Latest news with #SEZ
Mint
6 hours ago
- Business
- Mint
WOM India's Financial Systems Recognised for Industry Excellence with CMA Award
Pune, July 25, 2025 — The finance function at Worldwide Oilfield Machine Pvt. Ltd. (WOM India), a critical component of the global WOM Group's engineering operations, has been recognised by the Institute of Cost Accountants of India (WIRC) for its enterprise-wide financial practices. WIRC has conferred its prestigious 'CMA Achievers in Industry' award on the company's Chief Financial Officer, Mangesh Annachhatre, recognising the company's disciplined approach to enterprise-wide controllership, regulatory compliance, and export-oriented financial governance. The award was presented by CMA WIRC President Arindam Goswami, who praised Annachhatre's 'laser-focused accountability and strategic foresight' in a note accompanying the award. Annachhatre, who has led the finance function at WOM India for over a decade, accepted the honour, noting its relevance to the company's financial ethos. 'This award renews my resolve to push financial boundaries, not just for our company but for India's wider manufacturing ecosystem,' he said. WOM India gets recognition of Financial Leadership WOM India, based in Pune, designs and manufactures high-performance pressure control equipment—such as gate valves and choke valves—for the global oil and gas sector. Its facility supports vertically integrated operations from raw material processing to assembly and testing, enabling end-to-end control over product quality and delivery timelines. This structure also demands precision in financial planning, inventory management, and export compliance, particularly under India's SEZ and EOU regulatory regimes. A key pillar of WOM India's success has been its ability to implement forward-looking financial frameworks. The finance team introduced disciplined working capital models to help the company weather currency volatility and commodity price shifts. Regular inventory reconciliations and export receivables hedging mechanisms have helped reduce leakage and protect the company's global revenue streams. At WOM India, financial discipline goes hand in hand with strategic awareness. The company conducts internal workshops focused on areas like risk management and long-term planning, helping the finance team stay aligned with evolving operational demands. These sessions reflect a broader philosophy within the organisation where financial oversight is seen not as a constraint, but as a contributor to innovation and ethical growth. 'Finance should power innovation, not trail it,' Annachhatre often tells his team, a mindset that has shaped the company's approach to ethics and controllership. At WOM India, financial governance is seen not as a back-end control, but as a foundational element that enables transparency across vendor onboarding, cross-border shipments, and tax frameworks such as GST and FTP incentives. The award also arrives at a time when global supply chains are under increased scrutiny. With its focus on vertical integration, regulatory discipline, and cross-functional alignment, WOM India continues to demonstrate that financial stewardship is not a support act, it's a competitive advantage. The company remains an integral part of WOM Group's international operations, which are headquartered in Houston, Texas. Its Pune facility plays a critical role in the group's global supply network by delivering pressure-control equipment used in some of the most demanding upstream energy environments around the world. For more information, visit Note to the Reader: This article is part of Mint's consumer connect initiative and has been independently created by the brand. Mint assumes no editorial responsibility for the content.
The Citizen
8 hours ago
- Business
- The Citizen
Middelburg reenters industrial-age with aid from continued foreign investment
Foreign investors are all looking at Middelburg to capitalise on value for their money. This was the unambiguous message echoed by all speakers at the local Chamber of Commerce and Industry's annual Eco-Industrial Zone Investment Conference, which was hosted at the banquet hall yesterday. The highlight of the summit was the signing of an investment deal between Nkangala Energy and Hyundai. The deal is worth R5b in forex influx. Nkangala Energy has plans to construct a gas power plant with a capacity of 860MW. The Steve Tshwete Local Municipality will receive the direct investment of R5b from the project. Approximately R120m will be invested by Nkangala Energy in skills development and training. Nkangala Energy plans to aid in the shift from coal to renewable energy, generating 1 200 temporary jobs during construction and 520 permanent jobs in the value chain. The investment signals ongoing foreign interest in the town, with Veralogix saying the Indian manufacturer of Mahindra has already committed to establishing a Mahindra assembly plant in town. The conference was held in partnership with Columbus Stainless, Absa, the Veralogix Group, and the Steve Tshwete Municipality. The event focused on exploring investment opportunities and driving sustainable industrial growth. Chamber CEO Anna-Marth Ott said the conference marks a shift towards the creation of Special Economic Zones (SEZ) in Middelburg, where businesses in such zones take responsibility to package and promote their respective zones, wherein funds, skills and materials can be shared to boost the zones, and amplify foreign and domestic investment. Ott invites all local businesses to register with the chamber to form part of the planning committee for SEZ establishment. The chamber has already done all the necessary research, including draft by-laws, to forge ahead with SEZ establishment. Buy-in from local businesses is, however, crucial to ensure the momentum of the project. A pre-conference tour on Thursday offered participants a chance to visit Columbus Stainless and Duvha Power Station. Other speakers included Absa executives, the Spanish Chamber of Commerce and Mayor Mhlonishwa Masilela's office was represented by MMC Grace Mathibela. • More details on the summit will be published in next week's Middelburg Observer.
RNZ News
16 hours ago
- Business
- RNZ News
Solomon Islands PM's former chief of staff returns to represent firm that led to his firing
Solomon Islands Minister Jamie Vokia and (former) Chief of Staff Mack Faddean Aoraunisaka, right, pictured with SI Group Chairman Phan Nhat Minh and CEO Le Thi Huy Binh. Photo: Hand-out A senior Solomon Islands government staffer who was sacked by Prime Minister Jeremiah Manele earlier this month is back - this time representing the very company whose dealings got him fired in the first place. On 3 July, RNZ Pacific reported that Manele dismissed his chief of staff, Mack Faddean Aoraunisaka, after he had arranged a deal between Vietnamese firms concerning a shrimp farming project. The deal between the consulting firms SI Group and Growmax, and Commerce Minister Jaimie Vokia, was signed without Manele's knowledge. It would allow the establishment of a Special Economic Zone (SEZ), which would give SI Group and its client Growmax (a fisheries company), special commercial privileges. The three parties signed the controversial memorandum of understanding, granting the two firms tax exemptions and various other privileges within the Solomon Islands. When Manele found out, he moved Vokia to a new ministerial portfolio and fired Aoraunisaka, while the Foreign Investment Division (FID) barred SI Group from the country. The FID said that "[SI Group's] presence in the Solomon Islands carrying out commercial activity without foreign investment approval or company incorporation violates the laws of this country." However, Solomon Business Magazine reported that SI Group and Growmax met with Fisheries Minister Bradley Tovosia on 15 July. The meeting was reportedly followed by consultations with officials from the Ministry's Aquaculture Division. In a statement, Aoraunisaka, as the "local authorised representative for SI Group JSC", decried negative attention toward his new employers. "It is unfortunate the manner in which SI has been treated," he said. "People must realise that such treatment not only damages the business reputation of a credible international company but also undermines Solomon Islands' status as a welcoming and business-friendly destination for foreign investment. "Local representatives of SI [Group] are currently working closely with the Foreign Investment Division to rectify the situation and ensure that the process is resolved amicably and efficiently." The statement included a quote from Tovosia in support of the two firms, but the Prime Minister's office could not confirm its veracity. SI Group was the sponsor of a concert on 12 July starring dancehall reggae artist Busy Signal, which Aoraunisaka called a "success". The show was set up to raise funds for the Kadere Party, of which Minister Vokia is the leader. Immediately afterward, in a news conference with a SI Group senior director by his side, party executive member Martin Housanau defended SI Group's presence in the country "The event that is happening now is a non-commissioned activity, and under the laws it doesn't benefit [the SI Group] in any convening [the event]." Aoraunisaka told Solomons Business Magazine that the over 50,000 people came to the concert, showing that SI Group has popular support. "Unfortunately, there remains a loud but tiny group of individuals-mostly hiding behind fake profiles and bitter narratives on social media-who continue to spew negativity against anything and everything good." "We need positive vibration to move forward. Bad vibe is bad. Good vibe is what the soul, the land, and the nation wants. This is a positive vibration construct. And SI Group JSC is a vessel of that positivity." RNZ Pacific has contacted the Ministry of Fisheries for comment.
Malaysian Reserve
2 days ago
- Business
- Malaysian Reserve
PFPFA Malaysia Officially Launched, Marking Next Chapter in SingWealth Holdings' Regional Growth
With the launch of PFPFA (Malaysia), SingWealth Holdings deepens its regional presence and strengthens its commitment to delivering trusted, client-centric financial advisory solutions across Singapore, Malaysia, and Hong Kong SAR. SINGAPORE, July 24, 2025 /PRNewswire/ — SingWealth Holdings today announced the official launch of PFPFA (Malaysia) Sdn. Bhd. ('PFPFA Malaysia'), furthering the Group's commitment to delivering integrated financial advisory solutions across Asia. The launch ceremony, held yesterday at the Grand Hyatt Kuala Lumpur, brought together key stakeholders, industry leaders, and regional partners to commemorate this milestone. This expansion into Malaysia is a strategic step in SingWealth Holdings' broader regional growth strategy, affirming its client-first philosophy of being 'Here For You' with holistic solutions for every market. The event was attended by Mr Jeffrey Chow, Executive Director & Group CEO of SingWealth Holdings, along with senior leadership from PFP Group Services Pte Ltd and distinguished guests from across the region. A highlight of the launch was the signing of a Memorandum of Understanding (MOU) with Realion Group, the holding company of Edmund Tie & Company (ETC) Singapore and OrangeTee & Tie Pte Ltd. This collaboration brings together two groups with complementary regional footprints, enabling them to serve clients with overlapping needs more effectively. Mr Desmond Sim, Group CEO of Realion Group, said, 'At Realion, our strength lies in delivering integrated end-to-end real estate services and solutions across Singapore and the region. We see strong synergy with SingWealth Holdings, whose deep expertise in wealth management complements our focus on real estate and asset advisory. This partnership brings together two key pillars of financial well-being — wealth and assets — offering a holistic and seamless service to clients looking to build, manage and preserve their wealth across generations and borders.' 'Our expansion into Malaysia represents more than market growth—it reflects our continued commitment, and we remain focused on delivering the same level of personalised, high-quality advisory that defines our brand,' said Mr Jeffrey Chow. 'The signing of the MOU with Realion Group is significant. Both organisations share similar geographical coverage, and this partnership allows us to unlock complementary strengths and deliver integrated solutions and enhanced value to clients across our networks.' With the establishment of PFPFA Malaysia, the Group is well-positioned to support corporates and individuals locally, including businesses involved in the Johor-Singapore Special Economic Zone (SEZ) initiative. This strategic presence strengthens the Group's ability to offer customised protection and wealth solutions, reinforcing its vision of long-term regional growth. About SingWealth Holdings SingWealth Holdings is a dynamic holding company with a strategic presence across Singapore, Thailand, Malaysia, mainland China, and Hong Kong. Through its subsidiaries, it delivers comprehensive financial advisory, insurance brokerage, and estate planning solutions tailored to the evolving needs of individuals and businesses. Its financial services portfolio comprises PFPFA Pte Ltd (Singapore), PFPFA HK Ltd (Hong Kong SAR), and PFPFA (Malaysia) Sdn Bhd, providing trusted financial expertise and strategic advisory solutions to clients in their respective markets. SingWealth Holdings also supports PFP Legacy entities across the region, catering to the needs of emerging affluent clients with wills and trust services in Singapore, Thailand, Malaysia, Hong Kong SAR, and Shanghai. These services are designed to safeguard wealth and ensure smooth succession planning for individuals and families. In Singapore, SingWealth Holdings operates Assure Healthcare Holdings, a healthcare brand committed to accessible, patient-centered care. Assure Healthcare offers general practitioner services, preventive medical care, aesthetic treatments, and Advance Medical Directive (AMD) support. Driven by innovation and excellence, SingWealth Holdings continues to empower communities across Asia with financial stability and enhanced well-being. For more information, visit
Business Times
4 days ago
- Business
- Business Times
Timing of JS-SEZ a lot more promising than some previous attempts: CIMB
[KUALA LUMPUR] The timing of the Johor-Singapore Special Economic Zone (JS-SEZ) is 'a lot more conducive' today than some of the previous attempts to do something similar, said Chu Kok Wei, CEO of group wholesale banking at CIMB. Chu said there are not many good global examples of successful cross border special economic zones, 'simply because you need good timing' for them to succeed. 'In partnership, it's very easy for us to say, we must be win-win on both sides, but it's often not easy to really craft out a win-win proposition,' Chu said at a panel on Monday (Jul 21). The panel was part of CIMB's media day held in Kuala Lumpur. Also with him on the panel were Haniz Nazlan, CEO of group consumer banking, and Lawrence Loh, co-CEO of group commercial & transaction banking. From a cost perspective, Chu noted that the cost divergence between Singapore and Malaysia has become a lot bigger, especially after the Covid-19 pandemic. It has reached a point where it is no longer just a cost issue, but a capacity constraint, he said. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'It's not about how much you can pay; the supply is just not there.' Attracting foreign investment While Johor might not be the cheapest state in Malaysia to operate in, the cost differential continues to make a viable business case between Malaysia and Singapore, he said. Furthermore, Chu noted the SEZ is not just about relocating from the industrial zones of Singapore into Johor, but also attracting foreign direct investments (FDI) from around the world. 'Geopolitical developments globally have prompted a lot of FDI inflows into Asean, and naturally, the SEZ becomes one of the attractive potential destinations for that,' he said. A bright spot would be outbound flows from China flowing into the special financial zone within the JS-SEZ, he added. Meanwhile, Chu is optimistic that most activities in the JS-SEZ today are from private sector business enterprises, since private sector players are more inclined towards optimal decision-making than public sector players. In April, CIMB announced that it would commit RM10 billion (S$3 billion) in funding facilities to drive economic integration and unlock cross-border opportunities in the JS-SEZ. In a separate session, CIMB group CEO Novan Amirudin said the commitment will cover all market segments – apart from data centres, which is the sector that is currently receiving one of the largest FDI. He noted other opportunities, including family offices in the special financial zone, real estate development, and people movement after completion of the Rapid Transit System link.
