Fintech PR

EQT AB (publ) Q3 Announcement 2024

Published

5 hours ago

October 17, 2024

CISION (PR Newswire)

STOCKHOLM, Oct. 17, 2024 /PRNewswire/ —

Focus on value creation and realizations

“Throughout the third quarter, we continued to execute on a strong pipeline of thematic investment opportunities, drive value creation across the portfolio and systematically pursue realizations. We are taking advantage of improving capital markets to increase exit activity, but risks remain elevated due to an uncertain geopolitical outlook.”

Christian Sinding,
CEO and Managing Partner

Highlights for the period Jul-Sep 2024 (Jul-Sep 2023)

Strategic

EQT launched fundraising for EQT Private Capital Asia’s BPEA IX and set the target fund size at USD 12.5bn, an increase of almost 20% compared to BPEA VIII’s fee-generating commitments
EQT prepared for additional Private Wealth products, in line with the ambition to reach a total of five products within 6-12 months
EQT continues to assess strategic opportunities, organically or through acquisitions to strengthen its platform

Fundraising

FAUM increased to EUR ‌134‌bn (EUR ‌‌128‌bn). Total AUM was EUR ‌246‌bn (EUR ‌‌‌232‌bn). Gross inflows amounted to EUR 3bn, partly driven by closed out commitments from EQT Infrastructure VI
EQT Infrastructure VI had fee-generating commitments of EUR 16.9bn. Active fundraising efforts are expected to materially conclude in 2024. The fund is expected to reach its target size upon its final close in the first quarter of 2025
EQT Active Core Infrastructure closed at EUR 2.9bn in total fee-generating commitments, including EUR 0.3bn of fee-generating co-investments. Management fees for the fund, which is currently less than half invested, are charged on invested capital
BPEA IX is expected to be activated in the first half of 2025, and upon activation, management fees for the predecessor fund BPEA VIII will be based on net invested capital at the fee rate applicable post the commitment period

Investment activity¹

Total investments by the EQT funds during the period amounted to EUR ‌6‌bn (EUR ‌‌2‌bn) driven by continued strong deal flow across regions and strategies. EQT has executed new thematic investments across cyber security, waste management, affordable housing and sustainability
Investments include Acronis, a leading cybersecurity and data protection platform (EQT X); AMCS, a global leader in performance and sustainability software (EQT X, EQT Future); the public-to-private of PropertyGuru, a leading PropTech company in Southeast Asia (BPEA VIII); the public-to-private of Keywords Studios, a leader in gaming technology services (BPEA VIII); KJ Environment, a leading waste treatment provider in South Korea (Infrastructure VI); and GeBBS Healthcare Solutions, a leading healthcare technology solutions provider in India (BPEA VIII)

Exit activity¹

Total gross fund exits announced during the period amounted to EUR ‌3‌bn (EUR ‌‌2‌bn)
EQT has taken advantage of improving market dynamics to pursue various realizations, including full exits, equity sell-downs and stake sales in listed assets, minority stake sales, as well as certain exits in mature funds
Exit events include the minority sale of EdgeConneX, a leading global provider of data center capacity (Infrastructure IV, Infrastructure V); the partial sell-downs in Galderma, a leader in dermatology (EQT VIII); the partial sell-down in Beijer Ref (EQT IX); and the full sale of EQT’s stake in Fiberklaar, a leading independent fiber-to-the-home provider in Belgium (Infrastructure V)

Investment performance

All key funds continued to perform On plan or Above plan
Value creation on a like-for-like basis across the Key EQT funds amounted to 4% during the quarter, following continued healthy earnings growth and a recovery in valuation multiples
The development was consistent across business lines, with particularly strong performance in the listed portfolio companies in EQT Private Capital’s key funds. Recently acquired assets in Private Capital Asia’s key funds were positively impacted by performing ahead of their value creation plans

People and future-proofing

The number of full-time equivalent employees and on-site consultants (FTE+) amounted to ‌1,927‌ (‌‌1,832‌), of which ‌1,861‌ (‌‌‌1,752‌) were FTEs
Henry Steinberg was named Global Head of EQT Exeter after Ward Fitzgerald, founder of EQT Exeter, decided to step down. Since the acquisition of Exeter in 2021, EQT Exeter has doubled its fee-paying AUM, revenue, and EBITDA. Ward will work with Henry to ensure a smooth transition
Masoud Homayoun, Head of EQT Value-Add Infrastructure, was also appointed Head of EQT Infrastructure
Since committing to the Science Based Targets initiative in 2021, EQT has supported 49 portfolio companies in setting science-based targets.² In terms of invested capital, around 57% of portfolio companies have validated science-based targets, which is about three times higher than the median alternative asset manager³

Other

In the third quarter, EQT completed a share buyback program of 2 million ordinary shares. As previously communicated, EQT expects to execute share buyback programs twice a year to offset the dilution impact from EQT’s equity incentive programs
On October 22, EQT will host its first US capital markets event in New York
EQT will participate in the upcoming UN Climate Change Conference, COP29 in Baku, Azerbaijan
Lock-ups related to 12% of EQT’s share capital expired during the quarter, with around 40% of released shares being owned by members of the Board or Executive Committee. Since the IPO in 2019, EQT’s free float has increased from around 24% to over 40%

Events after the reporting period

EQT Infrastructure V announced the sale of a 25% minority interest in Reworld to GIC
Investment levels in EQT Key funds as of 17 October 2024 were 40-45% in EQT X, 45-50% in EQT Infrastructure VI and 70-75% in BPEA VIII

Signed transactions, if not otherwise mentioned
Of which five completed the validation process during the period. In addition, 22 companies are in the process of setting targets
BCG, May 2024

Presentation of EQT AB’s Q3 Announcement 2024

Financial analysts and media are invited to participate in a conference call, including a presentation at 08:30 CEST.

The presentation and a link to follow the webcast and conference call live can be found here and a recording will be available afterwards.

To participate by phone, please register here. You will then receive your personal dial-in details, to be able to ask questions during the Q&A.

Information on EQT AB’s financial reporting

The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.

The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.

Contact

Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]

Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334

This is information that EQT AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 07:00 CEST on 17 October 2024.

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Fintech PR

Truist reports third quarter 2024 results

Published

38 mins ago

October 17, 2024

CISION (PR Newswire)

CHARLOTTE, N.C., Oct. 17, 2024 /PRNewswire/ — Truist Financial Corporation (NYSE: TFC) reported its third quarter 2024 results today. Investors can access the live third quarter 2024 earnings call at 8 a.m. ET today by webcast or dial-in as follows:

Webcast: app.webinar.net/qVga5Y8KdRw
Dial-in: 1-877-883-0383, passcode 1322262

The earnings release, investor presentation, including an appendix reconciling non-GAAP disclosures, and Truist’s Third Quarter 2024 Quarterly Performance Summary, which contains detailed financial schedules, are available at Truist’s Investor Relations website at https://ir.truist.com/earnings. A replay of the call will be available on the website for 30 days.

About Truist

Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. As a leading U.S. commercial bank, Truist has leading market share in many of the high-growth markets across the country. Truist offers a wide range of products and services through our wholesale and consumer businesses, including consumer and small business banking, commercial banking, corporate and investment banking, wealth management, payments, and specialized lending businesses. Headquartered in Charlotte, North Carolina, Truist is a top-10 commercial bank with total assets of $523 billion as of September 30, 2024. Truist Bank, Member FDIC. Learn more at Truist.com.

View original content:https://www.prnewswire.co.uk/news-releases/truist-reports-third-quarter-2024-results-302278422.html

Fintech PR

Kexing Biopharm made its appearance at CPHI Milan 2024: Launch Ceremony for Apexelsin® in EU market Successfully done

Published

2 hours ago

October 17, 2024

CISION (PR Newswire)

SHENZHEN, China, Oct. 17, 2024 /PRNewswire/ — On October 10^th, the 2024 International Convention on Pharmaceutical Ingredients and Intermediates Europe Exhibition (CPHI Milan 2024), one of the largest and most influential pharmaceutical industry events globally, concluded successfully at the Milan International Exhibition Center in Italy. Kexing Biopharm, a Chinese high-quality biopharmaceutical outbound platform, made an appearance at the event and garnered widespread attention with its diverse product line and cutting-edge innovative strength.

Led by Kexing Biopharm General Manager Mr. Zhao Yanqing, Kexing Biopharm showcased an impressive array of products at the event, covering several therapeutic areas including oncology, autoimmunity, and metabolism. The showcased products included human erythropoietin (EPO), human granulocyte colony-stimulating factor (GC), combined Clostridium Butyricum and Bifidobacterium, live, albumin-bound paclitaxel (Apexelsin^®), bevacizumab, infliximab, adalimumab, trastuzumab, liraglutide, and palbociclib etc.

It is worth mentioning that Kexing Biopharm held a launch ceremony for Protein bound Paclitaxel (Apexelsin®) in the European Union during the exhibition. The company has set a new production line according to the EU pharmaceutical GMP standards for Apexelsin® and has simultaneously carried out registration work in multiple countries. The product received the EU pharmaceutical GMP certificate in May this year and was approved for marketing in the EU at the end of July. It has begun shipping in August. Apexelsin® has officially entered the European pharmaceutical market, showcasing the company’s overseas expansion capabilities in the anti-cancer field. This is also a pivotal step in gradually enhancing its commercial presence abroad and progressively advancing the “globalization” strategy.

In addition, the partner in the Middle East, Saudi Arabia, signed on site at the booth, marking a further deepening cooperation between the two sides. The representative of the cooperation party said that in the future, both sides will continue to promote the cooperation on more products and work together to advance the development of pharmaceuticals in the Middle East.

Kexing Biopharm will continue to adhere to the development vision of “innovation plus internationalization” and actively license in high-quality blockbuster drugs, and strengthen communication and cooperation with global partners and jointly promote innovation and development in the pharmaceutical industry.

View original content:https://www.prnewswire.co.uk/news-releases/kexing-biopharm-made-its-appearance-at-cphi-milan-2024-launch-ceremony-for-apexelsin–in-eu-market-successfully-done-302279113.html

Fintech PR

South Korea’s NIPA launches Korea IT Cooperation Centre UAE at Dubai Internet City to nurture globally impactful innovation

Published

2 hours ago

October 17, 2024

CISION (PR Newswire)

south-korea’s-nipa-launches-korea-it-cooperation-centre-uae-at-dubai-internet-city-to-nurture-globally-impactful-innovation

Korea IT Cooperation Centre UAE, NIPA’s first hub in the Middle East, launched on sidelines of GITEX Global to nurture connections between Korean entrepreneurs and regional innovators
Spanning more than 6,500 sq.ft., the centre at the region’s leading tech hub will unlock the goals of Dubai Economic Agenda ‘D33’ and the UAE-Korea CEPA deal

DUBAI, UAE, Oct. 17, 2024 /PRNewswire/ — The National IT Industry Promotion Agency (NIPA), backed by the Government of South Korea, has announced the launch of its Korea IT Cooperation Centre UAE (KICC UAE) regional office at Dubai Internet City on the sidelines of GITEX Global 2024, held at Dubai World Trade Centre on 14-18 October.

Reaffirming Dubai’s proposition as a globally vital business gateway, KICC UAE’s launch builds on the South Korean agency’s memorandum of understanding (MoU) agreed during the 2023 edition of GITEX Global with Dubai Internet City, the region’s leading technology hub. The launch in Dubai marks NIPA’s first centre in the Middle East and represents the sixth hub in its global network, which covers Silicon Valley, Singapore, India, Hanoi, and Ho Chi Minh City.

The regional office at Dubai Internet City, one of TECOM Group PJSC’s 10 sector-specific business districts in Dubai and the Knowledge Partner of GITEX Global 2024, will foster collaborative entrepreneurship and talent development initiatives by connecting Korean tech businesses and investors with regional innovators, inventors, and investors.

KICC UAE will assist Korean technology companies seeking expansion into the Middle East by establishing strategic relationships with key government entities and industry partners. The inauguration at Dubai Internet City was attended by Vice Minister Kang Do-hyun of the Korean Ministry of Science and ICT; Abdulla Belhoul, CEO of TECOM Group PJSC; and Ammar Al Malik, Executive Vice President of Commercial at TECOM Group PJSC and Managing Director of Dubai Internet City in the presence of senior officials and industry partners.

Commenting on the inauguration, Vice Minister Kang Do-hyun of the Korean Ministry of Science and ICT said: “The establishment of the first KICC centre in the Middle East, here in Dubai, UAE holds significant meaning. It stands as a concrete and impactful milestone in the digital sector, following the reaffirmation of bilateral cooperation during President Yoon Suk-yeol’s state visit to the UAE in January.”

Sung-Wook Hur, President of NIPA, said: “The launch of KICC UAE at Dubai Internet City marks a significant milestone in our commitment to fostering a thriving global innovation ecosystem. It will connect Korean entrepreneurs and enterprises with their UAE counterparts and leverage Dubai’s strategic location and thriving business environment. Our Dubai Internet City address will be a hub for innovators to collaborate on groundbreaking solutions with the potential to not only benefit the UAE and South Korea, but also make a lasting impact on the global stage.”

“Securing the global future will irrefutably require collaborative innovation given the pace of the tech industry’s evolution, and NIPA’s centre at Dubai Internet City is a window into a future shaped by such cooperation,” said Ammar Al Malik, Executive Vice President of Commercial at TECOM Group and Managing Director of Dubai Internet City. “KICC UAE underscores our district’s pivotal role as a platform for enterprises and entrepreneurs, ensuring talent development through new opportunities, partnerships, and markets. We welcome partners like KICC UAE in our endeavour to create a lasting impact through tech innovation and contribute to the global knowledge economy, as envisioned by the Dubai Economic Agenda ‘D33’.”

Spanning 6,535 sq.ft., the facility features seven private offices, 18 co-working spaces and meeting rooms, and a dedicated showroom to host around 100 employees and visitors, with a calendar of four key events planned during 2025. Seven resident companies, including Wrtn Technologies, DeepNoid, CoreMovement, Genians, Mobiltech, Weeds Korea, and Angelswing will be established at the KICC UAE, in addition to Esol Information & Communications and PineC&I, which will use the hub’s shared office spaces.

These companies are set to begin efforts to expand into the Middle Eastern market with KICC UAE, which will provide industry data and insights to facilitate the participation of Korean technology companies and professionals in the region through Dubai Internet City’s ecosystem.

Dubai Internet City’s cooperation with KICC UAE strengthens bilateral ties between the UAE and Korea, which in May 2024 signed a Comprehensive Economic Partnership Agreement (CEPA) to nurture constructive economic cooperation between both countries, building on their non-oil bilateral trade of AED 19.4 billion in 2023. The UAE-Korea CEPA contributes to the UAE’s vision to double its non-oil foreign trade to AED 4 trillion by 2031.

Dubai Internet City has led region’s digital transformation strategy for more than two decades, serving as a platform for more than 3,500 customers, including Fortune 500s and SMEs such as Google, 3M, Microsoft, and Careem, in addition to 29,000 of the world’s brightest tech professionals.

Dubai Internet City is part of TECOM Group’s portfolio of sector-specific business districts, which also includes Dubai Media City, Dubai Studio City, Dubai Production City, Dubai Knowledge Park, Dubai International Academic City, Dubai Science Park, Dubai Industrial City, Dubai Outsource City, and Dubai Design District (d3).

About TECOM Group PJSC

TECOM Group has been developing strategic, sector-focused business districts across the emirate of Dubai since 1999. TECOM Group is well-positioned to continue playing an integral role in cementing Dubai’s status as a global business and talent hub.

The TECOM Group portfolio consists of 10 business districts catering to 6 vital knowledge-based economic sectors, including design, education, manufacturing, media, science, and technology. The Group provides a varied and tailor-made leasing portfolio – which includes offices, co-working spaces, warehouses, and land – to over 11,000 customers and more than 124,000 professionals.

TECOM Group offers additional value-added services to deliver a competitive and attractive environment for businesses and entrepreneurs to thrive in and to facilitate engagement between the districts’ community members. Government and corporate services are made available through an integrated smart services platform, “axs”, which enhances ease of doing business and provides community members with a seamless experience.

TECOM Group also provides industry specialised facilities, including media production studios, laboratories, and higher education campuses. in5, its enabling platform for entrepreneurs and start-ups, offers innovation centres supporting tech, media, and design start-ups and SMEs. Its future-focused co-working spaces D/Quarters deliver stimulating work environments for tenants, and the “Go Freelance” package serves freelance talents.

Photo – https://mma.prnewswire.com/media/2533449/TECOM_Group.jpg

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