Latest news with #JVA
Jordan Times
13-05-2025
- Business
- Jordan Times
JVA signs investment agreements
AMMAN — Jordan Valley Authority (JVA) Secretary General Hisham Haisa on Monday signed investment agreements to launch projects, including quarries, a plastic recycling plant and agricultural facilities. The Minister of Water and Irrigation stated that The agreements aim to enhance economic development at the local level through providing job opportunities for local communities and help achieve sustainable and comprehensive development, Haisa added that the projects are in line with the economic modernisation vision (EMV) and part of the government's efforts to develop various regions of the Kingdom, especially the governorates, through supporting productive projects and enhancing the creation of jobs, the Jordan News Agency, Petra, reported. The projects will support the local economy through job-creation in targeted areas, improve income and enhance social stability, he added.
Malaysian Reserve
24-04-2025
- Business
- Malaysian Reserve
MGB finalises RM7.2m settlement for Cameron Highlands development
MGB Bhd, via its indirect wholly-owned subsidiary Sinaran Kencana Sdn Bhd (SKSB), has entered into a settlement agreement with Aset AZG Sdn Bhd (AASB) to resolve outstanding land cost payments related to a stalled joint development project in Cameron Highlands. In an announcement to Bursa Malaysia today, the company said the full and final settlement amount totals RM7.23 million, comprising a cash payment of RM5.64 million and a contra payment of RM1.59 million through agreed-upon properties. The settlement resolves the balance cost and agreed interest related to the land acquired under a joint venture agreement (JVA) signed on August 5, 2019. The property in question is a 99-year leasehold land in Tanah Rata, Cameron Highlands measuring 7,626 sq m. AASB paid RM11.45 million for the land on March 4, 2019 and was registered as the owner on May 8, 2019. Under the original JVA, both parties had agreed to a 50:50 profit-sharing model from the development. However, AASB has since opted out, citing that the profit-sharing arrangement is no longer feasible due to current market sentiment, and proposed instead to receive its entitlement upfront through the settlement. SKSB had previously made a partial payment of RM5.5 million toward the land cost. The agreed interest of RM1.28 million was mutually determined based on an annual rate of 4% over 70 months – the duration the remaining RM5.5 million was unpaid, from August 2019 to June 2025. The settlement agreement was executed on April 22 2025, and the cash portion is to be paid in two equal tranches: one on or before June 30 2025, and the second on or before July 31, 2025. The contra portion will be deemed settled upon execution of the relevant sale and purchase agreement (SPA), regardless of whether the properties are completed. SKSB has obtained Kebenaran Merancang (KM) approval from the Majlis Daerah Cameron Highlands on March 26, 2025. The approval is valid for one year, expiring on March 25, 2026. MGB stated that the total project cost is estimated at RM87 million. While the JVA remains formally in place, AASB will be deemed to have discharged its obligations as landowner partner upon full settlement. The company also clarified that the contra properties do not comprise service apartments on the Cameron Highlands development land. — TMR
New Straits Times
22-04-2025
- Business
- New Straits Times
Ex-1MDB CEO insisted on PetroSaudi deal despite warnings, court hears
Rahmat@ PUTRAJAYA: Former 1Malaysia Development Bhd (1MDB) chief executive officer Datuk Shahrol Azral Ibrahim Halmi was insistent on finalising a joint venture agreement (JVA) with PetroSaudi International Ltd (PSI), the High Court heard. A former partner at law firm Wong & Partners, Brian Chia Hock Gee said Shahrol was pushing to ensure 1MDB could sign the agreement with PSI on Sept 28, 2009. He said the firm had provided legal advice to the sovereign wealth fund on Sept 16, 2009, to facilitate the execution of the US$1 billion joint venture deal. Chia said this when testifying in Datuk Seri Najib Razak's corruption trial for misappropriating billions of 1MDB funds before presiding judge Datuk Collin Lawrence Sequerah today. When asked by deputy public prosecutor Ahmad Akram Gharib whether he was aware that Shahrol was acting on instructions from higher-ups, Chia replied in the negative. He said all matters involving fund management including dealings with Bank Negara Malaysia (BNM) were handled by Shahrol and former 1MDB executive director Casey Tang Keng Chee. "Wong & Partners had no role in the payment. We did not manage any funds or handle transactions with the banks involved," he said. Chia, who also headed the firm's corporate and commercial securities practice, added that the firm had no involvement in the transfer of the US$1 billion for the JVA. He said he was only informed that US$700 million had been transferred to a PSI nominee account, while the remaining US$300 million was deposited into the 1MDB-PSI joint venture account. The witness confirmed that he had prepared a legal memorandum outlining the risks involved in entering the joint venture. "I gave my advice, and they decided to proceed on the basis that this was a government-to-government (G2G) investment. "It was not for me to question the arrangement... I had advised them and warned of the risks," he said. Under the agreement, 1MDB was to inject US$1 billion in equity, while PSI would contribute assets valued at US$1.5 billion. However, the transfer of funds was split on 1MDB's instructions, with only US$300 million transferred to the joint venture company, while US$700 million was remitted to Good Star Ltd — a company linked to fugitive businessman Low Taek Jho, or Jho Low. Najib faces four charges of using his position to obtain RM2.3 billion in bribes from 1MDB funds, and 21 charges of money laundering involving the same amount. The trial continues.
Business Standard
21-04-2025
- Business
- Business Standard
DCX Systems spurts on strategic JV with Israel's ELTA Systems
DCX Systems rose 5.07% to Rs 259.90 after the company announced the execution of a Joint Venture Agreement (JVA) with ELTA Systems, a subsidiary of Israel Aerospace Industries (IAI), and its group companies. The partnership aims to establish a new Joint Venture Company (JVC) in India focused on developing advanced radar systems under the governments "Make in India" initiative. The JVC will specialize in airborne maritime radar systems, fire control radar systems and other radar technologies designed for both airborne and land applications. According to the filing made by DCX Systems with the stock exchanges today, the venture underscores a long-standing relationship between the two entities and leverages complementary expertise in the radar and defense electronics space. As per the agreement, ELTA Group will hold a 63% stake in the new entity and DCX Systems will hold the remaining 37%. Initially, the board of the JVC will comprise four directorsthree from ELTA and one from DCX. However, upon DCXs full investment into the venture, the board will expand to five directors, with DCX gaining one additional seat. Leadership positions in the new company, including CEO and CFO, will be nominated by ELTA, subject to board approval. ELTA will also grant the JVC an exclusive license to use its radar technology in India, except for government-to-government (G2G) and government-to-commercial (G2C) projects. This collaboration is expected to significantly enhance Indias indigenous radar manufacturing capabilities. The move is aligned with India's push to reduce dependence on imports in the defense sector and become a global defense production hub. The agreement outlines various governance and operational structures, including reserved matters, intellectual property rights, and a call option mechanism in the event of a deadlock. No related party relationships exist between the two entities, and the proposed equity shares to be issued to DCX will be priced at fair market value, in compliance with applicable laws. DCX Systems is an Indian defense manufacturer specializing in the production and supply of electronic systems, subsystems, and cable & wire harness assemblies for international and domestic customers. On a consolidated basis, net profit of DCX Systems declined 25.19% to Rs 10.01 crore while net sales rose 0.93% to Rs 200.01 crore in Q3 December 2024 over Q3 December 2023.
Business Upturn
21-04-2025
- Business
- Business Upturn
DCX Systems announces joint venture with Israel's ELTA Systems; shares jump 5% on partnership
By Aditya Bhagchandani Published on April 21, 2025, 14:34 IST Shares of DCX Systems jumped over 5% in Monday's trade, hitting ₹260.33 on the NSE after the company announced a significant strategic partnership with Israel's ELTA Systems. The rally was driven by news of a Joint Venture Agreement signed on April 21, 2025, aimed at manufacturing radar systems under India's 'Make in India' initiative. As per the official filing, DCX Systems has entered into a Joint Venture Agreement (JVA) with ELTA Systems Ltd., a subsidiary of Israel Aerospace Industries (IAI), to establish a Joint Venture Company (JVC) in India. The focus will be on the development and supply of Airborne Maritime Radar Systems, Fire Control Radar Systems, and other radar-based technologies for airborne and land-based defense applications. The partnership structure gives 63% ownership to ELTA Group and 37% to DCX. ELTA will provide an exclusive technology license to the new venture for Indian defense projects (excluding Government-to-Government and Government-to-Commercial contracts). The initial board of directors for the JVC will include three ELTA nominees and one DCX nominee. Upon full investment by DCX, the board will be expanded to five members, with DCX holding two seats. ELTA will appoint the CEO and CFO, pending board approval. This collaboration marks a key milestone in DCX Systems' efforts to strengthen its footprint in India's defense technology sector. Investors responded positively to the announcement, with the stock gaining ₹12.92 or 5.22% from the previous close of ₹247.41. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
