Latest news with #SharePurchaseAgreement
Borneo Post
7 days ago
- Business
- Borneo Post
AirBorneo set to take flight by end-2025 following MASwings acquisition
Lee speaking during a press conference held in the State Legislative Assembly building today. – Photo by Roystein Emmor KUCHING (May 26): Sarawak's very own airline, AirBorneo, is on track to officially take to the skies by the end of 2025, following the full acquisition of MASwings Sdn Bhd from Malaysia Aviation Group (MAG), said Sarawak Transport Minister Dato Sri Lee Kim Shin. According to him, the Share Purchase Agreement between the Sarawak Government and MAG was signed on Feb 12 this year, with the legal and beneficial ownership of MASwings expected to be transferred to AirBorneo Holdings Sdn Bhd by Dec 31, 2025. 'All stakeholders are actively working to fulfil the necessary regulatory, operational and legal requirements during this transition period to ensure a seamless handover. 'AirBorneo will also focus on enhancing regional and international air connectivity, while continuing to serve rural areas under the Rural Air Services (RAS),' he added in his ministerial winding-up speech at the State Legislative Assembly (DUN) sitting today. A key initiative during the rebranding process is the AirBorneo Logo and Livery Design Competition, which launched on March 5 and attracted nearly 1,000 entries. He said the winning design will reflect Sarawak's rich cultural heritage and forward-looking vision. 'AirBorneo is poised to strike a balance between improved connectivity, affordable fares, and economic benefits. This positions Sarawak as a key player in the regional aviation industry,' he said. Apart from that, he said to ensure service continuity, all MASwings staff will be retained post-acquisition, leveraging their experience to maintain reliability. He also assured that the schedule, frequency and routes under the RAS network will remain unchanged during and after the transition. As of the first quarter of 2025, MASwings recorded 191,837 passengers and 26.6 tonnes of cargo across its RAS routes, with 8,670 aircraft movements, underscoring the importance of rural connectivity in Sarawak. Meanwhile in his speech, Lee also highlighted a strong rebound in Sarawak's air traffic, with 30,980 aircraft movements and 2.5 million passengers recorded in the first quarter of 2025, which is an eight per cent increase compared to the same period last year. 'Air cargo movements also surged by 23.3 per cent to 14,438 tonnes, driven by rising demand for electronics, oil and gas equipment, e-commerce goods, perishables and general cargo. 'Internationally, Sarawak currently sees 37 international flights per week, while domestic routes from other Malaysian states contribute an average of 427 weekly flights. Kuching International Airport remains the busiest hub with 216 weekly flights, followed by Miri (99), Sibu (55), and Bintulu (45),' he said. In a related development, Lee announced that Batik Air will launch a new Subang–Kuching route starting July 28, 2025. On intra-state connectivity, Sarawak recorded an average of 620 domestic flights weekly in the first quarter, linking urban centres with rural settlements. 'Miri leads with 181 flights per week, followed by Kuching (142), Sibu (66), and Bintulu (40). These routes are served by AirAsia, Firefly, and MASwings,' he said. Lee also said that with AirBorneo and robust air connectivity growth, Sarawak is laying a strong foundation for inclusive, sustainable development and a thriving aerospace industry. AirBorneo DUN sitting lead Lee Kim Shin MASWings Sdn Bhd
Business Recorder
08-05-2025
- Business
- Business Recorder
Cherat Cement, Shirazi Investments plan to acquire majority stake in Rafhan Maize
Cherat Cement Company Limited (CCCL) and Shirazi Investments (Private) Limited have expressed their intention to acquire up to 75.69% stake in Rafhan Maize Products Company Limited (RMPL), one of Pakistan's largest agro-based companies. Topline Securities, appointed Manager to the Offer, disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Thursday. 'We, Topline Securities Limited, have been appointed as Manager to the Offer by Cherat Cement Company Limited and Shirazi Investments (Private) Limited, in accordance with the Securities Act 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. 'On behalf of the acquirers, we would like to submit the Public Announcement of Intention to acquire up to 75.69% shares of Rafhan Maize Products Company Limited, subject to receipt of regulatory and other approvals, if any,' read the notice. The development comes days after it was learnt that Ingredion Incorporated, a US-based food and beverage ingredient provider, is evaluating offers to sell its stake in RMPL. Giving a brief description of the intended acquisition, the notice stated that under the Share Purchase Agreement (SPA), Cherat Cement and Shirazi Investments each plan to directly acquire up to 3,495,526 shares, which is up to 37.845% of Rafhan Maize's paid-up capital each. Combined, they aim to acquire up to 6,991,052 shares or 75.69% of the company. However, the number of shares they might offer to buy from the public is 'not determinable at this stage' and will be determined after the SPA is signed. Cherat Cement Company Limited is publicly listed on the Pakistan Stock Exchange and is engaged in cement manufacturing. 'With a state-of-the-art production infrastructure and an installed capacity of 4.5 million tons per annum, it primarily serves the northern region of Pakistan. CCCL also plays an active role in regional trade, exporting cement to Afghanistan,' read the notice. Meanwhile, Shirazi Investments (Private) Limited operates as the investment arm of Atlas Group, a diversified conglomerate with investments in engineering, power, finance, and trading businesses, renowned for its strategic investments and strong governance.
Business Recorder
07-05-2025
- Business
- Business Recorder
Secure Logistics gets CCP approval to acquire Trax Online
The Competition Commission of Pakistan (CCP) on Wednesday approved the complete acquisition of Trax Online (Pvt.) Ltd. by Secure Logistics Group Ltd. under a Share Purchase Agreement (SPA). According to a press statement, both parties had submitted a pre-merger application in line with the Competition Act, 2010. The CCP's review identified the relevant product market as courier and e-commerce logistics services in Pakistan. CCP said that the deal is a conglomerate merger with no horizontal or vertical overlaps, and concluded that the transaction will not result in dominance or lessen competition in the relevant market. Pakistan's SLGL secures transport services deal with Maersk Secure Logistics Group Ltd. (SLGL) is a publicly listed company offering long-haul and medium-haul logistics, asset tracking, fleet management, and security services. In the quarter ending March 31, 2025, SLGL posted a profit of Rs160 million, translating into an earnings per share of Re0.59. Meanwhile, Trax Online (Pvt.) Ltd. is a private company focused on warehousing and door-to-door delivery for e-commerce clients. 'The acquisition is expected to enhance operational synergies and support the growth of Pakistan's digital logistics ecosystem,' CCP stated.
Time of India
03-05-2025
- Business
- Time of India
Apollo Micro Systems acquires IDL Explosives for Rs 107 crore to expand defence manufacturing
Apollo Micro Systems Limited, through its wholly owned subsidiary Apollo Defence Industries Private Limited (ADIPL), has signed a Share Purchase Agreement to acquire full ownership of IDL Explosives Limited for ₹107 crore in an all-cash deal. #Pahalgam Terrorist Attack Pakistan reopens Attari-Wagah border to allow stranded citizens in India to return Key Jammu & Kashmir reservoirs' flushing to begin soon Air India sees Pakistan airspace ban costing it $600 mn over 12 months The announcement came on 2 May 2025. The transaction is expected to be completed within two to three months, pending regulatory and corporate approvals. Entry into explosives manufacturing IDL Explosives, currently under Hinduja Group 's GOCL Corporation , is a well-established domestic manufacturer of industrial-grade explosives, primarily serving the mining and infrastructure sectors. The company posted a turnover of ₹623 crore in FY24 and holds a net worth of ₹10 crore. Over the past three years, its revenues have seen major swings—₹62,264 lakh in FY24, ₹78,163 lakh in FY23, and ₹39,538 lakh in FY22. GIF89a����!�,D; 5 5 Next Stay Playback speed 1x Normal Back 0.25x 0.5x 1x Normal 1.5x 2x 5 5 / Skip Ads by by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Wife won't let go of dog, husband finds out why and calls police - watch! Happy in Shape With this acquisition, Apollo aims to integrate explosives into its defence manufacturing pipeline. It will now be able to offer a broader portfolio of systems across artillery, missile, and high-impact weapon domains. Full takeover, no related party links The purchase involves 78.65 lakh equity shares at ₹136.04 each. Once completed, Apollo Defence will own 100% of IDL Explosives. The companies confirmed that no related parties are involved in this transaction. Live Events IDL Explosives, established in 2010, operates exclusively within India. Its primary business has focused on bulk explosives, and the acquisition enables Apollo to extend its reach into critical defence components while leveraging existing industrial demand. Strategic Vision and Indigenous Push In a statement, Apollo highlighted that this acquisition is a key step towards becoming a Tier-I Original Equipment Manufacturer ( OEM ) for weapon systems. It strengthens Apollo's ability to offer integrated defence solutions—combining design, electronics, platforms, and now, explosives. 'This acquisition is aimed at augmenting the Company's manufacturing capabilities in the area of Defence Explosives , supporting the growing indigenous demand across artillery, missile, and other high-impact defence domains,' the company said in its regulatory filing. B Karunakar Reddy , Managing Director of Apollo Micro Systems, described the deal as a landmark moment for the group's defence ambitions. 'Apollo Group is proud to announce a significant enhancement to its portfolio through a landmark alignment with India's first explosive company – a pioneering, Indian-owned enterprise with a distinguished legacy of over 64 years. This esteemed organisation, a proud member of the globally renowned Hinduja Group, brings unparalleled expertise and heritage to the partnership. The strategic move underscores Apollo's unwavering commitment to advancing indigenous capabilities in the defence and explosives sectors. Together we are poised to unleash the next chapter in the Spirit of Atmanirbhar Bharat, serving our great nation with innovation, strength & pride.' Apollo Micro Systems has gradually expanded its presence in India's defence and aerospace ecosystem. Known primarily for its electronic systems used in weapon platforms, the group has been steadily moving upstream—towards becoming a full-stack weapons systems supplier. The IDL acquisition marks a shift into physical and high-impact defence components. By consolidating electronics with explosive systems, Apollo is betting on India's push for self-reliance in defence production—one that has gained momentum under recent policy shifts.
Cision Canada
30-04-2025
- Business
- Cision Canada
WILLOW BIOSCIENCES INC. ANNOUNCES COMPLETION OF SALE OF OPERATING SUBSIDIARY AND MANAGEMENT CHANGES
CALGARY, AB, April 30, 2025 /CNW/ - Willow Biosciences Inc. (the " Company") (TSX: WLLW) (OTCQB: CANSF) announces the completion today of the sale (the " Transaction") of its wholly-owned operating subsidiary, Epimeron USA, Inc., to the U.S. subsidiary of Mycofeast Ltd., a privately-held, arms-length entity based in the United Kingdom (the " Purchaser"), pursuant to the terms of a share purchase agreement dated March 14, 2025 (the " Share Purchase Agreement"), between the Company and the Purchaser. The Transaction was completed for aggregate consideration equal to US$2.76 million in cash following closing adjustments (the " Purchase Price"), of which US$275,975 (the " Escrow Amount") is subject in escrow until September 17, 2025, at which point the Company and the Purchaser will jointly instruct the escrow agent to pay the Company the balance of the Escrow Amount in excess of any amounts subject to indemnity claims and certain post-closing price adjustments. There is no guarantee that all or any portion of the Escrow Amount will be payable to the Company. The Company intends to apply a portion of the Purchase Price to debt reduction, and will retain the remainder pending a review of its futures cash requirements and potential opportunities, with a view to maximizing shareholder value. Additional information concerning the Transaction is disclosed in the Company's management information circular dated March 26, 2025 (the " Information Circular"). Copies of the Share Purchase Agreement and the Information Circular are available on the Company's SEDAR+ profile at As a condition to the completion of the Transaction, Dr. Chris Savile, President and Chief Executive Officer of the Company, and Dr. Trish Choudhary, Senior Vice President, Research and Development, resigned from their roles with the Company to join the Purchaser. Travis Doupe, Chief Financial Officer of the Company, has been appointed to the role of Interim Chief Executive Officer effective today. The Company's board of directors wishes to thank Dr. Savile and Dr. Choudhary for their service and wishes them both all the best in their future endeavours. Forward-Looking Statements. This news release may include forward-looking statements including opinions, assumptions, estimates and the Company's assessment of future plans and operations, and, more particularly, without limitation, statements concerning: anticipated use of proceeds from the Transaction; receipt of the Escrow Amount by the Company; and potential future opportunities. When used in this news release, the words "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "should," and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by the Company. Forward-looking statements are subject to a wide range of risks and uncertainties, and although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. The forward-looking statements contained in this news release are made as of the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
