AIM Connect: Your Digital Source of Information from Across the Globe

Date: Jul 2021

Global Investment News

USA/Canada

  • The Government of Canada is taking action to ensure that Canadian companies have the tools and resources they need to build strong communities and a cleaner future for Canadians. Algoma Steel Inc. will receive up to $420 million to retrofit their operations and phase out coal-fired steelmaking processes at their facility in Sault Ste. Marie, Ontario. This funding will enable the company to purchase state-of-the-art equipment to support its transition to Electric-Arc Furnace production. The investment will create 500 well-paying jobs, through the project’s construction phase and subcontracting, and will create over 600 new co-op placements for students.
  • Canada confirmed C$1.53 billion (US$1.27 billion) investment in Calgary Light Rail Transit Project .“By investing in smart public transit projects, we’re reducing gridlock, helping more Calgarians get to and from work, creating good middle class jobs, growing the economy, and fighting climate change,” Prime Minister Justin Trudeau said.
  • Volkswagen wants to sell shares in its US subsidiary Electrify America. The German carmaker is said to be looking for a co-investor willing to invest around US$1 billion in the charging infrastructure specialist.
  • Stellantis presented its new electrification strategy. The multi-brand group wants to achieve 70 per cent of its sales in Europe and 40 per cent in the USA with “low emission vehicles'' by 2030. By 2025, Stellantis wants to invest more than 30 billion euros in electrification and software, as CEO Carlos Tavares announced at the ‘Stellantis EV Day’. The company wants to “continue to be a pioneer in the efficiency of automobiles'', said Tavares, and achieve an investment efficiency that is 30 percent better than the industry average.

GCC/MENA

  • Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and ruler of Dubai launched a major new programme to develop talent, expertise and innovation in the field of coding in collaboration with top tech firms including Google, Microsoft and Facebook, among others. The programme aims to train and attract 100,000 coders and establish 1,000 digital companies within five years.
  • Abu Dhabi sovereign fund Mubadala Investment has raised Dhs2.7bn ($731m) in an initial public offering of satellite operator Yahsat after pricing shares near the middle of a marketed range.
  • Egypt’s Minister of Trade and Industry Nevine Gamea led the largest Egyptian trade mission to Central and West Africa. This comes with the aim of achieving the well-being and prosperity of peoples of two countries. The message also confirmed the depth of the historical and strategic relations between the two countries, and Egypt’s keenness to develop various frameworks of joint cooperation, especially in the economic, commercial, and industrial aspects.
  • The value of Saudi non-oil exports to Oman amounted to SR3.602 billion last year, where the food products sector topped the list of the major exporting sectors with a value of SR1.089 billion, followed by the building materials sector with a value of SR876 million and the chemicals and polymers sector with a value of SR502 million.
  • Egypt injected EGP 56.5m into an obsolete vehicle replacement initiative since April. The finance acts as a green incentive for the replaced cars owners. Coordination is underway to conduct the necessary technical examination for new cars to ensure that they conform to the technical specifications in terms of manufacturing and quality standards applicable in the Egyptian car industry, and their compatibility with the dual-fuel system.

Africa

  • DP World plans to buy South Africa’s Imperial Logistics Ltd. for $890m, in what the port operator said would be its most significant acquisition in Africa so far. “Imperial’s business strongly complements DP World existing footprint in Africa and Europe,” the Dubai-based company said, adding that the deal demonstrates long-term confidence in the South African economy and the wider regional market despite recent challenges.
  • An exceptionally large and white 1,174-carat diamond stone has been unearthed in Botswana, a mining company announced Wednesday, trumping another huge precious stone found in the country last month. The latest find solidifies Botswana as a leader on the world stage of the largest stones, accounting for six in the top ten list.
  • UK-based Liquid Intelligent Technologies and US social media giant Facebook are to collaborate on an extensive long-haul and metro fibre network in the Democratic Republic of Congo (DRC), which they say could improve internet access for more than 30m people.
  • The Takatso Consortium's purchased 51% stake and injected $221m into South African Airways bringing an end to years of speculation over the future of the troubled airline. The Takatso Consortium, said it will relaunch SAA as “a viable, sustainable, scalable and agile airline.

Asia

  • Temasek Holdings and Warburg Pincus have invested a combined $500 million in ANI Technologies Pvt. Ltd, which runs India’s largest mobility platform Ola, ahead of its planned public listing, the Bengaluru-based company.
  • Malaysian fintech MoneyMatch secured US$4.4mil Series A with KAF Investment Bank as lead investor. As part of the fundraising round, MoneyMatch also secured a venture debt facility under Malaysia Debt Ventures’ Technology Startups Funding Relief Facility.
  • Japanese bicycle parts maker Shimano is investing about 20 billion yen ($179 million) to build a new plant in Singapore amid a surge in demand in the wake of the coronavirus pandemic.
  • LG Chem Ltd (051910.KS) and its wholly-owned battery subsidiary LG Energy Solution (LGES) plan to invest a combined 15.1 trillion won ($13.17 billion) in South Korea this decade.
  • United States (US) solar-technology firm CubicPV Inc. plans to invest as much as $1.1 billion to set up solar wafer and cell manufacturing facilities in the country in India.
  • Global Power Synergy, the power arm of Thailand’s state-owned oil and gas group PTT, will invest THB20 billion ($635 million) in renewable energy across Asia including China and India. The company will borrow the fund from PTT for investment focusing on solar and wind projects.

Europe

  • German engineering and electronics company Bosch has started the construction of a 21 million euro ($25 million) office building in Cluj. The 10,000 sq m building will be the second one located within the Bosch engineering centre in Cluj-Napoca. Bosch expects to finalise works on the building in 2023 and start activity there at the beginning of 2024.
  • Serbia plans to invest 380 million euro ($449 million) in the overhaul of the Djerdap hydropower complex, on the Danube, in the next ten years.
  • The European Investment Bank (EIB) signed a 40 million euro ($47 million) loan agreement for the modernisation of Bulgaria's Sofia International Airport with airport concessionaire SOF Connect. The financing is supported by the European Commission’s Connecting Europe Facility (CEF), an EU funding instrument to promote growth, jobs and competitiveness through targeted infrastructure investment at European level.
  • Russian businessman Rashid Sardarov, owner of Cyprus-based Comsar Energy, has signed strategic partnership agreements with two companies for the construction of a thermal power plant and an adjacent coal mine in Bosnia's Ugljevik.
  • Intel plans $20bn ‘ecosystem-wide’ chip project in Europe. The investment will take place in a variety of European markets over the next decade, involving the construction of up to eight new facilities.

Latin America

  • Ecuador is seeking to reactivate large investment projects in strategic sectors.The portfolio of projects in the oil sector involves investments of almost US$10bn, including concessions for the Monteverde maritime terminal, which is used for the reception and commercialization of liquefied petroleum gas; the Esmeraldas refinery, with the capacity to refine 110,000b/d; two oil rounds for small blocks located between large blocks; and one round to explore the southeast.
  • Peru's Exports and Tourism Promotion Board (PromPeru) through its Directorate for the Promotion of Business Investments— has organized and met with 714 potential international investors, who have expressed medium to long-term interest in projects in the sectors represented by PromPeru —among which tourism, cutting-edge technology, textiles, agribusiness, fishing for human consumption, and manufacturing (mining services) stand out.
  • Mexican startup Plerk raised $1 million capital for expansion in Mexico, Chile and Colombia after closing a pre-seed investment round, in which various funds participated.
  • Armando Tamez, CEO of Mexican car parts maker Nemak, told GlobalCapital that the company sees “great potential” in sustainability-linked bonds, adding that it would be “natural” for Nemak to continue to consider issuing SLBs in the future.

Russia/CIA

  • China and Ukraine have signed an agreement to strengthen cooperation in the infrastructure sector, accelerating economic ties between the two countries.The two countries will encourage domestic enterprises and financial institutions to actively cooperate on road, bridge and rail transit projects, and provide necessary help and support for the implementation of cooperative projects, which are expected to have broad development prospects, according to the agreement.
  • TransTeleCom (TTK), which operates one of the largest fibre networks in Russia, which is more than 78,000 km long, wants to sell its residential (B2C) operations by the end of October. Russia’s fifth-largest broadband network operator by subscribers has hired the investment bank VTB Capital to carry out an auction, with an initial price set at RUB 8.9 billion (USD120 million), according to the sale notice.
  • Baring Vostok, an investment firm having shares in the Russian low-priced Familia chain, has purchased a 12 per cent stake in the women’s clothing brand 12 Storeez, whose co-founder Marina Golomazdina—who earlier owned 31 per cent of the firm—reportedly agreed to sell the stake to a new investor. The brand is expected to expand into the European market in the future, according to European fashion media reports.

Australia / New Zealand

  • Australia’s Macquarie Asset Management has entered into a binding agreement to acquire AMP’s global equities and fixed income (GEFI) division. Macquarie will pay up to A$185m (£100m, $138m, €117m), of which up to A$110m will be in cash and a cash earn-out of A$75m payable after the second anniversary of the completion date, subject to meeting revenue targets.
  • A group of infrastructure investors submitted a nearly $17 billion takeover bid for Sydney Airport, the operator of Australia’s busiest airport, signaling that investors are willing to bet big on post-pandemic travel.
  • The Chevron-led Gorgon LNG venture in Australia will proceed with a $4 billion investment for the Jansz-Io compression development that will keep customers in Asia supplied with gas for decades. Significantly, the subsea compression project, needed to move the gas from the deep seas to shore, will be the first of its kind outside of Norway.
  • BlackRock has secured more than US$250 million in commitments from a consortium of global institutional investors, governments and philanthropies for the Climate Finance Partnership (CFP), a flagship blended finance vehicle focused on investing in climate infrastructure across emerging markets in order to accelerate the global transition to a low carbon economy.

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