Toppen Shopping Centre Set to Open its Doors to the Public on November 13, 2019
Country Garden releases 2019 H1 results report
Chinese High-end Space Operator Bee+ Completes its Series B Financing
HKBN Announces Proposed Acquisition of JOS
Shenton Brokers Launches Commission-Free Insurance Portal
OPTrust Appoints Peter Lindley as CEO
China Life Insurance Company Limited Announces 2019 Interim Results (H SHARES)
Geneva Association Ernst Meyer Prize Recognizes Academic Contributions to Key Issues Facing Insurance Industry
GoComet raises SGD3 million in Series A Round Led by Leo Capital
NDB obtains AAA rating from Japan Credit Rating Agency
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LGT reports strong net asset inflows and further business expansion in first half of 2019
VADUZ, Liechtenstein, Aug. 22, 2019 /PRNewswire/ -- LGT, the international private banking and asset management group owned by the Princely House of Liechtenstein, achieved a group profit of CHF 155.6 million and further expanded its client business in the first half of 2019. The results reflect solid revenue growth despite a subdued start to the year, as well as further investments in LGT's market presence. Net asset inflows were once again strong at CHF 5.8 billion, corresponding to an annualized growth rate of 6%. Compared with the end of 2018, assets under management rose 8% to CHF 215.0 billion. LGT is confident that it will continue to achieve profitable growth in the second half of 2019. Following a subdued start to 2019 characterized by market uncertainties and low client activity, LGT reported solid, broad-based revenue growth, particularly in the second quarter. In the first half of 2019, the private banking and asset management group further invested in the expansion of its international presence and its client business. The local office opened in Bangkok in March and the agreement to acquire a majority stake in the Indian wealth manager Validus Wealth announced in June underscore LGT's successful growth trajectory. LGT's total operating income increased 2% to CHF 848.2 million in the first half of 2019. Income from services decreased 1% and totaled CHF 536.1 million. This reflects the lower client activity at the beginning of the year, the smaller average asset base compared to the first half of 2018, as well as an accounting change, according to which certain transactions are now recognized under trading activities instead of services. Net interest income and credit losses remained stable at CHF 138.7 million. Due to the above-mentioned accounting change, income from trading activities and other operating income rose 16% to CHF 173.4 million. Total operating expenses increased 4% to CHF 616.1 million in the first half of 2019. Personnel expenses rose 8% to CHF 482.2 million, mainly due to the increased headcount (+4%) resulting from ongoing investments in the client business. In contrast, business and office expenses fell 10% to CHF 133.9 million, as certain lease payments are now recognized under amortization due to a change in the accounting standards (IFRS 16). The increase in depreciation, amortization and provisions reflects this accordingly. The cost-income ratio was 74.0% as at the end of 2018, compared with 72.6% as at the end of June 2019. Overall, group profit totaled CHF 155.6 million for the first six months of 2019, compared with CHF 174.8 million (-11%) in the prior year period. LGT is very well capitalized with the tier 1 capital ratio at 20.3% as at 30 June 2019, and has a high level of liquidity. Broad-based net asset inflows LGT once again reported strong net asset inflows in the first half of 2019 of CHF 5.8 billion, which corresponds to an annualized growth rate of 6%. All regions and both of LGT's business areas contributed to this result with positive net asset inflows. As at 30 June 2019, assets under management totaled CHF 215.0 billion, representing a 8% increase compared with the end of the previous year. In addition to the net asset inflows, this rise is also attributable to positive market performance. Strategy and outlook LGT is confident that with its internationally broad-based business and strong market position in well-diversified client markets and asset classes, it will continue to achieve further profitable growth in 2019 and will continue to invest prudently in its business. H.S.H. Prince Max von und zu Liechtenstein, CEO LGT: "We closed the first half of 2019 with good results despite volatile market conditions. Thanks to our stability, long-term strategy and deep investment expertise, LGT continues to be a strong partner to its clients, as evidenced by our once again robust net asset inflows. In order to build out our strengths in a targeted manner, we are further investing in our market presence in Asia and in our investment competencies, with a particular focus on the expansion of our impact investing platform. With our broad client offering and our committed employees, we are very well positioned to take advantage of market opportunities and to further solidify our position as a leading private banking and asset management provider." LGT in brief LGT is a leading international private banking and asset management group that has been fully controlled by the Liechtenstein Princely Family for over 80 years. As at 30 June 2019, LGT managed assets of CHF 215.0 billion (USD 220.5 billion) for wealthy private individuals and institutional clients. LGT employs over 3500 people who work out of more than 20 locations in Europe, Asia, the Americas and the Middle East. www.lgt.com Key figures as per 30.06.2019 30.06.2019 30.06.2018(1) Change (in %) Consolidated income statement (in CHF m) Net interest income and credit losses 138.7 139.3 -0.4 Income from services 536.1 541.8 -1.1 Income from trading activities and other operating income 173.4 150.1 15.5 Total operating income 848.2 831.2 2.0 Personnel expenses 482.2 445.4 8.2 Business and office expenses 133.9 148.5 -9.8 Total operating expenses 616.1 593.9 3.7 Depreciation, amortization and provisions 60.6 39.6 53.1 Tax and minority interests 16.0 22.9 -30.4 Group profit 155.6 174.8 -11.0 Net asset inflow (in CHF bn) 5.8 5.0 30.06.2019 31.12.2018 Assets under management (in CHF bn) 215.0 198.2 8.5 Total assets (in CHF bn) 46.9 43.4 7.9 Group equity capital (in CHF m) 4 339 4 112 5.5 Ratios (in %) Cost/income ratio 72.6% 74.0% Tier 1 ratio 20.3% 17.6% Liquidity Coverage Ratio 231.7% 203.3% Headcount 3 544 3 405 4.1 Rating Moody's/Standard & Poor's for LGT Bank Ltd. Aa2/A+ Aa2/A+ (1) As a result of the application of IFRS 9, the classification of the comparative figures for the first half of the financial year 2018 differs from the last published figures. Group profit remains unchanged. Credit losses are now recorded under net interest income and credit losses instead of under depreciation, amortization and provisions. In addition, dividends from investment securities are reflected in other operating income and are no longer part of net interest income. Related Links :http://www.lgt.com
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PE and M&A Are the Key to Strengthening the Indonesian Economy as Companies Seek Out Growth in the Country
Focusing on repeatable models and evolution of thinking essential for companies to get ahead in the marketJAKARTA, Indonesia, Aug. 22, 2019 /PRNewswire/ -- Indonesia remains a key destination for Private Equity investment in South East Asia and an area of potential growth for M&A, according to findings presented by Bain & Company in Jakarta today, with significant interest in Indonesia-focused assets and a particular focus on growth capital. M&A has also rebounded as corporates are now spending cash on balance sheets, however the area is still dominated by a few 'mega-deals' in the country. Indonesia-focused assets have been of significant interest to regional investors, particularly growth capital and particularly in the internet and tech sector. While private equity deal count, at 14 deals excluding real estate and infrastructure, was up 17 percent in 2018 over the last five year average, larger deals propelled 2018 deal value to 136% higher than the last five year average. M&A value also increased across Indonesia even as overall deal count dropped, due to several key mega-deals leading to $14B in deals done by Indonesian businesses. This made domestic corporate the main driver of the Indonesian M&A market in 2018, leapfrogging them over foreign acquirers. The majority of these deals focused on acquiring new capabilities or opening up new product or service segments, rather than intending on making companies bigger or generating cost synergies. According to Bain & Company's inaugural M&A report, M&A In Disruption, released earlier this year, scope deals around the world outnumbered scale deals for the first time ever in 2018 and represent 51 percent of all strategic deals larger than a billion in deal value – possibly the biggest development in the M&A industry in the last decade. "Many executives are turning to scope deals as companies struggle to find organic growth," explained Usman Akhtar, a Jakarta-based partner in Bain & Company's Private Equity practice. "Locally, we believe this trend is still underleveraged, but it could prove to be an important area of growth in the future. However, given high pricing and a heavy concentration of tech deals, corporates will need to tread carefully." Bain & Company has worked on more than 1,500 M&A projects globally with both strategic buyers and sponsors in the last year alone and has identified what the best are doing to succeed. This includes: Retooling the approach to due diligence. Evolving how to think about combined business operating models. Developing different ways to approach business processes and systems integration. Further, the firm's extensive research over the last two decades has uncovered an enduring truth: a repeatable M&A capability, developed through consistent M&A activity over economic cycles, contributes to higher shareholder returns. This finding holds up year after year, across industries. Deal success and failure is more a matter of cumulative experience and capability in doing deals, and less a function of standalone deal circumstances. "In order for companies to get ahead they must focus on repeatable M&A capabilities across strategy, screening, due diligence & integration. It's essential, but not easy," said Bain & Company Senior Advisor Suvir Varma. "Companies will need to adapt and modify their diligence and integration playbooks, as they pursue scope deals for growth and, potentially, more transformative capability-driven scope deals." Editor's note: To receive a copy of detailed data, or arrange an interview with Mr. Varma or Mr. Akhtar, please contact: Juliana Ong at juliana.ong@bain.com or +65 96987403. # # # About Bain & Company Bain & Company is a global consultancy that helps the world's most ambitious change-makers define the future. Across 58 offices in 37 countries, we work alongside our clients as one team with a shared ambition: to achieve extraordinary results that outperform their competition and redefine their industries. We complement our tailored, integrated expertise with a curated ecosystem of digital innovators to deliver better, faster and more enduring outcomes to our clients. Since our founding in 1973, we have measured our success by the success of our clients. We proudly maintain the highest client advocacy in the industry, and our clients have outperformed the stock market 4:1. Learn more at www.bain.com and follow us on Twitter @BainAlerts.Related Links :https://www.bain.com/
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The CareVoice Closes Eight Figure USD Series A Funding Round
Becomes leading health insurtech platform in AsiaSHANGHAI, Aug. 22, 2019 /PRNewswire/ -- The CareVoice, an international health insurtech company based in China, announced today that it has successfully raised an eight-figure USD Series A funding round. The round was led by a global investment group, LUN Partners Group, and a global investment manager specializing in financial services. DNA Capital, a global healthcare fund, as well as returning investors SOSV and Artesian Capital, also joined the round. Private health insurance is booming in China yet insurers face growing customer demand to provide better and more effective digital solutions to manage their health. The CareVoice's core product is a data-driven mobile-based SaaS solution that digitizes the healthcare and insurance journey with the consumer in mind. The product has been adopted in Mainland China and Hong Kong by 15 local and international insurance companies, including Ping An and AXA. It has demonstrated a positive impact on insurance sales, customer retention and savings. a quick look at CareVoiceOS Additionally, The CareVoice has recently released its latest product innovation, CareVoiceOSTM, the first healthcare "Operating System" for insurers. The platform provides an end-to-end technology solution that insurers can use to design and bring more tailored, compelling, and efficient insurance plans, while also tapping into an ecosystem of connected healthcare services. "This funding will accelerate our vision to become the leading health insurtech platform in Asia, making health insurance digital and more human! Thanks to our new breakthrough CareVoiceOSTM platform, we will continue growing fast the number of insurers using our services while penetrating new geographic markets, with the aim to change how millions of insurance members experience healthcare insurance." Sebastien Gaudin, co-founder & CEO of The CareVoice said. "We are so glad to be backed by great investors who can significantly help us achieve our ambition." The CareVoice plans to scale the team by three folds and pursue three main goals: Invest in R&D and continuously upgrade the CareVoiceOS end-to-end digital healthcare and insurance experience, balancing core platform development with integration of leading healthtech and insurtech services; Expand its sales and customer success teams as well as international business development efforts; Accelerate the launch of 10 new health insurance products, in partnership with insurers, focusing on health prevention and change of behavior. "We foresee that insurance will be the next sector to experience the highest growth of digitalization and innovation as well as the arrival of new fintech unicorn companies." Mr. Peilung Li, Founder and Chairman of LUN Partners Group, further explained, "CareVoice is driving digitalization and innovation for insurance companies, and we are very confident about its development in the Greater China market. To further aid the Company's growth, LUN Partners will help CareVoice extend its proven digitalization solutions to overseas insurance marketplaces in Japan, Southeast Asia, and other regions." Luiz Henrique Noronha, Partner at DNA Capital said: "The CareVoice business model really tackles the pain points of health insurance companies that we know particularly well, considering our various investments in this sector. We are thrilled to help The CareVoice tap into this massive growth opportunity in China and other geographies. We foresee The CareVoice will keep innovating thanks to its recently launched CareVoiceOSTM platform, which is critical in allowing insurers to bring consumer-centric and efficient health plans!" Moreover, as part of this Series A round, StartupCare, the recent venture launched by The CareVoice, has been spun off. The first health benefits for entrepreneurs and their teams now have the financial means to accelerate further its uptake in Mainland China and Hong Kong. About The CareVoice The CareVoice is a health Insurtech company transforming healthcare experiences to be more consumer-centric. It provides a digital platform that unleashes value for insurance companies, allowing them to become true health partners of their insurance members, reach the cutting edge of innovation, get closer to their customers, and drive down costs. Founded in Shanghai in 2014, The CareVoice has won multiple awards such as Best Foreign Startup by TechNode / TechCrunch China, and Front Runner Up at The Digital Insurer's Asian Startup Insurtech Award. The CareVoice successfully completed the Chinaccelerator program in 2017 and the Ping An Cloud Accelerator program in 2018. To learn more about The CareVoice, visit www.thecarevoice.com About LUN Partners Group Established in Hong Kong, LUN Partners Group is a global investment group, with offices in Shanghai and Tokyo. The Group's primary businesses are investment management and financial services. The Group currently manages multiple venture capital and private equity funds, and operates several financial services companies. Photo - https://photos.prnasia.com/prnh/20190822/2558897-1?lang=0 Related Links :http://www.thecarevoice.com
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Growth Opportunities in the Global Animal and Pet Nutrition Ingredients Market Look Promising
Offering one-stop solutions to customers will augment growth prospects, finds Frost & Sullivan SANTA CLARA, California, Aug. 22, 2019 /PRNewswire/ -- Growth opportunities in the Global Animal and Pet Nutrition Ingredients Market look promising over the next six years. Factors driving sustainable market prospects include strong growth in the livestock feed industry in developing regions with an uptick in aquaculture feed; an increase in per-capita meat consumption fuelling production efficiencies and, in turn, demand for feed additives; and stringent regulations limiting the use of antibiotics for growth promotion. Meanwhile, increased awareness among pet owners, pertaining to the health of their pets, is set to propel functional ingredients in the pet nutrition sector. Frost & Sullivan expects the total market for animal and pet nutrition ingredients to grow from $16,612.6 million in 2018 to reach $24,178 million by 2025, recording a compound annual growth rate (CAGR) of 5.5% during the period. "To meet growing insistence for high-quality meat and other animal products, there is increased pressure on farmers to improve quality and productivity, along with ensuring higher sustainability. Therefore, the practice of supplementing diets with additives such as vitamins, amino acids, organic acids, enzymes, and probiotics is expected to intensify," said Smriti Sharma, Industry Analyst, Agriculture & Nutrition at Frost & Sullivan. "Furthermore, a shift toward landless commercial production systems will augment the need for supplementing diets with additives that can promote healthy and faster growth and improve the feed conversion ratio." For further information on this analysis, please visit http://frost.ly/3pm From a regional perspective, China remains the major producer and key consumer of feed additives, driving the overall market in the Asia-Pacific (APAC) region. Considerable growth is expected in the developing economies (e.g., Latin America) in terms of feed additives owing to increased demand for meat products. "APAC is expected to remain one of the major producers of compound feed, with swine and poultry sectors dominating in terms of demand," noted Sharma. "Growth in the aquaculture sector is expected to drive the market both regionally and globally." While competitive landscapes for the individual ingredient categories vary, the value chain for animal feed and pet food additives has seen significant consolidation in the past few years, with manufacturers seeking to offer one-stop solutions to their customers by vertically integrating the lines of business to offset competition. In general, the market is fragmented with a number of Chinese manufacturers competing with major global manufacturers such as DSM, ADM, BASF, Cargill, Novus International, Evonik, and DuPont. Additional growth opportunities participants should aim to secure include: Developing novel microbial strains that could enhance the immune function in animals to overcome the need for antibiotics. Focusing on product portfolio expansion and partnerships, including the provision of one-stop solutions to tap into much bigger markets. Devising cost-effective production routes to control price volatility and overcome demand challenges in an otherwise price-sensitive market. Expanding research and development in segments such as enzymes, probiotics, organic trace minerals, prebiotics, and omega-3 fatty acids as these sectors hold innovation potential. Frost & Sullivan's recent analysis, Growth Opportunities in the Global Animal and Pet Nutrition Ingredients Market, Forecast to 2025, explores the factors and trends that have shaped the global animal and pet nutrition landscape, the challenges that lie ahead, and the opportunities that can be tapped across broad ingredient categories: amino acids, vitamins/carotenoids, enzymes, organic acids, organic trace minerals, probiotics, prebiotics, and omega-3 fatty acids. Growth Opportunities in the Global Animal and Pet Nutrition Ingredients Market, Forecast to 2025 is part of Frost & Sullivan's Agriculture & Nutrition research and analyses available through the Frost & Sullivan Leadership Council, which helps organisations identify a continuous flow of growth opportunities to succeed in an unpredictable future. About Frost & Sullivan For over five decades, Frost & Sullivan has become world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion. Growth Opportunities in the Global Animal and Pet Nutrition Ingredients Market, Forecast to 2025K318-88 Contact:Jacqui HolmesE: jacqui.holmes@frost.comhttp://ww2.frost.comRelated Links :http://www.frost.com
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Longevity Acquisition Corporation To Extend Period to Consummate Acquisition
SHANGHAI, Aug. 22, 2019 /PRNewswire/ -- Longevity Acquisition Corporation (the "Company" or "Longevity") (NASDAQ: "LOACU") today announced that the Company's sponsor, Whale Management Corporation (the "Sponsor"), has notified the Company that the Sponsor has deposited into the Company's trust account (the "Trust Account") an aggregate of $400,000, representing $0.10 per public share, in order to extend the period of time the Company has to consummate a business combination by three months to November 27, 2019. The Sponsor will have the option, but no obligation, to extend such term an additional two times, each by an additional three months, up to May 27, 2020, by depositing an aggregate of an additional $800,000 into the Trust Account, representing an additional $0.20 per public share, in connection with such additional extensions. About Longevity Longevity Acquisition Corporation is a blank check company formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with, purchasing all or substantially all of the assets of, entering into contractual arrangements with, or engaging in any other similar business combination with one or more businesses or entities. For further information, please refer to Longevity's filings on the U.S. Securities and Exchange Commission ("SEC"). Forward-Looking Statements This press release may contain statements that constitute "forward-looking statements." Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's annual report on Form 10-K filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law. Company Contact: Longevity Acquisition CorporationMatthew Chen+ (86) 21-60832028mchen@lonacq.com View original content:http://www.prnewswire.com/news-releases/longevity-acquisition-corporation-to-extend-period-to-consummate-acquisition-300905227.html
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CMAB and Kintor Announce a New Comprehensive Collaboration to Develop and Manufacture the ALK-1 Monoclonal Antibody
This agreement represents the first strategic cooperation between two of the key players in biopharmaceutical industries in Suzhou, China ALK-1 (Activin receptor-like kinase-1) antibody was originally developed by Pfizer who completed two Phase I clinical trials in more than 100 patients with advanced solid tumors in the United States, Italy, South Korea, and Japan. Kintor has been granted exclusive and worldwide rights to develop, manufacture and commercialize this novel anti-angiogenic antibody drug, which is expected to become the first fully human therapeutic monoclonal antibody (mAb) that targets ALK-1 globally. SUZHOU, China, Aug. 21, 2019 /PRNewswire/ -- CMAB Biopharma (Suzhou) Inc. ("CMAB"), a pure-play CDMO business in biologics and Suzhou Kintor Pharmaceuticals, Inc. ("Kintor"), an innovative biopharmaceutical enterprise, announced a comprehensive strategic cooperation agreement for the development and manufacturing of Kintor's ALK-1 mAb. August 19, 2019, CMAB and Kintor held a signing ceremony at Suzhou BioBAY ALK-1 mAb has been studied in two Phase-I clinical trials in the United States, Italy, South Korea and Japan from 2007 to 2014. In these two clinical studies, ALK-1 mAb demonstrated favorable PK and safety profile and reasonable clinical benefits, which suggest that this novel therapeutic antibody has a potential to be a first-in-class in targeting ALK-1, an angiogenesis target. Kintor has been granted the exclusive and worldwide rights to develop, manufacture and commercialize this novel anti-angiogenic drug, and has initiated a Phase II clinical trial in combination with nivolumab in patients with hepatocellular carcinoma (HCC) in Taiwan. This is the first time Pfizer has licensed a Chinese company to develop a new antibody drug for oncology indications, which is expected to become the first fully human therapeutic monoclonal antibody that targets ALK-1 in the world. According to the agreement, CMAB will provide a full range of CMC research and manufacturing services that meet the IND application requirements of China and the United States. This strategic cooperation will support the clinical development of ALK-1 antibody worldwide by Kintor. Importantly, this collaboration is based upon CMAB's sophisticated CMC process development and manufacturing platform, experienced R&D team in IND applications in both China and the United States, and an impeccable product quality system. "We are delighted and greatly honored that a comprehensive strategic cooperation agreement can be launched with Kintor. Kintor has been an outstanding player for the development of innovative anti-tumor drugs in China and recruited a top leadership team with drug discovery experience from multinational pharmaceutical companies. This well recognized innovative drug discovery company has delivered a strong portfolio across pre-clinical development to Phase-III clinical trials. ALK-1 MONOCLONAL ANTIBODY, a blockbuster large molecule clinical asset, is now in a critical stage of clinical development. To support Kintor's clinical development plan, CMAB will not only provide professional CMC technology and manufacturing services for Kintor, but also make full use of its team's expertise in IND application both in China and the United States. CMAB is also excited to support the commercialization and marketing of ALK-1 antibody in the future. In addition, CMAB wants to work with more and more innovative biopharmaceutical companies in China, like Kintor, to help shorten R&D cycles and speed up marketing of biopharmaceutical products. CMAB's high quality service should enable these excellent drug discovery leaders who have committed to the research and development of new drugs being competitive to the world classes of innovative anti-tumor therapies," said by Dr. Yongzhong Wang, CMAB CEO. "During the discussion of this collaboration agreement, we have been very impressed with the expertise of CMAB's biotechnology team, the world-class production equipment and facilities and the customer-centered attitude toward cooperation. We, therefore, have decided to work together for the development manufacturing of ALK-1 antibody with CMAB," said by Dr. Youzhi Tong, Kintor's President and CEO. "With the extensive and comprehensive discussions about this collaboration project, we have felt very confident in choosing CMAB as our long-term partner. Now we have every reason to believe that CMAB has top-class production equipment and facilities in the world and the capacity in technology integration and mature CDMO expertise. CMAB's technical team with a strong experience in IND application both in China and the United States and a suite of core technologies and a rigorous IP protection system, will help us successfully launch ALK-1 mAb's IND application in China and United States. We believe this productive collaboration will provide cancer patients the novel therapeutic agents with clinical benefits in China and in the world." About CMAB Biopharma CMAB Biopharma is a flexible full-service CDMO dedicated to providing bespoke development and manufacturing services of antibodies and biologics for clients in China and across the globe. Our adaptable, service-oriented business enables clients to take their innovative concepts for tomorrow's medicines from DNA to clinical product today. To find out more about our dynamic new CDMO, please visit www.cmabbio.com/enOr contact us: CMAB Biopharma (Suzhou) Inc.Tel: (+86) 0512 67995188Email: hello@cmabbio.com Address: Building C37, No. 188 Dong Ping Road, Suzhou Industrial Park, China 215123 About Kintor Founded in 2009, Suzhou Kintor Pharmaceuticals, Inc. ("Kintor"), is devoted to the research and development of "best-in-class" and "first-in-class" innovative drugs and the development of industrialized platforms. All the products of the company are new drugs of Category 1 for prostate cancer, breast cancer, liver cancer, hair loss and other diseases, with over 50 global patents available and many projects included in "State Major New Drug Development Program" under the 12th and 13th Five-year Plans of China. Proxalutamide, one of Kintor's main products, undergoes clinical trials synchronically in China and the United States, with one Phase-III clinical research fully carried out in China as second- and first-line therapies for mCRPC indications and a Phase-II clinical trial being conducted in the United States, and a Phase-I/Ib clinical trial being completed in China for indications of metastatic breast cancer and a Phase-Ic clinical trial of drug combination being carried out for indications of metastatic breast cancer; ALK-1 mAb preparation has become the first new antibody drug authorized by Pfizer for global development, which has gone through two Phase-I clinical trials on 100 subjects in the United States and other countries, and also is in progress of one Phase II clinical trial of combination with Nivolumab in Taiwan for indications of HCC; pyrilutamide, a therapy for androgenetic alopecia, was completed under one Phase-I clinical trial in both China and the United States, and will go through Phase-II clinical trials in both China and the United States very soon. Furthermore, Kintor's R&D pipeline also covers mTOR inhibitors, Hedgehog/SMO inhibitors, c-Myc inhibitors and AR-Degraders, among others. In 2018, Kintor was honored to become the "Unicorn Cultivation Enterprises of Suzhou and Suzhou Industrial Park". To find out more about our dynamic, please visit www.kintor.us/ Or contact us:Suzhou Kintor Pharmaceuticals, Inc.Tel: (+86) 0512 62956307Fax: (+86) 0512 62956309Address: Suite 401, C4 Building, 218 Xing Hu Street, Suzhou Industrial Park, Suzhou, Jiangsu Province, 215123 P. R. China Photo - https://photos.prnasia.com/prnh/20190820/2556407-1?lang=0 Related Links :http://www.cmabbio.com/en
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Crypto Earn: Now Earn 8% p.a. on DAI & MKR Deposits
HONG KONG, Aug. 21, 2019 /PRNewswire/ -- Crypto.com, the pioneering payments and cryptocurrency platform, announced today that it has listed Maker (MKR) and added DAI & MKR to Crypto Earn, allowing users to enjoy up to 8% p.a. on their deposits. Crypto Earn: Now Earn 8% p.a. on DAI & MKR deposits Dai (DAI) DAI is a USD-pegged stablecoin running on the Ethereum developed by the MakerDAO team. Its $1 USD equivalent is maintained through a dynamic system of Collateralized Debt Positions (CDPs), autonomous feedback mechanisms, and appropriately incentivized external actors. DAI can be used in the same manner as any other cryptocurrency: it can be freely sent to others, used as payments for goods and services, or held as long term savings. Maker (MKR) is an ERC-20 token on the Ethereum blockchain that backs and stabilizes the value of stablecoin DAI through automatic pricing mechanisms built into smart contracts. MKR tokens are created or destroyed in accordance with price fluctuations of the DAI coin in order to keep it as close to $1 USD as possible and is part of a fully inspectable system on the Ethereum blockchain. MKR tokens are also used to pay transaction fees on the Maker system, and provide holders with voting rights within Maker's continuous approval voting system. Crypto Earn now supports 13 coins for holders to maximize their returns, including BTC, ETH, LTC, XRP, BNB, TUSD, PAX, USDC, MCO, BAT, LINK with the addition of DAI and MKR. Interest is paid out weekly in the coin deposited with flexible, 1-month or 3-month terms available. Users earn more by staking at least 50 MCO. About MakerDAO Maker is a decentralized autonomous organization on the Ethereum blockchain seeking to minimize the price volatility of its own stable token — the Dai — against the U.S. Dollar. Maker enables anyone to leverage their Ethereum assets to generate Dai on the Maker Platform. Once generated, Dai can be used in the same manner as any other cryptocurrency: it can be freely sent to others, used as payments for goods and services, or held as long term savings. Founded in 2014, the company is headquartered in Santa Cruz, California. For more information, visit: www.makerdao.com. About Crypto.com Crypto.com was founded in 2016 to accelerate the world's transition to cryptocurrency. Key products include: the Crypto.com App, the best place to buy, sell, and pay with crypto, the MCO Visa Card, a metal card with no annual fees, and the Crypto.com Chain, which enables users to pay and be paid in any crypto, anywhere, for free. Crypto.com is headquartered in Hong Kong with a 150+ strong team. For more information, please visit: www.crypto.com. Photo - https://mma.prnewswire.com/media/963608/Crypto_com_X_DAI_MKR.jpg Logo - https://mma.prnewswire.com/media/750079/Crypto_Logo.jpg Related Links :https://www.crypto.com/
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Crypto.com Launches Additional Security Measures - 2FA and Insurance on Crypto Assets
New security webpage outlines commitment to customers HONG KONG, Aug. 21, 2019 /PRNewswire/ -- Crypto.com, the pioneering payments and cryptocurrency platform, today announces a range of enhanced security measures including Two Factor Authentication (2FA) for certain transactions, insurance of digital assets, and launch of a new Security Page https://crypto.com/en/security that outlines its commitment to maintaining industry-leading security standards. New security webpage outlines commitment to customers Two Factor Authentication: Two Factor Authentication (2FA) is now available in the Crypto.com mobile app. The implementation of 2FA provides Crypto.com's app users with an additional layer of security providing options to enable 2FA for sending and withdrawal of crypto, as well as wallet address whitelisting. Additionally, users' 2FA tokens will automatically sync to any new device they authorize. And, if a device is lost, stolen, or retired, users can deauthorize it from any authorized device. For more information about 2FA, here. Crypto.com will continue to update 2FA and more granular features will be released in the near future. Crypto Asset Insurance: Crypto.com has secured coverage for up to US$100 million in insurance for digital assets in cold storage from a global leader in protecting customers' assets to safeguard against theft or direct loss. 100% of Crypto.com customer's digital assets are stored in cold storage. Security Page: Crypto.com is launching a new comprehensive information webpage to provide details on the company's security measures. Security is a key differentiator in financial services and Crypto.com will seek to be a leader in providing a higher standard of security measures in order to provide users peace of mind that their funds are safe with Crypto.com. Crypto.com has continuously improved its security measures since the company's inception. Crypto.com is one of the first cryptocurrency companies in the world and the first cryptocurrency wallet application, to achieve the coveted ISO/IEC 27001:2013 certification. Logo: https://mma.prnewswire.com/media/750079/Crypto_Logo.jpg Photo - https://mma.prnewswire.com/media/963565/Crypto_Security_Webpage.jpg Related Links :https://crypto.com
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Global Cord Blood Corporation to Report First Quarter Fiscal 2020 Financial Results
Earnings Call Scheduled for 8:00 a.m. ET on August 28, 2019HONG KONG, Aug. 21, 2019 /PRNewswire/ -- Global Cord Blood Corporation (NYSE: CO) (the "Company") today announced that it plans to release financial results for the first quarter fiscal 2020 on Tuesday, August 27, 2019, after the market close. The Company will host a conference call at 8:00 a.m. ET on Wednesday, August 28, 2019 to discuss its financial performance and give a brief overview of the Company's recent developments, followed by a question and answer session. Interested parties can access the audio webcast through the Company's IR website at http://ir.globalcordbloodcorp.com. A replay of the webcast will be accessible two hours after the conference call and available for 7 days at the same URL as above. Listeners can also access the call by dialing 1-855-824-5644 or 1-646-722-4977, for US callers, or +852-3027-6500, for Hong Kong callers, access code: 62299537#. Please dial in ten minutes prior to the conference call to ensure proper connection, and be prepared to provide your name and company name to the operator. Supplemental financial information referenced in the conference call and the first quarter fiscal 2020 earnings press release will be available at http://www.globalcordbloodcorp.com, in the section titled "Investor Center/Press Release", after 4:16 p.m. ET on Tuesday, August 27, 2019, and in the Company's Report on Form 6-K for the month of August 2019, available on the Securities and Exchange Commission's website at www.sec.gov. About Global Cord Blood Corporation Global Cord Blood Corporation is the first and largest umbilical cord blood banking operator in China in terms of geographical coverage and the only cord blood banking operator with multiple licenses. Under current PRC government regulations, only one licensed cord blood banking operator is permitted to operate in each licensed region and no new licenses will be granted before 2020 in addition to the seven licenses authorized as of today. Global Cord Blood Corporation provides cord blood collection, laboratory testing, hematopoietic stem cell processing and stem cell storage services. For more information, please visit the Company's website at http://www.globalcordbloodcorp.com. Related Links :http://www.globalcordbloodcorp.com
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Thailand BOI, University Network to Spur R&D Linkage with Industry
BANGKOK, Aug. 21, 2019 /PRNewswire/ -- The Thailand Board of Investment (BOI) this month entered into an agreement with eight of the country's leading universities aiming to improve linkage between the academic and manufacturing sectors in the fields of research as well as human capital development, in order to foster innovation and boost the country's competitiveness, the BOI said. Thailand BOI, University Network to Spur R&D Linkage with Industry The memorandum of understanding signed with Thailand's Research University Network (RUN), a higher education alliance setup in 2015, covers knowledge and information sharing in the area of research and development between RUN member universities and industrial operators. The agreement will stimulate collaboration in private sector demand-driven R&D activities, co-operative education programs and high-skilled workforce recruitment, the BOI said. The RUN alliance was setup by four institutions located in Bangkok, namely Chulalongkorn University, Kasetsart University, Thammasat University, Mahidol University, and another four located in major provincial cities, namely Chiang Mai University, Khon Kaen University, Prince of Songkla University and Naresuan University. "This agreement reinforces the BOI's facilitation role in fostering cooperation between business and academics to increase research and development in Thailand and to strengthen our manufacturers' competitiveness in key technologies," said Ms. Duangjai Asawachintachit, Secretary General of the BOI. "With the support of RUN, we can now draw on a large pool of expertise and knowledge to develop and commercialize new products and services, for the benefit of investors and the economy at large." Overall R&D expenditures are on the rise in Thailand and have doubled to 1 percent of GDP in the five years to 2017, according to the Office of the National Higher Education, Science, Research and Innovation Policy Council. Thailand is targeting a further increase to 1.5 percent by 2021, as part of the Government's Thailand 4.0 policy which aims to drive economic growth through innovation. Under the agreement, the BOI will also facilitate the universities' own talent recruitment needs and academic development by providing Smart Visas to foreign lecturers and researchers in the target areas, allowing qualified applicants and their families to work and stay for renewable periods of up to four years, it said. RUN coordinates research in its member universities by combining knowledge and sharing resources. Researchers in the network coordinate their work around 10 research "clusters", including climate change, logistics, advanced materials, robotics, agriculture, energy, digital technologies, health and functional food. The alliance has collaboration agreements with several international partners such as New Zealand's MacDiarmid Institute for Advanced Materials and Nanotechnology, Japan's Keio University, and Malaysia's Research University Network. For more information, please contact: Thailand Board of InvestmentTel. +66 (0) 2553 8111Website: www.boi.go.th Photo - https://photos.prnasia.com/prnh/20190821/2557842-1?lang=0Related Links :http://www.boi.go.th
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Gavin Bambury named OANDA(R) CEO
LONDON, Aug. 21, 2019 /PRNewswire/ -- A global leader in online multi-asset trading services and currency data and analytics, OANDA Global Corporation is pleased to announce the appointment of industry leader Gavin Bambury as Chief Executive Officer, effective Monday 26 August 2019. Based in London, he will also serve as a director on the OANDA Global Corporation Board. Gavin Bambury, Chief Executive Officer, OANDA With more than 25 years' experience in the financial technology and trading sector, Bambury has worked in a variety of leadership roles at world-class financial institutions including Citibank and Deutsche Bank. He also spent six years as CEO of Ion Trading Technologies, a trading software company with revenues in excess of EUR250 million. He joins OANDA from Integral Development Corporation. Chairman of the Board, Tim Howkins commented, "We are extremely pleased to welcome Gavin to OANDA. A seasoned professional, he combines a deep-seated knowledge of financial technology with an unparalleled understanding of the trading sector, which will be invaluable as we continue to execute the firm's strategic vision in the years to come." Bambury added, "I am delighted to be joining OANDA, as a world-class brand focused on its clients, the company has enjoyed tremendous success in recent years. I am confident we can build on these foundations, and through investment, organic and inorganic, we will extend our global coverage and enhance our clients experience, enabling us to continue to be the trusted leader in FX." About OANDA Founded in 1996, OANDA was the first company to share exchange rate data free of charge on the Internet, launching an FX trading platform that helped pioneer the development of web-based currency trading five years later. Today, the firm provides online multi-asset trading, currency data and analytics to retail and corporate clients, demonstrating an unrivalled expertise in foreign exchange. With regulated entities in six of the world's most active financial markets, OANDA remains dedicated to transforming the business of foreign exchange. For more information, please visit oanda.com or follow us on Twitter, Facebook or YouTube. Photo - https://photos.prnasia.com/prnh/20190821/2557709-1?lang=0 Related Links :http://www.oanda.com/
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Experian A/NZ acquires Australian fintech Look Who's Charging to bolster open data offering
Consumers and financial institutions to benefit from richer data SYDNEY, Aug. 21, 2019 /PRNewswire/ -- Experian Australia & New Zealand today announces its acquisition of Look Who's Charging, the Australian fintech startup which has solved the everyday frustrating problem of unrecognised bank transactions by providing instant clarification on the merchant behind a transaction. (L-R) Current view, Look Who’s Charging view, In-depth merchant details Look Who's Charging is integrated with a number of Australian banks, with their data available to millions of Australians directly within existing digital banking applications. The move will combine Experian's global open data solutions with Look Who's Charging's advanced enrichment capabilities. Following the recent legislation of Open Banking as the first stage of the Consumer Data Right (CDR), the deal will create a market leading open data platform in the Australian market that will have wide ranging benefits for consumers, businesses and financial institutions. Experian's present open data solution, built in the UK, facilitates 40% of all UK Open Banking application program interface (API) requests. Andrew Black, Managing Director of Experian A/NZ explains how the acquisition enables Experian to provide organisations with a sophisticated aggregation and categorisation solution and granular insights for them to apply across their business: "If a transaction is unable to be categorised accurately, it is often classed as 'unknown' which can result in decisions impacting consumers being based on limited data. This can have a big knock on effect if, for example, banks are using one platform to help a customer understand their own income and expenditure, and another to decide what loan they can afford. With Look Who's Charging's enriched data integrated into our open data platform, we will be able to provide a uniquely accurate and comprehensive solution for the Australian market. This will help our customers lend more responsibly while enhancing their fraud checks and reducing their call centre traffic for unrecognised transaction queries, as well as ensuring consumers have a greater understanding of their financial situation." Over 1 billion transactions are enriched every single month through Look Who's Charging's platform to provide Australian consumers complete clarity on their spending. "Look Who's Charging's forward-looking and problem-solving nature is aligned with our business and approach to innovation," adds Mr Black. "We share the aim to help businesses and consumers make better and more informed decisions, and we are delighted to be working with a company who is truly having a positive impact on not only our financial services industry but Australian consumers too." Ben Elliott, CEO of Experian APAC commented: "The acquisition - our sixth investment in Asia Pacific since 2017 (following venture investments in Grab, Jirnexu, C88 Financial Technologies, BankBazaar.com and CompareAsiaGroup) - demonstrates our ongoing commitment to investing in this region and using our advanced data and analytics expertise to remove complexity from the lending process. Bringing Look Who's Charging and our innovative solutions together will help Australian organisations, and ultimately consumers, as Open Banking standards are adopted in Australia." Founder of Look Who's Charging, Stuart Grover, said: "We are extremely excited to combine the technology and data we have built to support the Australian banks with Experian's market leading open data technology. We are very proud to have built Look Who's Charging from an idea, born from the frustration of unrecognised transactions to a product which helps millions of Australian consumers, in under 4 years. With Experian's scale, we have an opportunity to help solve more of the immediate problems faced by Australian consumers and financial institutions, whilst the Look Who's Charging solution is also rolled out to other key markets around the world." About Experian Experian is the world's leading global information services company. During life's big moments - from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers - we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organisations to prevent identity fraud and crime. We have 17,200 people operating across 44 countries and every day we're investing in new technologies, talented people and innovation to help all our clients maximise every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index. Learn more at experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group. About Look Who's Charging Look Who's Charging has developed a multi-award winning data platform that provides comprehensive and meaningful information on bank statement transactions. The platform has a wide range of use cases from providing consumers and businesses with clarity on their spend to improving decision making and reducing costs for financial institutions through efficiencies in the loan application process. Since launching in 2016 Look Who's Charging has completed integrations with a number of large financial institutions and its data is utilised by millions of Australians. Look Who's Charging has built a team of highly skilled individuals with deep expertise in machine learning and AI. Further information can be found at Look Who's Charging. Disclaimer The information contained in this release is for general guidance on matters of interest only and has been prepared without taking account of the objectives, financial situation or needs of any particular individual. For this reason, any individual should consider the appropriateness of the information, having regard to their objectives, financial situation and needs and, if necessary, seek appropriate professional advice. The changing nature of laws, regulations and rules, and of economic trends and the variables impacting them across different geographies, may mean it contains some omissions or inaccuracies. The information given is provided "as is", and without warranty of any kind, express or implied, including, but not limited to warranty of fitness for a particular purpose. It is not intended to represent legal, credit risk, economic or other professional advice. In no event will Experian or its related partnerships or corporations, or its partners, agents or employees be liable to you or anyone else for any decision made or action taken in reliance on the information in this report or for any consequential, special or similar damages. Photo - https://photos.prnasia.com/prnh/20190821/2557785-1?lang=0 Logo - https://photos.prnasia.com/prnh/20190805/2543245-1LOGO?lang=0
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Singapore-based Axinan: First Southeast Asian Insurtech Company to be Licensed by Labuan Financial Services Authority
SINGAPORE, Aug. 21, 2019 /PRNewswire/ -- Axinan, a Singapore-based insurtech firm, is the first successful Southeast Asian insurtech company to secure a combined General and Reinsurance license, issued by Labuan Financial Services Authority (Labuan FSA). Labuan FSA is the financial regulator for Labuan International Business and Financial Centre, a statutory regulator under Malaysia's Ministry of Finance. The license obtained through Axinan's subsidiary, Axinan Labuan Limited, accredits Axinan as a licensed General Insurer and Reinsurer under Labuan Financial Services & Securities Act 2010. Wei Zhu, Founder and CEO, Axinan said, "We are proud to be the first Southeast Asia insurtech company to be certified by Labuan FSA. Being a first-mover in Southeast Asia's insurtech industry providing solutions for customers and enterprises, we are actively looking to forge strategic partnerships that can strengthen our offerings within the markets we operate in. With this license, Axinan can provide a greater variety of insurance products better suited to meet the needs of the digital economy while providing additional value to existing customers." As of August 2019, there are 197 Labuan insurance and insurance-related companies including large global insurance players. With the license, Axinan can now underwrite general and reinsurance risks. The company would have greater ease underwriting new product lines and distribute insurance products through a fronting arrangement with local insurers, subject to the country's regulatory requirements. Farah Jaafar-Crossby, CEO of Labuan International Business and Financial Centre Inc (Labuan IBFC Inc), the market development arm of Labuan FSA, said, "Asia is undisputedly a key growth driver for the global insurance industry and insurtech's role as an accelerator to this growth could not be timelier. Licensing Axinan is one of Labuan IBFC's first steps in embracing insurtech specifically and fintech generally. We warmly welcome Axinan to the fast-growing ranks of Labuan IBFC's digital family." Axinan specialises in leveraging big data, actuarial risk management and machine-learning processes to developing solutions for enterprises. Founded in 2016, with its headquarters in Singapore, Axinan has operations in Australia, Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Thailand, with development offices in mainland China and Taiwan. Logo - https://photos.prnasia.com/prnh/20190821/2557751-1?lang=0 Related Links :https://www.axinan.com
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Dr. Sansern Samalapa is nominated for Vice Minister for Commerce, Thailand
BANGKOK, Aug. 21, 2019 /PRNewswire/ -- The cabinet approved the appointment of Dr. Sansern Samalapa for Vice Minister for Commerce. Dr. Sansern has a Ph.D. in Economics (Monetary Policy and Asian Economic Development) from Claremont Graduate University, CA USA. He was a World Bank Economist before turning to politics in 2001. Dr. Sansern Samalapa Dr. Sansern first became a Member of Parliament as a Democrat's party list in 2001. He was elected MP for Din Daeng, Huai Khwang and Lat Phrao Districts of Bangkok in 2007, and again in the 2011 election for Lat Phrao and Wang Thonglang Districts, Bangkok. His past functions at the Democrat Party include Deputy Spokesperson; Vice Chairman of the Economics, Monetary, Finance, Banking and Financial Institutions Commission of Parliament; and Deputy Party Chief under the new leadership of Mr. Jurin Laksanawisit. Dr. Sansern has been active in both district and national agendas. He is well known for the close cooperartion with officials of the Lat Phrao and Wang Thonglang districts to combat the major floods in 2011, and has remained vigilant in the upkeep of roadways and drainage systems in the area ever since. He also initiated a mobile medical unit for residents' assistance. His work in the area also includes providing assistance with locating temporary venues for retailers of inexpensive goods, and finding ways to discourage illegal drug trade and use. Nationally he has played significant roles in the drafting of policies and laws to benefit Thai citizens including ones for free education, free medical assistance, monetary assistance for seniors, and government partnership with private businesses in retirement funds for workers. His career expertise includes a World Bank Economist position at the Thai Ministry of Finance, and adjunct instructor for graduate courses at the Department of Banking and Finance, Chulalongkorn University. He has authored several papers including The Relationship Between National Deficits, Government Investments, and Private Investments in Thailand, which was published in the Journal of Asia Pacific Economy. His education history includes primary and secondary school at Kasetsart University Laboratory School; preparatory school at Triam Udom Suksa School; Bachelor of Commerce and Accountancy (Cost Accounting) from Chulalongkorn University; Master of Economics (Finance) and Ph.D. in Economics (Monetary Policy and Asian Economic Development) from Claremont Graduate University, CA USA. Dr. Sansern is the eldest son of former Bangkok Metropolitan Administration's Permanent Secretary Mr. Prasert Samalapa and Mrs. Sunanta Samalapa. Photo - https://photos.prnasia.com/prnh/20190821/2557737-1?lang=0
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360 Finance to Announce Second Quarter 2019 Unaudited Financial Results on August 23, 2019
BEIJING, Aug. 21, 2019 /PRNewswire/ -- 360 Finance, Inc. (QFIN) ("360 Finance" or the "Company"), a leading digital consumer finance platform, today announced that it will report its unaudited financial results for the second quarter ended June 30, 2019, before the open of U.S. markets on Friday, August 23, 2019. 360 Finance's management team will host an earnings conference call at 8:00 AM U.S. Eastern Time on Friday, August 23, 2019 (8:00 PM Beijing Time on the same day). Dial-in details for the earnings conference call are as follows: United States: 1-888-346-8982 Hong Kong: 852-3018-4992 Mainland China: 4001-201-203 International: 1-412-902-4272 Passcode: 360 Finance Please dial in 15 minutes before the call is scheduled to begin and provide the passcode to join the call. A telephone replay of the call will be available after the conclusion of the conference call until 7:59 AM ET on August 30, 2019: United States: 1-877-344-7529 International: 1-412-317-0088 Passcode: 10134530 Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of the Company's website at ir.360jinrong.net. About 360 Finance 360 Finance, Inc. (NASDAQ: QFIN) ("360 Finance" or the "Company") is a leading digital consumer finance platform and the finance partner of the 360 Group. The Company provides tailored online consumer finance products to prime, underserved borrowers funded primarily by its funding partners. The Company's proprietary technology platform enables a unique user experience supported by resolute risk management. When coupled with its partnership with 360 Group, the Company's technology translates to a meaningful borrower acquisition, borrower retention and funding advantage, supporting the rapid growth and scaling of its business. For more information, please visit: ir.360jinrong.net For more information, please contact: 360 FinanceMr. Matthew Li E-mail: ir@360jinrong.net Christensen In China Mr. Christian ArnellPhone: +86-10-5900-1548 E-mail: carnell@christensenir.com In US Ms. Linda BergkampPhone: +1-480-614-3004Email: lbergkamp@christensenir.com View original content:http://www.prnewswire.com/news-releases/360-finance-to-announce-second-quarter-2019-unaudited-financial-results-on-august-23-2019-300904912.htmlRelated Links :http://ir.360jinrong.net
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Vulcan Capital Expands into Asia; Opens Singapore Office
Investment returns generated by Vulcan Capital go towards Vulcan's philanthropic efforts in the region and around the world SINGAPORE, Aug. 21, 2019 /PRNewswire/ -- Today, Vulcan Capital, the multi-billion-dollar investment arm of the late Microsoft co-founder and philanthropist Paul G. Allen, opened its first international office in Singapore. In the initial phase, Vulcan Capital will deploy US $100 million into venture opportunities across Southeast Asia, making it one of the largest early stage platforms of its kind to be established in the region. Formed in 2003, Vulcan Capital takes an entrepreneur-friendly approach and invests in both private and public companies with a long-term investment horizon. The company, now including its Singapore office, is unique in that investment returns generated by Vulcan Capital will go towards funding the development of globally focused philanthropic initiatives, delivered through Vulcan and its many partners. The Singapore office is being built from the ground up and is helmed by Managing Directors Tommy Teo and Minjie Yu. Both Teo and Yu have extensive investment experience focused on growth and technology opportunities across Southeast Asia. Vulcan Capital Singapore will focus on Seed, Series A and Series B investments and will combine the expertise of a local investment team with the global network of Vulcan Inc., to directly source and support entrepreneurs and investments in the region. "I'm excited to be leading Vulcan Capital's entry into the region," said Tommy Teo, Managing Director and Head of Southeast Asia. "Vulcan Capital's distinctive mission is a first for Southeast Asia, and we look forward to bringing a new brand of catalytic capital to the entrepreneurial and investment community here." "We aim to improve our planet and support communities around the globe through catalytic philanthropy, scientific research and commercial ventures," said Bill Hilf, CEO of Vulcan, Inc. "We're excited to contribute to the region with the new Vulcan Capital office in Singapore." Vulcan Capital Singapore is the company's third office as it expands across the globe. "Vulcan Capital has a long history of working with entrepreneurs in developing and achieving success," said Chris Orndorff, Chief Investment Officer of Vulcan Capital. "Most of our investments have been focused across North America and we're looking forward to deepening our relationships with entrepreneurs across Asia as well, beginning here in Singapore." For more information, please visit https://capital.vulcan.com/ and https://www.vulcan.com/. About Vulcan CapitalVulcan Capital is the multi-billion-dollar investment arm of Vulcan, Inc., the company founded by Microsoft co-founder and philanthropist Paul G. Allen. Vulcan Capital is focused on generating long-term value appreciation across a portfolio which spans diverse industry sectors and investment asset classes, ranging from early-stage venture investments to public equity value investing, leveraged buyouts, acquisitions, special situations and fixed income. Vulcan Capital was formed in 2003 and is headquartered in Seattle with additional offices in Palo Alto and Singapore. CONTACT: press@vulcan.comRelated Links :https://capital.vulcan.com
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Amcor reports fiscal 2019 full year results and provides outlook for fiscal 2020
CHICAGO and MELBOURNE, Australia, Aug. 21, 2019 /PRNewswire/ -- Amcor plc (NYSE: AMCR, ASX: AMC) today reported results for the fiscal year ended 30 June 2019. Highlights* GAAP net income of $430.2 million; Cash flow from operating activities of $776.1 million; Adjusted EBIT of $1,075.4 million, up 5.7% in constant currency terms; Adjusted net income of $729.5 million, up 9.0% in constant currency terms; Adjusted cash flow after dividends of $192.7 million; 2019 total dividend increased to 45.5 US cents per share, including 12.0 US cents per share dividend declared today; All-stock Bemis acquisition completed 11 June 2019 and $180 million of pre-tax cost synergies over three years reconfirmed; and Proceeds from required divestments to drive shareholder value through a $500 million share buy-back and $50 million in strategic investments to advance Amcor's sustainability agenda. Amcor CEO Mr Ron Delia said: "2019 was a transformative year for Amcor, marked by the successful completion of the Bemis acquisition and our listing on the New York Stock Exchange. The integration of Bemis is well underway and we remain confident in our ability to deliver $180 million of pre-tax cost synergies by the end of the 2022 fiscal year." "The legacy Amcor business performed well during the 2019 financial year, delivering results right in line with expectations and building momentum in several areas including safety, sales and working capital. Overall, Amcor delivered net income growth of 9% in constant currency terms with good performance in both the Rigid Packaging and Flexibles reporting segments." "Our financial profile is strong and will be enhanced as we deliver financial benefits from the Bemis acquisition and continued organic growth across the business. Amcor's capacity to drive shareholder returns is evident in the initiatives announced today including increasing the dividend, returning $500 million to shareholders through a share buy-back and investing at least $50 million in strategic projects to accelerate our sustainability agenda." "Today, Amcor is the global leader in consumer packaging with a unique combination of talented people, differentiated capabilities, scale and global reach. These are powerful competitive advantages that enable us to better serve our customers and to develop and deliver packaging that best protects the environment." Key financials* GAAP results FY18 USD million FY19 USD million Net sales 9,319.1 9,458.2 Net income 575.2 430.2 EPS (US cents) 49.4 36.3 Cash flow from operating activities 871.4 776.1 Adjusted non-GAAP results FY18 USD million FY19 USD million Reported var% Currency impact var% Constant Currency var% Sales 9,319.1 9,458.2 1.5 (4.0) 5.5 EBITDA 1,389.9 1,393.9 0.3 (3.8) 4.1 EBIT 1,056.4 1,075.4 1.8 (3.9) 5.7 Net income 697.3 729.5 4.6 (4.4) 9.0 Free cash flow (before dividends) 643.4 733.4 Cash flow after dividends 116.6 192.7 *GAAP earnings reflects earnings for the legacy Amcor business plus earnings for the legacy Bemis business since 11 June 2019. Adjusted non-GAAP measures exclude items which management considers are not representative of ongoing operations. Further details related to non-GAAP measures and reconciliations to GAAP measures can be found under "Presentation of non-GAAP financial information" and in the tables included in this release. All amounts referenced throughout this document are in US dollars unless otherwise indicated. Bemis acquisition update On 11 June 2019, the acquisition of Bemis Company, Inc. was completed. Under the terms of the agreement announced on 6 August 2018, the all-stock acquisition was effected at a fixed exchange ratio of 5.1 Amcor shares for each Bemis share. This strategic combination establishes Amcor as the global leader in consumer packaging with a comprehensive global footprint, scale in every region and industry leading R&D capabilities. Combined, these unique characteristics provide substantial differentiation in the packaging industry and underpin a stronger value proposition for shareholders, customers, employees and the environment. Operating performance and contribution to earnings During the June 2019 quarter, the legacy Bemis businesses demonstrated similar financial performance to the previous three quarters, with the exception of the business in Latin America which delivered a marginal loss in the June 2019 quarter. Included in Amcor's results for the 2019 fiscal year are sales of $215.4 million, adjusted EBIT of $22.7 million and adjusted net income of $14.3 million generated by the legacy Bemis business since 11 June 2019. Sales, adjusted EBIT and adjusted net income for the legacy Amcor business were therefore $9,242.8 million, $1,052.7 million and $715.2 million respectively. Cash flow after dividends for the legacy Amcor business was $206.6 million Integration and synergies Amcor has commenced the 2020 fiscal year on track to achieve the previously announced synergy benefits of $180 million (pre-tax) by the end of the 2022 fiscal year, with $65 million of those benefits expected in the 2020 fiscal year. Since completion, the integration teams have been focused on capturing the cost synergies and current progress is in line with our expectations. Given the 11 June 2019 transaction closing date, there were no material synergy benefits included in Amcor's financial result for the 2019 fiscal year. Total cash integration costs are expected to be $150 million, with approximately $100 million expected to be incurred in the 2020 fiscal year. Redeployment of proceeds from required divestments As previously announced, Amcor was required to divest flexible packaging plants in Europe and the United States in order to secure anti-trust approval for the Bemis acquisition. Combined after tax proceeds from the sale of these assets were approximately $550 million. Given Amcor's strong balance sheet and capacity to generate higher levels of free cash flow as the financial benefits from the Bemis acquisition are delivered, the Company is positioned to redeploy the proceeds from these divestments while maintaining the ability to invest in organic growth and acquisitions as well as maintaining strong investment grade credit metrics. The divestment proceeds will be used to drive shareholder returns through two initiatives announced today: $500 million on-market share buy-back The Amcor Board of Directors has approved a $500 million on-market buy-back of ordinary shares and Chess Depositary Instruments (CDIs). Amcor intends to repurchase its ordinary shares on the New York Stock Exchange (NYSE) and CDIs on the Australian Securities Exchange (ASX) in proportion to the number of shares and CDIs currently on issue. Strategic investments to further advance Amcor's sustainability agenda Amcor has committed to invest at least $50 million in strategic projects to further advance our sustainability agenda and accelerate progress towards the company's 2025 goals, announced in January 2018: to make all our packaging reusable or recyclable; to increase use of post consumer recycled material; and to collaborate with others to increase rates of recycling worldwide. The additional strategic investments will fund a range of initiatives including research and development infrastructure, manufacturing equipment, extensions to Amcor's current partnership network, and investments in open innovation. 2019 financial results Segment information FY18 FY19 Net sales USDm Adjusted EBIT USDm Adjusted EBIT / Sales % Adjusted EBIT / average funds employed % Net sales USDm Adjusted EBIT USDm Adjusted EBIT / Sales % Adjusted EBIT / average funds employed % Flexibles 6,534.6 801.3 12.3 22.9 6,566.7 817.2 12.4 20.8 Rigid Packaging 2,787.5 298.3 10.7 16.2 2,892.7 308.2 10.7 16.8 Other (3.0) (43.2) (1.2) (50.0) Total Amcor 9,319.1 1,056.4 11.3 19.5 9,458.2 1,075.4 11.4 18.7 Flexibles FY18 USD million FY19 USD million Reported var% Currency impact var% Constant Currency var% Sales 6,534.6 6,566.7 0.5 (4.9) 5.4 Adjusted EBIT 801.3 817.2 2.0 (4.7) 6.7 Adjusted EBIT / sales % 12.3 12.4 Adjusted EBIT / average funds employed % 22.9 20.8 Net sales increased by 5.4% in constant currency terms, of which 3.3% reflects additional sales from the legacy Bemis business since 11 June 2019. Excluding sales from the legacy Bemis business, net sales increased by 2.1% in constant currency terms which includes a 0.9% favourable impact from the pass through of higher raw material costs. Adjusted EBIT of $817.2 million was 6.7% higher than last year in constant currency terms, of which 3.2% reflects additional adjusted EBIT from the legacy Bemis business since 11 June 2019. Excluding the legacy Bemis business, adjusted EBIT increased by 3.5% in constant currency terms which includes approximately $8 million of benefits from businesses acquired in prior periods net of lower full year earnings from healthcare plants divested in the United States in June 2019. Organic growth primarily reflects a combination of higher sales and strong operating cost performance, the final benefits from legacy Amcor restructuring initiatives of approximately $9 million and a benefit of approximately $5 million from the normal time lag in recovering higher raw material costs. Regional performance(1) Sales increased in Europe across a range of end markets including healthcare, pet care, coffee and ready meals and earnings benefited from prior period restructuring initiatives. Product mix mainly within the snacks and confectionary and fresh food end markets was unfavourable and operating costs in healthcare plants increased in order to meet stronger than expected sales growth. In the Americas region, sales were higher than last year in constant currency terms with continued strong growth in the healthcare business. Earnings also benefited from additional contributions from businesses acquired in prior periods net of lower full year earnings from the plants divested in the United States in June 2019. In the Asia Pacific region, sales were higher than last year in constant currency terms mainly driven by growth across the emerging markets. Operating and overhead cost performance across the region was significantly better than last year and included benefits from prior period cost savings initiatives. Sales generated from specialty folding carton products were higher than the prior year in constant currency terms, with good growth experienced in the Asia and Americas regions. Earnings benefited from continued growth within reduced risk product categories in Europe and Asia and strong plant cost performance. 1. Commentary relates to the legacy Amcor business only. Rigid Packaging FY18 USD million FY19 USD million Reported var% Currency impact var% Constant Currency var% Sales 2,787.5 2,892.7 3.8 (1.6) 5.4 Adjusted EBIT 298.3 308.2 3.3 (1.5) 4.8 Adjusted EBIT / sales % 10.7 10.7 Adjusted EBIT / average funds employed % 16.2 16.8 Net sales increased by 5.4% in constant currency terms which includes a 3.7% favourable impact from the pass through of higher raw material costs. Adjusted EBIT of $308.2 million was 4.8% higher than last year in constant currency terms which reflects higher volumes, favourable product mix and benefits from restructuring initiatives of approximately $8 million. Adjusted EBIT margins, excluding the sales revenue impact from passing on higher raw material costs, expanded by approximately 40 bps compared with last year, driven by better mix. In North America, beverage volumes were 1% higher than the same period last year. Product mix was favourable with hot fill container volumes 7% higher, while combined preform and cold fill container volumes were 4% lower than the prior year. Volume growth across smaller regional customers continued to be strong throughout the year. Acquisition benefits in the specialty container business were offset by disappointing cost performance in two plants and the closures business was negatively impacted by start up costs at the recently commissioned plant in Mexico. In Latin America, volumes were 3% higher than last year, inclusive of lower volumes in Argentina where economic conditions adversely impacted consumer demand through the period. Excluding Argentina, volumes were approximately 10% higher than last year, reflecting strong growth in Mexico, Colombia and Brazil. The business also did an outstanding job of managing cost inflation through the year. Restructuring initiatives As announced on 21 August 2018, a restructuring program in the Rigid Packaging reporting segment commenced in the 2019 fiscal year which includes investments to optimise the manufacturing footprint, improve productivity and reduce overhead costs. Full run rate benefits are now expected to be $20 to $25 million (previously $15 to $20 million) by the end of the 2021 fiscal year, representing a return of around 40% on the total cash investment of approximately $60 to $65 million, of which $33 million was incurred in the current fiscal year. Excellent progress has been made, and adjusted EBIT for the year ended 30 June 2019 includes a benefit of approximately $8 million. Total after-tax costs are expected to be between $70 million and $80 million (pre-tax $90 million and $95 million). Of this amount, approximately $53 million (pre-tax $64 million) was recognised in the 2019 fiscal year and is excluded from adjusted EBIT. Other Adjusted EBIT FY18 USD million FY19 USD million Equity earnings in affiliates, net of tax 19.0 18.1 General corporate expenses (62.2) (68.1) Total Other (43.2) (50.0) General corporate expenses of $68.1 million were $5.9 million higher than last year, including $2.8 million of additional costs from the legacy Bemis business since 11 June 2019. Net interest and income tax expense Net interest expense for the year ended 30 June 2019 was $191.1 million, a $5.8 million decrease from the $196.9 million incurred in the prior period. GAAP income tax expense for the year ended 30 June 2019 was $171.5 million and $118.8 million in the prior period. Excluding amounts related to non-GAAP adjustments, adjusted income tax expense for the year ended 30 June 2019 was $148.3 million, in line with $150.8 million in the prior period. The adjusted effective tax rate of approximately 17% for the current year was in line with expectations and compares with approximately 17.5% last year. Cash flow and balance sheet Adjusted free cash flow (before dividends) was $733.4 million and $90.0 million higher than the prior year primarily due to lower capital expenditure and strong working capital performance. The average working capital to sales performance for the legacy Amcor business was outstanding at 9.0%, compared with 10.6% last year. Net debt was $5,502 million at 30 June 2019. The increase of $1,274 million compared with last year was mainly driven by the addition of the legacy Bemis debt facilities. Leverage, measured as adjusted net debt divided by adjusted combined EBITDA, was 2.7 times at 30 June 2019. Dividend The Amcor Board of Directors today declared a June 2019 quarterly cash dividend of 12.0 US cents per share. Combined with dividends previously declared and paid in relation to the 2019 fiscal year, the total 2019 financial year dividend is 45.5 US cents per share. The dividend will be paid in US dollars to holders of Amcor's ordinary shares trading on the NYSE. Holders of CDIs trading on the ASX will receive an unfranked dividend of 17.725 Australian cents which reflects the quarterly dividend of 12.0 US cents per share converted at an average AUD:USD exchange rate of 0.6770 over the five trading days ended 13 August 2019. The ex-dividend date will be 10 September 2019, the record date will be 11 September 2019 and the payment date will be 8 October 2019. Amcor has received a waiver from the ASX's settlement operating rules, which will allow Amcor to defer processing conversions between its ordinary share and CDI registers from 10 September 2019 to 11 September 2019 inclusive. Going forward, the Board intends to declare dividends on a quarterly basis. Supplemental Unaudited Combined Amcor and Bemis 2019 Financial Information The supplemental Unaudited Combined Financial Information reflects estimates for Amcor as if the Bemis acquisition took effect on 1 July 2018. Key combined financial measures and ratios(1) Amcor(2) Bemis(3) Adjustments(4) Combined results Net sales ($ million) 9,458.2 3,798.2 (284.1) 12,972.3 Adjusted EBITDA ($ million) 1,393.9 549.9 (64.9) 1,878.9 Adjusted EBIT ($ million) 1,075.4 405.0 (47.8) 1,432.6 Adjusted Net income ($ million) 729.5 257.9 (40.3) 947.1 Adjusted EPS (US cents) 58.2 Cash flow after dividends ($ million) 192.7 101.1 (16.7) 277.1 Leverage, times (adjusted net debt(5) / Adjusted EBITDA) 2.7 Adjusted EBIT / sales % 11.0 Adjusted EBIT / average funds employed(6) % 13.0 (1) Further details related to non-GAAP measures are presented below and reconciliations to GAAP measures can be found in the attached schedules. (2) Amcor adjusted financial result as presented throughout this document and includes adjusted result from the legacy Bemis business from 11 June 2019. (3) Adjusted financial result of the legacy Bemis business from 1 July 2018 to 10 June 2019. (4) Elimination of financial results attributable to flexible packaging plants in Europe and the United States which were required to be sold in order to secure anti-trust approval for the Bemis acquisition. (5) Net debt at 30 June 2019 reduced by $394 million of proceeds received during August 2019 related to the sale of flexible packaging plants in Europe. (6) Average funds employed includes shareholders equity and net debt, calculated using a four quarter average. Unaudited Combined Segment Information For segment reporting purposes, the legacy Bemis operating results (US Packaging, Latin America Packaging and Rest of World Packaging) are included in the Flexibles reporting segment. FY19 Net sales USDm Adjusted EBIT USDm Adjusted EBIT / Sales % Flexibles 10,080.6 1,238.6 12.3 Rigid Packaging 2,892.7 308.2 10.7 Other(1) (1.0) (114.2) Combined 12,972.3 1,432.6 11.0 (1) Other includes equity earnings in affiliates, net of tax of $18.1 million and General Corporate expenses of $132.3 million. Guidance for 2020 fiscal year The company expects 2020 to be a transition year as Amcor integrates the newly acquired Bemis business. Given the complexities related to the simultaneous acquisition, divestment of certain healthcare plants required by regulators and balance sheet refinancing that are a direct result of the transaction, the company has elected to provide additional guidance metrics for the 2020 fiscal year. For the 2020 fiscal year, the company expects: Adjusted constant currency EPS growth of approximately 5 to 10% compared with adjusted combined EPS of 58.2 US cents per share in the 2019 fiscal year. o Assuming 2019 average exchange rates, this implies a constant currency EPS range of 61.0 to 64.0 US cents per share. o This guidance range is inclusive of pre-tax synergy benefits associated with the Bemis acquisition of $65 million. Cash flow after dividends of between $200 to $300 million, which is after deducting approximately $100 million of cash integration costs. The additional guidance metrics for the 2020 fiscal year are: o General corporate expenses in a range of $160 to $170 million in constant currency terms; o Net interest costs in a range of $230 to $250 million in constant currency terms; and o Adjusted effective tax rate range of 21 to 23 percent. Conference call Amcor is hosting a conference call with investors and analysts to discuss these results today, Tuesday 20 August 2019 at 6.00 pm US Eastern Daylight Time / Wednesday 21 August 2019 at 8.00 am Australian Eastern Standard Time. Investors are invited to listen to a live webcast of the conference call at our website, www.amcor.com, in the "Investors" section. Those wishing to access the call should use the following toll-free numbers, with the Conference ID 9685516: US & Canada - 866 211 4133 Australia - 1800 287 011 United Kingdom - 0800 051 7107 Singapore - 800 852 6506 Hong Kong - 800 901 563 From all other countries, the call can be accessed by dialling +1 647 689 6614 (toll). A replay of the audiocast will also be available on www.amcor.com following the call. About Amcor Amcor is a global leader in developing and producing responsible packaging for food, beverage, pharmaceutical, medical, home- and personal-care, and other products. Amcor works with leading companies around the world to protect their products and the people who rely on them, differentiate brands, and improve value chains through a range of flexible and rigid packaging, specialty cartons, closures, and services. The company is focused on making packaging that is increasingly light-weighted, recyclable and reusable, and made using a rising amount of recycled content. Around 50,000 Amcor people generate US$13 billion in sales from operations that span about 250 locations in 40-plus countries. NYSE: AMCR; ASX: ASC www.amcor.com I LinkedIn I Facebook I Twitter I YouTube For further information, please contact: InvestorsTracey WhiteheadHead of Investor RelationsAmcor+61 3 9226 9028tracey.whitehead@amcor.com Liz CohenKekst CNC+1 212 521 4845liz.cohen@kekstcnc.com Media - Australia James StrongCitadel-MAGNUS+61 448 881 174jstrong@citadelmagnus.com Media - Europe Ernesto DuranHead of Global CommunicationsAmcor +41 78 698 69 40ernesto.duran@amcor.com Media - North America Daniel YungerKekst CNC+1 212 521 4879 daniel.yunger@kekstcnc.com Amcor plc UK Establishment Address: 83 Tower Road North, Warmley, Bristol, England, BS30 8XP, United Kingdom UK Overseas Company Number: BR020803Registered Office: 3rd Floor, 44 Esplanade, St Helier, JE4 9WG, JerseyJersey Registered Company Number: 126984, Australian Registered Body Number (ARBN): 630 385 278 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 of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended. Amcor plc ("Amcor") has identified some of these forward-looking statements with words like "believe," "may," "could," "would," "might," "possible," "will," "should," "expect," "intend," "plan," "anticipate," "estimate," "potential," "outlook" or "continue," the negative of these words, other terms of similar meaning or the use of future dates. Such statements are based on the current expectations of the management of Amcor, as applicable, are qualified by the inherent risks and uncertainties surrounding future expectations generally, and actual results could differ materially from those currently anticipated due to a number of risks and uncertainties. None of Amcor or any of its 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. Risks and uncertainties that could cause results to differ from expectations include, but are not limited to: failure to realize the anticipated benefits of the acquisition of Bemis Company, Inc. ("Bemis"), and the cost synergies related thereto; failure to successfully integrate Bemis' business and operations in the expected time frame or at all; integration costs related to the acquisition of Bemis; the loss of key customers or a reduction in production requirements of key customers; fluctuations in consumer demand patterns; significant competition in the industires and regions in which Amcor operates; Amcor's inability to expand its business; the potential loss of intellectual property rights; price fluctuations or shortages in the availability of raw materials, energy and other inputs; disruptions to production and supply; costs and liabilities related to current and future environmental, health and safety regulations; the possibility of labor disputes; uncertainties related to future dividend payments and share buy-backs; fluctuations in our credit ratings; other risks related to the business, including the effects of industry, economic or political conditions, legal and regulatory proceedings, interest rates, exchange rates and international operations; disruptions to the financial or capital markets; and other risks and uncertainties discussed in Amcor's disclosures to the Australian Securities Exchange ("ASX"), including the "2018 Principal Risks" section of Amcor's Annual Report 2018; and other risks and uncertainties discussed in Amcor and Bemis' filings with the U.S. Securities and Exchange Commission (the "SEC"), including the "Risk Factors" section of Amcor's Registration Statement on Form S-4 filed on March 25, 2019 and the "Risk Factors" section of Bemis' annual report on Form 10-K for the fiscal year ended December 31, 2018. You can obtain copies of Amcor's disclosures to the ASX for free at ASX's website (www.asx.com.au). You can obtain copies of Amcor and Bemis' filings with the SEC for free at the SEC's website (www.sec.gov). Forward-looking statements included herein are made only as of the date hereof and Amcor does not undertake 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, except as expressly required by law. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement. On-market share buy-back Under the buy-back, any repurchases will be effected in accordance with Amcor plc's general authority to repurchase shares and CDIs established and in accordance with all relevant legal and regulatory requirements. Management has not set a time limit for completing the buy-back, the company is not obliged to make any repurchases and the buy-back may be suspended for periods or discontinued at any time. Amcor and Bemis combination On 11 June 2019, the all-stock acquisition of Bemis Company, Inc. was completed under the terms of the agreement announced on 6 August 2018. Pursuant to that agreement, Bemis shareholders received 5.1 Amcor shares for each Bemis share held and Amcor Limited shareholders received one Australian Securities Exchange listed C
