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AMCOR AND BERRY GLOBAL SHAREHOLDERS OVERWHELMINGLY APPROVE COMBINATION

Approval marks another significant milestone towards combining these highly complementary businesses 

ZURICH and EVANSVILLE, Ind., Feb. 26, 2025 /PRNewswire/ — Amcor plc (“Amcor”) (NYSE: AMCR, ASX: AMC) and Berry Global Group, Inc. (“Berry”) (NYSE: BERY) today announced that at their respective shareholder meetings, held yesterday, shareholders of both companies overwhelmingly voted to approve the combination of these two companies. This approval satisfies the shareholder vote condition for the combination, originally announced in November 2024.

Shareholders of Amcor and Berry Global overwhelmingly voted to approve the combination of the two companies.
Shareholders of Amcor and Berry Global overwhelmingly voted to approve the combination of the two companies.

Together, Amcor and Berry will be among the global leaders in consumer and healthcare packaging solutions with the combined material science and innovation capabilities required to revolutionize product development and better solve customers’ needs and consumers’ sustainability aspirations. These two highly complementary businesses are expected to grow faster together in attractive categories and opportunities to further refine the portfolio. With faster growth and $650 million of identified synergies, this combination is expected to drive significant near- and long-term value for all shareholders. 

Amcor CEO Peter Konieczny commented, “The resounding support from both companies’ shareholders marks another important milestone in bringing Amcor and Berry together. Our combined company will be positioned to serve customers better, grow faster and operate globally in a way neither company could accomplish alone. Together, we have an exciting and unique opportunity to truly transform the future of packaging.”

Berry CEO Kevin Kwilinski added, “We are excited to take another important step toward finalizing this combination between Berry and Amcor and are pleased the shareholders of both companies clearly recognize the significant opportunities we will have as one company to deliver enhanced value for all stakeholders.”

More than 71% of Amcor’s outstanding shares were present or represented by proxy, and more than 99% of these shares were voted in favor of the relevant proposal. More than 83% of Berry’s outstanding shares were present or represented by proxy, and more than 98% of these shares were voted in favor of the relevant proposal. Amcor and Berry will each file the final voting results with the US SEC on Form 8-K.

The combination is well advanced and is expected to close in mid calendar year 2025, subject to closing conditions. 

About Amcor

Amcor plc is a global leader in developing and producing responsible packaging solutions across a variety of materials for food, beverage, pharmaceutical, medical, home and personal-care, and other products. Amcor works with leading companies around the world to protect products, differentiate brands, and improve supply chains. The Company offers a range of innovative, differentiating flexible and rigid packaging, specialty cartons, closures and services. The company is focused on making packaging that is increasingly recyclable, reusable, lighter weight and made using an increasing amount of recycled content. In fiscal year 2024, 41,000 Amcor people generated $13.6 billion in annual sales from operations that span 212 locations in 40 countries. NYSE: AMCR; ASX: AMC

About Berry

Berry is a global leader in innovative packaging solutions that we believe make life better for people and the planet. We do this every day by leveraging our unmatched global capabilities, sustainability leadership, and deep innovation expertise to serve customers of all sizes around the world. Harnessing the strength in our diversity and industry-leading talent of over 34,000 global employees across more than 200 locations, we partner with customers to develop, design, and manufacture innovative products with an eye toward the circular economy. The challenges we solve and the innovations we pioneer benefit our customers at every stage of their journey.

Important Information for Investors and Shareholders

This communication does not constitute an offer to sell or the solicitation of an offer to buy or exchange any securities or a solicitation of any vote or approval in any jurisdiction.  It does not constitute a prospectus or prospectus equivalent document.  No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

In connection with the proposed transaction between Amcor plc (“Amcor”) and Berry Global Group (“Berry”), on January 13, 2025, Amcor filed with the Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4, as amended on January 21, 2025, containing a joint proxy statement of Amcor and Berry that also constitutes a prospectus of Amcor.  The registration statement was declared effective by the SEC on January 23, 2025 and Amcor and Berry commenced mailing the definitive joint proxy statement/prospectus to their respective shareholders on or about January 23, 2025.  INVESTORS AND SECURITY HOLDERS OF AMCOR AND BERRY ARE URGED TO READ THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION.  Investors and security holders may obtain free copies of the registration statement and the definitive joint proxy statement/prospectus and other documents filed with the SEC by Amcor or Berry through the website maintained by the SEC at http://www.sec.gov.  Copies of the documents filed with the SEC by Amcor are available free of charge on Amcor’s website at amcor.com under the tab “Investors” and under the heading “Financial Information” and subheading “SEC Filings.”  Copies of the documents filed with the SEC by Berry are available free of charge on Berry’s website at berryglobal.com under the tab “Investors” and under the heading “Financials” and subheading “SEC Filings.”

Cautionary Statement Regarding Forward-Looking Statements

This communication contains certain statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Some of these forward-looking statements can be identified by words like “anticipate,” “approximately,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “outlook,” “plan,” “potential,” “possible,” “predict,” “project,” “target,” “seek,” “should,” “will,” or “would,” the negative of these words, other terms of similar meaning or the use of future dates. Such statements, including projections as to the anticipated benefits of the proposed transaction, the impact of the proposed transaction on Amcor’s and Berry’s business and future financial and operating results and prospects, the amount and timing of synergies from the proposed transaction, the terms and scope of the expected financing in connection with the proposed transaction, the aggregate amount of indebtedness of the combined company following the closing of the proposed transaction and the closing date for the proposed transaction, are based on the current estimates, assumptions and projections of the management of Amcor and Berry, and are qualified by the inherent risks and uncertainties surrounding future expectations generally. Actual results could differ materially from those currently anticipated due to a number of risks and uncertainties, many of which are beyond Amcor’s and Berry’s control. None of Amcor, Berry or any of their respective directors, executive officers, or advisors, provide any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements will actually occur, or if any of them do occur, what impact they will have on the business, results of operations or financial condition of Amcor or Berry. Should any risks and uncertainties develop into actual events, these developments could have a material adverse effect on Amcor’s and Berry’s businesses, the proposed transaction and the ability to successfully complete the proposed transaction and realize its expected benefits. Risks and uncertainties that could cause results to differ from expectations include, but are not limited to, the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement; the risk that the conditions to the completion of the proposed transaction (including shareholder and regulatory approvals) are not satisfied in a timely manner or at all; the risks arising from the integration of the Amcor and Berry businesses; the risk that the anticipated benefits of the proposed transaction may not be realized when expected or at all; the risk of unexpected costs or expenses resulting from the proposed transaction; the risk of litigation related to the proposed transaction; the risks related to disruption of management’s time from ongoing business operations as a result of the proposed transaction; the risk that the proposed transaction may have an adverse effect on the ability of Amcor and Berry to retain key personnel and customers; and those risks discussed in Amcor’s and Berry’s respective filings with the SEC. Forward looking statements included herein are made only as of the date hereof and neither Amcor nor Berry undertakes any obligation to update any forward-looking statements, or any other information in this communication, as a result of new information, future developments or otherwise, or to correct any inaccuracies or omissions in them which become apparent. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement.

Note Regarding Use of Non-GAAP Financial Measures

Included in this communication are measures of financial performance that are not calculated in accordance with U.S. GAAP. These measures include annual cash flow, adjusted cash earnings per share and certain cost, growth and financial synergies of the combined company post consummation of the transaction.

In arriving at these non-GAAP measures, Amcor excludes items that either have a non-recurring impact on the income statement or which, in the judgment of our management, are items that, either as a result of their nature or size, could, were they not singled out, potentially cause investors to extrapolate future performance from an improper base. These non-GAAP measures are presented for illustrative purposes only, contain a variety of adjustments, assumptions and preliminary estimates and are not necessarily indicative of what the combined company’s actual results of operations or financial condition would be upon completion of the merger.

In the view of Amcor’s management, the estimated synergies included in this communication were prepared on a reasonable basis, reflecting the best available estimates and judgments of Amcor’s management at the time of preparation and presented as of the time of preparation, to the best of Amcor’s management’s knowledge and belief, the expected course of action and the expected performance of the combined company. While presented with numerical specificity, the estimated synergies presented herein are subject to estimates and assumptions in many respects, inherently uncertain and, as a result, subject to interpretation. The estimates and assumptions used to prepare these estimated synergies may prove not to be appropriate for any number of reasons, including general economic conditions, trends in the packaging industry, including trends in capital spending, inventory and unit production, competition and the risks discussed under the sections entitled “Cautionary Statement Regarding Forward-Looking Statements” and “Risk Factors” in the Joint Proxy Statement. Such estimated synergies do not take into account any circumstances or events occurring after the date such information was prepared and also reflect assumptions as to certain business decisions that are subject to change.

These non-GAAP financial measures should not be construed in isolation or as a substitute for, or superior to, results determined in accordance with U.S. GAAP, are not reported by all of Amcor’s or Berry’s competitors and may not be directly comparable to similarly titled measures of Amcor’s competitors given potential differences in the exact method of calculation.

 

 

The Journey of Blessing: A Grand Ramadan Celebration at The Westin Surabaya and Four Points by Sheraton Surabaya, Pakuwon Indah

SURABAYA, Indonesia, Feb. 26, 2025 /PRNewswire/ — As the holy month of Ramadan approaches, The Westin Surabaya and Four Points by Sheraton Surabaya, Pakuwon Indah invite guests to embark on “The Journey of Blessing”, a spectacular celebration filled with exquisite dining experiences, indulgent gifts, and unforgettable moments of togetherness. “Ramadan is a time of togetherness. We are honored to create an atmosphere where families and friends can gather and cherish meaningful moments that last a lifetime,” said Faisol Amin, Complex Assistant Director of Food and Beverage at The Westin Surabaya and Four Points Pakuwon Indah.

The Journey of Blessing: A Grand Ramadan Celebration at The Westin Surabaya and Four Points by Sheraton Surabaya, Pakuwon Indah
The Journey of Blessing: A Grand Ramadan Celebration at The Westin Surabaya and Four Points by Sheraton Surabaya, Pakuwon Indah

From elegant Ramadan hampers to lavish iftar feasts and authentic Middle Eastern delights, this season of gratitude and sharing is set to be more meaningful than ever.

‘Light of Sahara’, An Exceptional Hampers Collection of Tradition and Elegance

The perfect gift for Ramadan, the Light of Sahara Hampers is exclusively crafted with intricate 3D shaping, showcasing the beauty of the desert at twilight. Inside, guests will find four jars of premium cookies and six elegantly designed eid envelopes, making it a heartfelt gift for loved ones. Perfect as a thoughtful gift for family, friends, and business associates, this luxurious Ramadan hamper is available for IDR 688,000++ per box.

Tales of The Arabian Night – International Grand Buffet at Magnolia Restaurant

Celebrate the magic of Ramadan with Tales of The Arabian Night, an enchanting Iftar experience at Magnolia Restaurant, The Westin Surabaya. Indulge in a lavish international grand buffet, featuring an array of authentic Arabian delicacies and an immersive live theatrical kitchen showcasing the art of Turkish Ice Cream corner, bringing fun and flavor to your dining experience.

Every dish is crafted to bring the rich flavors of the Middle East to your table. Enjoy this all-you-can-eat culinary journey for IDR 728,000++ per person, with a special Buy 1 Get 1 promotion to share the joy with your loved ones.

Magical Moroccan Delights – Skyeatsscape at Sky Lounge

Step into a world of exotic flavors and enchanting ambiance at Sky Lounge with Magical Moroccan Delights Skyeatscape. Nestled high above the city, this exclusive 2-hour all-you-can-eat dining experience invites guests to savor the rich culinary traditions of North Africa, where bold spices, slow-cooked meats, and aromatic herbs come together in perfect harmony.

Available every Monday to Wednesday, this immersive Moroccan feast brings a selection of authentic delicacies inspired by the bustling souks and grand palaces of Marrakech. At IDR 298,000++ per person, this unique dining affair at Sky Lounge promises a night of culinary discovery, warm hospitality, and breathtaking views.

The Jewel of Muscat – Ramadan Mocktail Creations at Sky Lounge

Celebrate the spirit of Ramadan with Sky Lounge’s signature mocktail creations, crafted to refresh and rejuvenate after a day of fasting. Inspired by the rich traditions of the season, these exquisite beverages offer a perfect balance of sweetness, spice, and refreshment.

Indulge in Dates of Spice, a warm and aromatic infusion of rich dates and exotic spices, or enjoy the soothing Aloe Sweet, a cooling blend of aloe vera and honey for ultimate refreshment. For a tropical twist, Freshener Break offers a vibrant mix of fruity flavors, designed to replenish and uplift.

Starting from IDR 88,000 net per glass, these handcrafted mocktails at Sky Lounge make every sip a tribute to the essence of Ramadan.

Koerma – Kuliner Ramadan at Djaman Doeloe Resto & Bar

Celebrate the warmth of Ramadan with a nostalgic Iftar buffet at Djaman Doeloe Resto & Bar, where authentic Indonesian flavors take center stage. For IDR 200,000 net per person, indulge in a feast of traditional Ramadan specialties, crafted to bring comfort and togetherness.

Dine and stand a chance to win a luxurious Staycation Voucher at The Westin Surabaya or Four Points Pakuwon Indah, making your Ramadan even more memorable.

BBQ Buffet Iftar – Soirée Rooftop Bar

Break your fast in style with an unforgettable BBQ Buffet Iftar at Soirée Rooftop Bar, where the enticing aroma of sizzling meats and seafood fills the air. This all-you-can-grill experience invites guests to indulge in a premium selection of marinated meats, fresh seafood, and flavorful sides, expertly prepared over an open flame.

As the sun sets, immerse yourself in the breathtaking city views, creating the perfect backdrop for a warm and lively gathering with family and friends. Whether you’re craving juicy cuts of beef, tender lamb, or the delicate flavors of grilled seafood, this special Iftar dining is designed to satisfy every palate.

Available for IDR 350,000 net per person, this Ramadan celebration brings together great food, great company, and an unparalleled rooftop ambiance.

Mystical Arabian – Special Ramadan Mocktails at Soirée Rooftop Bar

Celebrate the spirit of Ramadan with Mystical Arabian, a collection of handcrafted mocktails inspired by the rich flavors of the Middle East. Enjoy the citrus-kissed Sundown Mist, the cooling Sands of Mint, or the exotic Moonlit Oasis, each crafted to refresh and rejuvenate after a day of fasting.

Available at IDR 78,000 nett per glass, sip, savor, and embrace the essence of Ramadan under the stars at Soirée Rooftop Bar.

Embrace the Spirit of Ramadan with The Westin & Four Points by Sheraton Surabaya, Pakuwon Indah.

From luxurious Ramadan hampers to captivating Iftar feasts and refreshing handcrafted beverages, The Westin Surabaya and Four Points Pakuwon Indah invite you to immerse in the beauty of Ramadan with a series of extraordinary experiences.

Whether you seek a grand culinary adventure, a meaningful gift to share with loved ones, or a stunning rooftop dining experience, “The Journey of Blessing” promises to make this Ramadan truly unforgettable.

Reserve your experience today and create cherished moments this Ramadan!

For reservations and inquiries:
The Westin Surabaya – (031) 29710000
Four Points by Sheraton Surabaya, Pakuwon Indah – (031) 99150000
Visit: www.westinsurabaya.com and www.fourpointssurabayapakuwonindah.com

About Westin® Hotels & Resorts 

Westin Hotels & Resorts, hospitality’s global leader in well-being for more than a decade, empowers guests to transcend the rigors of travel while on the road through the brand’s Six Pillars of well-being: Sleep Well, Eat Well, Move Well, Feel Well, Work Well, and Play Well. At more than 240 hotels and resorts in over 40 countries and territories, guests can benefit from distinct wellness experiences including the brand’s iconic and award-winning Heavenly® Bed, signature WestinWORKOUT® offerings such as its 24/7 Fitness Studios, WestinWORKOUT Routes, and its versatile Gear Lending program featuring the latest in recovery and strength training from Hyperice and Bala, delicious and nutritious menu offerings on their Eat Well menu, and more. For more information, please visit www.westin.com and stay connected on X, Instagram, TikTok, and Facebook. Westin is proud to participate in Marriott Bonvoy®, the global travel program from Marriott International. The program offers members an extraordinary portfolio of global brands, exclusive experiences on Marriott Bonvoy Moments and unparalleled benefits including free nights and Elite status recognition. To enroll for free or for more information about the program, visit marriottbonvoy.com.

About Four Points by Sheraton®

Four Points by Sheraton is a global brand with over 325 hotels in over 45 countries and territories. At Four Points, travel is reinvented where timeless classics are woven with modern details, paired with genuine service in a casual environment—all around the world. Four Points hotels can be found in the heart of urban centers, near the beach, by the airport, or in the suburbs. Each hotel offers a familiar place to kick back and relax with an authentic sense of the local, where guests can watch sports and enjoy the brand’s Best Brews® program. Four Points is proud to participate in Marriott Bonvoy®, the global travel program from Marriott International. The program offers members an extraordinary portfolio of global brands, exclusive experiences on Marriott Bonvoy Moments and unparalleled benefits including free nights and Elite status recognition. To enroll for free or for more information about the program, visit marriottbonvoy.com. To learn more about Four Points, visit us online.

About Marriott Bonvoy®

Marriott Bonvoy, Marriott International’s award-winning travel program and marketplace, gives members access to transformative, eye-opening experiences around the corner and across the globe. Marriott Bonvoy’s portfolio of more than 30 extraordinary hotel brands offers renowned hospitality in the most memorable destinations in the world. Members can earn points for stays at hotels and resorts, including all-inclusive resorts and premium home rentals, as well as through everyday purchases with co-branded credit cards. Members can redeem their points for experiences including future stays, Marriott Bonvoy Moments™, or through partners for luxurious products from Marriott Bonvoy Boutiques®. With the Marriott Bonvoy app, members enjoy a level of personalization and contactless experience that allows them to travel with peace of mind. To enroll for free or for more information about Marriott Bonvoy, visit marriottbonvoy.com. To download the Marriott Bonvoy app, go here. Travelers can also connect with Marriott Bonvoy on Facebook, X, Instagram and TikTok.

16 Years of PT SMI, Driving Growth Through Impactful Development

JAKARTA, Indonesia, Feb. 26, 2025 /PRNewswire/ — PT Sarana Multi Infrastruktur (“Persero”) (“PT SMI”) continues to maintain its existence to provide impacts through support for equitable development throughout Indonesia. PT SMI was born out of the urgency to accelerate infrastructure development, which is sometimes hindered by financing issues. Now, at its 16th anniversary, PT SMI is ready to take on a bigger role to provide a more optimal impact in accelerating development.

Management and employees of PT SMI celebrated the company's 16th anniversary with the theme
Management and employees of PT SMI celebrated the company’s 16th anniversary with the theme “Delivering Development through Resilience”.

In his speech at the 16th anniversary celebration of PT SMI with employees, the President Director of PT SMI, Reynaldi Hermansjah, mentioned that there is a spirit of perseverance that the Company is promoting this year. “On our 16th anniversary on February 26, 2025, PT SMI carries the theme ‘Delivering Development through Resilience’. These words are not just a slogan, but a philosophy that will accompany the Company’s business and operational activities. This philosophy focuses on how PT SMI will deploy all its capabilities, continuously innovate to deliver equitable development. However, in this context, “resilience” encompasses the ability to face and rise from difficulties, failures, pressures, and the ability to adapt to existing challenges,” said Reynaldi.

“Resilience” itself is one of the 6 corporate values of PT SMI, which has indeed been integrated into the very essence of all PT SMI employees, commonly known as SMIers. Other corporate values of the company include “Integrity”, “Service Excellence”, “Partnership”, “Trust” and also “Innovation”. SMIers are expected to embody the spirit of resilience to contribute to long-term national development in order to build a solid foundation for inclusive and sustainable growth.

Since its establishment on February 26, 2009, PT SMI has played a central role as a Special Mission Vehicle (SMV) under the Ministry of Finance. PT SMI is able to provide alternative solutions for infrastructure development financing through innovative loan products. PT SMI has become a catalyst for infrastructure development in Indonesia while also addressing the Market Mismatch in Financing and Project Readiness in the infrastructure sector.

PT SMI has grown very rapidly since its first financing in the irrigation sector amounting to IDR 248 billion. The Company has recorded active financing commitments until December 2024 amounting to Rp 148.9 trillion and an outstanding amount of Rp 96.3 trillion. The total project value from PT SMI’s financing reached Rp 1,153 trillion. From the total project financing, PT SMI has generated a multiplier effect of 7.75 times against the total commitment, and 37.79 times against the paid-up capital.

The three largest sectors financed by PT SMI are the road and toll road sector, the electricity sector, and the transportation sector. PT SMI’s financing in the road sector has resulted in 4,511 kilometers of toll roads. Meanwhile, in the electricity sector, PT SMI helped increase electricity production by 7.7 Gigawatts, lighting up 5.9 million households. In the transportation sector, the output and outcome of PT SMI’s financing are more diverse depending on the mode being financed. For example, PT SMI helped finance the construction of 646 train carriages and 242.1 kilometers of railway. This increased the number of passengers by 109.6 million people per year.

“In its support for domestic projects, PT SMI has recorded several achievements in financing various sectors, including the connectivity sector and the renewable energy sector. The top 3 sectors financed by PT SMI, have generated impact on economic output amounting to Rp 1,696.5 trillion,” explained Reynaldi.

Since 2016, PT SMI has also become a strategic partner of the Regional Government through regional loan facilities. As of December 2024, PT SMI has disbursed regional loans amounting to IDR 36.66 trillion in the form of commitments, and IDR 21.19 trillion outstanding. Some examples of projects that received regional loan support from PT SMI include road construction in Tabalong Regency, the Konaweha Bridge in Kolaka Regency, the Bersehati Market in Manado City, the Regional Public Hospital (RSUD) in Solok Regency, the NTB Provincial RSUD, the Teratai Tower in Banyumas Regency, and the RSUD in Bangli Regency.

During the COVID-19 pandemic in 2020 and 2021, PT SMI also assisted the Government in performing a countercyclical role by distributing National Economic Recovery (PEN) loans to Regional Governments and State-Owned Enterprises (BUMN). The PEN loans disbursed provided a positive contribution by mitigating economic contraction, encouraging national economic growth, increasing household income, and creating jobs.

To further accelerate public financing, PT SMI is now in the early stages of transforming into Development Finance Institution (DFI). “We recognize the importance of regional loans to drive development, as well as the increasing need for public services. As a DFI, PT SMI will not only focus on financing large-scale infrastructure projects but also strengthen support for local governments to align economic growth and inclusive development. PT SMI will function like a “Mini World Bank” that more actively provides access to financing, but not at the national level, rather to local governments, with the aim of generating a greater impact on the economy and society in the regions,” said Reynaldi.

One of the pillars in realizing transformation process as a DFI is by establishing SMI Institute (SMII) in 2023. The presence of SMII is utilized to conduct studies in the regions related to the sectors needed, regional clustering studies based on socio-economic conditions and the fiscal capacity of the regions, as well as the socio-economic impact of the programs that will be funded by PT SMI. In the end, PT SMI’s public financing programs will become more targeted and focused on the sectors that were indeed needed by the local governments in Indonesia.

PT SMI also plays a strategic role in supporting the achievement of Sustainable Development Goals (SDGs) and achieving net zero carbon. By focusing on research-based soft loans and aligning activities with the principles of People, Planet, Profit, and Prosperity, PT SMI aims to maximize its impact on sustainable development.

The momentum of Indonesia’s G20 Presidency in 2022 also serves as an opportunity for PT SMI to demonstrate its capability in supporting the government to address global challenges, particularly the impact of climate change. The Indonesian government, through the Ministry of Finance, has appointed PT SMI as the Country Platform Manager to oversee the transition from fossil energy to environmentally friendly energy.

The Indonesia ETM Country Platform will mobilize funding support from international partners, including multilateral, bilateral, philanthropic, and private sector entities, to facilitate the government in preparing energy transition investment plans and climate investment funding to accelerate the operational period of fossil fuel energy sources, specifically coal-fired power plants (PLTU). Until now, PT SMI has received support from 18 partners, which consist of grant partners, financing partners, knowledge & technical partners, and investment partners.

Since 2018, PT SMI has stopped financing fossil fuel power plant projects and shifted its focus to renewable energy power plants such as hydro, mini-hydro, solar, geothermal, biomass, and wind power plants. As of December 2024, PT SMI has financed 94 climate-related projects with a cumulative commitment of IDR 33.45 trillion and project value of IDR 174.8 trillion. 49 projects have been calculated and resulted in a potential avoided Greenhouse Gas of 6.8 million tons of CO2e and a potential Carbon Credit Equivalent of 25 million USD.

PT SMI also manages the SDG Indonesia One (SIO) platform, which is a platform that supports the achievement of the Sustainable Development Goals (SDGs). This platform combines public and private funds through blended finance to be allocated for infrastructure projects related to the SDGs. This blended finance scheme has successfully supported several strategic projects, including the Jawa-1 Gas-Fired Power Plant (PLTGU) project and support for the Tembesi Solar Power Plant (PLTS), which is the second-largest floating solar power plant in Indonesia with a capacity of 46 MWp.

Happy 16th Anniversary PT SMI. May we continue to ignite the spirit of building the nation.

About PT Sarana Multi Infrastruktur (Persero) (“PT SMI”)

PT Sarana Multi Infrastruktur (“Persero”) (“PT SMI”), established on February 26, 2009, is a State-Owned Enterprise under the coordination of the Ministry of Finance of the Republic of Indonesia, in the form of a Non-Bank Financial Institution (LKBB). PT SMI plays a role and has a mandate as an agent of sustainable development. PT SMI has 3 business pillars, namely Commercial Financing, Public Financing, and Project Development and Advisory Services.

PT SMI has various functions and unique products / features to support the acceleration of infrastructure development, which not only serves as infrastructure financing but also as an enabler through the implementation of the Government and Business Entity Cooperation (KPBU) scheme, involving various financial institutions both private and multilateral. PT SMI actively supports the implementation of Public Private Partnership (PPP) and encourages the acceleration of infrastructure development in the regions through regional loan products.

CoinW Elevates Security Standards and Unveils High-Yield Crypto Earnings

HONG KONG, Feb. 26, 2025 /PRNewswire/ — In the wake of the recent industrial security breach, which exposed vulnerabilities in centralized exchange UI frameworks, CoinW is taking a bold stance to fortify its platform’s defenses. As a testament to its unwavering commitment to user security, CoinW has introduced a series of enhanced security measures, complemented by the launch of the Security Week Earn Campaign, where users can earn up to 50% APY on ETH, BTC, and USDT deposits while reinforcing trust in exchange security.

CoinW Elevates Security Standards and Unveils High-Yield Crypto Earnings
CoinW Elevates Security Standards and Unveils High-Yield Crypto Earnings

Stronger Security with FIM Technology 

To proactively counteract unauthorized UI modifications and system intrusions, CoinW has integrated File Integrity Monitoring (FIM) technology, an advanced defense mechanism that continuously scans and safeguards critical system files and UI frameworks in real time. This innovation ensures that any unauthorized change is instantly detected and swiftly mitigated, preventing potential exploits. 

Key security reinforcements include: 

  • Unparalleled Asset Protection: With a multi-layered security framework, CoinW ensures the highest level of asset safety through cold-hot wallet separation, multi-signature authentication, MFA, and a stringent asset isolation policy. 
  • FIM Technology Deployment: Proactive and real-time UI integrity monitoring to pre-empt unauthorized changes and mitigate security threats. 
  • Swift Incident Response: An optimized monitoring and emergency resolution framework that promptly detects anomalies while maintaining seamless user communication. 

Additionally, CipherBC’s latest breakthrough, Flexify 1.3.0, is redefining enterprise-level crypto wallet security and liquidity management. By integrating customizable transfer limits, real-time push notifications for asset movements, and seamless DApp connectivity, this cutting-edge update enhances both security and liquidity oversight, empowering businesses with unprecedented control over their digital assets in the evolving DeFi landscape.

Security Week Earn Campaign: Unlock High-Yield Rewards 

To celebrate these critical security advancements, CoinW proudly presents the #W Security Earn Week campaign, a unique opportunity for users to enhance their earnings while enjoying top-tier security protocols. 

Campaign Details (February 24, 14:00 – March 11, 15:59 UTC

  • Invite Friends & Earn Exclusive 3% APY Boost Vouchers 

Encourage friends to register and deposit at least 0.03 ETH—both inviter and invitee will receive a 3% APY boost voucher. Limited to 3,000 vouchers on a first-come, first-served basis! 

  • Referral Rewards: Share up to 10,000 USDT 

Earn 0.1% of your referrals’ ETH Earn subscriptions, up to 10 USDT per referral, with no cap on invitations! 

  • Earn Up to 50% APY on ETH, BTC, and USDT- Take advantage of CoinW’s exclusive high-yield staking options. 

CoinW: Merging Security with Profitability 

CoinW’s rapid implementation of FIM technology marks a significant leap forward in safeguarding user assets. Simultaneously, the Security Week Earn Campaign not only rewards users but also encourages secure trading.

Take charge of your crypto assets with CoinW—where security meets opportunity. 

Join us today, invite your friends, and enjoy unparalleled earnings under the highest security standards in the industry. 

About CoinW 

CoinW is a globally recognized cryptocurrency exchange known for its secure, user-friendly platform and innovative trading products. Operating in over 200 countries and regions, CoinW remains committed to empowering the crypto community with advanced tools and accessible trading experiences. 

Website: https://www.coinw.com/ 

Twitter Official: https://twitter.com/CoinWOfficial 

Telegram: https://t.me/coinwoff 

YouTube Official: https://www.youtube.com/@CoinWOfficial 

LinkedIn: https://www.linkedin.com/company/coinwofficial/ 

 

Budget by Hong Kong SAR’s Financial Secretary: Accelerating Development through Reform and Innovation


HONG KONG SAR – Media OutReach Newswire – 26 February 2025 – Paul Chan, Financial Secretary of the Hong Kong Special Administrative Region unveiled his 2025-26 Budget today (February 26). He noted that while geopolitical situation might bring risks, technology reform and artificial intelligence (AI) development are remoulding the global landscape, leading to the emergence of new industries, new forms of business, new products and new services. He stressed that Hong Kong must seize the opportunity to make the most out of this critical window to speed up development, establishing the new before abolishing the old. He also emphasised that transformation and innovation will lead the way into the future, and the Government is poised to fast-track the high-quality development of Hong Kong’s economy.

The Budget presents a series of measures aimed at accelerating the cultivation of new quality productive forces. On innovation and technology (I&T), the Government will promote Hong Kong into an international exchange and co-operation hub for the AI industry. Through frontier research and real-world application, the Government will endeavour to develop AI as a core industry and empower traditional industries in their upgrading and transformation. To spearhead and support Hong Kong’s innovative research and development as well as industrial application of AI, the Government will establish the Hong Kong AI Research and Development Institute and launch the Pilot Manufacturing and Production Line Upgrade Support Scheme (Manufacturing+). On finance, the Government will continue to take forward reforms to the listing regime, host the Hong Kong Global Financial and Industry Summit, and formulate a plan this year on promoting gold market development.

Hong Kong SAR’s Financial Secretary Paul Chan delivers the 2025-26 Budget in the Legislative Council.
Hong Kong SAR’s Financial Secretary Paul Chan delivers the 2025-26 Budget in the Legislative Council.

To seize the opportunities brought about by the rapid advancement of innovation and technology, the Budget highlights the need to accelerate the development of the Northern Metropolis, which is an investment in Hong Kong’s future. The Government will continue to accord priority to providing resources for this initiative, which primarily includes providing large tracts of I&T land at the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone, together with San Tin Technopole; adopting an innovative mindset in piloting “large-scale land disposal”; developing a data facility cluster at Sandy Ridge; as well as identifying suitable sites in the Northern Metropolis for the construction of conference and exhibition facilities.

On the promotion of tourism, funding will be allocated to pursue the concept of “tourism is everywhere” and implement the Development Blueprint for Hong Kong’s Tourism Industry 2.0. A study will be conducted on the development of the waterfront and former sites to the south of the Hung Hom Station in Kowloon into a new harbourfront landmark in Kowloon, including a yacht club.

Regarding land supply, Mr Chan announced that the Government will not roll out any commercial site for sale in the coming year in view of the high vacancy rates of offices in recent years to allow the market to absorb the existing supply. The Government will also consider rezoning some of the commercial sites into residential use and allowing greater flexibility of land use.

The Budget presents a series of measures aimed at accelerating the cultivation of new quality productive forces.
The Budget presents a series of measures aimed at accelerating the cultivation of new quality productive forces.

Mr Chan proposed a reinforced version of the fiscal consolidation programme to focus on strictly controlling government expenditure, supplemented by increasing revenue, to restore fiscal balance in the Operating Account, in a planned and progressive manner, within the current term of the Government. The Government will also deliver more efficient public services to citizens through leveraging technology, streamlining processes and driving the digital transformation of public services. Mr Chan said he will uphold the “user pays” and the “affordable users pay” principles as far as practicable while increasing revenue, including increasing the air passenger departure tax, and reviewing the tolls of government tunnels and trunk roads. The Government will suitably expand the size of bond issuance on the premise of maintaining healthy public finances and use the funds raised on infrastructure works in a proper and flexible manner to invest in Hong Kong’s future and create value for society.

More information about the 2025-26 Budget is available from www.budget.gov.hk.

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OMO Partners With Saudi Henna Artists to Educate Women on Female Stain Removal

RIYADH, Saudi Arabia, Feb. 26, 2025 /PRNewswire/ — New research from Omo reveals that whilst 63% of women in Saudi Arabia believe the attitude towards menstruation has positively changed across generations, it remains a taboo topic for 72% of women who believe that period care and stains still cannot be openly discussed.

 

The three henna designs follow the three-step process for effectively removing period stains: soften with cold water, wash with OMO, rinse in cold water.
The three henna designs follow the three-step process for effectively removing period stains: soften with cold water, wash with OMO, rinse in cold water.

 

This absence of conversation can lead to a lack of knowledge and misinformation around how to effectively manage period stains. According to the research 70% of women have thrown away clothes or bed sheets due to period stains that could not be removed.

Understanding the need for a safe and comfortable space for women to be confident enough to have open discussions and share experiences, OMO has launched an innovative education campaign to bring period care to the heart of Saudi Arabia’s female traditions: henna and beauty salons. These spaces are more than just places for self-care; they serve as sacred havens where women share personal stories, seek advice, and discuss life’s most intimate topics.

By partnering with henna artists to weave essential period care tips into their beautifully intricate designs, Omo aims to educate and empower women to be open about their periods. The washing instructions and stain-removal techniques are skillfully embedded directly into traditional henna artwork to transform women’s hands into a creative canvas for communication, turning tradition into a powerful vehicle for education and empowerment.

Sarah Qazi, Arabia Home Care Business Lead, Unilever commented: “Every great idea is not just relatable but solves a problem. And this idea was no different. The challenge was to reach the millions of women who experience periods every single day and address the lack of conversation and knowledge around period care. We knew we needed a medium that felt organic, familiar, and deeply personal. That’s when we looked at henna, not just as an art form, but as a storytelling tradition that has existed for generations.”

OMO’s strong formulation enriched with enzymes targets tough stains like blood and removes them effectively. The three henna designs follow the three-step process for effectively removing period stains: soften with cold water, wash with OMO, rinse in cold water.

As part of its commitment to breaking period taboos, OMO pledges to educate Saudi women by providing custom-made henna design kits for artists across the country. The kits are also downloadable at https://www.unileverdigital.com/arabia/omo-art-of-stains/index.html.

Join the movement as OMO turns tradition into transformation.

High-res images can be viewed here

 

 

Cushman & Wakefield responses to the Budget 2025/26

HONG KONG SAR – Media OutReach Newswire – 26 February 2025 –

Response to the Budget 2025/2026 by KK Chiu, International Director, Chief Executive, Greater China of Cushman & Wakefield:

Large-scale land disposal for Northern Metropolis

We are pleased to see the government continue to facilitate the development of the Northern Metropolis (NM) and optimize the industrial and spatial layout. We believe that

the “large-scale land disposal” model can accelerate the completion of residential, industrial, and public facilities. The Development Bureau estimates that the engineering costs for each district will be from HK$10 billion to HK$20 billion. Compared to traditional models, the “large-scale land disposal” model can save more than HK$1 billion in public funds.

Historically, construction costs in Hong Kong are two to three times higher than in neighbouring locations such as Shenzhen. We recommend that the government can reduce costs by introducing foreign labor, similar to the approach taken by the Singaporean government, and to plan effective transportation. connections to enhance investor confidence and attract more developers for sustainable growth.

Compared to traditional land sale models, the large-scale land disposal model features a larger scale, longer development period, and extended payback time. This approach shifts high upfront costs and risks to developers, testing their financial sustainability and capacity to manage these burdens. However, during land levelling, developers can also plan and design, which compresses project timelines and increases their autonomy in design and construction. This flexibility enables them to respond effectively to market demands and create diverse residential or commercial projects.

We recommend that the government effectively plan and utilize transportation facilities in new development areas and those connecting to external regions, such as the Shenzhen Bay Bridge and the planned Hong Kong-Shenzhen Western Railway. Enhancing transportation connectivity will improve convenience, boost investor confidence, attract more developers, and ensure the district’s sustainability.

The government’s plan to prepare land for approximately 80,000 private housing units over the next five years

We are pleased to see the proactive efforts by the government to stabilize future private housing supply. However, since more than 65% of the new land will come from new development areas, such as the Northern Metropolis and Tung Chung, it is crucial to prioritize infrastructure development.

We recommend the government to ensure that infrastructure facilities are in place in these areas before the residential projects are completed, to avoid inconvenience for residents upon moving in.

Response to the Budget 2025/2026 by John Siu, Managing Director, Hong Kong, Cushman & Wakefield:

Development of artificial intelligence (AI) and data facility cluster at Sandy Ridge

We urge the government to announce the development details of the data facility cluster at Sandy Ridge as soon as possible, simplify the land approval process, and offer favorable terms to attract developers and data center operators to set up operations in the area.

Rezoning Some Commercial Sites

We are pleased to see the government temporarily suspend the sale of commercial land parcels, allowing the market to gradually absorb current vacant space and new projects under construction. We suggest that the government regularly review market conditions for a well-timed restart to the sale of commercial land parcels.

Response to the Budget 2025/2026 by KB Wong, Executive Director, Head of Valuation and Advisory Services, Hong Kong of Cushman & Wakefield:

The government stated that there will be eight residential sites for sale next year, which can help maintain a stable land supply. We suggest that the government make development conditions in the tender document as clear as possible and avoid putting excessive obligations on the developers as to provision of social or similar facilities, in order to invigorate market activity and to attract more small and medium-sized developers and new entrants to participate in the bidding.

Response to the Budget 2025/2026 by Rosanna Tang, Executive Director, Head of Research, Hong Kong of Cushman & Wakefield:

We are pleased to see the government’s emphasis on attracting high-caliber talent and students, and that initiatives such as the Northern Metropolis University Town and the Belt and Road Scholarship will play a crucial role in attracting diverse global talent and students to Hong Kong in the long term. This influx will bolster demand in the local rental apartment sector and stimulate growth in the residential leasing market.

However, there is currently a significant shortage of student accommodation in the market. Our latest estimates indicate that, on average, three university students are competing for a single bed across Hong Kong, with projected future demand for student beds potentially exceeding 50,000. This shortage has led some students who are unable to secure dormitory housing to seek alternative arrangements in private residential units.

Therefore, we welcome the government’s consideration of rezoning certain commercial sites for residential use. Additionally, we recommend that the government consider permitting the conversion of existing suitable commercial buildings and hotels into student accommodation, and to advocate for the removal of barriers and relaxation of restrictions in the approval process, thereby providing greater flexibility in land use. We anticipate that these measures will increase housing options, alleviate rental pressures, and effectively address the challenges associated with the student bed supply and demand situation.

Response to the Budget 2025/2026 by Edgar Lai, Senior Director, Valuation and Consultancy Services, Hong Kong, Cushman & Wakefield:

We applaud the government’s decision to raise the maximum value of properties chargeable to stamp duty of $100 from HK$3 million to HK$4 million. This adjustment should attract a larger pool of buyers and investors to the market, consequently expediting transactions for small and medium-sized properties. As per data from the Land Registry, in 2024, there were 7,623 residential transactions valued between HK$3 million and HK$4 million, constituting approximately 14% of total residential transactions. We anticipate that this modification will invigorate the property exchange chain, surpassing the government’s estimated 15% and potentially reaching 20% in the number of property transactions benefiting from this initiative.

Response to the Budget 2025/2026 by Tom Ko, Executive Director, Head of Capital Markets, Hong Kong of Cushman & Wakefield:

The Government has stated that it will introduce a series of optimization measures under the “New Capital Investment Entrant Scheme.” We look forward to the Government announcing the details as soon as possible.

We urge the government to lower the investment threshold for residential properties to HKD10 million and to remove the cap on property investments. This will attract small and medium-sized investors, enhancing Hong Kong’s competitiveness as an international financial center and drawing more talent and capital.

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Hashtag: #CushmanandWakefield

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About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In Greater China, a network of 23 offices serves local markets across the region. In 2023, the firm reported revenue of $9.5 billion across its core services of valuation, consulting, project & development services, capital markets, project & occupier services, industrial & logistics, retail and others. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit or follow us on LinkedIn ().

Yardi Acquires Visual Media Technology Company LCP Media

Evolved partnership brings innovative services to multifamily clients

SANTA BARBARA, Calif., Feb. 26, 2025 /PRNewswire/ — Yardi® has acquired LCP Media, a visual media technology company that creates virtual tours, photography and other media for the rental housing industry. The partnership demonstrates a shared commitment to marketing technology innovations, with LCP bringing visual media expertise to the Yardi multifamily suite of offerings.

Yardi has acquired LCP Media, a visual media technology company that creates virtual tours, photography and other media for the rental housing industry.
Yardi has acquired LCP Media, a visual media technology company that creates virtual tours, photography and other media for the rental housing industry.

LCP Media’s skills, creativity and cutting-edge technology will provide tremendous benefit to multifamily clients with RentCafe® websites. The implementation of LCP Media’s visual media services across websites and apartment listings will greatly enhance the renter experience while saving time for marketing and leasing teams.  

“We’re excited to share that LCP Media has been acquired by Yardi,” said Wojciech Kalembasa, CEO of LCP Media. “This collaboration means greater resources, enhanced innovation and a continued focus on improving the client and resident experience. Together, we’re well positioned to help our clients achieve their leasing and marketing goals. We’re looking forward to what’s ahead and remain dedicated to delivering the best digital tools and technology in the industry.”

With the acquisition, Yardi and LCP Media can provide more comprehensive and integrated functionality surrounding digital media, allowing clients to better showcase their communities.

“Yardi looks forward to growing our marketing services alongside LCP Media,” shared Esther Bonardi, vice president at Yardi, representing REACH by RentCafe. “This partnership reflects our unwavering commitment to helping renters find their next home and properties find their next renter — advancing our solutions to make that journey easier and more efficient.”

Ready to learn more about the partnership and its benefits for multifamily providers? Get in touch.

About LCP Media
LCP Media (Lights Camera Pixels) is a national visual media and digital marketing technology company. We provide a full menu of content and services, including our innovative TourBuilder virtual tours, professional and drone photography, 3D renderings, video animations, virtual staging and floor plans. LCP Media is a forward-thinking leader in creating unforgettable virtual real estate experiences by combining exceptional technology solutions with our dedicated customer service.

Simply put, we deliver an unreal experience from start to finish. So real, it’s Unreal! For more information, please visit LCPMedia.com.

Raymond James acted as financial adviser to LCP Media in connection with the transaction.

About Yardi 
Yardi® develops industry-leading software for all types and sizes of real estate companies across the world. With over 9,500 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com