Latest news with #Sweden-based
The Star
a day ago
- Business
- The Star
Cloudaron plans RM38mil sale of subsidiaries to Sweden's Abelco
PETALING JAYA: Cloudaron Group Bhd has entered into a non-binding term sheet with Sweden-based Abelco Investment Group AB for the proposed disposal of its entire equity interests in Cloudaron Pte Ltd (CPL) and DACS Network Solutions Sdn Bhd. CPL is primarily involved in software development for interactive digital media and investment holding, while DACS is engaged in telecommunications equipment trading and IT hardware distribution. In a filing with Bursa Malaysia, Cloudaron said both parties have agreed to a valuation of 7.8mil euros or RM38.39mil for 100% of the issued and paid-up capital in the two subsidiaries. The disposal will be undertaken through the issuance of 17.94 billion new ordinary shares in Abelco at an issue price of 5 Swedish ore or about 22 sen per consideration share. Cloudaron said the proposed disposal is expected to enhance its ability to raise new capital in the European market to fund future growth. It also plans to leverage Abelco's existing technology network in Europe to expand its reach to global customers. The group noted the term sheet is non-binding and is not expected to have any material impact on its earnings at this stage. Abelco is a Swedish public-listed investment firm and venture builder with exposure in digital sectors such as gaming, e-sports, e-commerce and fintech.
News18
2 days ago
- Business
- News18
EQT completes acquisition of Niwas Housing Finance, pays Rs 1,750 cr for buy
New Delhi, Jul 17 (PTI) Sweden-based investment firm EQT on Thursday completed the acquisition of Niwas Housing Finance Limited, formerly known as Indostar Home Finance, a subsidiary of IndoStar Capital Finance Ltd. Following the acquisition, EQT will invest Rs 500 crore as growth capital to support geographic expansion and enhance digital capabilities of Niwas Housing Finance, a joint statement said. This transaction valued at Rs 1,750 crore marks a significant milestone in Niwas' journey as it expands its presence across India. Founded in 2017, Niwas provides affordable mortgages to retail customers in tier 2 to tier 4 cities in India and has supported over 47,000 low-income homeowners and small businesses, it said. Niwas has AUM (asset under management) of over Rs 3,000 crore as of March 31. 2025, comprising granular, retail, and secured loans. India's Rs 30 lakh crore-plus housing finance market presents a compelling long-term opportunity, driven by urbanisation, rising middle-income households, and strong government support for affordable housing, it said. 'The sector has shown resilience across economic cycles and plays a critical role in advancing financial inclusion. Niwas is well-positioned to serve this demand and will benefit from EQT's in-house digitalisation expertise, network of industry advisors, and expertise in go-to-market strategies. Last year in September, EQT had announced that the BPEA Mid-Market Growth Partnership has agreed to acquire a 100 per cent stake in Indostar Home Finance for Rs 1,750 crore (USD 210 million). PTI DP HVA (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: July 17, 2025, 22:30 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Iraqi News
2 days ago
- Automotive
- Iraqi News
Volvo Cars swings into loss on electric vehicles, tariffs
Stockholm – Volvo Cars announced on Thursday it had swung into loss in the second quarter, after it took an impairment charge for its electric cars, booked restructuring charges and dealt with a slower, tariff-troubled market. The net loss of 8.1 billion kronor ($830 million) was due to a 11.4-billion-kronor writedown in the value of its EX90 electric SUV and ES90 electric sedan due to production delays, higher development costs than planned and now US tariffs making sales there unprofitable. 'Demand remains under pressure from the macroeconomic environment, tariff-related uncertainties and tougher competition,' chief executive Hakan Samuelsson said in the quarterly earnings report. The Sweden-based manufacturer owned by China's Geely also took a 1.4-billion-kronor restructuring charge, having announced 3,000 job cuts in May. The group had booked a net profit of 5.7 billion kronor in the same quarter last year. Excluding exceptional items, it estimated its quarterly operating profit at 2.9 billion kronor, down from 8.0 billion last year. Retail sales of cars dropped by 12 percent by volume, while revenue fell by eight percent to 93.5 billion kronor due to lower volumes and the higher value of the Swedish kronor. That beat the analyst consensus of 88.2 billion kronor compiled by Bloomberg. Shares in Volvo Cars shot more than seven percent higher as trading got underway on the Stockholm stock exchange. Volvo Cars announced in April an 18-billion-kronor cost-cutting plan, part of efforts to navigate a car market buffeted by US tariffs and a costly switch to electric vehicles. It said then it would adapt to the increasing regionalisation in trade. And on Wednesday it announced it would begin building its XC60 SUV in the United States next year to avoid the 25-percent US tariffs applied to its vehicles. The company said it would no longer provide financial guidance for 2025 and 2026 due to 'external developments and increased uncertainties'.
Time of India
2 days ago
- Automotive
- Time of India
Volvo Cars quarterly operating profit beats expectations despite tariff hit
Volvo Cars reported a sharp decline in second-quarter operating profit on Thursday that nonetheless exceeded analyst expectations, sending shares up, though the company continues to face headwinds from tariffs and softening demand. Sweden-based Volvo Cars is the first European carmaker to release results in what analysts expect to be a challenging earnings season, as subdued demand for electric vehicles and intensifying competition from Chinese manufacturers coincide with trade tensions. But much of the fall had already been priced in to analyst and investor estimates as the prospect of tariffs and lower sales was largely expected. Shares were up nearly 8% at 0712 GMT. "Demand remains soft and volatile, impacted by weakening consumer confidence and the introduction of additional tariffs, which continue to pose challenges for the automotive sector," the carmaker said in its earnings report. In addition to a 27.5% tariff imposed on European-made Volvo cars entering the U.S., it has also been hit by a 25% tariff on auto parts as well as on steel and aluminium. Despite the gloomy environment, second-quarter numbers came in better than feared, analysts at Bernstein said in a research note. "Given how weak stock positioning is here it should be enough for a positive market reaction," they said. The company, owned by China's Geely Holding , posted an adjusted operating profit of 2.9 billion Swedish crowns ($297.89 million), down from 8.0 billion crowns a year earlier. Its gross margin, a key metric for assessing the tariff impact , dropped to 13.5% from 18.2% in the first quarter, though, adjusted for one-offs, it stood at 17.7%. Volvo Cars announced a $1.2 billion impairment charge related to model launch delays and tariffs on Monday, resulting in an operating loss of 10 billion crowns, compared to a profit of 8 billion crowns in the same quarter last year. Earlier in the year, former CEO Hakan Samuelsson was brought back for two years to help revive a record-low share price. Samuelsson quickly launched a cost-cutting programme, pulled earnings guidance, slashed 3,000 jobs, and slowed down investments.
Bangkok Post
2 days ago
- Automotive
- Bangkok Post
Volvo Cars swings into loss on EVs, tariffs
STOCKHOLM - Volvo Cars announced on Thursday it had swung into loss in the second quarter, after it took an impairment charge for its electric cars, booked restructuring charges and dealt with a slower, tariff-troubled market. The net loss of 8.1 billion kronor ($830 million) was due to a 11.4-billion-kronor writedown in the value of its EX90 electric SUV and ES90 electric sedan due to production delays, higher development costs than planned and now US tariffs making sales there unprofitable. "Demand remains under pressure from the macroeconomic environment, tariff-related uncertainties and tougher competition," chief executive Hakan Samuelsson said in the quarterly earnings report. The Sweden-based manufacturer owned by China's Geely also took a 1.4-billion-kronor restructuring charge, having announced 3,000 job cuts in May. The group had booked a net profit of 5.7 billion kronor in the same quarter last year. Excluding exceptional items, it estimated its quarterly operating profit at 2.9 billion kronor, down from 8.0 billion last year. Retail sales of cars dropped by 12 percent by volume, while revenue fell by eight percent to 93.5 billion kronor due to lower volumes and the higher value of the Swedish kronor. That beat the analyst consensus of 88.2 billion kronor compiled by Bloomberg. Shares in Volvo Cars shot more than seven percent higher as trading got underway on the Stockholm stock exchange. Volvo Cars announced in April an 18-billion-kronor cost-cutting plan, part of efforts to navigate a car market buffeted by US tariffs and a costly switch to electric vehicles. It said then it would adapt to the increasing regionalisation in trade. And on Wednesday it announced it would begin building its XC60 SUV in the United States next year to avoid the 25-percent US tariffs applied to its vehicles. The company said it would no longer provide financial guidance for 2025 and 2026 due to "external developments and increased uncertainties".
