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WuXi Biologics Reports Solid 2024 Interim Results

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Revenue increased by 1.0% YoY to RMB 8,574.2 million
Non-COVID revenue grew by 7.7% YoY, with non-COVID late-phase & commercial manufacturing YoY growth of 11.7%
Added 61 new integrated projects, including 4 from late-phase and commercial stage
Client’s molecule recently acquired by MNC, highlighting a potential best-in-class CD3 asset utilizing three of our proprietary technology platforms
Total integrated projects of 742, one of the largest portfolios of complex biologics
Successful EMA inspections of 13 products and FDA inspections of 2 products in 1H24

HONG KONG, Aug. 21, 2024 /PRNewswire/ — WuXi Biologics (Cayman) Inc. (“WuXi Biologics” or “the Group”, stock code: 2269.HK), a leading global Contract Research, Development and Manufacturing Organization (CRDMO) service company offering end-to-end solutions for biologics discovery, development and manufacturing, is pleased to announce its unaudited interim results for the first half of 2024 (“Reporting Period”).

Financial Highlights

  • Revenue: The Group’s revenue for the Reporting Period matches that of the first half of 2023, totaling RMB 8,574.2 million, with a year-on-year (YoY) increase of 1.0%.  Excluding the COVID sales in the same period last year, the non-COVID revenue grew by 7.7%, and the non-COVID late-phase & commercial manufacturing revenue grew by 11.7% YoY. Key drivers supporting our base revenue growth include: (i) the successful execution of the Group’s “Follow and Win the Molecule” strategies, combined with our leading technology platforms, best-in-industry timeline and excellent execution track records; (ii) an expanded spectrum of services offered to the biologics industry, including fast-growing technology platforms such as antibody-drug conjugates (ADCs) and bispecific & multi-specifics; (iii) robust growth in pre-IND revenue, which more than offset the impact of significant Discovery Services deals in 1H 2023; and (iv) the utilization of newly expanded capacities, including the ramp-up of manufacturing sites in Europe and the U.S.
  • Gross Profit and Gross Profit Margin: IFRS gross profit was RMB3,350.0 million compared to RMB3,560.6 million in the same period last year. Adjusted gross profit was RMB3,811.2 million compared to RMB3,993.1 million in the same period last year. IFRS gross profit margin was 39.1% and adjusted gross profit margin was 44.4%. The decrease of gross profit margin was mainly due to the margin mix impact from the significant Discovery Services deals in 1H 2023, the slightly lower capacity utilization in China due to the COVID volume in the same period last year, the continued impact of the ramp-up of new manufacturing facilities in Ireland, Germany, and the U.S., all of which were partially offset by the efficiencies achieved from the WBS and other continuous improvement initiatives.
  • EBITDA and EBITDA Margin: EBITDA was RMB2,805.9 million compared to RMB3,230.6 million in the same period last year. Adjusted EBITDA was RMB3,570.4 million compared to RMB3,818.3 million in the same period last year. EBITDA margin was 32.7% and adjusted EBITDA margin was 41.6%.
  • Net Profit and Net Profit Attributable to Owners of the Company: IFRS net profit and net profit attributable to owners of the Company was RMB1,780.3 million and RMB1,499.1 million, respectively, representing a YoY decline of 23.9% and 33.9%. The decline was due to, among other factors, (i) an increase in selling, marketing and administrative expenses (“SG&A”) as the Group continues to invest in its geographic footprint, (ii) an increase in SG&A for WuXi XDC Cayman Inc., a non-wholly owned subsidiary of the Company, as a standalone listed company on the Main Board of The Stock Exchange of Hong Kong Limited (stock code: 2268), and (iii) an unmaterialized foreign exchange translation loss as a result of the depreciation of Euro against RMB year-to-date.
  • Adjusted Net Profit: Adjusted net profit was RMB2,544.8 million, down 13.0% YoY from a record-high base in 1H 2023.
  • Basic earnings per share (EPS): Basic EPS and adjusted basic EPS were RMB0.37 and RMB0.55, respectively.

Business Highlights

  • Amid a dynamic geopolitical landscape, the Group added 61 new integrated projects in 1H 2024, demonstrating the Company’s resilience and its ability to maintain growth. This, compared to 46 new projects added in 1H 2023, is one of our best 6-month periods for new project adds to date. Among the 61 newly added projects, 52 were from pre-IND, 5 from early-phase, 3 from late-phase, and 1 was from the commercial manufacturing phase. We believe that our robust business activities in the pre-IND stage signal early signs of a biotech funding recovery. During the Reporting Period, the Group continued to execute its “Win-the-Molecule” strategy, adding 9 post-IND projects, among which 4 are in the late-phase and commercial manufacturing stages. Since 2018, the Group has won 78 projects under the “Win-the-Molecule” initiative, with the winning formula centered on quality, speed, and advanced technological platforms.
  • The number of late-phase projects increased to 56, laying a strong foundation for future commercial manufacturing. The number of commercial manufacturing projects was 16, as we removed 8 COVID and 1 non-COVID dormant projects. The total number of integrated projects was 742, representing one of the largest portfolios of complex biologics, including bispecifics & multispecifics (123), ADCs (167), fusion proteins (76) and vaccines (23). Among the 123 bispecifics & multispecifics projects, WuXiBody™ and SDArBody™ accounted for nearly half, as both proprietary platforms continue to gain worldwide recognition.
  • As of June 30, 2024, total backlog reached US$20.1 billion, the same level as the first half of last year, including US$13.0 billion service backlog and US$7.1 billion upcoming potential milestone backlog. Backlog within 3 years exceeded US$3.6 billion, providing high visibility for near-term revenue opportunities.
  • The Group offers end-to-end CRDMO services through our global network. Our Ireland site is making great progress overall and is seeing significant commercial manufacturing demands from 2024 and onwards, with 2025 almost fully booked. MFG6.1 successfully completed its first PPQ campaign in 1H 2024, and MFG6.2 expansion is on track to be completed in the 4Q of 2024. MFG7 commenced commercial manufacturing, though there has been a slight delay in the ramp-up due to an operational issue during an engineering run. The site remains on track to reach its steady-state in 2026, serving a critical role in our “Global Dual Sourcing” network. For our Singapore site, construction work has commenced, initially to support XDC’s operation readiness in 2026. Design-work for WuXi Biologics facilities is still ongoing.
  • The Group’s unified and consistent quality system has been pivotal in driving our clients’ success and remains one of our key competitive advantages. A total of 21 inspections from the EMA and FDA were completed, with a 100% success rate in passing pre-approval inspections (PAIs). In 1Q 2024, EMA inspection of 13 products was successfully completed. In 2Q 2024, FDA inspection of 2 products was successfully completed.
  • Our industry-leading technology platforms span from discovery to development and manufacturing. Examples of discovery technologies include WuXiBody™ (for Bi-/Multi-specific antibody), T cell engager (TCE) platform, tumor associated antigens (TAA) mAb discovery, and single B cell technology. Examples of development technologies include WuXia™ (cell line development), WuXiDAR4™ (drug antibody ratio technology), and WuXiHigh™ (customized formulation strategies for high concentration drug products). Examples of manufacturing technologies include WuXiUI™ (ultra-intensified fed-batch manufacturing) and WuXiUP™ (ultra-high productivity continuous processing). WuXiUI™ is our next-gen manufacturing process that can increase titer by 3-6x with culture time comparable to traditional fed-batch processes, and is currently undergoing pilot runs. WuXiUP™ can increase titer by 5-15x, and resolve various quality issues, making it an ideal technology for unstable molecules, molecules that clients wish to increase titer of significantly, or molecules experiencing quality issues. Recently, our client, Curon Biopharmaceutical’s investigational B-cell depletion therapy CN201 was acquired by Merck & Co., Inc. CN201 utilizes 3 aforementioned proprietary technology platforms: WuXiBody™, TCE platform and WuXiUP™.
  • Our people are key assets of WuXi Biologics. As of June 30, 2024, the Group’s total staff comprised 12,435 employees, including approximately 4,200 scientists, and the total retention rate was approximately 94%. During 1H 2024, we announced the planned retirements of Dr. Weichang Zhou (former CTO), Mr. Peter Shen (CMO), and Dr. Jerry Xu (former CQO). We deeply appreciate their contributions to WuXi Biologics. The transition was seamless, with Dr. Sherry Gu (CTO), Dr. Wei Guo (Head of Global Manufacturing, effective August 2024), and Mr. Ing Hou Loh (Head of Global Quality) assuming these roles. With a deep bench of industry veterans who possess extensive domain expertise and proven leadership records, the Group is well-positioned to continue building a strong and sustainable organization for many decades to come.
  • WBS (WuXi Biologics Business System) is our lean operation and management system launched in 2021. During 1H 2024, by implementing approximately 60 Kaizen projects and events, the Group delivered Gross Profit Margin enhancement of roughly 100 basis points, along with significant business growth, inventory reduction, labor hour savings, and quality improvements to combat operation headwinds. Additionally, ESG Kaizen projects contributed to the Group’s ESG initiatives by achieving remarkable carbon emission reduction, material savings, waste reductions and more recycling, and water savings. We will continue to promote WBS as our lean culture to drive continuous improvements across all facets of our operations, to create better value for our clients, employees and partners
  • The Group has incorporated ESG as an essential part of its sustainable growth strategy. The Group’s ESG performance has been widely recognized by the industry and has been awarded an AAA rating from MSCI ESG Ratings, a Platinum Medal from EcoVadis, and was named an ESG Industry Top-Rated Company and an APAC Regional Top-Rated Company by Sustainalytics. In 2024, WuXi Biologics was included in S&P Global’s Sustainability Yearbook 2024 with a Top 1% S&P Global Corporate Sustainability Assessment (CSA) ranking and was named an Industry Mover.
  • The Group has always been committed to serving and contributing to the global healthcare community while adhering to the highest standards of regulatory compliance and operational excellence. The Group noted the introduction of the BIOSECURE Act in the U.S. Congress and subsequent amendments to it, including a proposed “grandfather” clause with transition period. The contents of the draft legislation remain subject to further review and modification as it moves through the legislative process and the legislative route also involves uncertainty. As a global biologics CRDMO platform, the Group does not have a human genomics business, nor does it collect human genomic data in any of its businesses around the world. The Group firmly believes that it has not, does not, and will not pose a security risk to the United States or any other countries. The Group will continue to closely monitor this process and remains committed to supporting its clients globally and to operating in accordance with the applicable laws and regulations of all jurisdictions where it has business operations. 

Management Comment

Dr. Chris Chen, CEO of WuXi Biologics, stated, “Amid a dynamic macroeconomic and geopolitical environment, our business has demonstrated strong resilience. This is attributed to our unique CRDMO business model which we believe is the most efficient for our industry, as well as the successful implementation of our ‘Follow and Win the Molecule’ strategies. In the first half of 2024, we added 61 new integrated projects, including 4 from late-phase and commercial stages. This is a strong testament to our clients’ endorsement of our exceptional execution and our technological leadership. Our client Curon’s molecule was recently acquired by Merck & Co., Inc., highlighting a potential best-in-class CD3 asset (CN201), which was discovered, developed, and manufactured using 3 of our proprietary technology platforms, WuXiBody™, TCE platform and WuXiUP™.” 

Dr. Chris Chen added, “Our business fundamentals remain strong. The Company’s unified and consistent quality systems, proprietary technology platforms, global talent pool – led by a seasoned management team and includes a strong technical team with over 4,200 scientists – and exceptional execution distinguish WuXi Biologics in our industry. We remain firmly committed to serving our global clients in the healthcare community and benefiting patients worldwide.”

Dr. Ge Li, Chairman of WuXi Biologics, concluded, “WuXi Biologics delivered solid business performance in the first half of 2024 despite an uncertain external environment and challenging comparisons year over year. Looking ahead, we will continue to adhere to our end-to-end CRDMO business model, expand our global presence and further improve our execution. We will continue to enhance our R&D and manufacturing efficiencies, deliver superior value to our partners, and benefit patients worldwide as an end-to-end, one-stop service provider for the biopharmaceutical industry. We remain dedicated to delivering groundbreaking therapies to patients and fulfilling our vision that ‘every drug can be made and every disease can be treated’.”

Key Financial Ratios
(For the Six Months Ended June 30)

Key Financial Ratio

1H 2024

1H 2023

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Change

Revenue (In RMB million)

8,574.2

8,492.0

1.0 %

Gross Profit (In RMB million)

3,350.0

3,560.6

(5.9 %)

Margin (%)

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39.1 %

41.9 %

Net Profit (In RMB million)

1,780.3

2,337.9

(23.9 %)

Margin (%)

20.8 %

27.5 %

Net Profit Attributable to Owners of the
Company (In RMB million)

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1,499.1

2,266.7

(33.9 %)

Margin (%)

17.5 %

26.7 %

Adjusted Net Profit (In RMB million)

2,544.8

2,925.6

(13.0 %)

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Margin (%)

29.7 %

34.5 %

EBITDA (In RMB million)

2,805.9

3,230.6

(13.1 %)

Margin (%)

32.7 %

38.0 %

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Adjusted EBITDA (In RMB million)

3,570.4

3,818.3

(6.5 %)

Margin (%)

41.6 %

45.0 %

Adjusted Diluted EPS (In RMB)

0.52

0.65

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(20.0 %)

~ End ~

About WuXi Biologics

WuXi Biologics (stock code: 2269.HK) is a leading global Contract Research, Development and Manufacturing Organization (CRDMO) offering end-to-end solutions that enable partners to discover, develop and manufacture biologics – from concept to commercialization – for the benefit of patients worldwide.

With over 12,000 skilled employees in China, the United States, Ireland, Germany and Singapore, WuXi Biologics leverages its technologies and expertise to provide customers with efficient and cost-effective biologics discovery, development and manufacturing solutions. As of June 30, 2024, WuXi Biologics is supporting 742 integrated client projects, including 16 in commercial manufacturing (excluding 8 COVID CMO projects and 1 non-COVID dormant CMO project).

WuXi Biologics views Environmental, Social, and Governance (ESG) responsibilities as an integral component of our ethos and business strategy, and we aim to become an ESG leader in the biologics CRDMO sector. Our facilities use next-generation biomanufacturing technologies and clean-energy sources. We have also established an ESG committee led by our CEO to steer the comprehensive ESG strategy and its implementation, enhancing our commitment to sustainability.

For more information about WuXi Biologics, please visit: www.wuxibiologics.com

Forward-Looking Statements

This announcement may contain certain “forward-looking statements” that are not historical facts, but instead are predictions about future events based on our expectations as well as assumptions made by and information currently available to our management. Although we believe that our predictions are reasonable, future events are inherently uncertain and our forward-looking statements may turn out to be incorrect. Our forward-looking statements are subject to risks relating to, among other things, the ability of our service offerings to compete effectively, our ability to meet timelines for the expansion of our service offerings, and our ability to protect our clients’ intellectual property. Our forward-looking statements in this announcement speak only as of the date on which they are made, and we assume no obligation to update any forward-looking statements except as required by applicable law or listing rules. Accordingly, you are strongly cautioned that reliance on any forward-looking statements involves known and unknown risks and uncertainties. All forward-looking statements contained herein are qualified by reference to the cautionary statements set forth in this section.

Non-IFRS Measures 

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To supplement the Group’s condensed consolidated financial statements which are presented in accordance with the IFRS, the Company has provided adjusted net profit, adjusted net profit margin, adjusted EBITDA, adjusted EBITDA margin and adjusted basic and diluted earnings per share as additional financial measures, which are not required by, or presented in accordance with, the IFRS.

The Company believes that the adjusted financial measures are useful for understanding and assessing underlying business performance and operating trends, and that the Company’s management and investors may benefit from referring to these adjusted financial measures in assessing the Group’s financial performance by eliminating the impact of certain unusual, non-recurring, non-cash and/or non-operating items that the Group does not consider indicative of the performance of the Group’s core business. These non-IFRS financial measures, as the management of the Group believes, is widely accepted and adopted in the industry in which the Group is operating in. However, the presentation of these non-IFRS financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with the IFRS. Shareholders of the Company and potential investors should not view the adjusted results on a stand-alone basis or as a substitute for results under IFRS. And these non-IFRS financial measures may not be comparable to similarly-titled measures represented by other companies.

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DC to VC – NatWest Cushon and Future Planet Capital Lead the Charge in UK Pension Access to British Innovation

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LONDON, Nov. 14, 2024 /PRNewswire/ — Future Planet Capital (FPC) is delighted to be working with NatWest Cushon, with a view to the Cushon Master Trust potentially making an investment in the British Co-Investment Fund (BCF). Any future investment will be subject to commercial terms, due diligence, and Trustee approval. If approved, NatWest Cushon’s participation would signify a major step forward, creating new avenues for British pension funds to access high-growth, private technology companies at scale. In partnership with pension solutions provider Mobius Life, the Fund will channel pension investment into the UK’s most innovative and impactful businesses.  

The BCF closely aligns with the Chancellor of the Exchequer’s vision under the Mansion House Reforms, aiming to unlock large-scale investment in key British industries. It emphasises the private sector’s pivotal role in accelerating innovation and economic growth, through supporting the UK’s most promising and high-impact technology businesses.

Historically, British pension funds have had limited access to high-growth investment opportunities within the UK, meaning that overseas investors have been the primary beneficiaries of the nation’s flourishing innovation economy. Indeed, according to the BVCA, 86% of venture capital investment comes from overseas investors.  To redress the balance, the BCF will be one of the first funds designed specifically for UK regular savings pension funds. It will offer direct and ongoing access to investments in the strategic technologies of the future.

Examples of companies likely to benefit from the Fund’s investments include Tokamak Energy, a world-record holder in nuclear fusion technology. The government-backed UK Innovation and Science Seed Fund (UKI2S), managed by Future Planet Capital, was the first investor in Tokamak Energy, which has since gone on to raise over $250m. This demonstrates the role of public-private partnership in supporting British technology to drive both economic growth and environmental impact. With the support of mainstream British capital, much more can now be done.

Lord Norman Foster, Chair of Future Planet Capital’s Advisory Board shared, “One of our most important tasks is to anticipate the future and find ways to have a positive impact on the wellbeing of people and the planet. We will need intellectual and financial capital to make that happen. This partnership supports the excellent work that is being done to invest in ground-breaking technologies which offer incredible potential.” 

Douglas Hansen-Luke, Executive Chairman and Co-founder of Future Planet Capital, commented, “This collaboration enables British pension savers to support the next generation of British innovation, ensuring that UK capital not only backs but also benefits from the country’s technological and sustainable advancements.”

Julius Pursaill, Pensions expert and advisor to the Cushon Master Trust, said:
“There are a number of good reasons to support the UK Growth agenda. Innovations like the British Co-Investment Fund play an important role in delivering on this objective by driving financial growth whilst also offering access to innovative, impact-focused sectors such as climate technology and artificial intelligence, which can help secure the future for pension savers and broader society.”

About Future Planet Capital

Future Planet Capital is an impact-led venture capital firm built to back growth companies from the world’s top universities and research ecosystems. Founded in Britain with global outlook and reach, Future Planet Capital manages over $460m for public and private investors and has deployed a further $200m of co-investment. With 140 portfolio companies across geographies and stages their mission is to invest in high-growth companies solving global challenges. Mapped against the UN Sustainable Development Goals, these include climate change, education, health, security, and sustainable growth.

For more information visit: https://futureplanetcapital.com/

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Other potential investments include: 

Tropic Biosciences, founded in 2016 with an initial investment from Future Planet Capital’s UKI2S fund, is reshaping agriculture to improve resilience, efficiency, and sustainability in food production.

Roslin Technologies, spun out of the University of Edinburgh, pioneers the development of pluripotent stem cells for cultivated meat. Their technology addresses the global protein gap by enabling scalable, sustainable meat production without raising animals. By providing genetically stable, self-replicating stem cells, Roslin delivers solutions that reduce production costs to less than $15/kg, positioning itself as a leader in a $2BN cell market by 2035.

Beam (formally known as Rovco) is a growth-stage autonomous robotics company specialising in subsea services for the offshore wind sector. With £19 million in 2023 revenue, the company is rapidly scaling, leveraging cutting-edge AI and computer vision to lead the way in subsea autonomy.

Quotes of Support:

Lord Wei of Shoreditch
”Changing the world and making an impact at scale is really tough and at times can be a lonely place. Future Planet Capital has managed to pull together globally an immense network of investors, founders, and experts to tackle the biggest challenges facing the world today. It is truly a fellowship, and a font of innovation, as well as being a premier fund platform. In these fast changing times it is so reassuring to know that there are innovators working on making the world a safer, cooler, and better place, whose chances of success are being supercharged through the FPC community.”

Jim Wilkinson, Chief Financial Officer, Oxford Science Enterprises
‘Future Planet Capital’s investment strategy offers not only something different, but something that has been lacking in this space. Its approach as well as its scope -involving a remarkable series of partnerships with leading universities and university venture funds – make it a very valuable strategic partner for anyone active in this field.’

Paul Abberley, Investment Governance Board Chair
CEO at Charles Stanley, one of the oldest firms on the London Stock Exchange. Previously the CEO / CIO of Aviva Investors. 

‘Successful innovations deliver superior investment returns. When those innovations have a positive impact on broader society, the capital investments which makes them possible benefit all stakeholders. Responsible investing of this type is easy to envisage but harder to implement, because identification of suitable opportunities is so challenging. The Future Planet approach bridges that gap.’

Priya Guha OBE, Member of the Future Planet Capital Investment Governance Board
‘With the Chancellor firing the starting gun on this Government’s pension reforms in yesterday’s Mansion House Speech, I am delighted Future Planet Capital are able to announce they are in discussion with NatWest Cushon for an investment into the British Co-Investment Fund.  With their strong reputation for investing in high-growth high-impact companies in the technology sector, Future Planet Capital’s BCF is exactly the right vehicle through which pension funds can back the scaling companies of the future; a win-win for British scale-ups and for British pensioners.’

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Matthew Hurn OBE, Deputy Chair of Future Planet Capital’s Advisory Board
‘The UK Growth agenda presents an exciting opportunity and it is vital that we have in place the tools needed to fulfil this potential. I strongly welcome this partnership which signals an important step forward – helping to pave the way to greater financial growth while offering savers access to world leading, impactful innovation.’

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Universal Consulting Opportunities (UCO), a Stellar MLS Subsidiary, Signs Agreement with NAR India As Advisor to Develop a National MLS

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ALTAMONTE SPRINGS, Fla., Nov. 14, 2024 /PRNewswire/ — UCO, a subsidiary of Stellar MLS, a leading multiple listing service (MLS) in the U.S. and the fastest-growing in the world, has entered into a landmark agreement with the National Association of REALTORS® (NAR) India as an advisor to successfully launch an MLS across India. This milestone signifies Stellar MLS’s commitment to enhance the real estate industry on a global scale, expanding UCO’s presence worldwide, and furthers NAR India’s journey to modernize and elevate the Indian real estate industry.

Founded in 2008, NAR India is a nonprofit organization that facilitates the professional development of its members and promotes the highest standards and accreditation in the national real estate industry. It is one of only two countries to hold the NAR designation; Canada is the other. UCO will consult with NAR India’s team to guide in areas including the establishment of an MLS, technology, business strategy, organizational setup, and vendor management.

“We are delighted to align with NAR India, a highly respected organization that shares our values of quality customer service, trust and data integrity to benefit the burgeoning real estate market in India,” said Merri Jo Cowen, CEO of UCO and Stellar MLS. “This is a significant nationwide initiative, and we are proud to share our expertise in establishing the MLS concept across India and be a part of NAR India’s mission to utilize the power of collaboration, transparency and an efficient marketplace.”

Cowen also noted the alignment’s potential benefits to Stellar MLS’s Florida customers, such as through referral opportunities: Florida is home to many Non-Resident Indians (NRIs). Current trends highlight the increasing influence of NRIs in shaping India’s real estate landscape, driven by both emotional connections to their homeland and the pursuit of investment opportunities. On the flipside, India is one of the largest foreign investors in Florida real estate, with $5.4 billion in investments in 2020.

“The partnership between UCO and NAR India marks a pivotal moment for the Indian real estate industry,” said Amit Chopra, President, NAR India. “It brings cutting-edge MLS expertise to India, fostering transparency, trust, and professionalism in our market.”

Tarun Bhatia, Vice Chairman and Chair-Global, NAR India, added: “It also creates exciting opportunities for Indian REALTORS® to showcase properties to a global audience, particularly NRIs, fostering stronger international connections.”

Sumanth Reddy, Chairman, NAR India, concluded: “We are proud to embark on this journey with UCO and look forward to the transformative impact it will have on our members and the industry as a whole, opening up new avenues for growth and collaboration.”

Dr. Mathew Kallumadil, UCO Vice President of Global Markets and Stellar MLS Vice President of Technology and Innovation noted the shared synergies between UCO and NAR India. “India is a complex, diverse market with different languages and cultures within the country, and UCO’s experience in accommodating regional differences and helping build scalable MLS systems will be invaluable in developing a sustainable MLS framework,” Dr. Kallumadil said. “Indian society is very highly digitized, and that is critical to a successful MLS and the ecosystem around it.”

The partnership with NAR India expands UCO’s presence to South Asia, in addition to Europe and the Middle East. UCO recently entered into other strategic global consulting opportunities, including with MLS Leader (Romania) and Arab MLS (Middle East) to optimize real estate practices across their respective regions, and with Igluu, a Prague-based digital technology firm, to expand the MLS concept in Europe. Furthermore, UCO has been actively engaged in global forums to support a forward-thinking approach to transforming the industry and its presence is supported through its partnerships with CEPI, the European Association of Real Estate Professions, and FIABCI, the International Real Estate Federation.

For information about UCO and Stellar MLS, visit stellarmls.com/global.

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Media Contact: Caryn McBride
Co-Communications
[email protected]

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Noble Corporation plc announces submission of request for removal from trading and official listing on Nasdaq Copenhagen

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SUGAR LAND, Texas, Nov. 14, 2024 /PRNewswire/ — Noble Corporation plc (“Noble“, the “Company“) (NYSE: NE, CSE: NOBLE) announces that today, Noble has submitted a request for the voluntary removal of its shares (in the form of share entitlements) (the “Danish Shares“) from trading and official listing on Nasdaq Copenhagen A/S (“Nasdaq Copenhagen“) (the “Delisting“) pursuant to Rule 22(ii) of Supplement A of the Nordic Main Market Rulebook for Issuers of Shares. If Nasdaq Copenhagen accepts the request for voluntary delisting, Noble expects the Delisting to occur by mid-December 2024.

The request for the Delisting will not affect Noble’s listing on the New York Stock Exchange and Noble will remain traded on the New York Stock Exchange as Noble’s primary listing exchange.

Background for applying for the Delisting

As described in Noble’s company announcement of July 18, 2024, following a comprehensive review, Noble believes that the trading volume of its Danish Shares on Nasdaq Copenhagen no longer justifies the expense and administrative requirements associated with maintaining this dual listing. Noble’s primary listing on the New York Stock Exchange provides its shareholders with sufficient liquidity, as the New York Stock Exchange accounts for approximately 99% of its trading volume. The substantial savings in exchange fees, legal fees, and managerial time and effort to maintain a dual listing can be redirected to initiatives intended to generate shareholder value.

Consequently, the board of directors of Noble has resolved to request Nasdaq Copenhagen for a Delisting of Noble.

Possible courses of action for holders of Noble’s Danish Shares

Provided that Noble’s request for Delisting is accommodated, holders of Danish Shares may:

  • Dispose of their Danish Shares on Nasdaq Copenhagen before the Delisting is effective; or
  • Convert their Danish Shares to an equivalent number of Noble shares tradeable on the New York Stock Exchange (“Noble NYSE Shares“).

Alternatively, holders of Danish Shares may do nothing but will hold an illiquid asset following the Delisting.

Disposal of Danish Shares before the Delisting is effective

Following receipt of the expected approval of Noble’s Delisting, the Danish Shares will remain tradeable on Nasdaq Copenhagen for a period of approximately 4 weeks. As such, it will be possible to dispose of the Danish Shares on Nasdaq Copenhagen within the trading period.

Conversion of Danish Shares to Noble NYSE Shares

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If holders of Danish Shares want to continue to own publicly tradeable Noble shares after the Delisting, the shareholder must convert its Danish Shares into Noble NYSE Shares either before or after the Delisting.

To convert Danish Shares to Noble NYSE Shares, the holder of Danish Shares must instruct its financial intermediary (bank or broker) to contact Euronext Securities Copenhagen (Noble’s Danish transfer agent). The procedure for converting Danish Shares into Noble NYSE Shares may take several trading days.

To receive Noble NYSE Shares, the shareholder must be able to take delivery of shares issued through The Depository Trust Company (“DTC“). This requires access to a U.S. securities account.

Furthermore, holders of Danish Shares should contact their financial intermediary (bank or broker) about handling fees for the conversion of Danish Shares into Noble NYSE Shares and costs associated with holding shares in DTC and trading on the New York Stock Exchange. Any such costs may be borne by the individual shareholder. Noble currently pays ‘safe keeping’ fees for holders who hold Danish Shares and will continue to do so only until the anticipated Delisting, at which time any holders of Danish Shares who have not converted their Danish Shares into Noble NYSE Shares or disposed of their Danish Shares shall be responsible for these fees on their unlisted Danish Shares.

Holders of Danish Shares should contact their financial intermediary (bank or broker) to assist with any conversion and to answer any questions on process or fees.

Retaining Danish Shares as unlisted securities

Following the Delisting, any Danish Shares not sold or converted will cease to be admitted to trading and official listing on Nasdaq Copenhagen (or any stock exchange). As such, shareholders holding Danish Shares will have an illiquid asset and will most likely need to convert their Danish Shares into Noble NYSE Shares (see above) if and when they wish to sell their shares. A shareholder holding Danish Shares will continue to be able to convert their Danish Shares into Noble NYSE Shares after the Delisting, subject to certain fees.

Certain financial intermediaries (banks or brokers) may have policies regarding shares that are delisted and may require conversion from Danish Shares into Noble NYSE Shares. Please contact your financial intermediary, bank, broker or financial adviser for assistance.

Changes for shareholders holding Danish Shares

Shareholder rights

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The ordinary shareholder rights associated with holding Danish Shares will remain unchanged following the Delisting. Consequently, if shareholders holding Danish Shares choose to retain their Danish Shares after the Delisting is effective, they will retain the same shareholder rights as prior to the Delisting, i.e., the right to vote at general meetings and receive dividends, etc. The Danish Shares will continue to be registered in Euronext Securities Copenhagen.

In addition, the shareholder rights, including entitlements to dividends and voting rights, associated with holding Noble NYSE Shares are the same as those associated with the holding Danish Shares. However, whereas the Danish Shares are eligible to receive dividends in DKK and while still admitted to trading and official listing on Nasdaq Copenhagen are traded in DKK, the Noble NYSE Shares are traded in USD and are eligible to receive dividends in USD.

Disclosure requirements

Shareholders holding Danish Shares should be advised that subsequent to the Delisting becoming effective, the shares of Noble will not be subject to the disclosure requirements applicable for companies with shares admitted to trading and official listing on Nasdaq Copenhagen. However, Noble will through its the primary listing of its shares on the New York Stock Exchange remain subject to the extensive disclosure requirements under U.S. securities laws and the rules and regulations of the New York Stock Exchange.

Tax consequences 

The shareholders holding Danish Shares are treated as owning listed shares for Danish tax purposes.

The Delisting should not have any adverse Danish tax impact on Danish tax residents who choose to convert their Danish Shares and thus after the Delisting will hold Noble NYSE Shares.

The shareholders holding Danish Shares who choose to dispose of their Danish Shares will be taxed as a sale of listed shares.

The above assessments should apply to all Danish shareholders holding Danish Shares, regardless of whether they are individuals or corporate entities. Non-Danish shareholders are generally not taxable on a sale of Danish listed shares.

The shareholders holding Danish Shares that do not sell or convert their Danish Shares, and thus retain their Danish Shares after the Delisting, are expected to continue to own listed shares for Danish tax purposes. A binding ruling has been sought to confirm this expectation, but at the time of this announcement, no final ruling has yet been issued by the Danish tax authorities. If the Danish Shares are deemed to be unlisted for Danish tax purposes after the Delisting, the Delisting itself may trigger taxation for certain Danish tax resident individuals.   

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Noble does not provide tax or legal advice and the above information is informational only. Please note that as each holder of Danish Shares’ circumstances may differ, Noble encourages each holder of Danish Shares to consult with their own tax and/or financial adviser.

About Noble Corporation
Noble is a leading offshore drilling contractor for the oil and gas industry. The Company owns and operates one of the most modern, versatile, and technically advanced fleets in the offshore drilling industry. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. Noble performs, through its subsidiaries, contract drilling services with a fleet of offshore drilling units focused largely on ultra-deepwater and high specification jackup drilling opportunities in both established and emerging regions worldwide. For further information visit www.noblecorp.com or email [email protected].

IMPORTANT INFORMATION
This announcement is for information purposes only and does not constitute or contain any invitation, solicitation, recommendation, offer or advice to any person to subscribe for or otherwise acquire or dispose of any securities of Noble.

Certain statements in this announcement, including any attachments hereto, may constitute forward-looking statements. Forward-looking statements are statements (other than statements of historical fact) relating to future events and Noble and its subsidiaries (collectively, the “Noble Group“). The words “targets”, “believes”, “continues”, “expects”, “aims”, “intends”, “plans”, “seeks”, “will”, “may”, “might”, “anticipates”, “would”, “could”, “should”, “estimates”, “projects”, “potentially” or similar expressions or the negatives thereof, identify certain of these forward-looking statements. The absence of these words, however, does not mean that the statements are not forward-looking. Other forward-looking statements can be identified in the context in which the statements are made.

Although Noble believes that the expectations reflected in these forward-looking statements are reasonable as of the date of this announcement, such forward-looking statements are based on Noble’s current expectations, estimates, forecasts, assumptions and projections about the particular events in question.

Any forward-looking statements included in this announcement, including any attachment hereto, speak only as of today. Noble does not intend, and does not assume, any obligations to update any forward-looking statements contained herein, except as may be required by law or the rules of the New York Stock Exchange or Nasdaq Copenhagen. All subsequent written and oral forward-looking statements attributable to Noble or to persons acting on its behalf are expressly qualified in their entirety by the cautionary statements referred to above and contained in this announcement, including any attachment hereto.

View original content:https://www.prnewswire.co.uk/news-releases/noble-corporation-plc-announces-submission-of-request-for-removal-from-trading-and-official-listing-on-nasdaq-copenhagen-302306031.html

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