Khazanah forms strategic partnership to grow Cenviro into regional resource management champion

May 20, 2022. KUALA LUMPUR, Malaysia.

The investment into Malaysia by a reputable foreign investor is a further sign of confidence in the country.

Khazanah Nasional Berhad (“Khazanah”) has entered into a strategic partnership with SK ecoplant Co. Ltd. (“SK ecoplant”) of South Korea to accelerate Cenviro Sdn Bhd’s (“Cenviro”) growth into a regional waste management powerhouse.

Following a multilateral bid process, SK ecoplant was selected as the optimal minority shareholding partner to support Cenviro in its next level of strategic growth, in line with the aspirations of the industrial development of the national waste management sector.

This strategic partnership is in line with Khazanah’s new long-term strategy under the ambit of Advancing Malaysia which was announced at the Khazanah Annual Review in March 2022. Among others, Khazanah will undertake key initiatives to deliver impactful outcomes for the nation, including representing Malaysia at the global stage to facilitate flows of knowledge, networks, and investment opportunities.

It is also in line with Khazanah’s strategy of creating a sustainable future where it hopes to play a leading role in shaping an equitable and responsible environmental, social and governance (“ESG”) transition for Corporate Malaysia.

Cenviro is currently Malaysia’s leading circular waste management solutions provider, operating mainly in treatment & disposal, recycling & recovery of scheduled waste, and is highly driven towards ESG best practices. This partnership is a significant step along Cenviro’s strategic roadmap for the region, combining SK ecoplant’s operational and technological capabilities with Cenviro’s robust local footprint.

Both Khazanah and SK ecoplant believe that the partnership will reinforce Cenviro’s position as a leading scheduled waste management platform, facilitating its growth and creating value for all stakeholders.

The investment into Malaysia by a reputable foreign investor is a further sign of confidence in the country.

Khazanah Managing Director, Dato’ Amirul Feisal Wan Zahir said, “For over 30 years, Cenviro has been the local leader in Malaysia’s integrated waste management sector. Our partnership with SK ecoplant, will further elevate Cenviro’s business to be world class and at the forefront of the sustainable waste management and recovery in the region.”

“The growth plan for Cenviro echoes Khazanah’s mandate to develop globally competitive companies that are anchored on sustainability within our stable”, he added.

Meanwhile, a representative from SK ecoplant said: “We, SK ecoplant, as the No. 1 eco-friendly business platform in South Korea, have gained a steppingstone for further growth within Asia. This partnership is aligned with SK ecoplant’s long-term plan to grow its business arising from the various technologies and solutions it has obtained.”

According to Cenviro Managing Director, Dr. Johari Jalil, as the leading integrated waste management platform, Cenviro continuously looks for ways to evolve the region’s waste management ecosystem.

“The partnership will strengthen our operational and technological capabilities, elevate our end-to-end waste management solutions and bring greater value to our customers,” he said.

Upon completion, the strategic partnership will see SK ecoplant hold a 30% stake in Cenviro while Khazanah continues to be the majority shareholder of the waste management company. Regulatory approvals will be sought as part of this transaction. Notwithstanding this, Cenviro will continue to run its operations as usual.

Khazanah is advised by BNP Paribas as financial advisor and Zaid Ibrahim & Co as legal advisor for the transaction.

SK ecoplant has over 44 years of experience in eco-friendly businesses in the field of integrated waste management, energy, engineering, and construction with leading technologies and construction capabilities, with a global presence in 15 countries.

SK ecoplant’s global experience in waste management and continuous drive to strengthen its ESG credentials are key factors that would help guide Cenviro in achieving its aspirations in becoming a regional leader in the waste management industry.

END

Source Link: https://www.khazanah.com.my/news_press_releases/khazanah-forms-strategic-partnership-to-grow-cenviro-into-regional-resource-management-champion/

Mashreq Announces Pricing Of Its Inaugural US$300mn Additional Tier 1 Offering

July 05, 2022. DUBAI, UAE.

The offering is expected to close on 7 July 2022, subject to customary closing conditions.

Mashreqbank psc (“Mashreq”) announced today the pricing of an aggregate principal amount of US$300 million of its 8.500% Perpetual Non-callable 5-year Additional Tier 1 Notes. The offering is expected to close on 7 July 2022, subject to customary closing conditions.

Following a strong first quarter trading update, the virtual roadshow for the Reg S only transaction was announced. Through a global investor call and a combination of individual and group meetings, Mashreq engaged with over 50 investors from key centers across Europe, the Middle East and Asia. Following the extensive marketing campaign, the transaction was formally launched on 30 June.

Initial Price Talks (“IPTs”) of low-mid 8% were released at 9.15 am UAE. Despite a challenging and volatile market backdrop, investor demand exceeded US$500mn during the course of London morning: a book update was announced at 12.30pm London time, allowing Mashreq to set the yield at 8.500% and communicating a transaction size of US$300mn.

The issuance is expected to further strengthen Mashreq’s capital structure and leverage ratios, positioning for further balance sheet growth. Additionally, it diversifies the Bank’s funding mix by reducing funding concentration and increasing the average duration of liabilities. Furthermore, the transaction enhances Mashreq’s international credit profile as it marks the Bank’s first-ever Additional Tier 1 offering in the international debt capital markets – and the first Additional Tier 1 issued this year out of the UAE.

Commenting on the issuance, Mashreq Group Chief Executive Officer, Ahmed Abdelaal, said: “The demand from both regional and international investors for this successful capital raise demonstrates continued confidence in Mashreq and our ability as a leading UAE bank to access the global debt capital markets even in volatile conditions. With strong levels of capital and liquidity and a rock-solid balance sheet Mashreq is well placed to execute on our strategy for growth and customer innovation in both the UAE and our core international markets.”

BofA Securities, Citi, Emirates NBD Capital, JP Morgan, Mashreqbank, Société Générale and Standard Chartered Bank acted as Joint Lead Managers.

SPECIAL REPORT INVESTMENT ALTERNATIVES T+1 FUNDS IN PESOS MAY 2022

May 2022. BUENO ARIES, Argentina.

Delta Asset Management has two Funds with a long and outstanding track record

in the T+1 fixed income fund segment (liquidity 24 business hours).

In the present report we discuss our market vision and positioning within

investment alternatives T+1 in Pesos, highlighting the main characteristics of

such funds managed by Delta:

▪ Type of Fund: ARS Cash Management.

▪ Launch: July 2005.

▪ Objective: Optimize the management of short-term financial surpluses

(working capital and savings at rate of interest in pesos), trying to obtain

returns above the Badlar rate minus 100 basis points.

▪ Suggested Investment Horizon: 30 days, although it has liquidity in up to 24

working hours. Ideal for those investors who are looking for an alternative of greater

profitability than money funds market, maintaining a conservative profile.

▪ Duration: Target 3 months, normally not exceeds 6 months.

▪ Rating: AAf (arg) by Fix Scr (Affiliate of Fitch Rating).

▪ Performance: Management is focused on maintain adequate levels of liquidity and

very good credit quality on scale national ratings. has consistently outperformed its benchmark (Badlar – 100 basis points).

▪ Current Positioning: Positioned in good quality corporate bonds creditita (mainly Badlar),

financial trusts, fixed terms and a good level of liquidity (allocated in installments

pre-cancelable fixed, money funds market, remunerated bank accounts, etc). The fund has no exposure to letters and Treasury bond.

Delta Asset Management has two Funds with a long and outstanding track record

in the T+1 fixed income fund segment (liquidity 24 business hours). In the present

report we discuss our market vision and positioning within investment alternatives T+1 in Pesos, highlighting the main characteristics of such funds managed by Delta:

DELTA SAVINGS

SPECIAL REPORT

INVESTMENT ALTERNATIVES T+1 FUNDS IN PESOS MAY 2022

Page 1 – See legal on page 5

DELTA SAVINGS PLUS

▪ Type of Fund: Fixed Income ARS Short Term.

▪ Launch: November 2010.

▪ Objective: Capture opportunities for investment and arbitrage on all curves

of fixed income in pesos (CER, Badlar, Fixed Rate, Dollar-Linked, rates implied in futures of

dollar in Rofex, etc) short/medium term.

▪ Suggested Investment Horizon: 120 days, although it has liquidity in 24 hours skillful. Ideal for those investors who seek active curve management short- and medium-term fixed income in pesos.

Duration: Normally around 1 year, currently at 0.8 years.

▪ Rating: A+f (arg) by Fix Scr (Affiliate of Fitch Rating).

▪ Performance: Outstanding performance historical. The Fund seeks to position itself in the

first quartile of profitability with respect to its peer group (T+1 funds in pesos). Likewise, it seeks to surpass its index of Badlar benchmark + 200 basis points.

▪ Current Positioning: Positioned mainly (approximately 55% of the portfolio) in the short sections of the curves CER (bills and sovereign bonds). Saying CER positioning, is located

diversified with Badlar bonds (corporate and provincial) and dollar-linked bonds (both sovereign and corporate) with futures of dollar sold in Rofex (constituting thus synthetically in pesos).

MANAGER'S COMMENT

On May 12, the BCRA made the fifth rate hike of the year, raising the policy rate by 200 points

basic (currently at 49% annual nominal). Likewise, this increase also reached the rest of the

placements in pesos, where the rate of 30-day time deposits for individuals (up to $10 million) is . In the common investment funds (FCI), this is being seen reflecting a greater appetite for T+1 funds such as Delta Ahorro and Delta Ahorro Plus, where certain investors in search for greater profitability, they go from money market funds (funds to compound accrual mainly for fixed terms and remunerated bank accounts that currently have a TNA of around 37%) to T+1 funds (made up of short- and medium-term fixed-income assets that these funds currently have a TNA at 30 days between 44% and 48% depending on the risk profile). In this sense, Delta Ahorro is presented as an attractive alternative to the money market fund due to its conservative profile. At Delta Ahorro we maintain a conservative management, short in duration (around 3 months), focusing on credit quality and liquidity.

The fund is mainly positioned in short Badlar corporate bonds, financial trusts, fixed terms

and a good level of liquidity (allocated in precancelable fixed terms, money market funds and bank accounts remunerated, etc.) Delta Ahorro does not invest in Treasury Bills and Bonds. At Delta Savings Plus we continue actively managing all short and medium term Peso curves. Currently the fund is positioned mainly (approximately 55% of the portfolio) in the short sections of the CER curves (letters and Sovereign bonds). Said CER positioning is diversified with Badlar bonds (corporate and provincial) and dollar-linked bonds (both sovereign and corporate) with dollar futures sold on Rofex increased to TNA of 48% and the Badlar rate is currently around 46%. In this sense, we believe that to continue this process of raising rates. However, at least in the short term, we do not see it reaching positive real rates even when the agreement with the IMF contemplates a structure of interest rates higher than the

inflation. The rate increase differential between the short and long tranches continued to widen, repos to 1 day it only rose 150 basis points, giving greater incentives to investors in the cash management segment and short-term fixed income to assume longer duration

Performance

Delta Savings

DELTA SAVINGS

Cash Management

• Optimize working capital and

savings at interest rate

Pesos

• Portfolio made up of

short fixed income assets

term in Pesos (Obligations

Business, Fixed Terms,

financial Trusts,

Remunerated Account, etc). The

fund has no exposure to

treasury bills and bonds.

• Look for a similar profitability

for a fixed term of 30 days and

the Badlar Rate minus 100

basic points

• Major Alternative profitability than funds money market, maintaining a conservative profile

• Indicative IRR (as of 05/23/22) of portfolio net of commissions for Class B of 54% with a duration of 0.41 years

• Within the universe of T+1 funds, Delta Savings historically it has characterized by being a conservative background, low relative volatility, with high liquidity levels and good credit quality

• More than 15 years of history • Equity as of 05/17/22: ARS 7,490,810,865

• Rated in AAf (arg) by Fix Scr (Affiliate of Fitch Rating)

• Term of accreditation of redemptions: Up to 1 business day • Currency of Subscriptions and bailouts: Pesos

More information from source link: https://deltaam.com.ar/