currency devaluation 12,630,726 5,883,074 Add: Fair value remeasurement of financial instruments 1,531,210 3,278,410 Adjusted Operating income (Non-IFRS) $ 5,091,489 $ 10,935,113 Add: Depreciation expenses 325,824 275,746 Add: Amortization expenses 317,806 442,242 Adjusted EBITDA (Non-IFRS) $ 5,735,119 $ 11,653,101 RECONCILIATION OF IFRS NET INCOME (LOSS) TO ADJUSTED NET INCOME (NON-IFRS) Six Months Ended June 30 Items 2025 (Unaudited and Unreviewed) 2024 (Unaudited and Unreviewed) (Amount in USD) Net income (loss) (IFRS) $ (8,503,060 ) $ 1,611,588 Add: Exchange loss from currency devaluation 12,630,726 5,883,074 Add: Fair value remeasurement of financial instruments 1,531,210 3,278,410 Adjusted Net income (Non-IFRS) $ 5,658,876 $ 10,773,072 RECONCILIATION OF EARNINGS (LOSS) PER SHARE (IFRS) TO ADJUSTED EARNINGS PER SHARE (NON-IFRS) Six Months Ended June 30 Items 2025 (Unaudited and Unreviewed) 2024 (Unaudited and Unreviewed) (Amount in USD) Basic Earnings (loss) per share (IFRS) $ (0.43 ) $ 0.17 Add: EPS impact of Exchange loss from currency devaluation 0.08 0.35 Add: EPS impact of Fair value remeasurement of financial instruments 0.64 0.63 Adjusted Basic Earnings per share (Non-IFRS) $ 0.29 $ 1.15 [email protected] [email protected] — Generated H1 2025 revenue of $39.3 million, representing 90.2% year-over-year growth —— Signed 3 new projects in Taiwan and UK —— Reduced debt to $18.1 million from $21.4 million at the end of 2024 and $18.4 million at the end of Q1 2025, strengthening financial flexibility and resilience —— Completed a $105 million equity offering in July 2025 to fund further growth opportunities —London, United Kingdom--(Newsfile Corp. - August 14, 2025) -(NASDAQ: GRRR) ("Gorilla" or the "Company"), a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence and IoT technology, today reported its financial results for the first half ended June 30, 2025."Gorilla has completed the first half of 2025 with focus, strength and clear momentum. The results show the underlying profitability of our model and an established growth path as we create value for our customers, shareholders and broader stakeholders. We have delivered on major programmes and signed near-term projects that will accelerate performance in 2026 and beyond. Our plans for global expansion will strengthen our position in Southeast Asia and enhance our delivery capability in key markets.""Our teams are executing with discipline and precision, turning strategic opportunities into tangible outcomes. From advancing critical infrastructure in Asia to enabling climate-technology solutions in the Amazon rainforest, we are demonstrating the value and trust we bring to ambitious partners worldwide. This is a foundation for sustainable growth, deeper market penetration and long-term impact.""We continue to emphasize financial discipline in everything we do. We have repaid debt by over $3 million this year, while also releasing restricted assets, moving them into unrestricted cash. In the second half, we anticipate continued customer collections and the release of customer guarantees for existing contracts, which should serve to boost our cash flow. Looking forward, we intend to use our large liquidity buffer to capitalize on new commercial opportunities."This quarter Gorilla, signed key contracts with the Port of Tyne in the United Kingdom, Wan Hai Port in Taiwan and ADE Corporation in Taiwan. These agreements reflect the execution of strategies Gorilla has consistently communicated to the market and signal further projects already in additional details on these contracts are below:The Company is in active negotiation on several additional contracts. Gorilla's pipeline now exceeds $5 billion, due to increased capacity across the United States, Middle East and North Africa, Southeast & East Asia, South America and the United Kingdom. Gorilla's growing contract base, execution track record and market demand position us not just as a growth story, but as a global force in AI-powered transformation.(Expressed in United States dollars)(Expressed in United States dollars)(Expressed in United States dollars)Note: All per share amounts in above table are calculated using the basic weighted average ordinary shares outstanding of 19,819,284 and 9,330,948 for the six months ended June 30, 2025 and 2024, in London U.K., Gorilla is a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence and IoT technology. We provide a wide range of solutions, including Smart City, Network, Video, Security Convergence and IoT, across select verticals of Government & Public Services, Manufacturing, Telecom, Retail, Transportation & Logistics, Healthcare and Education, by using AI and Deep Learning expertise lies in revolutionizing urban operations, bolstering security and enhancing resilience. We deliver pioneering products that harness the power of AI in intelligent video surveillance, facial recognition, license plate recognition, edge computing, post-event analytics and advanced cybersecurity technologies. By integrating these AI-driven technologies, we empower Smart Cities to enhance efficiency, safety and cybersecurity measures, ultimately improving the quality of life for more information, please visit our website: press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Gorilla's actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "might" and "continues," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, statements regarding our beliefs about future revenues, our ability to convert our pipeline, our ability to and the circumstances under which we would reduce our debt, our ability to attract the attention of customers and investors alike, our expansion into southeast Asia, Gorilla's largest projects and ability to win additional projects and execute definitive contracts related thereto, along with those other risks described under the heading "Risk Factors" in the Form 20-F Gorilla filed with the Securities and Exchange Commission (the "SEC") on April 30, 2025 and those that are included in any of Gorilla's future filings with the SEC. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside of the control of Gorilla and are difficult to predict. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Gorilla undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable Relations Contact:Samantha DowdProsek PartnersInvestor Relations Contact:Dave GentryRedChip Companies, Inc.1-407-644-4256 The issuer is solely responsible for the content of this announcement. About Gorilla Technology Group Inc.
The Star
17 hours ago
- The Star
Malaysia sees 15.5% surge in tourist arrivals from Asean countries
KUALA LUMPUR: Malaysia has experienced a notable rise in tourist arrivals from Asean countries, with a 15.5% increase from January to June this year compared to the same period last year, says Datuk Seri Tiong King Sing. The Tourism, Arts and Culture Minister stated in a Parliamentary reply that this growth reflected the effectiveness of Malaysia's promotional strategies and its strategic position as Asean Chair in 2025. "Tourism from our neighbouring Asean countries remains a major contributor to Malaysia's international tourist arrivals. "Asean visitors accounted for 74.3% of Malaysia's total international tourism in 2024. The number of visitors increased to 15.09 million in the first half of 2025, up from 13.06 million in the same period last year," he said in response to Datuk Seri Dr Wee Jeck Seng's (BN-Tanjung Piai) question. Tiong said Malaysia's role in hosting Asean meetings boosted the country's visibility and appeal. "Our role as Asean Chair contributes to this surge, with meetings attracting delegates from across the region." When responding to Wee's additional question about challenges in tourism promotion, Tiong acknowledged budget constraints, but emphasised ongoing efforts to collaborate with the Finance Ministry to secure necessary resources. "We are exploring partnerships and optimising our promotional efforts even with limited funds," he said. Addressing an additional question from Dr Ahmad Fakhruddin Sheikh Fakhrurazi (PN-Kuala Kedah) on cross-border tourism, Tiong pointed out the importance of infrastructure development. He said there are ongoing discussions with state governments and encouraged more engagement from Kelantan in international promotions with the ministry. "Kelantan often misses these opportunities. I urge them to participate more actively," said Tiong, taking a subtle swipe at the state's lack of involvement. Tiong also responded positively to Deputy Speaker Datuk Dr Ramli Mohd Nor (BN-Cameron Highlands) about the promotion of Cameron Highlands during Visit Malaysia Year 2026. "We will assist wherever we can to promote Cameron Highlands," he said.
