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Aon Increases Stake to 100 Percent in Aon India Insurance Brokers, Acquiring Remaining Share from Catamaran

SINGAPORE – Media OutReach – 2 September 2021 –  Aon plc (NYSE: AON), a leading global professional services firm providing a broad range of risk, retirement and health solutions, today announced that it has increased its stake in Aon India Insurance Brokers Pvt Ltd. from 49 percent to 100 percent, acquiring the remaining share from Catamaran Ventures.

Aon acquired a 49 percent stake from Catamaran Ventures in the Indian composite broking firm, Anviti Insurance Brokers Private Limited, in 2020. Anviti was founded by Catamaran in 2016 and subsequently rebranded as Aon India Insurance Brokers Private Limited in June 2021.

 

Jonathan Pipe, CEO, Aon India Insurance Brokers Private Limited, said, “We have strong local capabilities and have nurtured trusted advisory relationships in India. We are committed to addressing unmet client needs and look forward to continuing to bring the best of Aon to a dynamic market.”

Sandeep Malik, Executive Chairman, Asia Pacific, Aon, said, “We are delighted to reach this milestone following our initial investment last year. This step reaffirms Aon’s commitment to the Indian market and further enables us to create new sources of value for our clients, accelerate innovation and deliver a unique colleague experience. We are happy to have worked with Catamaran, which built the f oundation to deliver immense client value with utmost integrity.”

M.D. Ranganath, President, Catamaran Ventures, said: “Catamaran’s objective has always been to bring world-class business practices to India by partnering with global companies and to create value and jobs in India. In a short period of time, Aon India Insurance Brokers has established itself as a leading, well-respected corporate insurance broking firm in India. We would like to thank Aon for the successful collaboration over the years and wish them a rewarding journey ahead.”

Aon India Insurance Brokers Private Limited has over 300 colleagues across nine locations in India. Aon also helps companies make better workforce decisions through data, analytics and advice in India through its fully owned subsidiary, Aon Consulting Private Limited.

More information about Aon’s offerings in India is available here.

About Aon

Aon plc (NYSE: AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.

Follow Aon on Twitter and LinkedIn

Stay up to date by visiting the Aon Newsroom and hear from Aon’s expert advisors in The One Brief.

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#Aon

About Catamaran

Catamaran is a catalyst for creating innovative enterprises in India and manages over $1 billion across asset classes. Catamaran invests in bold ideas from passionate entrepreneurs and works with them across stages to build successful enterprises. Further, it has partnered with respected global corporations to create enduring enterprises in India. Catamaran also invests in listed companies catering to large markets, with high standards of corporate governance and the ability to stay resilient across economic cycles. Please visit https://catamaran.in/ for more details.

Vientiane Police to Strictly Monitor Curfew Violations

Public Security (police) forces in Vientiane Capital
Public Security forces in Vientiane Capital (Photo: Lao Security News).

Police in Vientiane Capital have been ordered to keep a close eye on restaurants and entertainment venues, as well as ensuring all residents comply with Covid restriction measures.

RISE Conference returns to Hong Kong for five consecutive years

HONG KONG SAR – Media OutReach – 2 September 2021 – Today the Hong Kong Tourism Board (HKTB) and Web Summit announced that RISE, “one of the world’s most influential tech events”, will return to Hong Kong in March 2022, as an in-person event. This highlights Hong Kong’s thriving startup economy, leading position in innovation and technology, as well as its status as The World’s Meeting Place for business events to tap tremendous opportunities in the region.

 

RISE was launched in Hong Kong in 2015 and has already hosted five successful events, becoming Asia’s largest tech event, according to CNBC. Over the years, the event has attracted thousands of global tech founders, startups and investors to the city, such as Joseph Tsai, Co-founder & Executive Vice Chairman of Alibaba, John Collison, Co-founder & President of Stripe, Peggy Johnson, CEO of Magic Leap, and Neil Shen, Founding Managing Partner of Sequoia Capital China. The event has become an important window for companies from both East and West to make connections in new markets. With the HKTB teaming up with InvestHK and AsiaWorld-Expo, Hong Kong has once again won as the host city of RISE for the coming 5 years.

 

The Secretary for Commerce and Economic Development, Edward Yau, said: “I’m very excited to see RISE, a world-renowned tech event, returning to Hong Kong. This is a testimony of Hong Kong’s success to containing the pandemic and keeping infection rate among the lowest in the world, thereby giving international event organisers confidence that they can stage their events here safely. I am sure the staging of RISE will showcase Hong Kong’s capacity to deliver amid the challenges posed by the epidemic, and connect our tech start-up ecosystem with that of the globe. I look forward to welcoming more world class business events to Hong Kong, injecting new vigour into our economy.”

 

Paddy Cosgrave, Co-founder and CEO of the RISE Conference and Web Summit said: “We are extremely grateful for the support the city of Hong Kong has given RISE over the last five years, and we couldn’t be more excited to return in person in 2022. We’ve seen the region’s tech and startup economy grow from strength to strength since we launched RISE in 2015.”

 

Cosgrave continued: “We always intended to come back to Hong Kong at some stage. RISE has grown to what it is today after five successful years in the city. The event has now become an important nexus that connects the East and the rest of the world. CEOs and investors from around the world want a window into the region, and vice versa.”

 

HKTB Chairman Dr YK Pang said: “We welcome the return of RISE to Hong Kong for another five years in 2022–2026. The city’s state-of-the-art infrastructure and venues, complemented with a favourable business environment and unique travel experiences, are all part of the equation reflecting Hong Kong’s appeal for international business events. With Hong Kong’s strategic location in the Guangdong-Hong Kong-Macao Greater Bay Area, event participants can also capitalise on the multitude of opportunities in the region. With the strong commitment to hygiene and safety across all community sectors, the city is gearing up for a new milestone, and the HKTB will continue to make its best efforts to maintain Hong Kong’s status as The World’s Meeting Place.”

 

Chairman of the AsiaWorld-Expo Mr Ng Chi-kee added: “Hosting RISE in the coming 5 years bears an impactful significance to the recovery of Hong Kong’s MICE sector, as it marks the return of top-class international events to Hong Kong. With stringent anti-epidemic measures in place and our quality service, we will continue to work closely with organisers to deliver world-class events to maintain Hong Kong as the Asia’s premier meeting hub and attract more international events to the city.”

 

Hong Kong boasts a growing and diverse startup economy. Between 2018 and 2020, the number of local startups rose 28 per cent to 3,360, with non-locals accounting for 26 per cent of founders. Additionally, in 2020, foreign direct investment (FDI) in the city surged by 62 per cent year-on-year, to US$119 billion, making Hong Kong the third largest FDI recipient in the world, behind the United States (US$156.3 billion) and mainland China (US$149.3 billion). According to the World Bank, Hong Kong ranks third in the world for ease of doing business.

 

RISE will take place as an in-person conference in AsiaWorld-Expo from 14 to 17 March 2022. 

About RISE

According to Forbes, RISE attracts “the most brilliant minds in international tech”. The event will bring together the world’s leading founders, investors and multinationals, as well as the most promising startups in Hong Kong. They will be joined by journalists from major global media outlets and thousands of attendees, to create unparalleled networking potential.

About Web Summit

Forbes says Web Summit is “the best tech conference on the planet”; Bloomberg calls it “Davos for geeks”; Politico “the Olympics of tech”; and the Guardian “Glastonbury for geeks”. In the words of Sky News, Web Summit is “the world’s most influential tech event”, and the Telegraph calls it the “planet’s ‘best’ tech conference”.

About the Hong Kong Tourism Board

The Hong Kong Tourism Board (HKTB) is a Government-subvented body. Operating 15 offices around the world and representative offices in seven different markets, its primary mission is to maximise the social and economic contribution that tourism makes to the community of Hong Kong and to consolidate the city’s position as a world-class destination. The HKTB works closely with the Government, travel industry and other partners to promote Hong Kong worldwide, widen the range of tourism products Hong Kong offers, elevate service standards, and enhance the visitor experience.

#HongKong #MEHK #TheWorldsMeetingPlace #DiscoverHongKong #events #eventprof #techevent #innovation #technology #tourism #RISEConf #startup

Kuhlmann International Launches in Singapore

New Experience Centre for leading German modular interior builder of home solutions opens in October 2021

SINGAPORE – Media OutReach – 2 September 2021 – Bespoke modular interior builder, Kuhlmann International, has recently opened an office in Singapore. Launched in 1923, the German brand, represented by TMB Pte Ltd, specializes in offering a total home solution encompassing kitchens, wardrobes, storage systems, loose furnishings and architectural interior finishes.

With installations all over the world in luxury hotels and private residences, Kuhlmann has built a reputation for timeless and luxurious craftsmanship authenticated by German technology. One of the first cabinetry manufacturers to pioneer mechanized production in Germany, the brand has won numerous accolades for its products which are exported to over 30 countries.

 

The reputation is rooted in solutions using technology from German engineering and manufacturing merged with Italian design artistry, and a tight all-round quality control system during the manufacturing process. From residential to commercial, some of which are in the top 500 Enterprises , Kuhlmann’s global projects are recognised for its supreme quality. The Kuhlmann brand has made its mark on some of the top names in hotels such as the Empire Hotel (New York), Four Seasons Hotel (Shenzhen), Beijing Four Seasons Hotel and The Emerald Seattle.

 

The brand’s success is firmly built on the foundation pillars of quality, efficiency and design. Years of research and development have resulted in a strict formulated standard that applies to all products to ensure quality and durability for long-term use. Materials are carefully chosen to complement and withstand design and weather conditions of the customer’s location.

 

Matched with sleek Italian design, the custom-made modular designed structures and fittings are fabricated off-site at factories in China and Germany, which  are then efficiently assembled at the client’s location. 

 

The Kuhlmann brand integrates seamlessly with top German hardware brands like Blum, Hafele and Hansgrohe. Its manufacturing systems are controlled to ensure sustainable raw materials are used and certified for its strict compliance to hazardous substance control and emissions.

 

Kuhlmann Experience Centre

In Singapore, work is currently in progress on the Kuhlmann Experience Centre, located at Kallang Place and the estimated date of opening is October 2021. Kuhlmann International is helmed by Simon Chiang, Creative Director and Sonia Anya Tay, Project Director. They both lead a team of designers, engineers, technicians and carpenters to work with developers, home owners and designers  from conceptualization to execution.

 

“We are delighted  to launch the Kuhlmann brand in Singapore. German technology is nonpareil the world over and the brand is associated with integrity, timeless quality and uncompromising durability. The Kuhlmann brand will resonate  well in the homes of discerning Singapore residents,” said Benedict Choa, CEO of TMB/Kuhlmann International representative.

 

SIMON CHIANG

CREATIVE DIRECTOR, KUHLMANN INTERNATIONAL

 

Describing himself as an architecturally trained spatial designer, award-winning designer Simon Chiang has chalked up numerous accolades and achievements since he entered the world of architectural and interior design.

 

The valedictorian, who received his Masters of Architecture from the National University of Singapore (NUS)School of Design & Environment in 2013, had made it consistently to the Dean’s List every year since enrollment. In 2013, he also received the AEDAS Medal & Prize in Architectural Design Thesis, Board of Architects Prize and Medal, Singapore Institute of Architects Medal(M.Arch), and the Lee Kuan Yew Gold Medal for Best Performing Graduate. As part of his undergraduate degree in Architecture with 1st Class Honors in 2013, he spent one year at the Eidgenossische Technische Hockschule Zurich where he studied under renowned British Architect, Tony Fretton.

 

Upon completing his studies, Simon Chiang was employed as an architectural designer by SCDA Architects. After SCDA, he joined Surbana Jurong as an Architectural Associate from 2015 -2017. He was seconded to Safdie Architects in Boston, USA to work on a design competition  for Changi Airport Terminal 5 with the renowned Moshe Safidie for three months before returning to Singapore where he joined OCD Design as a Director in late 2017.

 

Though firmly grounded in architecture, Chiang has always had a passion for interior design and landscape architecture.  His love for combining the various design disciplines is evident in the works of Archetype Studio, where he was a previous partner and co-founder, to deliver holistic concepts and projects for residential, hospitality and commercial projects. His works are featured in top design media titles.

 

“The sheer precision of Kuhlmann’s German engineering and manufacturing coupled with its elegant Italian design finesse aligns with my creative thinking process. I am excited to conceptualize designs and show off the mastery of the brand to clients in Singapore.”

 

As Creative Director, Simon Chiang works with clients in planning and designing their home interiors by offering solutions based on an extensive Kuhlmann portfolio of designs to suit  individual lifestyle needs.

 

About Kuhlmann International

With nearly a century of traditional fine craftsmanship and innovation, Kuhlmann International has built a reputation for award-winning timeless modular home solutions. The Kuhlmann process is based on precise German engineering and manufacturing merged with sleek Italian design. Its parent company Boloni is based in Shanghai with showrooms in over 500 major cities in China and beyond, while Kuhlmann products are exported to over 30 markets globally.

Facebook: https://www.facebook.com/kuhlmanninternational

Instagram: https://www.instagram.com/kuhlmann__international/

LinkedIn: https://www.linkedin.com/in/kuhlmann-international-229270210/

Pinterest: https://www.pinterest.com/Kuhlmanninternational/

URL: www.kuhlmanninternational.com

About TMB

TMB Pte Ltd was formed in 2004 to introduce modular interior solutions for residential and commercial clients in Singapore. The company specialises in converting old, tired property into high yielding hospitality real estate through a framework of customised renovations inclusive of back-end electrical set-up.

#KuhlmannInternational

Materna IPS deploys Biometric Face Recognition at Tokyo Haneda Airport

TOKYO, JAPAN – Newsaktuell – 2 September 2021 – Tokyo International Airport (HANEDA), the 4th largest airport in the world, chose the German SBD provider to equip their self-service installation with the Materna IPS One ID journey.



Biometric passenger identification at Tokyo Airport Haneda


Biometric passenger identification at Tokyo Airport Haneda


Via 1:1 verification the passenger’s scanned government issued ID picture gets matched with the image captured at the kiosk. The result can enroll into the airports Face Express system at the self bag drop making it a unique cooperation of both systems. That way Tokyo Haneda Airport ensures a streamlined passenger processing while improving airport efficiency and security.

By offering passengers to identify themselves at the self-service touchpoint, physical contact with airport staff and therefore the risk of infection will be minimized. Contactless technology has become an important way to maintain the strict security standards during the pandemic.

Last year Materna IPS successfully installed a total of 104 self bag drop kiosks in Terminals 2 and 3 of the airport. These kiosks have now been upgraded by the unique biometric authentication process (Face Express) in cooperation with Collins Aerospace.

Yuya Yamazaki, Technical Project Manager of TIAT, said: “On behalf of TIAT including management level, we would like to express our sincere appreciation to Materna IPS to release this program before Tokyo 2020 Olympic and Paralympic Games, which is one of our goals of this project.”

With implementing this major project at Tokyo International Airport (HANEDA), Materna IPS continues its market entry in Japan and is expanding its international growth.

Upgrading the Haneda SBD installation with the biometric journey does not only significantly increase the airport’s efficiency and security but also lets Materna IPS extend its business activities in the Japanese market and so expand its international growth.

About Materna IPS GmbH

Materna IPS GmbH (Intelligent Passenger Solutions) as one of the most renowned suppliers for airports and airlines around the world, delivers solutions for automated passenger handling at airports. The company’s range of products and services comprises hardware and software implementations as well as service and maintenance. Their international branches in the USA, Canada, India and the United Kingdom enable Materna IPS to support their customers individually and to react quickly and professionally to market requirements. Materna IPS GmbH is a 100% subsidiary of Materna Information & Communications SE with its headquarters in Germany. The Materna Group currently employs more than 2,600 people around the world and generated sales of 355.1 million euros in 2020.

Picture is available at AP Images (http://www.apimages.com)

#MaternaIPS

TECNO launches new brand slogan of Stop At Nothing in India

TECNO pays tribute to human pursuit of purpose and potential

NEW DELHI, INDIA – African Media Agency – 2 September 2021 – Global premium smartphone brand, TECNO, today launched its new brand slogan of Stop At Nothing, while launching a brand campaign hashtagged #StopAtNothing that pays tribute to those who continue to push forward against all odds. #StopAtNothing represents TECNO’s recognition of human progress and people’s pursuit for purpose, potential and excellence.

 

With a new brand slogan, TECNO is indeed unstoppable: TECNO has seen a 210% year-on-year growth in the Indian market, reaching 11 million units sold since its local launch in April 2017. (Source: Counterpoint Q2 2021 report)

 

#StopAtNothing is TECNO’s next step in delivering on a promise of unlocking the best of contemporary smartphone technologies and making it accessible for global emerging markets.

 

TECNO’s brand campaign celebrates “progressive mavericks” and those “young at heart”, the youth who admirably stayed resilient in the face of adversity.

 

“We’ve seen how resilient and progressive society can be in the face of adversity, especially among young adults in emerging markets. No matter where you come from or what you physically look like or gender you belong to, people will “stop at nothing” to progress and find creative and disruptive ways to achieve their potential. In return, they find themselves on a joyous and exciting journey,” says Danni Xu, CMO of TECNO. “And this attitude and spirit resonates so strongly with TECNO that we were compelled to embrace it and position it at the very core of who we are and what we do as a technology brand.”

 

The campaign, which will be rolled out across the globe, features several above-the-line elements including a 60-second global brand video created to demonstrate the resilience of the human spirit. It will be supported by a strategic execution of digital, social and other marketing tactics emanating from representative markets such as Nigeria, Kenya, India, Turkey, Philippines and Russia.

 

#StopAtNothing is so much more another brand campaign,” says Xu. “It represents the values and the attitude that we as a brand embrace and TECNO’s role in providing the technology they need to progress even further.”

 

“#StopAtNothing not only inspires, but it also cements TECNO’s total commitment to supporting our consumers with innovative and elegant technology solutions that acts as an enabler of progression,” adds Xu.

 

TECNO’s goal is to become the most admired tech brand in the world, and continually making breakthroughs in product and experience innovations.

 

According to a recent Counterpoint study Q2 report, Transsion group brands (itel, Infinix, and TECNO) registered a 296% YoY growth, capturing a 7% share collectively in Q2 2021 in the overall India smartphone market.

 

“Our success in the Indian market so far be credited to our ‘glocal approach’ which is based on our philosophy of ‘Think Globally, Act Locally. We exercise foresight to anticipate market needs, adopt change, and tailor our products to suit the behavioral patterns of our customers,” concludes Xu.

 

Earlier this year, TECNO announced its latest “superpower” – securing Chris Evans, an A-list Hollywood celebrity as its worldwide brand ambassador. This signing has intensified TECNO’s determination to be recognised as a leader in global emerging markets.

 

As the brand continues to grow on the world stage, TECNO now finds itself competing with major mainstream brands, who undoubtedly will sit up and take note of TECNO’s “super-heroic” manoeuvre.

Assets

About TECNO

TECNO is a premium smartphone and AIoT devices brand from TRANSSION Holdings. With “Stop At Nothing” as its brand essence, TECNO is committed to unlocking the best contemporary technologies for progressive individuals across global emerging markets, giving them elegantly designed intelligent products that inspires consumers to uncover a world of possibilities. TECNO understands the needs of consumers from different markets and provides them with localized innovations and design breakthroughs demonstrated through their mastery of serving consumers who are “young at heart” and never stops pursuing excellence. TECNO’s portfolio spans across smartphones, tablets, smart wearables and AIoT devices made for consumers in over 70 emerging markets world-wide. TECNO is also the Official Partner of Manchester City, Premier League Champions 2020-21. For more information, please visit: www.tecno-mobile.com.

#TECNO #StopAtNothing

CPA Australia: Most Accountants Predict GBA Will Become World-Leading Technology Hub

HONG KONG SAR – Media OutReach – 2 September 2021 – Sixty-one per cent of surveyed accounting and finance professionals predict the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) will become a world-leading technology hub within five years, according to one of the world’s largest professional accounting bodies, CPA Australia.

With CPA Australia’s GBA Business Technology Report 2021 finding that 90 per cent of GBA businesses had undertaken at least one technology-related project in the past 12 months, it’s easy to see why most believe that the GBA will become a global technology hub in the near future. The report also reveals that fast-growing technology adoption by GBA businesses has led to a soaring demand for talent.

CPA Australia surveyed 258 accounting and finance professionals in a variety of industries in Hong Kong, Macao and the nine GBA mainland cities. Respondents were most likely to choose FinTech (44 per cent) as the technology that will improve collaboration within the GBA. Respondents are most likely to consider this technology will create more business opportunities and enhance the GBA as a global financial centre.

Mr Eden Wong, Deputy President of CPA Australia in Greater China said, “Further financial integration is likely to provide a boost to the development of the GBA as a global financial centre. Technologies may facilitate capital flow between GBA cities and encourage robust business activities.

“Take the GBA Wealth Management Connect Scheme as an example, the adoption of FinTech and other technologies will be indispensable in expanding the channels for residents in different parts of the GBA to invest in cross-boundary financial products. It will also enable banks under different regulatory regimes to open accounts for investors remotely, carry out suitability assessment processes for non-professional investors, and complete sales and transaction processes in a more efficient manner.”

According to the survey, 89 per cent of respondents expect their business to increase investment in or use of technology in the next 12 months. However, future technology preferences vary between Hong Kong and Macao and mainland GBA cities. Among respondents from the mainland GBA cities, data analytics and visualisation software was the top technology respondents expect to increase investment in or use of (45 per cent). Video conferencing and group collaboration tools were preferred by 39 per cent of Hong Kong and Macao respondents.

Dr Paul Sin, member of CPA Australia GBA Committee said, “Travel restrictions are likely to remain in place for the foreseeable future. As a result, the demand for remote collaboration tools will remain strong.

“As open and externally oriented economies, Hong Kong and Macao respondents prioritise these types of tools to enable them to collaborate and interact with non-local clients, stakeholders and employees. On the other hand, as businesses in mainland China have access to a greater pool of data, they are more likely to use data-relevant technologies such as data analytics, Artificial Intelligence (AI) and Business Intelligence (BI) to improve their business performance and meet  customer needs.

“Smaller and larger companies also have different technology plans. SMEs are more focused on tools that will enhance productivity such as cloud technology and video conferencing and group collaboration tools. Meanwhile larger companies with more data assets are more likely to increase their use of or investment in data-driven technologies to improve customer satisfaction and drive growth, such as data analytics and visualisation software, and AI.

“To encourage collaboration between companies and technology vendors in the GBA, the governments of the GBA could consider establishing a cross-border networking platform to connect companies with technology vendors.”

Although 68 per cent of respondents in the GBA believe that the current workforce in the GBA possesses moderate to high levels of technological skills, over one-third of respondents indicated that a shortage of talent is a major challenge to business technology adoption. 

Dr Albert Wong, member of CPA Australia’s GBA Committee said, “The survey findings reflect that there is a link between business performance and the technology-relevant actions businesses undertook. High-growth companies were more likely to have developed a long-term technology or digital strategy, partnered with technology companies to improve the business, or have invested in human resources such as recruiting technology talent or upskilling or reskilling the technology capabilities of staff. In addition, these companies are more likely to adopt an ecosystem approach to developing their technological capabilities.

“Talent supply and data assets are conducive to creating a sustainable ecosystem to nurture more technology companies in the GBA and to support the digital strategies of non-tech businesses. We suggest that GBA governments consider introducing more resources and policies to attract and retain tech-savvy talent or to upskill or reskill the current workforce with the relevant technology skills.

“In addition, clear guidance on data usage and cross-boundary data flow should be established to facilitate data sharing in the GBA. A clear data policy will lead to greater adoption of data-driven technologies in businesses. A pilot may be considered for facilitating the formulation of an appropriate cross-boundary data management mechanism and the demonstration of its working.”

About CPA Australia

CPA Australia is one of the largest professional accounting bodies in the world, with more than 168,000 members in over 100 countries and regions, including more than 20,000 members in Greater China. CPA Australia has been operating in Hong Kong since 1955 and opened our Hong Kong office in 1989. Our core services include education, training, technical support and advocacy. CPA Australia provides thought leadership on local, national and international issues affecting the accounting profession and public interest. We engage with governments, regulators and industries to advocate policies that stimulate sustainable economic growth and have positive business and public outcomes. Find out more at cpaaustralia.com.au

#CPAAustralia

Yanchang Petroleum International’s Two Ordinary Resolutions Were Passed by Shareholders

Receives US$22 Million Loan from Controlling Shareholder to Support Capacity Expansion Plan for Canadian Novus

HONG KONG SAR – Media OutReach – 2 September 2021 – Yanchang Petroleum International Limited (“Yanchang Petroleum International” or the “Company”; Stock Code: 00346) announced that two ordinary resolutions as proposed by the Company were duly passed at the Special General Meeting. Pursuant to which, Yanchang Petroleum Group (Hong Kong) Co., Limited (“Yanchang Petroleum HK”) conditionally agreed to provide the loan of US$22,000,000 (equivalent to approximately HK$170,675,000) to the Company for a term commencing from the Utilisation Date and expiring on the third anniversary of the Utilisation Date, at the interest rate of 4.8% per annum.

 

In order to seize the favourable opportunity of rising international crude oil prices and of significantly improving market demand for petroleum in the North American market, the Company is making an effort to optimise production and operation arrangements, as well as increase in the production capacity and sales of crude oil. The loan will enable the Company to obtain adequate funds to meet Novus’ financial needs for expanding its production capacity, with approximately 92.6% of the loan amount (representing approximately HK$158.0 million) to be used for the drilling of the 26 new oil wells and approximately 7.4% of the loan amount (representing approximately HK$12.7 million) to be used as general working capital of Novus.

 

Mr. Feng Yinguo, Chairman of Yanchang Petroleum International, said, “The loan demonstrates the continuous financial support provided by our controlling shareholder to the Group. The Group will seize the favourable environment of the structural recovery of international oil and gas industry and propel production and operation, business expansion, quality and efficiency improvement, introduce strategic investors and other works to lay a solid foundation for the long-term development of the Company in future, maximising returns for our shareholders.”

 

Yanchang Petroleum HK is wholly owned by Shaanxi Yanchang Petroleum (Group) Co., Limited (“Yanchang Petroleum Group”), holding 69.19% of the issued share capital of the Company. The principal activities of Yanchang Petroleum HK are investment holding and trading of crude oil. Novus is a wholly-owned subsidiary of the Company in Canada, engaging in the business of exploration, exploitation and production of oil and natural gas in Western Canada.

 

About Yanchang Petroleum International (Stock Code: 00346)

Yanchang Petroleum International is principally engaged in the following activities (i) exploration, exploitation and operation of oil and gas; and (ii) fuel oil trading and distribution. In its upstream operations, Yanchang Petroleum International possesses operating oilfields in Saskatchewan and Alberta, Canada, through its wholly owned subsidiary Novus, a Canadian enterprise. Novus engages in the business of acquiring, exploring for, developing and producing crude oil and natural gas. In its downstream operations, Yanchang Petroleum International is principally engaged in wholesale, retail, storage and transportation of oil products through its 70% owned subsidiary, Henan Yanchang Petroleum Sales Co., Limited, and which has been granted valid licenses for distribution and sales of oil products in China. The Group also established oil products trading companies in Zhoushan, Zhejiang and Shenzhen, China, respectively, for expanding its oil products trading business which will become a new profit driver.

For details, please refer to http://www.yanchanginternational.com

#YanchangPetroleumInternational