Day: February 13, 2023

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OPEN Health to acquire leading US-based life science strategy and advisory firm Acsel Health

London, U.K., Feb. 13, 2023 (GLOBE NEWSWIRE) — OPEN Health, a pre-eminent global provider of scientific communications and HEOR & market access services, announced the acquisition of Acsel Health (“Acsel”), a New York-based life science strategy and advisory firm focused on commercial strategy, pricing and market access, and commercial excellence.

Acsel’s deep industry expertise, scientific rigor, and actionable analysis drives its success in providing valued partnership to life science companies. These capabilities will complement OPEN Health’s existing offering, broadening the range of services it offers to pharma and biotech companies.

Lujing Wang, Managing Partner of Acsel Health, said, “We are thrilled to join OPEN Health and to work with a wider team to solve for today’s demands and meet tomorrow’s expectations for pharma and biotech customers. With new colleagues and capabilities to partner with, we are equipped to answer the most challenging cross-disciplinary questions in life science across all key therapeutic areas.”

“Acsel is an extraordinary addition to OPEN Health. Acsel’s expert team and long-standing client relationships significantly strengthen our ability to support the commercialization of our clients’ assets and unlock access for patients.” said OPEN Health CEO, Rob Barker. “We are excited to welcome Acsel Health into the OPEN Health Group and look forward to working with our new colleagues to offer our clients innovative, scientific solutions around the globe.”

Fairmount Partners acted as exclusive financial advisor to Acsel Health. The terms of the transaction were not disclosed.

About OPEN Health

OPEN Health unites deep scientific knowledge with wide-ranging specialist expertise to unlock possibilities that improve health outcomes and patient wellbeing. Working in partnership with our clients, we embrace our different perspectives and strengths to deliver fresh thinking and solutions that make a difference. OPEN Health is a flexible global organization that solves complex healthcare challenges across HEOR and market access, medical communications and creative omnichannel campaigns. For more information on OPEN Health, visit www.openhealthgroup.com.

About Acsel Health

Acsel Health is a consulting firm that partners with renowned life science companies to guide life-changing innovations through their critical stages, from early development through market maturity. Acsel applies best-practice principles to develop and deliver highly individualized solutions to challenges across the product lifecycle for our clients. For more information on Acsel Health, visit www.acselhealth.com.

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Candice Subero
OPEN Health
candicesubero@openhealthgroup.com

GlobeNewswire Distribution ID 8744608

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Preqin Publishes New Territory Guide: Real Estate in Saudi Arabia 2023

Dry powder reaches $537mn

LONDON, Feb. 13, 2023 (GLOBE NEWSWIRE) — Preqin, the global leader in alternative assets data, tools, and insights, published its Real Estate in Saudi Arabia 2023: Preqin Territory Guide. The report shows that while fundraising for closed end real estate funds in Saudi Arabia has been slowing in recent years, there may be an increase in activity this year with a number of funds currently open to investment.

The Preqin Territory Guide series gives alternatives investors data-driven insight on the opportunities in a particular market or region.

Monumental investments in real estate planned in Saudi Arabia

Real estate is at the heart of Saudi Arabia’s vision of its future. The Kingdom is rich in oil revenues, but is also cultivating private finance and expertise from both domestic and international sources to deliver its Vision 2030 ambitions. Furthermore, there are developing plans for monumental investments in real estate, such as the $500bn Neom desert city project. While the asset class has long been a core component of investor portfolios in Saudi Arabia, it’s not a fully institutionalized market. Investors have plenty of options to gain exposure to the region, with access routes including real estate investment trusts (REITs), separately managed accounts (SMAs), club and direct deals, and small but ambitious private fund managers.

Offering enhanced insights into the region, Preqin is now tracking 35 real estate fund managers in Saudi Arabia. Data shows assets under management (AUM) in closed-end funds at Saudi Arabia-based managers stand at $3.2bn at the end of June 2022, with dry powder of $537mn, the majority of which is in core strategies.

The pace of fundraising might be slowing, but an increase could be on the horizon

The fundraising market in the region has slowed in recent years, with the number of private real estate funds closing annually from a peak of 11 in 2017. However, there may be an increase in activity this year, with 9 Saudi Arabia-based real estate funds currently open to investment. The largest managers in the region, as measured by funds raised over the past 10 years, are Blominvest Saudi Arabia ($1.0bn), the Investor for Securities Company ($903bn), and Jadwa Investment ($747mn), followed by Alkhabeer Capital ($375mn), Al Rajhi Capital ($336mn), Tharwat For Financial Securities ($317mn), and Albilad Capital ($304mn).

Furthermore, in terms of the prospects for international investors, with its Public Investment Fund (PIF), Saudi Arabia has an entity that can pull expertise and capital into the country. The $620bn AUM sovereign wealth fund, already one of the world’s largest investors in alternative assets, has a strategic goal to provide access to capital from the private sector and its other strategic partners, also with a view to gain exposure to international domain expertise associated with such capital.

However, while Preqin analysts believe a reversal in fundraising trends might be a possibility, it must be noted that this is a particularly opaque corner of the alternatives market and many funds that have closed in the past few years did not disclose the amount of capital they had raised.

David Lowery, SVP, Head of Research Insights, says, “We see strong fundamentals for real estate in Saudi Arabia. This is illustrated by the country’s GDP which was estimated to have increased by 8.6% in the year to Q3 2022, with inflation running at a relatively low rate of 2.5%. While real estate deal activity across all segments is constrained by a lack of supply, the hospitality sector is enjoying a post-COVID-19 boom, underpinned by the recovery in religious tourism and continued growth in entertainment and conferences.”

Key Preqin Real Estate in Saudi Arabia 2023 facts:

  • AUM: Closed-end funds’ AUM at Saudi Arabia-based managers reached $3.2bn by the end of June 2022
  • Funds: 9 Saudi Arabia-based real estate funds tracked by Preqin are currently raising capital
  • Dry powder: Preqin data shows $537mn in dry powder in closed-end real estate funds in Saudi Arabia

For more information, and to receive a full copy of the report, contact Dawn Bowles, Senior Marketing Manager, Regional Marketing, Growth Markets, at dawn.bowles@preqin.com

– Preqin Pro data covers unlisted closed-end real estate funds. The charts and tables in the report are for this segment of the real estate market in Saudi Arabia only

– All reference to ‘$’ is USD

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About Preqin

Preqin, the Home of Alternatives™, empowers financial professionals who invest in or allocate to alternatives with essential data and insight to make confident decisions. It supports them throughout the entire investment lifecycle with critical information and leading analytics solutions. The company has pioneered rigorous methods of collecting private data for 20 years, enabling more than 200,000 professionals globally to streamline how they raise capital, source deals and investments, understand performance, and stay informed. For more information visit www.preqin.com.

GlobeNewswire Distribution ID 1000782087

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Appointment of directors of Hinopak Motors Limited

Karachi, Hinopak Motors Limited informed Pakistan Stock Exchange about appointment of Mr. Masato Uchida has appointed as Non – Executive Director with effect from February 10, 2023 in place of Mr. Koji Nagata.

“Hinopak Motors Limited is incorporated in Pakistan as a public limited Company. The Company’s principal activity is the assembly, progressive manufacturing and sale of Hino buses and trucks. The company is a subsidiary of Hino Motors Limited Japan and the ultimate parent company is Toyota Motors Corporation Japan.

Hinopak Motors Limited assembles, manufactures and markets Hino diesel trucks and buses in Pakistan. With over 75,000 vehicles on road, Hinopak has gained reflective market share making the largest manufacturer in medium and heavy-duty vehicles in Pakistan.

The total number of shares of the Company are 24,801,120. The Earnings per shares of the Company is (13.37) in 2021 and it was (165.71) in 2020. The Company had a loss of Rs. 288,294,000 in 2021 which was 2,054,976,000 in 2020.”

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Financial Results of Artistic Denim Mills Limited for Quarter ended December 31, 2022

Karachi, Artistic Denim Mills Limited informed Pakistan Stock Exchange about the recommendations made by the Board of Directors in the meeting held at Karachi on February 11, 2023.

The agenda of the meeting was discussion of profit and loss account for quarter ended December 31, 2022 which portrayed a profit of Rs. 220,683 with earnings per share 2.63 basic and diluted respectively.

Further, nil payment of cash dividend, bonus shares and right shares was agreed.

“Artistic Denim Mills Limited is a company incorporated in Pakistan on May 18, 1992. It is a public limited company which started its production in 1993. The foundations of the company are laid under the Companies Ordinance, 1984. The principal activity of the company is to manufacture and sell rope dyed denim fabric, yarn and value added textile products. The stocks of the company are quoted on the Karachi stock Exchange of Pakistan. The registered office of the company is located in Karachi.

The company is a complete vertical unit converting cotton to finished garments. The company is equipped with rope dyeing machines with a capacity of 140,000 meters.

The symbol “ADMM” is being used by the stock exchanges for the shares of Artistic Denim Mills Limited.”

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Corporate Briefing Session of Tariq Corporation

Karachi, Tariq Corporation informed Pakistan Stock Exchange that Corporate Briefing Session of the Company will be held on February 20, 2023 at Lahore, to brief the investors/analysts about Company Financial Performance and Outlook for the year ended September 30, 2022.

“Tariq Corporation was incorporated on February 14, 1966 in Karachi and received its Certificate for Commencement of Business on April 16, 1966.. The Company formerly known as Hussein Sugar Mills Limited, is principally engaged in the business of production and sale of sugar and by products.

The plant is located in Jaranwala, approximately 80KM from Lahore. The area has large tracts of land where sugarcane is cultivated and produces approximately 40-45 million mounds of sugarcane a year.

The total numbers of shares are 38,520,000. The Earnings per share is (7.43) in 2020 which was 9.05 in 2019. The Profit after Taxation of the Company is (286,206,000) in 2020 which was 293,543,000 in 2019.”

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Transaction of 44,234,620 shares of Pakistan Aluminium Beverage Cans Limited

Karachi, Pakistan Aluminium Beverage Cans Limited informed Pakistan Stock Exchange about transaction of shares of the company. 44,234,620 shares @ Rs. 0.00 per share were Inheritance-In from the market on February 10, 2023 through CDC.

Pakistan Aluminium Beverage Cans Limited is a public unlisted company incorporated in Pakistan under the Companies Ordinance, 1984 (now the Companies Act , 2017), on December 4, 2014. Ashmore Mauritius PABC Limited, Mauritius(Parent Company) holds 51% (2019: 51%) shareholding of the Company . The principal activity of the Company is manufacturing and sale of aluminium cans. The Company completed the installation, testing, commissioning of its manufacturing facility at Faisalabad Special Economic Zone in September, 2017 and commenced commercial operations.

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Appointment of directors of Pakistan State Oil Company Limited

Karachi, Pakistan State Oil Company Limited informed Pakistan Stock Exchange about appointment of Mr. Awais Manzur Sumra has been appointed as Member, Board of management with effect from February 10, 2023 in place of Mr. Muhammad Anwar.

“Pakistan State Oil Company Limited is a public limited company incorporated in Pakistan in 1976. The foundations of the company are laid using the Companies Ordinance, 1984. The principle activities of the company are procurement, storage and marketing of petroleum and related products. The company is also known for blending various kinds of lubricating oils. The stocks of the company are quoted on the Karachi, Lahore and Islamabad Stock Exchanges of Pakistan. The registered office of the company is located in Karachi.

The products which the company sells include Motor Gasoline, High Speed Diesel, Furnace Oil, Jet Fuel, Kerosene, CNG, LPG, Petrochemicals and Lubricants. The distribution network of the company comprises of 3,689 outlets out of which 3,500 outlets serve the retail sector and 189 outlets serve the bulk customers. In addition to retail customers more than 2,000 industrial units, business houses, power plants and airlines are being fueled by the company. The associated companies of PSO are Asia Petroleum Limited with 49% shareholding and Pak Grease Company Limited with 22% shareholding percentage. The industry association and trade bodies of the company include Management Association of Pakistan and World Economic Forum.

The symbol “PSO” is being used by the stock exchanges for the shares of Pakistan State Oil Company Limited.”

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Board meeting of Bilal Fibres Limited to be held on February 23, 2023

Karachi, Bilal Fibres Limited informed Pakistan Stock Exchange that the board meeting of the company is scheduled to be held on February 23, 2023 at Lahore. The agenda of the meeting shall be consideration of quarterly accounts for the period ended December 31, 2022.

Further, the closed period of the company shall be from February 13, 2023 to February 23, 2023 (both days inclusive).

“Bilal Fibres Limited was first established in 1987. The company is limited by shares, incorporated in Pakistan and is quoted on Pakistan stock exchange. The principal business of the company is manufacturing and sale of yarn. The mill is located at 38-KM Sheikhupura Road, Tehsil Jaranwala, District Faisalabad. The current capacity of the project is over 30,000 ring spindles. Bilal Fibres Ltd is also an active member of Lahore Chamber of Commerce and Industry and All Pakistan Textile Mills Association.

The total number of shares are 14,100,000. The Earnings per share is (2.12) in 2020 which was (0.62) in 2019. The Company had a loss of Rs. 29,953,000 in 2020 which was 8,682,000 in 2019.”

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Board meeting of Kot Addu Power Company Limited to be held on February 22, 2023

Karachi, Kot Addu Power Company Limited informed Pakistan Stock Exchange that the board meeting of the company is scheduled to be held on February 22, 2023 at Lahore. The agenda of the meeting shall be consideration of quarterly accounts for the period ended December 31, 2022.

Further, the closed period of the company shall be from February 14, 2023 to February 22, 2023 (both days inclusive).

“Kot Addu Power Company Limited was incorporated in Pakistan on April 25, 1996 as a public listed company. The Principal activities of the Company are to own, operate and maintain-fuel fired power station and to sell the electricity produced to a single customer WAPDA under a Power Purchase Agreement (PPA).

Kot Addu Power Plant (the “Power Plant”) was built by the Pakistan Water and Power Development Authority (“WAPDA”) in five phases between 1985 and 1996 in District Muzaffargarh, Punjab, 90 K.M. north west of Multan on the left bank of the River Indus at a distance of 16 K.M. from Taunsa Barrage.

In February 2005, the Privatisation Commission (on behalf of WAPDA) sold another 18% of WAPDA shareholding in the Company to the General Public. On April 18, 2005 the Company was formally listed on the Pakistan Stock Exchange (formerly the Karachi Stock Exchange, the Lahore Stock Exchange and the Islamabad Stock Exchange).

The Company is now listed on Pakistan Stock Exchange limited and quoted shares of it that are 880,253,228. Their Earnings per shares of the company is 26.83 in 2020 which was 14.90 in 2019. The Profit after Taxation is 23,613,193,000 in 2020 which was 13,111,540,000 in 2019.”

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Board meeting of Ittefaq Iron Industries Limited to be held on February 20, 2023

Karachi, Ittefaq Iron Industries Limited informed Pakistan Stock Exchange that the board meeting of the company is scheduled to be held on February 20, 2023 at Karachi. The agenda of the meeting shall be consideration of Half Year accounts for the period ended December 31, 2022.

Further, the closed period of the company shall be from February 13, 2023 to February 20, 2023 (both days inclusive).

“Ittefaq Iron Industries Limited (Formerly Ittefaq Sons Private Limited) was incorporated on February 20, 2004 and converted into public unquoted company on 05 January 2017. The company also changed its name from (Ittefaq Sons (Private) Limited) to (Ittefaq Iron Industries Limited) on 09 February 2017. The principal activity of the company is manufacturing of Iron Bars and Girders.

The total numbers of shares 144,343,364. The Earnings per share is (1.66) in 2020 which was 1.37 in 2019. The Profit after Taxation is (238,926,000) in 2020 which was 198,191,000 in 2019. “

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Board meeting of First Dawood Investment Bank Limited to be held on February 20, 2023

Karachi, First Dawood Investment Bank Limited informed Pakistan Stock Exchange that the board meeting of the company is scheduled to be held on February 20, 2023 at Karachi. The agenda of the meeting shall be consideration of quarterly accounts for the period ended December 31, 2022.

Further, the closed period of the company shall be from February 13, 2023 to February 20, 2023 (both days inclusive).

“First Dawood Investment Bank Limited was incorporated on June 22, 1994. First Dawood Investment Bank Limited was incorporated in Pakistan, as Dawood Leasing Company Limited. The company had obtained the licenses for Leasing Business and Investment and Finance Services from the Securities and Exchange Commission of Pakistan (SECP).

The total number of shares are 148,390,023. The Earnings per share is (0.43) in 2020 which was 0.20 in 2019. The Profit after Taxation of the Company is (63,409,000) in 2020 which was 29,336,000 in 2019.”

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Financial results of Nishat Power Limited forHalf Year ended December 31, 2022

Karachi, Nishat Power Limited informed Pakistan Stock Exchange about the recommendations made by the board of directors in the meeting held at Lahore on February 13, 2023.

The agenda of the meeting was discussion of Unconsolidated and consolidated profit and loss account for Half Year ended December 31, 2022 which portrayed a profit of Rs. 2,043,333 with earnings per share 5.77 basic and diluted respectively.

Further, 20% payment of cash dividend, bonus shares and right shares was agreed.

Furthermore, the share transfer books of the company will remain closed from February 24, 2023 to February 26, 2023 (both days inclusive).

“Nishat Power Limited is a public company limited by shares incorporated in Pakistan on February 23, 2007. The company is a subsidiary of Nishat Mills Limited. The principal activity of the company is to build, own, operate and maintain a fuel fired power station having gross capacity of 200 MW in Jamber Kalan, Tehsil Pattoki, District Kasur, and Punjab, Pakistan. The company has a Power Purchase Agreement (‘PPA’) with its sole customer, National Transmission and Despatch Company Limited (‘NTDC’) for twenty five years which commenced from June 09, 2010.

The total number of shares are 354,088,500. The Earnings per shares is 13.96 in 2020 which was 10.56 in 2019. The Profit After Taxation is 4,942,595,000 in 2020 which was 3,769,549,000 in 2019.
Below the Links are provided from where information is compiled:”