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Raysut Cement in Corporate Revamp: Brings on Board Young Leaders in Top Management Roles

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Omans largest cement manufacturer, Raysut Cement Company (RCC), today announced a significant corporate revamp bringing on board young leaders from within the organization to new roles at key positions of the top management.

In a statement, the Muscat Securities Market (MSM)-listed company said bringing new leaders to steer the company has been done at a time of crucial regional and global expansion of Raysut into new and diverse markets of Eastern Europe, East Africa and Asia, which necessitates strong and competent young managers who can complement the companys vision to be one of the leading global cement players.

We are confident that the new young leaders will bring in fresh perspectives to Raysuts growth and help catalyze the companys target to raise output to 10 million tonnes by 2022 and to eventually scale it up to 20 million tonnes in the near future, said RCC CEO, Mr. Joey Ghose.

As part of the management restructuring, Mr. Salim Ahmed Alawi Al-Ibrahim has been promoted as Acting Deputy Group CEO, who will now support and complement the leadership of Raysuts Group CEO, Mr. Joey Ghose. Mr. Salim has been with Raysut since 2014 and has been contributing significantly to the company in his earlier role in the sales department.

Mr. Mohammed Ahmed Aideed has been promoted as the Acting GM of Raysut. Mr. Mohammed, armed with over 10 years of experience in sales and marketing, has been working with Raysut since 2009, starting his career as a sales representative and moving up to managerial positions subsequently. Prior to the current role he has been promoted to, Mr. Mohammed had also held senior positions such as Head of Marketing and Business Intelligence, Acting CEO and Head of Business Support.

The two young professionals are taking on the new mantles at a time when Raysut has already expanded its footprints into new markets and they will have a robust role to play in this dynamic business scenario, added Mr. Ghose.

*Source: AETOSWire

Mr. Mohammed Ahmed Barakat Al-Ibrahim

Senior Communications Manager, +968-9099-9388

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HKEX Welcomes First Hong Kong/Mainland ETF Cross-Listing

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  • First listings of ETFs in Hong Kong and Shenzhen under a new ETF Cross-listing Scheme
  • Signing of MOU between HKEX and SZSE to promote the Scheme
  • Hong Kong-listed ETF AUM grew to over HK$300 billion, as at 30 September 2020

HONG KONG, Oct. 23, 2020 /PRNewswire/ — Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to welcome today (Friday) the first listings of Exchange Traded Funds (ETFs) in Hong Kong and Shenzhen under the Hong Kong-Mainland ETF Cross-listing Scheme, which facilitates cross-listing of ETFs between markets in Hong Kong and Mainland China.

HKEX Chief Executive Charles Li said: "The ETFs listed today, two each at HKEX and the Shenzhen Stock Exchange (SZSE) under the ETF Cross-listing Scheme, mark the exciting next chapter in cross-border ETFs. The Scheme facilitates access to new but established pools of liquidity and offers broader investment opportunities in both markets."

"This development is the result of our ongoing commitment to make Hong Kong Asia’s leading ETF marketplace, and represents an important step forward in our continued work with the onshore Chinese exchanges, and our regulators, to deliver a successful ETF Connect."

The two new ETFs listed today in Hong Kong – CSOP Yinhua CSI 5G Communications Theme ETF (Stock code: 3193) and Hang Seng Harvest CSI 300 Index ETF (Stock code: 3130 / 83130), have been approved by the Securities and Futures Commission. Through the Renminbi Qualified Foreign Institutional Investor (RQFII) status, each invests 90 per cent or more of its total net asset value in an ETF approved by the China Securities Regulatory Commission and currently listed on the SZSE.

HKEX and SZSE today also signed a memorandum of understanding (MOU) to promote the ETF Cross-listing Scheme and celebrate the well-established financial connections of the two markets.

Mr Li said: "Capital markets in Hong Kong and the Mainland have remained robust and resilient through recent challenging times, and today we are celebrating our shared strengths. The signing of the MOU is an important step forward in building valuable financial connections within the Greater Bay Area."

Since the first ETF listed on HKEX in 1999, Hong Kong’s Exchange Traded Products (ETPs) market, which include ETFs and Leveraged and Inverse Products, has developed into one of the most diverse product markets in Asia. With over 130 ETFs listed on HKEX, Hong Kong-listed ETFs trade over HK$6.7 billion a day[1] (up from an average daily turnover of HK$4.5 billion in 2018), with assets under management standing at over HK$300 billion as at 30 September 2020.

Further information about Hong Kong-listed ETPs is available in HKEX’s website.

Note:

[1] For the first nine months in 2020.

About HKEX

Hong Kong Exchanges and Clearing Limited (HKEX) is one of the world’s major exchange groups, and operates a range of equity, commodity, fixed income and currency markets.  HKEX is the world’s leading IPO market and as Hong Kong’s only securities and derivatives exchange and sole operator of its clearing houses, it is uniquely placed to offer regional and international investors access to Asia’s most vibrant markets.

HKEX is also the global leader in metals trading, through its wholly owned subsidiaries, The London Metal Exchange (LME) and LME Clear Limited.  This commodity franchise was further enhanced with the launch of Qianhai Mercantile Exchange (QME), in China, in 2018.

HKEX launched the pioneering Shanghai-Hong Kong Stock Connect programme in 2014, further expanded with the launch of Shenzhen Connect in 2016, and the launch of Bond Connect in 2017.

www.hkexgroup.com

For enquiries, please contact HKEX’s Corporate Communications
Jeffrey Ng (+852-2840 2067 / [email protected])
Wong Sau Ching (+852-2840 3856 / [email protected])

Related Links :

http://www.hkexgroup.com

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Transamerica Life Bermuda Solidifies its Capabilities with Key Senior Appointments

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HONG KONG, Oct. 23, 2020 /PRNewswire/ — Transamerica Life (Bermuda) Ltd. (TLB) announced today that after nearly five years of successful leadership, Marc Lieberman, TLB’s CEO & President, will retire at the end of the year. 

Under his stewardship, Mr. Lieberman has strengthened the company’s brand and today TLB is recognised as a leading provider of High Net Worth (HNW) life insurance solutions to customers in Asia and beyond – winning industry awards every year for the last four years.  He also spearheaded the strategic direction and diversification of TLB’s product suite, from the successful launch of TLB’s innovative Wealthassure product to the significant enhancements of its flagship product, Universal Life Alpha.  His foresight and determination has driven TLB’s digitalisation, operations, and services improvement, which has resulted in more capability building for the company.

TLB also announced that the company’s top leadership role will be separated into two jointly accountable and strategically aligned positions.  Pending regulatory approval, Chirag Rathod, TLB’s current Chief Financial Officer, will take on the role of CEO, and Hazel Etherington, TLB’s current Chief Operations Officer, will assume the role of President effective 1 January 2021. Together they will form the Executive Committee of TLB, which will be chaired by the CEO.

The CEO leadership transition represents a significant milestone for TLB as it continues to pursue its aspirations to become the leading Asia-based HNW life insurance provider. Mr. Lieberman will remain to support the CEO transition until 31 December 2020. 

Aegon, headquartered in The Hague, the Netherlands and parent of TLB, commented through Damiaan Jacobovits de Szeged, Chief Operating Officer, Aegon International, "We would like to pay special thanks to Marc for his exceptional leadership and many contributions towards growing TLB’s business over the years.  We wish him all the best in his plans for retirement."

"We are delighted to appoint Chirag and Hazel to take over the top leadership positions at the company. Together we believe they are ideally positioned to steer TLB through the challenging market conditions and lead TLB into its next phase of long-term growth.  Both are seasoned, skilled executives and together they bring nearly 50 years of industry experience to the table.  They are well respected within the company and among industry peers.  We are confident they will be successful in driving and creating long-term customer and shareholder value," he added.

TLB is a leading life insurance company dedicated to serving HNW and Ultra High Net Worth (UHNW) individuals. As the only pure HNW life insurance provider in Hong Kong, TLB has extensive experience in handling large sums assured and complex cases to support legacy and business planning for its customers. 

About Transamerica Life (Bermuda) Ltd.: Transamerica Life (Bermuda) Ltd. (TLB) is a leading High Net Worth life insurance provider, dedicated to offering life protection to High Net Worth individuals, families and businesses across Asia and beyond. Transamerica has been in Asia for over 80 years and has been the pioneer in managing universal life portfolios since 1981. TLB was awarded International Life Insurer of the Year Award (Hong Kong) at the Asian Banking & Finance Insurance Asia Awards 2019. TLB is part of the Aegon Group, a leading, international financial services group providing life insurance, pensions and asset management based in The Hague, Netherlands. Further information about TLB is available here: www.transamericalifebermuda.com

About Aegon: Aegon’s roots go back 175 years – to the first half of the nineteenth century. Since then, Aegon has grown into an international company, with businesses in more than 20 countries in the Americas, Europe and Asia. Today, Aegon is one of the world’s leading financial services organisations, providing life insurance, pensions and asset management. Aegon’s purpose is to help people achieve a lifetime of financial security. Further information about Aegon is available here: www.aegon.com.

Related Links :

http://www.transamericalifebermuda.com

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Sinic Holdings Assigned ‘BB-‘ with a Positive Outlook by Lianhe Global

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HONG KONG, Oct. 23, 2020 /PRNewswire/ — Sinic Holdings (Group) Company Limited ("Sinic Holdings" or the "Company", together with its subsidiaries, the "Group", stock code: 2103.HK) announces that Lianhe Ratings Global Limited ("Lianhe Global") has assigned the Company a global scale Long-term Issuer Credit Rating of ‘BB-‘ with a Positive Outlook.

Lianhe Global believed that Sinic’s management expects to further grow its scale by deepening the city coverage and expanding into new regions through the twelve regional offices/teams. Sinic uses cash received from its project development to partly fund the growth plan of its market franchise into the provincial cities in the Yangtze River Delta, Greater Bay Area, and Central and West China Region of higher potential. Sinic managed the average time required before presale for high-turnover projects down to about six months in 2019 from approximately eight months in 2018. The change sheds light on the results of its internal benchmarks and indicators that Sinic employed to monitor the status of each development phase.

The Shanghai headquartered developer redesigned the product type by series and modularized its development approach to shorten the average construction duration, which lowered the operating costs and paved the way for its ambitious expansion. More than 90% of Sinic’s high-turnover projects under development at end-2019 were on the new standardized model, somewhat expediting the completion of certain projects.

Lianhe Global expected Sinic to moderately improve its tight liquidity profile with various funding sources – including bank loans, trust loans, bond offerings, and other financing tools such as ABS products, etc. – to fund its expansion blueprint. Sinic is able to tap the onshore fixed-income market. Listed on the Hong Kong Stock Exchange since November 2019, the Company has gained access to the offshore capital market, which further diversified its funding source.

The Chairman and Executive Director of Sinic Holdings, Mr. Zhang Yuanlin said, "The ‘BB-‘ Rating with a Positive Outlook assigned by Lianhe Global is evidence of our long-term investment value, and highlights the recognition of the rating agency of the Company’s performance, stable financial position and high-quality development model. It will also be conducive to the financing of Sinic Holdings in the capital market at a lower cost in the future. Looking forward, in terms of sales, we will adopt a more active and agile product sales and pricing strategy in response to the market change. In terms of operations, we will adjust the delivery cycle in a timely manner according to market demand. In terms of finance, we will carry out a more prudent financial policy and strengthen cash flow management with an aim of securing steady development with a healthy financial condition. Sinic Holdings will consolidate its current market position and further accelerate development of its business, striving to achieve the strategic development of ‘laying a solid foothold in Jiangxi for nationwide development."

About Sinic Holdings (Group) Company Limited

Sinic Holdings (Group) Company Limited is a large-scale and comprehensive property developer in the PRC, focusing on the development of residential and commercial properties. Through over 10 years of operations, the Company has successfully established a leading position among residential property developers in Jiangxi Province and expanded its property development business into the Yangtze River Delta Region, the Greater Bay Region and the Central and Western China Core Cities and other regions with high-growth potential. According to the rankings of CRIC, China Index Academy and EH Consulting, the Company ranked 36th, 32nd, and 31st in terms of sales amount (including all income) among real estate development enterprises of China in 2019. The Company was recognized as one of the China’s Top 50 Real Estate Developers jointly by the China Real Estate Industry Association, Shanghai Yiju Real Estate Research Institution and China Real Estate Appraisal in 2018 and 2019, and one of the China’s Top 30 Real Estate Developers in 2020 and Growth Top 10 in 2020 by the China Real Estate Top 10 Research Committee and China Index Academy in 2020.

The Company residential properties can be categorized into three major series, namely, the "Wan" Series, the "Yuan" Series and the "Yue" Series, which target first-time home purchasers, home upgraders and extended families or high-income households, respectively. As of June 30, 2020, the total land bank attributable to the Company amounted to approximately 15.3 million sq.m., and the Company had 138 projects at various stages of development.

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