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Afreximbank reveals plans for Caribbean Exim Bank as AfriCaribbean Trade and Investment Forum opens 

1 Sept 2022

Bridgetown, Barbados, 1 September 2022 – The first-ever AfriCaribbean Trade and Investment Forum (ACTIF2022) opened today in Bridgetown, Barbados, with African Export-Import Bank (Afreximbank) announcing that it would work with governments of the Caribbean Community (CARICOM) to set up a Caribbean Exim Bank and that it envisaged committing an investment of US$700 million in the Caribbean.

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Africa’s 2022 Growth Prospects: Poise under Post-Pandemic and Heightening Geopolitical Pressures

31 May 2022

Despite the numerous, lingering negative effects of the pandemic — from global supply chain disruption and rising inflationary pressures to recurrent waves of COVID-19 infections and the emergence of threatening variants — the globalisation of growth resilience will emerge as one of the most important stories when economic historians reflect on this time. In a major and synchronised reversal, growth bounced back in 2021 in one of the strongest post-recession recoveries in decades.

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Bank of China Limited Elects Jean-Louis Ekra as Independent Non-Executive Director

27 May 2022

Bank of China Limited announced the 2022 First Extraordinary General Meeting of the Bank held on 17 February 2022 elected Mr. Jean-Louis Ekra as Independent Non-executive Director of the Bank. The Bank has received the response from China Banking and Insurance Regulatory Commission on the approval of the appointment of Mr. Jean-Louis Ekra. 

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Olam to sell 35.4% stake in Olam Agri to Saudi investment fund for US$1.2b

25 March 2022

AGRI-FOOD giant Olam Group : VC2 -1.68% has agreed to sell a 35.4 per cent stake in Olam Agri Holdings to the Saudi Agricultural and Livestock Investment Company (Salic) for US$1.2 billion.

Salic is a wholly-owned subsidiary of the Public Investment Fund of the Kingdom of Saudi Arabia. 

In a call to discuss the transaction, Olam Group's chief executive Sunny Verghese said this move unlocks the "hidden value" of the Olam Agri business in the group's portfolio and unlocks value for the shareholders of the group.  

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Afreximbank releases consolidated financial results for 2021, showing strong growth despite the challenging operating environment

19 April 2022

Cairo, 19 April 2022: – African Export-Import Bank (“Afreximbank” or the “Bank”) has released the consolidated financial statements of the Bank and its wholly owned subsidiaries, altogether referred to as the Afreximbank Group (the “Group”), for the year ended 31 December 2021. The Group results demonstratedstrong and resilient growth, with interest income crossing the US$1 billion mark once again.

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Wilmar posts record H2 net profit of US$1.1b, to pay record full-year dividend

22 February 2022 | By The Business Times

AGRIBUSINESS giant Wilmar International Wilmar Intl: F34 -1.3% on Tuesday (Feb 22) posted a net profit of US$1.1 billion for the second half of the fiscal year ended December 2021, up 23.4 per cent from earnings of US$923.6 million for the corresponding year-ago period.

This bumped up the group's earnings for the full FY2021 to US$1.9 billion, up 23.2 per cent from FY2020's earnings of US$1.5 billion. Profits for H2 and FY2021 were both record highs for the group since its listing, said Wilmar.

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PIL serves as Title Partner for the Singapore Apex Business Summit 2022

23 March 2022

Businesses have been battling the pandemic for close to two years. How has the world changed? What are the new challenges and opportunities? What should businesses do to expand and grow as countries around the world slowly re-open their economies?

Aimed at empowering businesses to maximise their potential in an endemic world, the Singapore Business Federation (SBF) and MP Singapore Pte Ltd established the inaugural Singapore Apex Business Summit (SABS), with PIL serving as one of its major Title Partners. In conjunction with SBF’s 20th anniversary, a special 20th anniversary event will also be held during SABS.

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Shares of Wilmar's food joint venture climb in Mumbai debut

9 February 2022 | By The Business Times

ADANI Wilmar, an Indian food company, surged in its stock trading debut following a US$482 million initial public offering (IPO), the country's largest in 2 months.

Shares of the company, an equal joint venture between the business group controlled by Asia's richest person, Gautam Adani, and Singapore's Wilmar International, rose 16.6 per cent to 268.25 rupees on Tuesday (Feb 8). The stock was priced at 230 rupees in the IPO, at the top of a marketed range.

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MSCI upgrades Wilmar to 'A' for ESG performance in 2021 assessment

4 January 2022 | By Felicia Tan, The Edge Singapore

Wilmar International has been recognised as an “A” rating by Morgan Stanley Capital International (MSCI) for its environmental, social and governance (ESG) performance, a step up from its previous “BBB” rating. 

 

Alongside this, Wilmar has also gotten a series of sustainability achievements in 2021, such as being a part of the Dow Jones Sustainability Indices (DJSI) World Index for the Food, Beverage and Tobacco industry grouping as it has become one of the highest ranking international companies with the best ESG performance.

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High level readout on FOCAC 2021: Expert view on the evolution of the Chinese commercial footprint in African markets

31 November 2021 | By the Atlantic Council

Our Advisory board member, Paulo Gomes, spoke at the first readout of the 2021 Forum on China-Africa Cooperation (FOCAC) and the evolution of Chinese commercial engagement with African nations. This event is timed to coincide with the close of FOCAC in Dakar, Senegal. Participants in the discussion will include US and African policy-makers, global business, civil society and media leaders.

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A Year of Adventure for PIL As It Stages A Dramatic Turnaround In Fortunes

15 December 2021 |  By Peck Gek, The Business Times

FOR Pacific International Lines' (PIL) 66-year-old executive chairman Teo Siong Seng, the year 2021 began as a crisis: he had to quickly solicit creditors' support for a scheme of arrangement to save the boxship operator once held closely by his family from sinking under a sea of debt.

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"We are less than 4% vaccinated", said Paulo Gomes, board member of the African Union's covid-19 response fund

17 December 2021 |  By SudQuotidien

Senegal, through the necessary mapping, has been able to take a certain lead over other countries in the sub-region to position itself as "the pharmaceutical and biomedical hub", said Paulo Gomes, an African businessman and former Executive Director on the board of the World Bank Group representing 25 African nations.

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GTR's Spotlight on Afreximbank

6 October 2021 |  By Global Trade Review

The African Export-Import Bank (Afreximbank) is a pan-African multilateral financial institution mandated to finance and promote intra and extra-African trade. Afreximbank deploys innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in the continent.

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Stocks to Watch: Singtel, ST Engineering, Olam, SingPost

03 September 2021 |  By Michelle Zhu, The Business Times

Olam International: The food and agri-business company on Thursday said it priced JPY 9 billion (US$81 million) five-year notes due 2026 through a private placement, which is part of Olam's US$5 billion euro medium term note programme.

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Guan Chong in Talks to Sell Stake to Singapore-listed Olam International

13 September 2021 |  By The Edge Malaysia

GUAN Chong Bhd, the world’s fourth-largest cocoa grinder, has attracted the interest of Singapore-listed food and agri-business player Olam International Ltd. According to sources, Olam is looking to acquire a stake in Guan Chong to tap into its expanding cocoa grinding capacity globally.

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Wilmar's New R&D Headquarters In Biopolis

Apr 2021  |  By Eric Parry Architects

World class laboratories and office spaces within a landscaped garden setting. This is the future of Wilmar with its new R&D headquarters at Biopolis Road in Singapore. A combination of signature architecture, modernity and sustainability,  the laboratory responds  to climate and orientation to maximise the passive effect on reducing heat load and energy usage. 

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NSIA and Proparco support small businesses and SMEs impacted by Covid-19

3 May 2021 |  By Financial Afrik

During the visit of the French Minister of Economy and Finance, M. Bruno Le Maire, Proparco and NSIA group signed a new partnership to back Ivorian enterprises. Choose Africa Resilience, a grant accorded by Proparco will cover 500 000 000 XOF (3.75M€) in loans by NSIA Bank to entrepreneurs.

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Olam Cooks Up A Storm with Major Reboot

March 15, 2021  |  By Anita Gabriel, The Business Times

Olam International will be breaking up into two (relatively) bite-sized entities. The rejig of Olam's humongous portfolio and "full-fledged" spin-off for the food ingredient and agri-business assets mark the firm's most impactful endeavour to woo the market to raise growth capital.

Olam's group chief executive Sunny Verghese's enthusiasm is hard to miss even with his all-too-familiar measured and reflective despatch. "It's an exciting opportunity to create world-class businesses that will be true market leaders," he told The Business Times in an interview.

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Idle Containers Leave Global Supply Chains Fractured

March 11, 2021  |  By Angela Tan, the Business Times

The global trade imbalance due to Covid-19 has resulted in a mismatch between where sea containers are and where they need to be, causing supply-chain bottlenecks.

PIL executive chairman and managing director S S Teo, who is also Co-Chairman of ASEACC said as container liners struggle to meet demand for containers on the US and European routes, there is a knock-on effect on other trade lanes when containers are diverted. Most in the industry are expecting the container shortages in Japan, South Korea, India and South-East Asia to last until mid-2021.

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Broker's Take: Maybank KE Upgrades Wilmar to 'buy', Lowers TP on Palm Oil Uncertainty

May 13, 2020  |  By Vivienne Tay, the Business Times

Wilmar shares were trading S$0.15 or 3.9 per cent higher at S$3.97 as at the mid-day break on Wednesday.

As China - which Wilmar derives nearly 60 per cent of its revenue from - starts to open up following the Covid-19 lockdowns, volume momentum should pick up, said analyst Thilan Wickramasinghe in a research note dated Tuesday.

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PIL Donates 1000 Surgical Masks to Kenya Ports Authority

Apr 16, 2020

In the depths of the ongoing global pandemic, Pacific International Lines (PTE) Ltd has donated 1000 surgical masks to Kenya Ports Authority (KPA) to keep staff safe as they battle against the spread of COVID-19 at the Port of Mombasa.

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Lessons from Ebola help Olam Respond to Coronavirus

Apr 7, 2020 | By David Whitehouse, theafricareport

The outbreak of Ebola in west Africa in 2014-16 has left food and agri-business company Olam ready to respond quickly to the coronavirus pandemic, Ventkatamani Srivathsan, CEO for Africa and the Middle East, told The Africa Report.

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Wilmar Sets Up 4 New Subsidiaries and Acquires 1 firm

Mar 25, 2020 | By Claudia Tan, The Business Times

AGRIBUSINESS company Wilmar International on Wednesday announced the establishment of four new subsidiaries in the Solomon Islands, China, Myanmar and Sri Lanka, as well as an acquisition of one of its subsidiaries in China. 

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PIL Subsidiary Singamas Works with Local Chinese Medical Equipment Company to Build a Mobile Covid-19 Testing Laboratory

Mar 5, 2020 | From Singamas 2019 Annual Results Announcement

To fight against coronavirus outbreak, Singamas cooperated with a Chinese medical equipment company to build the first movable nucleic acid detection laboratory container in China which has been delivered to Wuhan. Singamas is now developing the first movable CT Scan container. Its success will enable Singamas to provide containerised medical facilities, especially to the mobile cabin hospital.

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AP Moller Capital to Invest in West African Port Infrastructure

Jan 29, 2020 | By Ship Technology

AP Moller Capital will provide significant investment in a West African ports and logistics platform via the Africa Infrastructure Fund. The platform will be managed by ARISE Ports & Logistics. AP Moller will hold a 43% stake in the platform, while Olam and AFC will hold 31% and 26% stakes respectively.

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Keppel Corp Names 3 New Independent Directors to Board

Oct 18, 2019 | By Marissa Lee, The Business Times

With effect from Jan 2, 2020, the Keppel board will comprise a total of 11 directors, of whom 10 are independent directors.

Teo Siong Seng, 64, the executive chairman and managing director of Pacific International Lines (PIL), will join the board from Nov 1.

 

PIL is one of the largest shipowners and operators in South-east Asia with a focus on Asia-Africa and the Middle East, Keppel said.

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At 100 Years Old, the World's Oldest Billionaire Still Goes to the Office Every Day

Dec 4, 2018 | By Karen Gilchrist, CNBC Make It

At 100 years old, the world’s oldest billionaire would be forgiven for taking it easy and enjoying the riches of his eight-decade career.

But for Chang Yun Chung, founder of Pacific International Lines (PIL), staying at home isn’t an option. Despite handing over the role of executive chairman to his son, Teo Siong Seng, earlier this year, the centenarian Singaporean insists on going into the office every day.

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New Investment and Advisory Firm to Focus on Intra-Africa trade

Nov 18, 2018 | By Sanne Wass, Global Trade Review

Two business leaders have launched a new investment and advisory firm focusing on equity investments and trade and corporate finance in Africa.

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Africa-Asia Economic Relations: Let the private Sector Shine

Sep 25, 2018 | By Kelvin Tan, theafricareport

For almost two decades, Asian governments have been very vocal in their desire to get involved in the African continent. Bilateral forums, conferences, meetings and seminars happen more often than one can count, and usually result in numerous announcements – ranging from memoranda of understanding (MoU) to billions of financial commitments.

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Africa Rising will lift Singapore boats too

Sep 12, 2018 | By Venkataramani Srivasthsan, The Business Times

If there is one thing that the recent Africa Singapore Business Forum (ASBF) reminded me of, it is what a polarising prospect the continent remains.

The global business community – Singapore included – has long seemed divided into two main camps: companies that have committed to Africa, and those still labelling it “too hard”, ie, too complex to prioritise. But at the ASBF, I detected a different sentiment – a re-imagining of the prospects for some, and one that underscores Singapore’s position as an international business leader.

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Graduating From Political to Economic Independence

Aug 20, 2018 | By African Business Magazine

Paulo Gomes, Member of the AfroChampions initiative, talks about the practicalities of creating a fertile environment for African multinationals to arise.

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Wilmar's Q2 Net Profit Surges 437%

Aug 14, 2018 | By The Straits Times

Agribusiness group Wilmar International has posted a more than four-time increase in its net profit for the second quarter ended June 30.

Net profit soared to US$316.4 million (S$435 million) from US$59 million, lifted by stronger performances from the oilseeds and grains as well as the tropical oils segments, coupled with better contributions from associates.

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What African SWFs can learn from Asian counterparts

Aug 6, 2018 | By African Business Magazines

Asian sovereign wealth funds (SWFs) have played an important role as engines of development and economic growth in the past 50 years. In 1965, Singapore’s GDP per capita was just $500, on par with that of Mexico and South Africa. In 2017, this figure had increased more than 100-fold, reaching $56,000.

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Afreximbank and Aenergy Join Efforts to Leverage Climate Finance for Africa’s Development

Jul 16, 2018 | By Afreximbank

The African Export-Import Bank (Afreximbank) entered into a cooperation with Aenergy to develop a low carbon sustainable economy and a climate finance strategy to support projects and national initiatives in the sector across Africa.

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CrimsonLogic opens office in Rwanda

Jun 15, 2018 | By The Straits Times

The African Export-Import Bank (Afreximbank) entered into a cooperation with Aenergy to develop a low carbon sustainable economy and a climate finance strategy to support projects and national initiatives in the sector across Africa.

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Afreximbank president unveils new initiatives and thoughts on Africa’s trade finance gap

May 16, 2018 | By Shannon Manders, Global Trade Review

Off the back of the signing of the African Continental Free Trade Area (AfCFTA), Global Trade Review (GTR) caught up with African Export-Import Bank (Afreximbank) president Benedict Oramah to discuss initiatives that the bank will soon be launching, and to hear his views on how best to address Africa’s trade finance gap.

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Expanding the Shipping Trade in Africa

May 14, 2018 | By CNN

Managing Director of PIL Shipping, S.S. Teo explains how the company has expanded in Africa.

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Olam Eyes Fish Farming in Africa to Tap Growing Middle Class

Mar 27, 2018 | By Olivier Monnier, Bloomberg

Olam International Ltd., one of the world’s largest food traders, is considering expanding into fish farming in Africa to tap demand from a growing and more affluent population.

 

The Singapore-based firm is conducting a feasibility study on farming fish in West Africa, likely in Nigeria, the continent’s most populated country, Chief Operating Officer Shekhar Anantharaman said. Olam could potentially start the venture with partner and shareholder Mitsubishi Corp., which owns fish businesses, he said.

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PIL Moves to "B-Division" Status

Mar 16, 2017 | By The Straits Times

As Pacific International Lines (PIL) celebrates its 50th anniversary, it is progressing to a “B-division” status in the international shipping sector, looking to extend capacity to 500,000 containers by the end of next year.

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Africa attracts Singapore interest

Aug 24, 2016 | By Shannon Manders, Global Trade Review

IE Singapore, the government agency tasked with driving Singapore’s external economy, is looking to establish its third overseas office in Africa – this time in Kenya.

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Singaporean companies eyeing niche opportunities in Africa

Jun 16, 2016 | By Jaco Maritz

Singapore’s government is actively encouraging its businesses to explore commercial opportunities in Africa, a region currently accounting for only about 1% of its total global trade.

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Why Guinea Bissauan economist Paulo Gomes is producing a documentary on Amílcar Cabral

May 13, 2016 | By Claude Grunitzky, TrueAfrica

He uses the word “exorcism” to explain the process and series of events that led him to produce a documentary on Amílcar Cabral, the Guinea-Bissauan and Cape-Verdean engineer and freedom fighter.

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For S-East Asia, Africa spells opportunity

Nov 3, 2015 | By The Business Times

Singapore is considered the “best brand” in the continent, and some big opportunities for it lie in urban development and planning, says ASEACC's co-founder.

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Radio France Internationale Africans are Moving!

Sep 14, 2015

ASEACC Secretary General (Africa), Didier Acouetey’s interview with the Radio France Internationale.

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ASEACC: Building Business Champions

Sep 20, 2014 | By Anver Versi, African Business Magazine

One organisation that has been set up to take the full advantage of the position of Singapore in the heart of Africa is the Africa-South East Asia Chamber of Commerce (ASEACC).

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Channel News Asia: ASEACC Official Launch

Nov 18, 2013

The Africa South East Asia Chamber of Commerce (ASEACC) was officially launched in Singapore on 18 November, 2013 by a group of 13 companies from both the African and South East Asian Regions. More than forty top companies and representatives from business chambers and the government attended the launch ceremony, graced by Senior Minister of State for Trade & Industry and National Development, Lee Yi Shyan. The event received media coverage in the national newspapers, as well as during prime time television.