Hashtag: #bingx #cryptoexchange
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About BingX

Hashtag: #bingx #cryptoexchange
The issuer is solely responsible for the content of this announcement.
SINGAPORE – Media OutReach – 31 May 2023 – Shipping transports around 90% of world trade onboard different vessels so maritime safety is critical. Improvements have been significant over the past decade, culminating in the sector reporting a record low number of large ships lost over the past year. However, a combination of factors impacting fire risk, ongoing and new threats posed by the ripple effects of the Ukraine conflict, decarbonization challenges, economic uncertainty, as well as the rising cost of marine claims, means the sector still has plenty of obstacles to navigate over the next 12 months and beyond, according to insurer Allianz Global Corporate & Specialty SE’s (AGCS) Safety & Shipping Review 2023.
“Shipping losses have sunk to the lowest number we have seen in the 12-year history of our annual study reflecting the positive impact safety programs, trainings, changes in ship design and regulation have had over time,” says Captain Rahul Khanna, Global Head of Marine Risk Consulting at AGCS. “While these results are gratifying, several clouds appear on the horizon. More than a year after Russia’s invasion of Ukraine, the growth of the shadow oil tanker fleet is the latest consequence to challenge shipowners, their crew and insurers. Fire safety and the problem of mis-declaration of hazardous cargo must be fixed if the industry is to benefit from the efficiency of ever- larger vessels. Inflation is pushing up the cost of hull, machinery and cargo claims. Meanwhile, although the industry’s decarbonization efforts are progressing, this remains by far the sector’s biggest challenge. Economic pressures could put vital investments in companies’ strategies, as well as in other safety initiatives, in jeopardy.”
Every year AGCS analyzes reported shipping losses and casualties (incidents) involving ships over 100 gross tons. During 2022, 38 total losses of vessels were reported globally, compared with 59 a year earlier. This represents a 65% decline in annual losses over 10 years (109 in 2013). Thirty years ago, the global fleet was losing 200+ vessels a year.
According to the report, there have been more than 800 total losses over the past decade (807). South China, Indochina, Indonesia, and the Philippines maritime region is the global loss hotspot, both over the past year and decade (204 total losses). It accounted for one-in-five losses in 2022 (10) driven by factors including high levels of trade, congested ports, older fleets and extreme weather. The Arabian Gulf, British Isles and West Mediterranean waters were the second top loss locations (3). Around a quarter of vessels lost in 2022 were cargo (10). Foundered (sunk/submerged) was the main cause of total loss across all vessel types (20), accounting for over 50%. Fire/explosion ranked as the second top cause of loss (8). Vessel collision third (4).
While total losses declined over the past year, the number of shipping casualties or incidents reported remained consistent (3,032 in 2022 compared to 3,000 in 2021). The British Isles saw the highest number (679). Machinery damage or failure accounted for close to half of all incidents globally (1,478). There were over 200 fires reported during 2022 (209) – the highest number for a decade, making this the third top cause of incidents globally, up 17% year-on-year.
Hull and cargo fire risks continue to concern
Several factors are increasing the risk of fires at sea and on land. Decarbonization is leading to new types of cargo being transported on vessels, such as electric vehicles (EVs) and battery-powered goods. Potentially highly flammable lithium-ion (Li-ion) batteries pose a growing risk for container shipping and car carriers. This battery market is expected to grow by over 30% annually over the next decade.
One of the main hazards of Li-ion batteries is ‘thermal runaway’, a rapid self-heating fire that can cause an explosion. The main causes of Li-ion fires are substandard manufacturing or damaged battery cells or devices, over-charging and short-circuiting. Fires in EVs with Li-ion batteries are difficult to extinguish and capable of spontaneously reigniting. “Most ships lack the suitable protection, detection and firefighting capabilities to tackle such fires at sea,” says Khanna. “Attention must focus both on pre-emptive measures and emergency plans to help mitigate this peril such as adequate crew training and access to appropriate firefighting equipment or improving early detection systems. Purpose-built vessels for transporting EVs would be advantageous.”
At the same time, hazardous cargos are increasingly transported by increasingly larger vessels. Container carrying capacity has doubled in the last 20 years. The 10 largest container operators have more than 400 new vessels on order and the majority will be larger than the ships they replace.
The increase in the number of large vessels may be one of the factors behind high levels of shipping incidents in South East Asia, with the region being something of a hot spot in recent years for marine insurance claims and total losses. “We have seen a number of grounding and collision incidents involving large vessels in both the Singapore Strait and the South China Sea. The waters around Singapore can be congested and the shipping lanes narrow. A small mistake by a large vessel can easily result in a grounding or collision,” says Captain Nitin Chopra, Senior Marine Risk Consultant at AGCS.
Furthermore, the impact of fires is amplified, potentially resulting in more severe losses. Fire is already one of the most frequent causes of total losses across all vessel types with 64 ships lost in the past five years alone. Meanwhile, AGCS analysis of close to 250,000 marine insurance industry claims shows that fire was also the most expensive cause of loss, accounting for 18% of the value of all claims analyzed.
Industry reporting systems attribute around 25% of serious incidents onboard container ships to mis-declared dangerous goods, such as chemicals, batteries, and charcoal, although many believe this number to be higher. “Failure to properly declare, document and pack hazardous cargo can contribute to blazes or hamper firefighting efforts,” Khanna explains. “Labeling a cargo as dangerous is more expensive. Therefore, some companies try to circumvent this by labeling fireworks as toys or Li-ion batteries as computer parts, for example.” Several large container shipping companies have turned to technology to address this issue using cargo screening software to detect suspicious bookings and cargo details, while large container operators are imposing penalties. “Unified requirements and penalties for mis-declared hazardous cargo would be welcomed,” says Khanna.
Ukraine and oil sanctions: growth of shadow tanker fleet latest safety concern
More than a year after Russia’s invasion of Ukraine, the ripple effects for shipping continue to be felt. The threat of collateral damage on civilian shipping in or around the war risk area remains high and could stem from floating mines for example.
Oil sanctions have also resulted in Russia and its allies creating a shadow tanker fleet to transport and sell its oil. Estimates of its size vary – as many as 600 vessels. “The shadow fleet is more likely to be made up of older ships, operating under flags of convenience with lower maintenance standards,” explains Justus Heinrich, Global Product Leader Marine Hull at AGCS. “The increase in their number is a worrying development, threatening the world fleet and the environment. A major incident can cause loss of life as well as uninsured damage or pollution.” In May 2023 an uninsured, unladen 1997-built tanker, Pablo, exploded in Southeast Asia, reportedly killing crew and washing oil up on nearby shores.
“As this incident shows, there are a number of worrying scenarios, such as a collision with an uninsured shadow fleet vessel that causes major environmental damage,” says Chopra.
Decarbonization the sector’s biggest challenge
Shipping contributes around 3% of global greenhouse gas (GHG) emissions annually and is committed to tough targets to cut these. The pace and progress of its efforts are influenced by technological developments, adoption of energy-efficient fuels, regulation and market forces. Shipping companies and cargo operators are already switching to vessels powered by liquefied natural gas and are using and trialing alternative fuels such as biofuels, methanol, ammonia and hydrogen, as well as solar and battery-powered all-electric vessels, wind-assisted propulsion systems, more efficient propellers and bulbous bow designs.
While electric and autonomous vessel development has so far focused on smaller coastal vessels, the technology could be deployed in larger ocean-going vessels. Last year, a subsidiary of South Korean shipbuilder HD Hyundai completed the world’s first ocean crossing by a large autonomous ship. The LNG carrier, Prism Courage, sailed 10,800 nautical miles from Texas to South Korea in 33 days, of which half was navigated autonomously.
“Coastal trade has provided a good testing ground for this technology, and from an insurance perspective, we would like to see continued testing with smaller coastal vessels, learning and refining systems over time, before moving on to scaled-up ocean transit operations,” says Chopra.
With no crew on board, autonomous technology raises questions around emergency response, Chopra adds. “If there was a cargo or engine fire, collision or grounding, any event, small or large, would be amplified and potentially turn into a total loss.”
Transitioning away from carbon-based shipping will involve a demanding period of change and significant investment of about $1.4trn. A mix of fuels is likely to exist for the next five to 10 years, posing challenges for shipowners, operators and ports. From a loss perspective the industry has not yet seen any major claims from alternative technologies or fuels. However, as these are introduced at scale, more issues may surface. “Collaboration is key and regular exchanges of information and data between companies and insurers from testing and experiences will be important in helping to reduce transition risks,” says Heinrich.
Economic pressures back on the radar
Following the post-pandemic boom in container shipping, economic and geopolitical uncertainty and falling demand have hit freight rates. The cost of shipping a container between Asia and the United States or Europe in April 2023 was more than 80% lower than a year earlier. “The question is whether this decline, together with the prospect of an economic downturn, will impact maintenance and risk management budgets. Prior downturns have impacted these, leading to losses and an uptick in machinery damage incidents.,” says Heinrich.
Factors impacting the cost of claims
Increased commodity prices, higher labor costs and supply chain disruption have had a significant impact on marine insurance claims, in particular hull and machinery. “The price of steel, a key cost driver in hull claims, increased sharply post-pandemic, as did spare parts. A typical propeller or machinery claim now costs around two times more than pre-pandemic,” explains Régis Broudin, Global Head of Marine Claims at AGCS. “Shortages and delays in obtaining replacement parts have also led to longer stays in repair yards while labor shortages have also increased costs. This comes on top of the increased expense of dealing with large vessels, which face higher costs for repairs, salvage and towing.” The post-pandemic boom in container shipping has also impacted. Cargo values have risen with the increase in the price of goods and raw materials. “Even companies with the best risk management will see the impact of inflation on claims,” concludes Broudin.
Hashtag: #Allianz #AGCS #shipping
https://www.linkedin.com/company/allianz-global-corporate-&-specialty-agcs-/
The issuer is solely responsible for the content of this announcement.
Allianz Global Corporate & Specialty (AGCS) is a leading global corporate insurance carrier and a key business unit of Allianz Group. We provide
risk consultancy,
Property-Casualty insurance solutions and
alternative risk transfer for a wide spectrum of commercial, corporate and specialty risks across nine
dedicated lines of business and
six regional hubs.
Our customers are as diverse as business can be, ranging from Fortune Global 500 companies to small businesses. Among them are not only the world’s largest consumer brands, financial institutions, tech companies and the global aviation and shipping industry, but also floating wind parks or Hollywood film productions. They all look to AGCS for smart solutions to, and global programs for, their largest and most complex risks in a dynamic, multinational business environment and trust us to deliver an outstanding
claims experience.
Worldwide, AGCS operates with its own teams in more than 30 countries and through the Allianz Group network and partners in over 200 countries and territories, employing more than 4,200 people. As one of the largest Property-Casualty units of Allianz Group, we are backed by strong and stable
financial ratings. In 2022, AGCS generated a total of €11.2 billion gross premium globally.
For more information please visit our website www.agcs.allianz.com
Over the past two years, Laos has experienced a sharp depreciation of its local currency, the LAK, against foreign currencies. The government has taken a series of measures to thwart this depreciation and get the local currency back on track. One of these measures was the closure of foreign exchange shops, other than those of the commercial banks, to afford the Bank of Lao PDR better control over the exchange rate throughout the country.
SINGAPORE – Media OutReach – 31 May 2023 – 7-Eleven is excited to present a mouth-watering array of delectable Western ready to eat items that will tantalise your taste buds and keep your wallets happy! Starting from an incredible price of just $3.80, foodies can now say goodbye to those pesky hunger pangs and hello to a comfort food adventure at their nearest 7-Eleven store.
Love at First Bite: 7-Select x Burgs Burgers
7-Eleven’s own brand 7-Select is collaborating with local brand Burgs for the first time ever to launch a delectable duo of burgers. Kickstart your day on a high note with the 7-Select x Burgs Savoury Beef Bacon Burger ($6.20). This delightful treat in a bun boasts a succulent beef bacon patty, a blend of shredded mozzarella and cheddar cheese, fluffy omelette, and an array of savoury toppings. Every bite offers a bold balance of flavours and textures that will leave you feeling completely satisfied.
Prepare your taste buds for a unique twist on a classic burger with the 7-Select x Burgs Black Pepper Beef Burger ($6.50). Featuring a juicy beef patty seasoned with black pepper and other seasonings, pickled onion, and cheese, all nestled in a soft and slightly sweet brioche bun, this burger will leave you craving for more!
Awesome all-day brunch options from 7-Select
And wait, there’s even more to tempt your taste buds! 7-Select is proud to introduce a range of other exciting new items that are sure to impress:
Experience a fusion of flavours with 7-Select Kebab Chicken Enchiladas (Crispy Tortilla with Chicken Kebab) ($5.00) – a soft tortilla wrapped around mouth-watering marinated chicken meat and cheese, drizzled with tangy tomato sauce.
Indulge in the comforting creaminess of the 7-Select Chicken Bacon and Ham Creamy Risotto ($5.00). This Arborio rice risotto is infused with delicious flavours of chicken ham and bacon, and topped with a generous sprinkle of parmesan cheese. It’s a real treat for the senses!
Kickstart your mornings with the 7-Select Breakfast Sausage Patty and Chicken Ham Salad Double Combo ($3.80). Indulge in the peppery goodness of the breakfast sausage patty paired with succulent chicken ham, sandwiched between soft slices of bread. This double combo is the perfect on-the-go breakfast option.
With the 7-Select Salmon Carbonara and Potato Salad Double Combo Sandwich ($3.80), we’ve taken the concept of a classic Fish Cottage Pie and deconstructed it into a duo of delicious delights. First, savour the creaminess of the Salmon Carbonara, where tender salmon meets a rich cheesy sauce. After which, experience the tangy and sweet flavours of the Potato Salad. A match made in heaven!
7-Eleven Exclusive – Delicious dishes crafted by Andes by Astons
7-Eleven has consistently satisfied customers with a variety of wholesome and hearty dishes from the popular local chain Andes by Astons. Building on this successful partnership, Andes by Astons has crafted an exclusive selection of four brand-new culinary creations, exclusively available at 7-Eleven. These unique creations cannot be found in their own restaurants, making 7-Eleven a must-visit for you to explore these enticing new flavours!
Indulge in the Andes by Astons Baked Herb Fish with Asparagus and Lemon Dill Sauce ($8.00). Delicate and flaky herb-baked fish served alongside a moreish lemon butter sauce and perfectly roasted asparagus are sure to tickle your tastebuds. This light yet flavoursome dish is an excellent choice for brunch or dinner, especially after a long day at work.
For a bold blend of flavours, try the Andes by Astons Baked Chicken with 2 Sauces (Creamy Garlic & Savoury Onion Sauce) with Fusilli ($7.00). The lightly-baked chicken pairs harmoniously with freshly tossed fusilli, accompanied by rich onion and creamy garlic sauces that will leave you longing for another bite.
Don’t miss the Andes by Astons Roasted Chicken with Savoury Buffalo Sauce ($7.00), where juicy chicken thigh meets a temptingly spicy and savoury buffalo sauce. Served with butter rice and Andes’ signature corn and broccoli, this dish is a true flavour explosion.
For those seeking a delightful breakfast affair, look no further than the Andes by Astons Breakfast with Roasted Potatoes and Baked Beans ($5.80). Treat yourself to a creamy open-faced omelette filled with a medley of eggs, cheese, and vegetables, accompanied by mouth-watering baked beans and roasted potatoes. It’s a breakfast experience like no other!
Tasty options from Shake Salad
With these two handheld treats, you don’t need to compromise on taste when you’re trying to be healthy! The Shake Salad Breakfast ‘H.E.M’ (Ham. Egg. Mushroom) Wrap ($5.00) is a hearty breakfast option that combines the goodness of ham, egg, and mushroom in every bite. With Shake Salad’s commitment to fresh and healthy ingredients, you can start your day feeling energised and satisfied.
Our Shake Salad Beef Cranberry Wrap ($5.50) is the perfect meal for those looking for a delicious snack. Packed with tasty beef, cranberry sauce, and a variety of vegetables, this wrap is sure to satisfy your cravings without adding unwanted calories. Enjoy this flavourful combination of freshness and health!
From 31 May to 28 June 2023, when you buy any of the delectable Western meals mentioned above, you can enjoy $0.30 off (saving you 12%) Senof KC Sweet Corn on Cob (250g) – the perfect opportunity to complement your meal with this delicious and sweet corn treat!
For product details, please refer to this summary table:
Product | RSP |
7-Select x Burgs Savoury Beef Bacon Burger | $6.20 |
7-Select x Burgs Black Pepper Beef Burger | $6.50 |
7-Select Kebab Chicken Enchiladas (Crispy Tortilla with Chicken Kebab) | $5.00 |
7-Select Chicken Bacon and Ham Creamy Risotto | $5.00 |
7-Select Breakfast Sausage Patty + Chicken Ham Salad Double Combo Sandwich | $3.80 |
7-Select Salmon Carbonara and Potato Salad Double Combo Sandwich | $3.80 |
Andes by Astons Baked Herb Fish with Asparagus and Lemon Dill Sauce | $8.00 |
Andes by Astons Baked Chicken with 2 Sauces (Creamy Garlic & Savoury Onion Sauce) with Fusilli | $7.00 |
Andes by Astons Roasted Chicken with Buffalo Sauce | $7.00 |
Andes by Astons Frittata Breakfast with Roasted Potatoes and Baked Beans | $5.80 |
Shake Salad Breakfast ‘H.E.M’ (Ham. Egg. Mushroom) Wrap | $5.00 |
Shake Salad Beef Cranberry Wrap | $5.50 |
All items are halal certified.
More promotions and updates can always be found on the 7-Eleven Singapore Facebook page, so stay tuned!
Hashtag: #7-Eleven
The issuer is solely responsible for the content of this announcement.
Established in Singapore in 1983, 7-Eleven has since expanded to more than 450 stores island-wide to become the No.1 24-hour convenience chain store. We take pride in serving the Singapore community 24 hours a day, 365 days a year. 7-Eleven emphasises convenience and value by offering a wide array of quality products, food and services to satisfy the needs of its customers. Think 7-Eleven, and what comes to mind is the refreshing Slurpee, 7Café, as well as a wide range of quality Ready Meals and sandwiches under 7-Select. 7-Eleven is also a 24/7 one-stop destination for customers who need to access bill payment services in their own time. Our services cover payment of utilities, courier services, and even cash withdrawal.
For more information, visit www.7-eleven.com.sg
A Lao-Korean Pokémon player will compete in the upcoming Pokémon World Championships in Japan from 11 to 13 August this year.
The brainchild of Gerald D. Hines, developer and founder of the Hines real estate organisation, the competition raises interest in urban development among younger generations. Competing students apply their knowledge of all aspects of real estate and land use to devise development projects for an existing site in a major city.
The winning entry was selected by a jury of leading real estate leaders that included Ray Lawler, chief executive officer, Asia Pacific, Hines; Yvonne Lim, group director of physical planning, Urban Redevelopment Authority of Singapore (URA), among others.
Teams were tasked with addressing issues of equity, housing affordability, accessibility, and sustainability in their proposals to redevelop the Jurong Lake District (JLD). Team Omusubi (comprised of Kento Yoshino, Taichi Kawasaki, Haoyang Xu, and Misato Fujii) from Waseda University proposed a plan, titled “Jurong Urban Health Campus” which envisions a transformation of JLD into a liveable and connected environment. It holistically integrates Singaporeans’ lifestyles and heritage with nature so neighborhoods have easy access to community-centric amenities and green spaces.
“We are grateful for Hines’ partnership with ULI and for bringing the competition to the Asia Pacific region so students here can take a hands-on approach to solving real-world challenges in the built environment,” said David Faulkner, president, ULI Asia Pacific. “I would like to congratulate Team Omusubi and all the competitors on displaying tremendous passion for design and urban development.”
“As the fastest-growing economic powerhouse in the world, the region faces challenges such as ageing populations, climate change, and urban migration. We will be in a better position to solve these problems if we support and inspire the next generation of leaders to create more liveable and sustainable communities,” Ray Lawler, juror and chief executive officer, Asia Pacific, Hines.
Full press release here. Additional competition notes are here.
Hashtag: #Design #ULI #WasedaUnitversity #Hines #JurongLakeDistrict
The issuer is solely responsible for the content of this announcement.
Urban Land Institute is an education and research institute dedicated to shaping the future of the built environment for transformative impact in communities worldwide.
Through this partnership, BIMStudio and CIDBEC will collaborate closely to provide the AEC industry access to the latest BIM tools and comprehensive training programs in CIDB myBIM Centre. These initiatives equip the workforce with the necessary skills to stay relevant and competitive in the dynamic global market. By upskilling professionals and enhancing their capabilities, the industry will be better equipped to embrace digital transformation, increase productivity, reduce errors, and optimize resource allocation.
“We are delighted to collaborate with CIDB E-Construct Services in our shared vision of advancing the AEC industry,” said Zait Ismail, BIM Director at BIMStudio. “This partnership will allow us to leverage our expertise in BIM technology to provide cutting-edge solutions that enhance productivity, collaboration and streamline workflows.”
CIDBEC, renowned for its commitment to industry development, is dedicated to facilitating the growth and progress of the construction sector. By collaborating with BIMStudio, CIDBEC aims to accelerate the adoption of BIM technology and ensure that the industry stays at the forefront of innovation.
“We are excited to partner with Graphisoft and BIMStudio in our pursuit of excellence and continuous improvement in the AEC industry,” stated Rofizlan Bin Ahmad, CEO of CIDB E-Construct Services Sdn Bhd. “By equipping our workforce with state-of-the-art BIM tools and training programs, we are investing in the industry’s future. This collaboration will enhance productivity, reduce costs, and foster sustainable development.”
“Archicad has been widely recognized as one of the leading Building Information Modelling (BIM) software solutions in the AEC industry. BIM adoption has been growing globally, including in Malaysia, due to its benefits in enhancing design coordination, collaboration, and project management efficiency,” said Ron Close, Vice President of Marketing at Graphisoft. “We firmly believe that nurturing talent and providing continuous education is indispensable in future-proofing architecture practices. This partnership will empower the workforce, elevate their skill set, and fortify the industry’s competitiveness on the global stage.”
Hashtag: #Graphisoft #Archicad #BIM #AEC #training #Malaysia #CIDBEC #IME #BIMstudio
https://www.linkedin.com/company/graphisoft-asia
https://www.facebook.com/GraphisoftAsia
The issuer is solely responsible for the content of this announcement.
Graphisoft empowers teams to design great buildings through award-winning software solutions, learning programs, and professional services for the AEC industry. Our award-winning products and solutions support OPEN BIM for workflow transparency, longevity, and data accessibility for built assets. Archicad®, the architects’ BIM software of choice, offers a complete end-to-end design and documentation workflow for architectural and integrated architectural and engineering practices of any size. Graphisoft is part of the Nemetschek Group.
SINGAPORE – Media OutReach – 31 May 2023 – The Flexi Group, one of APAC’s largest flexible workspace providers, which is the business combination target of TG Venture Acquisition Corp. (Nasdaq: TGVC) (“TGVC“), has announced continued expansion by doubling its number of locations in both Singapore and Australia through strategic partnerships and acquisitions.
Unified in 2022 following a merger of three leading brands – the Hive, The Cluster and Common Ground – The Flexi Group now has 43 locations in 11 cities and 8 countries including Australia, Singapore, Malaysia, Hong Kong, Thailand, Philippines, Taiwan, and Vietnam.
The acquisition in November 2022 of two former Found8 coworking locations, which have become the Hive North Bridge Road and the Hive Tanjong Pagar, brought the total number of Flexi Group locations in Singapore to four, joining the Hive Carpenter and Hive Lavender spaces.
In May 2022, The Flexi Group, through a subsidiary of its Australian subsidiary (“the Hive Australia”), entered into a partnership agreement with Hirsch & Faigen, pursuant to which the Hive will be the anchor tenant to Hirsch & Faigen’s latest $70 million office building in Melbourne’s East. Also, in October 2021, the Hive Australia signed a partnership agreement to occupy the three upper levels of the historic Milton House on Fitzroy Street, St Kilda. The two new locations, the Hive Abbotsford and the Hive Milton House, which will both open in mid-2023, will join the existing Hive Collingwood and Cluster CBD locations in Melbourne, Australia.
Unlike other flexible workspace operators, The Flexi Group has increasingly been pursuing an asset-light approach to its real estate ventures, partnering with landlords on joint ventures instead of leasing office space and taking on potentially significant financial obligations under rental agreements. By partnering with The Flexi Group, landlords can offer increased flexibility to tenants, as well as improve greater building engagement by offering them access to events, agile work solutions and bookable meeting and event spaces.
The Flexi Group’s multi-brand for a multi-demographic approach is unusual in the industry and creates the opportunity to partner with landlords across a variety of asset classes with differentiated pricing, building, location, and office size preferences, thus allowing each brand to grow strategically across the globe.
Chief Executive Officer of The Flexi Group, Chris Edwards, says “We see an incredible opportunity to expand our network both organically and through acquisitions in both Australia and Singapore, meeting the significant demand we’ve seen for the hybrid work model in both markets. Despite the economic headwinds, we are extremely bullish for the future of flexible working and looking forward to continued growth in the region.”
Hashtag: #TheFlexiGroup
The issuer is solely responsible for the content of this announcement.
Creating beautiful workspaces and hosting best-in-class events since 2012, the Hive is one of Asia Pacific’s largest boutique workspace network and aims to foster a creative community that inspires members to build deep, lasting connections, whatever their industry, role or location.
Founded in 2022, The Flexi Group is a rapidly expanding collection of leading Flexible Workspace operators in Asia. Spread across 43 locations in 11 cities, and with over 25 years of experience in designing, operating and scaling workspaces, we are the region’s largest operator.
This press release relates to a proposed transaction between The Flexi Group and TGVC. This press release does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any offer, sale or exchange of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In connection with the transaction described herein, The Flexi Group Holdings Ltd filed a registration statement on F-4 on February 13, 2023 (the “Registration Statement“) with the Securities and Exchange Commission (the “SEC“) that included a document that serves as a joint prospectus and proxy statement, referred to as a proxy statement/prospectus, and TGVC, The Flexi Group Holdings Ltd or a successor entity thereof may file additional relevant materials with the SEC. A proxy statement/prospectus will be sent to all shareholders of TGVC and The Flexi Group. The Flexi Group Holdings Ltd, TGVC or a successor entity thereof will also file other documents regarding the proposed transaction with the SEC. Before making any voting or investment decision, investors and shareholders of The Flexi Group and TGVC are urged to read the Registration Statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction.
Investors and shareholders will be able to obtain free copies of the Registration Statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by The Flexi Group Holdings Ltd, TGVC or any successor entity thereof through the website maintained by the SEC at www.sec.gov. Full details of the transaction can be found in the Registration Statement.
The documents filed by TGVC with the SEC also may be obtained free of charge upon written request to TG Venture Acquisition Corp, 1390 Market Street, Suite 200, San Francisco, CA 94102 or via email at info@tgventureaquisition.com. The documents filed by The Flexi Group Holdings Ltd or any successor entity thereof with the SEC also may be obtained free of charge upon written request to The Flexi Group Holdings Ltd, Wisma UOA II, Penthouse 16-1 Level 16, No. 6, Changkat Semantan, Bukit Damansara, 50490 Kuala Lumpur, Malaysia or via email at
contact@theflexigroup.com.
Participants in the Solicitation
The Flexi Group, TGVC and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from TGVC’s shareholders in connection with the proposed transaction. A list of the names of such directors and executive officers, and information regarding their interests in the business combination and their ownership of TGVC’s securities are, or will be, contained in TGVC’s filings with the SEC, and such information and names of The Flexi Group’s directors and executive officers will also be in the Registration Statement, which will include the proxy statement of TGVC.
Non-Solicitation
This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of TGVC, The Flexi Group, The Flexi Group Holdings Ltd or any successor entity thereof, nor shall there be any offer, solicitation, or sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. These forward-looking statements include the statements regarding The Flexi Group’s opportunities for expansion and continued growth. All forward-looking statements are based on The Flexi Group’s current expectations and beliefs concerning future developments and their potential effects on The Flexi Group or any successor entity thereof. Forward-looking statements are based on various assumptions, whether or not identified in this press release, and are subject to risks and uncertainties. These forward-looking statements are not intended to serve as a guarantee of future performance.
Many factors could cause actual future events to differ materially from the forward-looking statements in this press release. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Registration Statement and proxy statement/prospectus discussed above and other documents filed or to be filed by TGVC, The Flexi Group Holdings Ltd and/or or any successor entity thereof from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and The Flexi Group, The Flexi Group Holdings Ltd and TGVC assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.