Latest news with #FinancingAgreement
Business Recorder
4 days ago
- Business
- Business Recorder
World Bank urges Pakistan to expedite $55mn power efficiency project
ISLAMABAD: The World Bank has urged Pakistan's Power Division and three major Distribution Companies (Discos) to fast-track implementation of the Additional Financing (AF) for the Electricity Distribution Efficiency Improvement Project (EDEIP), warning that continued delays could hamper the timely and effective use of the $55 million credit facility. In a letter addressed to Secretary Economic Affairs Dr. Kazim Niaz, the World Bank's new Country Director for Pakistan, Bolormaa Amgaabazar, noted a significant uptick in disbursements and commitments as of June 30, 2025—with disbursements rising to $18.09 million (9.3%) from 3.6% in November 2024, and commitments to $18.28 million (20.7%) from 9.0%. Still, the Bank flagged that targets for the quarter were not fully met due to rebidding of key contracts, procurement strategy revisions, and delays in grievance resolution. Wolrd Bank approves $55m in additional financing to Discos Despite these hurdles, the Bank remains optimistic. 'The project is now on track to meet its development goals by closure,' the letter stated, projecting end-FY26 disbursement and commitment levels at 30% and 95%, respectively. The World Bank lauded the Economic Affairs Division and Power Division for securing the AF package but emphasized that further momentum depends on meeting several immediate conditions—including finalizing the Financing Agreement and triggering its effectiveness within the 90-day window post-signature. The three Discos—Hyderabad Electric Supply Company (HESCO), Multan Electric Power Company (MEPCO), and Peshawar Electric Supply Company (PESCO)—have been told to promptly roll out activities under the new funding. During the Bank's May 2025 Appraisal Mission, all stakeholders agreed on a roadmap to eliminate project bottlenecks and enhance implementation speed. The World Bank stressed the importance of updating the Project Enhancement Action Plan (PEAP) by July 21, 2025, to reflect on-the-ground realities and lessons learned. Similarly, the Project Procurement Strategy for Development (PPSD) must be revised in line with the Bank's 2025 Procurement Regulations to address persistent contract delays. Key improvements must also be made in procurement quality, bid evaluation speed, complaint management, and oversight of contract execution. All high-value contracts must incorporate rated criteria and early market engagement to ensure transparency and efficiency. Revised procurement plans and bid documents are due to the Bank by July 31, 2025. On the Environmental and Social (E&S) front, the Bank flagged slow progress in preparing key documents like Environmental and Social Impact Assessments (ESIAs) and Resettlement Action Plans (RAPs). These are to be submitted by the end of July. The Bank warned that continued inaction could stall broader project progress. While the capacity of Project Implementation Units (PIUs) has improved—with support from the Project Implementation and Management Support Consultant (PIMSC)—gaps remain. The Bank highlighted the need for greater stability in project teams, urging against frequent changes in PIMSC personnel. DISCOs have been instructed to submit a detailed FY26 work plan for consultant engagement by July 31 and to fill all key PIU vacancies with qualified personnel by August 31. 'With focused effort and leadership, the project can still meet its targets and deliver long-term impact on Pakistan's power distribution performance,' the Country Director noted, reiterating the Bank's commitment to the country's reform agenda. Copyright Business Recorder, 2025
Business Recorder
4 days ago
- Business
- Business Recorder
AF implementation for EDEIP: PD, Discos urged to speed up
ISLAMABAD: The World Bank has urged Pakistan's Power Division and three major Distribution Companies (Discos) to fast-track implementation of the Additional Financing (AF) for the Electricity Distribution Efficiency Improvement Project (EDEIP), warning that continued delays could hamper the timely and effective use of the $55 million credit facility. In a letter addressed to Secretary Economic Affairs Dr. Kazim Niaz, the World Bank's new Country Director for Pakistan, Bolormaa Amgaabazar, noted a significant uptick in disbursements and commitments as of June 30, 2025—with disbursements rising to $18.09 million (9.3%) from 3.6% in November 2024, and commitments to $18.28 million (20.7%) from 9.0%. Still, the Bank flagged that targets for the quarter were not fully met due to rebidding of key contracts, procurement strategy revisions, and delays in grievance resolution. Wolrd Bank approves $55m in additional financing to Discos Despite these hurdles, the Bank remains optimistic. 'The project is now on track to meet its development goals by closure,' the letter stated, projecting end-FY26 disbursement and commitment levels at 30% and 95%, respectively. The World Bank lauded the Economic Affairs Division and Power Division for securing the AF package but emphasized that further momentum depends on meeting several immediate conditions—including finalizing the Financing Agreement and triggering its effectiveness within the 90-day window post-signature. The three Discos—Hyderabad Electric Supply Company (HESCO), Multan Electric Power Company (MEPCO), and Peshawar Electric Supply Company (PESCO)—have been told to promptly roll out activities under the new funding. During the Bank's May 2025 Appraisal Mission, all stakeholders agreed on a roadmap to eliminate project bottlenecks and enhance implementation speed. The World Bank stressed the importance of updating the Project Enhancement Action Plan (PEAP) by July 21, 2025, to reflect on-the-ground realities and lessons learned. Similarly, the Project Procurement Strategy for Development (PPSD) must be revised in line with the Bank's 2025 Procurement Regulations to address persistent contract delays. Key improvements must also be made in procurement quality, bid evaluation speed, complaint management, and oversight of contract execution. All high-value contracts must incorporate rated criteria and early market engagement to ensure transparency and efficiency. Revised procurement plans and bid documents are due to the Bank by July 31, 2025. On the Environmental and Social (E&S) front, the Bank flagged slow progress in preparing key documents like Environmental and Social Impact Assessments (ESIAs) and Resettlement Action Plans (RAPs). These are to be submitted by the end of July. The Bank warned that continued inaction could stall broader project progress. While the capacity of Project Implementation Units (PIUs) has improved—with support from the Project Implementation and Management Support Consultant (PIMSC)—gaps remain. The Bank highlighted the need for greater stability in project teams, urging against frequent changes in PIMSC personnel. DISCOs have been instructed to submit a detailed FY26 work plan for consultant engagement by July 31 and to fill all key PIU vacancies with qualified personnel by August 31. 'With focused effort and leadership, the project can still meet its targets and deliver long-term impact on Pakistan's power distribution performance,' the Country Director noted, reiterating the Bank's commitment to the country's reform agenda. Copyright Business Recorder, 2025
Cision Canada
28-04-2025
- Business
- Cision Canada
PRINCIPAL TECHNOLOGIES ANNOUNCES FINANCING OF OXFORD LICENCE AGREEMENT
VANCOUVER, BC, April 28, 2025 /CNW/ - Principal Technologies Inc. (the " Company" or " Principal") (TSXV: PTEC) (FWB: JO7) provides an update on the Licence of Technology Agreement (" Licence") with Oxford University Innovation Limited (" Oxford"). Principal has entered into a financing agreement (the " Financing Agreement") with RLOX Beteiligung GmbH (the " Funding Group") dated April 25, 2025. pursuant to which the Funding Group will provide Principal with aggregate gross proceeds of C$3,744,000 (or €2.4 million) over four tranches by October 15, 2026, for a subscription of up to 4,940,000 common shares in the capital of Principal (the " Common Shares") and a 50% interest in the net profits (the " NPI") in the skin cancer related medical technology products developed under the Licence. The first tranche of C$934,500 (or €600,000) has been received by Principal. The proceeds from the Financing Agreement will be used to fulfill the research and development funding obligations of the Licence and for other general corporate purposes. Jerry Trent, Chief Executive Officer of Principal, stated, "Obtaining this funding on favourable terms is a significant accomplishment for Principal. We work well with the Funding Group, and Principal will have a 50% interest in any skin cancer detection applications we develop with Oxford as a result of this financing. I am working closely with our partners at Oxford and will update our shareholders as we move from prototype development on to clinical trials for this exciting venture." A proportion of each tranche under the Financing Agreement is allocated between a subscription of Common Shares and the NPI, as set out below, with the price per Common Share being the greater of the below noted price and the applicable market price under the policies of the TSX Venture Exchange (the " TSXV") on such date: (1) Issuance date will be the latter of the date shown and the date of acceptance by the TSXV. (2) Issuance share price will be the greater of the price shown and the applicable Market Price as such term is defined in the policies of the TSXV. (3) Calculated using an exchange rate of EUR (€) = C$1.56 All transactions contemplated by the Financing Agreement remain subject to the acceptance of the TSXV and, in respect of share issuances that would result in the Funding Group (including persons acting in concert therewith) holding 20% or more of the outstanding Common Shares, approval of the Company's disinterested shareholders with respect to the creation of a new "Control Person" as defined under the policies of the TSXV. The Funding Group, including the shareholders thereof, currently has no direct or indirect beneficial ownership or control over any Common Shares. It is anticipated that following the closing of the transactions contemplated by the Financing Agreement, and the debt settlement announced by Principal on April 17, 2025, the Funding Group, together with the shareholders thereof, will hold an aggregate of up to 7,971,561 Common Shares and 3,031,561 common share purchase warrants of the Company (the " Warrants"), which will represent up to 17.10% and up to 22.16% of Principal's then anticipated issued and outstanding shares on a non-diluted and partially-diluted (assuming the exercise of the Warrants) basis, respectively. All securities to be issued pursuant to the Financing Agreement will be subject to a statutory hold period expiring four months and one day from the date of issuance. About Principal Technologies Principal Technologies Inc. is a Canadian-based healthcare acquisition company. The Company is engaged in building a portfolio of profitable healthcare technology companies with a focus on those with global distribution potential which have intellectual property capable of enhancing medical treatment quality, cost efficiency, optimization of the patient pathway, and implementation of point of care technologies. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Cautionary Note Regarding Forward-Looking Statements This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, including, without limitation, statements relating to the transactions contemplated by the Financing Agreement, including the use of proceeds, the receipt of requisite approvals, and the net profits from products developed under the Licence, are forward-looking statements based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: the absence of material changes with respect to the Company and its businesses; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in currency markets (such as the Canadian dollar to Euro exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; the successful negotiation and execution of definitive documentation and the receipt of all requisite approvals. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure its shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended.
