Asian leader and SaaS veteran sets sights on aggressive cloud adoption across the fastest-growing region for Infor
SINGAPORE – Media OutReach – 26 October 2022 – Infor, the industry cloud company, today announced the appointment of Terry Smagh as senior vice president and general manager for Asia Pacific and Japan. Based in Singapore, Smagh will be responsible for growing Infor’s business and driving customer success across key markets in the region, including Australia and New Zealand, Greater China, Japan, India, Southeast Asia and Korea.
Singaporean Terry Smagh is named Senior Vice President & General Manager, Infor Asia Pacific & Japan
“Terry is a seasoned expert in the Asia Pacific enterprise software market and comes armed with over 20 years of international experience in driving exponential revenue and market growth,” shared Wolfgang Kobek, executive vice president and general manager for international business at Infor. “We are thrilled to have him onboard to lead our fast-growing APJ region, which is rife with opportunity. As Asia’s businesses seek to scale their investments in technology, they are looking for software that will help drive greater agility, efficiencies, resilience, and innovation across their operations, at speed and scale. With Terry’s passion for people and unyielding devotion to driving exceptional customer-centric outcomes, I am confident that he will lead our team and customers into the next stage of growth, and further strengthen Infor’s roots in the APJ region.”
Smagh brings a deep industry expertise in SaaS and data analytics to his role at Infor and has a proven track record in helping customers transform and grow their businesses across the region. He joins Infor following senior leadership roles at BlackLine, IBM, and Qlik, where he played an instrumental role in driving revenue growth opportunities and profitability.
A Singaporean at heart, Smagh also has an extensive understanding of local and regional market nuances and growth opportunities, having worked in regional roles for most of his career.
With a background in entrepreneurship, Smagh is passionate about scaling businesses and grooming leaders, and a huge believer of “get the right team, and the rest will follow”. “We are in a people business — empathy, humility and respect are the attributes I look for in a leader,” said Smagh. “It’s about developing and motivating a high-performing team that’s collaborative, thrives under pressure and enjoys coming to work every day. I believe that we can foster success and commitment through culture and constant reinforcements on holistic customer engagements and experiences. My goal for talent retention and recruitment is simple – we must continue to stay interested and vested in our people, and create a Best Place to Work in the process.”
“Businesses today have moved past the point of merely navigating economic recovery and uncertainty. Instead, they are doubling down and investing aggressively in building the competencies, technologies and skillsets that will truly position them to thrive in a new era of business, and fast. Cloud will continue to play a crucial role in that,” said Smagh. “I am honored to be joining the Infor family and I believe that Infor’s unique, purpose-built CloudSuites for industry position us well to deliver on these demands, and to accelerate greater time-to-value for businesses. This is an increasingly crucial competitive differentiator for organizations, and I look forward to working closely with my team to deliver on that crucial difference for our customers.”
Smagh will be responsible for spearheading growth for Infor across a broad range of sectors in APJ, including industrial manufacturing, food and beverage, automotive, high tech, distribution and logistics.
Media Contact: Phyllis Tan Infor Asia Pacific & Japan phyllis.tan@infor.com +65 9799 9133 Hashtag: #Infor
About Infor
Infor is a global leader in business cloud software specialized by industry. We develop complete solutions for our focus industries. Infor’s mission-critical enterprise applications and services are designed to deliver sustainable operational advantages with security and faster time to value. Over 60,000 organizations in more than 175 countries rely on Infor’s 17,000 employees to help achieve their business goals. As a Koch company, our financial strength, ownership structure, and long-term view empower us to foster enduring, mutually beneficial relationships with our customers. Visit www.infor.com.
As the value of Kip depreciates against foreign currencies, especially the US dollar, residents are finding it increasingly difficult to repay the installments on their cars or motorbikes.
Expanding its leadership team with this key senior appointment, the company is solidifying its goal of being a progressive, competitive leader in the High Net Worth market.
HONG KONG SAR – Media OutReach – 26 October 2022 – Transamerica Life (Bermuda) Ltd. (TLB) announced today that Mr. Andy Wong has joined the firm as its Chief Operating & Transformation Officer (COTO).
In this role, Mr. Wong will be overseeing all of TLB’s global operations, covering New Business, Underwriting, Customer Service and Claims. He will also focus on driving TLB’s operational and digital transformation, helping to deliver innovation, efficiencies, and customer service excellence across the organisation. He is based in Hong Kong.
Mr. Wong comes to TLB with over 25 years of experience across multiple industries, out of which, 18 of those years were focused on IT and Operations in Financial Services. He comes with a wealth of technological and operational background in the insurance sector having worked in AIA Hong Kong, ING, FT LIFE, and most recently at Tai Kang Life, where he was responsible for setting up IT, New Business, Underwriting, Customer Service and Claims.
“At TLB we are committed to continuous innovation. I’m therefore delighted to have Andy join us at such an important point in our transformation journey,” said Chirag Rathod, CEO of TLB. “With his vast experience and strong implementation track record, I’m very confident that Andy will be able to build upon our current digital efforts and further accelerate our digital transformation, most importantly in helping us to deliver more innovative and value-added solutions and services to our partners and High Net Worth (HNW) customers,” he added.
TLB is a leading life insurance company dedicated to serving HNW and Ultra High Net Worth (UHNW) individuals. With its singular focus on serving the HNW market, TLB has extensive experience in handling large sums assured and complex cases to support legacy and business planning for its customers.
Hashtag: #TransamericaLifeBermuda
About Transamerica Life Bermuda:
Transamerica Life (Bermuda) Ltd. (TLB) is a recognised leading HNW life insurance provider with extensive expertise in all aspects of HNW wealth protection, including handling large sums assured and complex cases supporting legacy and business planning. Transamerica has been in Asia for over 85 years and has been a pioneer in managing universal life portfolios for over 40 years. TLB was awarded an “Outstanding Responsible Insurer (2021)” award and a “Best-in-Class (2021)” award for its Universal Life Alpha product at the 12th Benchmark Wealth Management Awards in Hong Kong. TLB is part of the Aegon Group, an integrated, diversified, international financial services group that offers investment, protection, and retirement solutions. Further information about TLB is available here: www.transamericalifebermuda.com
About Aegon:
Aegon is an integrated, diversified, international financial services group. The company offers investment, protection, and retirement solutions, with a strategic focus on three core markets (the United States, the United Kingdom, and the Netherlands), three growth markets (Spain & Portugal, Brazil, and China), and one global asset manager. Aegon’s purpose of Helping people live their best lives runs through all its activities. As a leading global investor and employer, the company seeks to have a positive impact by addressing critical environmental and societal issues, with a focus on climate change and inclusion & diversity. Aegon is headquartered in The Hague, the Netherlands, and listed on Euronext Amsterdam and the New York Stock Exchange. More information can be found at aegon.com.
Allianz Global Corporate & Specialty cyber report: Growing cost of ransomware attacks impacting businesses of all sizes
Sophistication and frequency of business email compromise attacks also increasing
Emerging risk trends include: heightened risk of state-sponsored attacks, the evolving third party liability landscape, a shortage of cyber security professionals, and cyber governance under increasing ESG scrutiny
Better cyber risk insights help create a sustainable cyber insurance market
MUNICH, GERMANY – Media OutReach – 26 October 2022–Ransomware remains a top cyber risk for organizations globally while business email compromise incidents are on the rise and will increase further in the ‘deep fake’ era. At the same time, the war in Ukraine and wider geopolitical tensions are a major concern as hostilities could spill over into cyber space and cause targeted attacks against companies, infrastructure or supply chains, according to a new report from Allianz Global Corporate & Specialty (AGCS).
The insurer’s annual review of the cyber risk landscape also highlights the emerging threats posed by the growing reliance on cloud services, an evolving third-party liability landscape that means higher compensation and penalties, as well as the impact of a shortage of cyber security professionals. Such potential vulnerabilities mean that today a company’s cyber security resilience is scrutinized by more parties than ever before, including global investors, meaning many firms now rank it as their major environmental, social, and governance (ESG) risk concern, the report notes.
“The cyber risk landscape doesn’t allow for any resting on laurels. Ransomware and phishing scams are as active as ever and on top of that there is the prospect of a hybrid cyber war,” says Scott Sayce, Global Head of Cyber at AGCS and Group Head of the Cyber Centre of Competence. “Most companies will not be able to evade a cyber threat. However, it is clear that organizations with good cyber maturity are better equipped to deal with incidents. Even when they are attacked, losses are typically less severe due to established identification and response mechanisms.
“Although we see good progress, our experience also shows that many companies still need to strengthen their cyber controls, particularly around IT security trainings, better network segmentation for critical environments and cyber incident response plans and security governance. As a cyber insurer we are willing to go beyond pure risk transfer, helping clients to adapt to a changing risk landscape and raising their protection levels.”
Around the world, the frequency of ransomware attacks remains high, as do related claims costs. There was a record 623 million attacks in 2021, double that of 2020. Although frequency reduced by 23% globally during the first half of 2022, the year-to-date total still exceeds that of the full years of 2017, 2018 and 2019, while Europe saw attacks surge over this period. Ransomware is forecast to cause $30bn in damages to organizations globally by 2023. From an AGCS perspective, the value of ransomware claims the company was involved in together with other insurers, accounted for well over 50% of all cyber claims costs during 2020 and 2021.
Double and triple extortion now the norm
“The cost of ransomware attacks has increased as criminals have targeted larger companies, critical infrastructure and supply chains. Criminals have honed their tactics to extort more money,” Sayce explains. “Double and triple extortion attacks are now the norm – besides the encryption of systems, sensitive data is increasingly stolen and used as a leverage for extortion demands to business partners, suppliers or customers.” Ransomware severity is likely to remain a key threat for businesses, fueled by the growing sophistication of gangs and rising inflation, which is reflected in the increased cost of IT and cyber security specialists.
Increasingly, smaller and mid-sized companies which often lack controls and resources to invest in cyber security are being targeted by gangs as larger businesses invest more heavily in security. Gangs are also using a wide range of harrassment techniques, are tailoring their ransom demands to specific companies and are using expert negotiators to maximize returns.
Sophisticated scams
Business email compromise (BEC) attacks continue to rise, facilitated by growing digitalization and availability of data, the shift to remote working and, increasingly, ‘deep fake’ technology and virtual conferencing. BEC scams totalled $43bn globally from 2016 to 2021 according to the FBI, with a 65% spike in scams between July 2019 and December 2021 alone. Attacks are becoming more sophisticated and targeted with criminals now using virtual meeting platforms to trick employees to transfer funds or share sensitive information. Increasingly, these attacks are enabled by artificial intelligence enabling ‘deep fake ‘audio or videos that mimic senior executives. Last year, a bank employee from the United Arab Emirates made a $35mn transfer after being misled by the cloned voice of a company director.
The threat of cyber war
The war in Ukraine and wider geopolitical tensions are a major factor reshaping the cyber threat landscape as it increases the risk of espionage, sabotage and destructive cyber-attacks against companies with ties to Russia and Ukraine, as well as allies and those in neighboring countries. State-sponsored cyber acts could potentially target critical infrastructure, supply chains or corporations. “As yet the war between Russia and Ukraine has not led to a notable uptick in cyber insurance claims, however it does point to a potentially increased risk from nation-states,” Sayce explains. Although acts of war are typically excluded from traditional insurance products, the risk of a hybrid cyber war has accelerated efforts in the insurance market to address the issue of war and state-sponsored cyber attacks in wordings and provide clarity of cover for customers.
Hackers zero in on vulnerable supply chains: Supply chain attacks – whether on critical infrastructure such as the Colonial Pipeline or on cloud services – have emerged as a significant risk. Increasingly, ransomware gangs use the threat of disruption to pressure firms into paying ransoms, with manufacturing companies particularly vulnerable.
Cloud outsourcing: Companies continue to shift their services and data storage on to the cloud, despite growing concerns around security and risk aggregation. By relying on a small number of providers for cloud services or cyber security, society is creating large concentrations around a few single points of failure. It is a common misconception that the outsourcing or cloud vendor will assume full responsibility in the event of an incident.
Third-party liability, including fines and penalties, is becoming more relevant with advances in technology, organizations collecting more information and enforced data privacy regulation. Almost any cyber incident – including double-extortion ransomware – can lead to litigation and demands for compensation from affected parties.
A shortage of professionals is hindering efforts to improve cyber security. While there is growing awareness among boards, the number of unfilled cyber security jobs worldwide has grown 350% over the past eight years to 3.5 million, estimates show, meaning many companies struggle to hire, impacting their ability to improve their cyber security posture.
Cyber security increasingly seen through the ESG lens. Today, companies’ cyber security resilience is scrutinized by far more stakeholder groups than in the past. Increasingly, cyber security considerations are incorporated into the ESG risk-analysis frameworks of data providers, who look into companies’ practices to evaluate their preparedness for cyber crime. Making sure a company’s cyber processes and policies are understood at the board level and that risk monitoring processes are in place has never been more important.
In response to a more complex risk environment and increasing cyber claims activity, the insurance industry is more diligently assessing companies’ cyber risk profiles in a bid to incentivize companies to improve their security and risk management controls.
“The good news is that we are now seeing a very different conversation on the quality of cyber risk than a few years ago,” says Sayce. “We are gaining much better insights and appreciate clients going the extra mile in order to provide comprehensive data to us. This also helps us to provide more value and offer useful information and advice to customers, such as which controls are most effective or where to further improve risk management and response approaches. The net result should be fewer – or less significant – cyber events for our customers and fewer claims for us. Such collaboration will also help in creating a long-term sustainable cyber insurance market which not only relies on traditional coverages but, increasingly, on integrating cyber risks into captive programs and other alternative risk transfer concepts.”
Hashtag: #Allianz
The issuer is solely responsible for the content of this announcement.
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 farms or Hollywood film productions. They all look to AGCS for smart solutions and global programs to 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 around 4,250 people. As one of the largest Property-Casualty units of Allianz Group, we are backed by strong and stable financial ratings. In 2021, AGCS generated a total of €9.5 billion gross premium globally.
This document includes forward-looking statements, such as prospects or expectations, that are based on management’s current views and assumptions and subject to known and unknown risks and uncertainties. Actual results, performance figures, or events may differ significantly from those expressed or implied in such forward-looking statements. Deviations may arise due to changes in factors including, but not limited to, the following: (i) the general economic and competitive situation in the Allianz’s core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) adverse publicity, regulatory actions or litigation with respect to the Allianz Group, other well-known companies and the financial services industry generally, (iv) the frequency and severity of insured loss events, including those resulting from natural catastrophes, and the development of loss expenses, (v) mortality and morbidity levels and trends, (vi) persistency levels, (vii) the extent of credit defaults, (viii) interest rate levels, (ix) currency exchange rates, most notably the EUR/USD exchange rate, (x) changes in laws and regulations, including tax regulations, (xi) the impact of acquisitions including and related integration issues and reorganization measures, and (xii) the general competitive conditions that, in each individual case, apply at a local, regional, national, and/or global level. Many of these changes can be exacerbated by terrorist activities.
No duty to update Allianz assumes no obligation to update any information or forward-looking statement contained herein, save for any information we are required to disclose by law.
Privacy Note Allianz SE is committed to protecting your personal data. Find out more in our privacy statement.
HONG KONG SAR – Media OutReach – 26 October 2022 – METASENS, the Web3 gaming platform, has introduced the Utility feature, which provides NFT projects with various ways to boost utilities. METASENS now supports Web3 projects in one-stop NFT publishing, Web2 games blockchain reform services, NFT breeding, and more. This marks the beginning of a new era in Web3 marketing.
(METASENS the Web3 gaming platform has launched the Utility feature)
The Web3 gaming platform METASENS, led by Hong Kong-listed Imperium Technology Group, has a vision to build an ecosystem for Web3 games. Within one year, METASENS has launched a game-specific NFT market, offering NFTs with customized background music, special fields for checking game character abilities, and remaining time for breeding.
METASENS’ latest Utility feature helps the blockchain game PetaRush establish cross-brand collaborations with Asian blue-chip NFT projects PhantaBear and Demi-Human NFT. Owners of the two NFT projects can contact Utility to claim a 3D version of NFT for use in the game. This provides a good ecological foundation for multi-IPs Web3 marketing in one fell swoop. Currently, 10,000 PhantaBear NFTs and 3,344 Demi-Holim NFTs can be claimed as 3D versions at METASENS Utility. It automatically authenticates the holder’s NFT assets and issues them for the corresponding NFT.
METASENS Utility also provides a cross-chain service so that NFTs from different blockchains can authenticate each other to complete utilities. For example, NFTs held on the Ethereum blockchain can go through certification on Utility and benefit from discounts or other activities directly on the BNB chain. The entire process can be completed on a single METASENS website.
To further integrate asset circulation in Web3 games, METASENS also provides an automatic in-game asset exchange feature so that players who own in-game NFTs can automatically receive rewards via airdrops. Players just need to log into the game as usual and can receive the rewards automatically without any cumbersome processes. Game publishers can set different rewards for holders according to the needs of marketing activities; the long-term plan to strengthen NFT utilities can be easily implemented.
Collaboration on the NFT project has so far been mostly limited to a joint announcement. NFT holders do not feel the benefits or advantages. When projects seek deeper collaboration, they usually rely on acquisitions or use expensive technology to achieve it. Yuga Labs, for example, had to collaborate with the two main NFT IPs, CryptoPunks and Boring Ape, through expensive acquisitions.
METASENS is leading the way in creating a convenient and friendly platform for cross-IP or cross-brand collaboration. Brands or game publishers can conduct various deep collaborations and marketing activities through METASENS Utility.
Charles Gong, director of METASENS, said METASENS provides a platform for collaboration between Web3 projects, blockchains, NFTs, and gaming assets. METASENS has facilitated the development of collaborations in the Web3 era. It also allows players to participate in the Web3 game in a very intuitive way.
Vincent Chen, vice president of METASENS, said blockchain is the trend in the gaming industry. With METASENS’ ecological services, any gaming company interested in Web3 can use the most efficient way to develop a new business model to create a new brand value in the blue ocean of Web3 games before anyone else.
METASENS is a Web3 gaming platform funded by Hong Kong-listed Imperium Technology Group. It owns a Web3 gaming platform, an NFT marketplace, and a variety of blockchain games, with the governance token MSU along with the game token to build a sustainable token-economic ecosystem. METASENS team also provides technical support and guidance for blockchain game development and promotion. METASENS aims to provide an open GameFi platform and build a Universal Amusement Park for players worldwide.
SINGAPORE – Media OutReach – 26 October 2022 – QBE Asia today launched Premiums4Good, a global initiative that invests everyday premiums to make a difference to communities across the globe. Through Premiums4Good, a portion of customers’ premiums are put into investments that create social and environmental impact alongside a financial return, at no extra cost to the customer.
The investments include projects that help the environment, like renewable energy, waste management and water conservation, and ones that deliver direct, sustainable benefits to communities such as helping the homeless or providing additional social care to adults and young people.
“Climate change is an important issue globally and all progress taken in this space needs to be sustainable. While we have taken steps as an enterprise to be better stewards of the environment, Premiums4Good takes it a step further and allows our customers to put their hand up and get involved in our collective effort to do better for the world – all without the need for them to put in additional resource or cost expenditures to do so,” said Jason Hammond, CEO for QBE Asia.
An example of a programme supported through Premiums4Good where participating customers’ premiums are invested into is QBE’s investment in the Asian Development Bank (ADB)’s Gender Thematic Bond, which brings gender equality support and women’s empowerment to the fore. Through targeted initiatives like this, communities have been able to improve social protection and health programmes, reduce poverty and better support the prevention of and response to gender-based violence. This has also seen more tangible strategies to further women’s entrepreneurship opportunities and to help them secure green and more financially stable jobs. As of July 2021, ADB has raised over US$2.9 billion through this programme.
Believing in social and environmental responsibilities that extend beyond compliance, another investment undertaken through Premiums4Good is OCBC Bank’s Green Bond, which supports green investment portfolios and projects in the renewable energy and green buildings categories in the Asia Pacific region. Projects through these bonds have to date collectively surpassed OCBC’s S$10 billion sustainable finance portfolio set in 2020, with a goal to reach a S$25 billion sustainable finance portfolio by 2025.
Premiums4Good is offered across QBE’s operations in Australia Pacific, Asia, Europe and North America, with an investment portfolio spanning multiple asset classes, geographies and impact areas. As of 31 December 2021, QBE has invested US$1.4 billion through Premiums4Good, with a goal to reach US$2 billion by 2025. To acknowledge the contributions its customers and partners can make, QBE issues a certificate of recognition for their Premiums4Good contributions.
“There is growing recognition for investment initiatives that drive a positive environmental and/or social impact including their real potential to contribute to addressing climate change issues. Premiums4Good is our commitment to putting purpose into action, to help our customers and partners to do the same and contribute actively to long-term sustainable and social change,” said Andy White, Chief Underwriting Officer for QBE Asia. “Premiums4Good demonstrates our leadership in the impact investment sector and how social value can integrate perfectly with business value to deliver both attractive risk-adjusted returns and positive social and environmental impact,” he continued.
This initiative is aligned with the United Nations’ Sustainable Development Goals (UNSDGs) to support advancement of these global goals. As a universal agreement to work towards a better future, the SDGs align closely with QBE’s own purpose of enabling a more resilient future. QBE recognizes the importance of our transition to net-zero and is committed to net-zero emissions across our operations by 2030, and our investment and underwriting portfolios by 2050.
Hashtag: #QBEAsia
About QBE Asia
QBE Asia is part of the International Division of QBE Insurance Group Limited, one of the world’s top general insurance and reinsurance companies. Headquartered in Sydney, QBE is listed on the Australia Securities Exchange (ASX). To learn more about QBE Insurance Group, please visit www.qbe.com
Acquires approximately 51.0% equity of a local adult education service company
HONG KONG SAR – Media OutReach – 25 October 2022 – BExcellent Group Holdings Limited (“BExcellent Group” or the “Company”, together with its subsidiaries, the “Group”; stock code: 1775.HK) announced its annual results for the year ended 31 July 2022 (“Financial Year”). During the Financial Year under review, the Group recorded revenue of HK$141,829,000. Despite the fluctuant situation of COVID-19 pandemic in the year, the Group was able to reduce the loss before taxation by 15.5% to HK$24,325,000 and the cash and cash equivalents of the Group increased to HK$103,900,000.
BUSINESS REVIEW
Private supplementary secondary school education services
The Group provides private supplementary secondary school education services for students from Secondary 1 to Secondary 6 under “Beacon College” brand. The revenue derived from private supplementary secondary school education services was HK$113,942,000 for the year ended 31 July 2022 and the number of session enrollment was 179,000.
Due to the worsening of the fifth wave of COVID-19 pandemic in Hong Kong in late 2021 and early 2022, the number of new confirmed cases in Hong Kong reached a historic high and the Hong Kong government implemented disease prevention measure such as suspending face-to-face classes, which affected the overall number of session enrollments during the year.
Private secondary day school services
As at 31 July 2022, the Group operated two private secondary day schools located respectively in Yuen Long and Mong Kok under “Beacon Day School” brand.
Due to the increase of the number of private secondary day school unique student enrollments, the revenue derived from private secondary day school services was increased by 9.4% from HK$8,026,000 for the year ended 31 July 2021 to HK$8,784,000.
Ancillary education services and products
The Group offers various ancillary education services and products such as (i) IELTS and foreign language courses under “Beacon BExcellent” brand; (ii) mock examination services; (iii) education services to schools, tutorial and consultation services, interview preparation, language and supplementary primary school education, under our “Diverse Learning Club”, “Beacon Childhood”, “BeConfident”, “Glocal Education” and “Mathgic” brands, etc.
During the Financial Year under review, the total revenue derived from ancillary education services and products was HK$19,103,000 and the total number of session enrollment was 12,000. The ancillary education services and products are detailed as follows:
(i) Beacon BExcellent is the largest revenue contributor of our ancillary education services and products during the year. The demand for overseas study, migration, continuing education and training provided strong momentum for the demand of IELTS courses. The revenue of Beacon BExcellent was HK$5,468,000 for the year ended 31 July 2022. (ii) For the Financial Year under review, the revenue from mock examinations services was HK$3,942,000. (iii) Revenue from childhood education and school services was HK$3,174,000 for the year ended 31 July 2022. The Group was in the process of restructuring the childhood education services and streamlining the operation of our childhood education teaching centres. (iv) The organic growth on revenue arising from our HKDSE school services to various secondary schools, our online course platform namely CourseZ as well as our education services offered in mainland China resulted in a significant increase in the revenue for other services and products by 27.1% to HK$5,666,000.
OUTLOOK AND FUTURE DEVELOPMENTS
Looking ahead, The Group believes that the previous investment in the information technology for online learning has equipped the Group to surf in the wave of learning behavior change, which have created a broader market for our private supplementary secondary school education services.
To maintain the leading position in the Hong Kong private education market, the Group will continue (i) strengthening the teaching team by recruiting and retaining high calibers in the teaching force; (ii) optimizing our network of teaching centres for cost efficiency and even better classroom ultilisation; and (iii) further expanding the provision of education services to primary and secondary schools.
During the second half of the Financial Year under review, the Group has been providing teaching services to a HKDSE programme in an international school in Shenzhen, which earmarked a successful model of the extension of the Group’s education expertise from Hong Kong to the Greater Bay Area of mainland China. With this track record, the Group is optimistic to expand the development of the full spectrum of education services in mainland China when sound opportunity arises, and believe the strong position in the Hong Kong HKDSE education market will enable the Group to benefit from the prominent international education market growth in mainland China in the coming years.
Acquisition of a local adult education service company
On the same day, the Group announced that Beacon Holdings Limited, an indirect wholly-owned subsidiary of the Group has entered into a Share Purchase Agreement with Ottorino Consultants (International) Limited to acquire approximately 51.0% of its equity. Upon completion of the transaction, it will become a non wholly-owned subsidiary of the Group.
The total amount of the consideration for the Sale Shares is approximately HK$6.37 million, which includes HK$3.19 million is payable in cash. After the completion date, the balance will be paid off with 3,984,000 Consideration Shares at HK$0.8 per share, representing approximately 0.8% of the number of issued Shares.
Ottorino Consultants (International) Limited is principally engaged in the provision of educational services in Hong Kong, which include those relating top-up degrees, professional or vocational training, on-the-job English training, professional examination courses and other professional courses, and academic, interest and activity-based classes, in different industry disciplines under the business name of “1% Group Education”.
Ms. Leung Ho Ki, June, Chairman of the Group, said, “The COVID-19 pandemic continued to rage over the past year, and the local business market and even the education market still faced a severe situation. However, with the efforts of the Group’s employees and the gradual control of the epidemic, the cash flow of the Group has been strengthened which helps the Group to invest in different businesses, including exploring different potential acquisition and cooperation opportunities to enhance our core competitiveness and seize the opportunities arising locally and internationally. Education never fades and we hope that more and more people will leave the mark of ‘Bexcellent’ in different life stages”
Hashtag: #BExcellentGroup
The issuer is solely responsible for the content of this announcement.
About BExcellent Group Holdings Limited
BExcellent Group Holdings Limited (“BExcellent Group”) is a leading provider of private supplementary secondary school education services in Hong Kong, particularly in providing private supplementary secondary school education services and a series of ancillary education services and products, and operating private secondary day schools in Hong Kong. The education brands of the Group include “Beacon College”, “Beacon Day School”, and “Beacon Childhood”, etc. Furthermore, the Group has developed international education services for schools and has successfully commenced education programme in the Greater Bay Area. As at 31 July 2022, the Group operated 9 teaching centres, with a total of 72 classrooms, which, in accordance with the EDB’s guidelines, allow a maximum classroom capacity of 2,143 students to attend class at any one time.
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