Fintech PR
USD1.2bln investment commitment by TOUCHSTONE CAPITAL GROUP HOLDINGS LTD. and AM CAPITAL PARTNERS SDN.BHD. values HARTA GLOBAL ENERGY SDN.BHD at USH3bln
LONDON, Sept. 30, 2024 /PRNewswire/ — HARTA GLOBAL ENERGY SDN.BHD., an Exploration & Production Company headquartered in Kuala Lumpur, reached a circa. USD3bln in valuation, following a 49% equity participation and corresponding USD1.2bln investment commitment by TOUCHSTONE CAPITAL GROUP HOLDINGS LTD. and AM CAPITAL PARTNERS SDN.BHD.
HARTA GLOBAL ENERGY SDN.BHD., aims to start development & production activities of its Production Sharing Contract (PSC) with PETRONAS and its partner PETRONAS CARIGALI SDN.BHD., targeting an early production and monetization of its discovered gas fields. The block was awarded to SKYE-UMDP EXPLORATION BERHAD in February 2023, a subsidiary of HARTA GLOBAL ENERGY SDN.BHD., following the Malaysia Bid Round MBR2022.
HARTA GLOBAL ENERGY SDN.BHD., has secured funding commitments of USD1.2bln for the Production Sharing Contract (PSC) in Block PM340 located in the east coast of Peninsular Malaysia. The prolific Malay Basin acreage, covering 16,404 square kilometers in PM340 Block is deemed as one of the largest blocks in Peninsular Malaysia. It has reached a significant milestone, achieving a valuation of just under USD3.0bln billion following the multi-tranches firm commitment of USD$1.2bln investment from TOUCHSTONE CAPITAL GROUP HOLDING LTD, a UK based investment platform firm and a Malaysian/ Indonesian private investment group AM CAPITAL PARTNERS SDN.BHD. This substantial investment highlights the growing confidence in the oil & gas sector and solidifies HARTA GLOBAL ENERGY SDN.BHD. vis-à-vis SKYE-UMDP EXPLORATION BERHAD’s position as a leading player in the oil & gas industry.
The first tranche of USD200mln is set to be disbursed according to the agreed business plan in 2024. With the investment in place, the Executive Management Team are confident of timely delivery & monetization of early production in one of the DRO’s (Discovered Resources Opportunity) Ular Gas Field where first gas is expected in year 2027 to meet the Malaysian Domestic gas demand.
Current studies based on processed 3D seismic data & surrounding wells confirms ca.100 MMBOE of discovered resources in PM340 Block. Additionally, some 5.0 Tscf of contingent resources have also been estimated in various identified prospects within PSC Block. The HARTA GLOBAL ENERGY SDN.BHD.’s Management Team is very excited with these latest findings, the planned development and the exploration-appraisal programs.
HARTA GLOBAL ENERGY SDN.BHD., through its subsidiary SKYE-UMDP EXPLORATION BERHAD intends to develop the smaller gas discoveries in several phases sequentially, ensuring a long-term gas supply forecast.
HARTA GLOBAL ENERGY SDN.BHD. has appointed Dato’ Dr. Ir. Mohd Ghazali Bin Haji Kamaruzaman as Executive Chairman and En.Ir.Ramlan Hamzah as President & Group Managing Director, both being the shareholders of SUNGAI TIANG DEVELOPMENT SDN.BHD. Meanwhile Mr. Kenney Song, Chairman of TOUCHSTONE CAPITAL GROUP HOLDING LTD and Mr. Azhan Muhammad, founder of AM CAPITAL PARTNERS SDN.BHD. shall join as Directors of HARTA GLOBAL ENERGY SDN.BHD.’s board of management.
Dato’ Dr Ir. Mohd Ghazali Bin Haji Kamaruzaman, Executive Chairman of HARTA GLOBAL ENERGY SDN.BHD. commented on the investment, stating: “The management team is very excited with this development and both TOUCHSTONE CAPITAL & AM CAPITAL PARTNERS have shared their aspirations of turning HARTA GLOBAL ENERGY SDN.BHD. into a full-fledged Exploration & Production (E&P) company of choice in this region, with eyes on the potential opportunities in Sabah Oil & Gas industry among others.
The investment aligns with the Malaysian Government’s goals for economic growth, with Mr. Kenny Song, Chairman of TOUCHSTONE CAPITAL GROUP HOLDINGS highlighting the importance of Block PM340 in driving the country’s gas demand. He stated, “HARTA GLOBAL ENERGY SDN.BHD. is exactly the kind of forward-looking enterprise that will play its part and contribute to Malaysia’s economic growth. Their commitment showcases the diversity and strength of our oil and gas sector. I am committed to fostering an environment where companies like HARTA GLOBAL ENERGY SDN.BHD. can thrive, creating job opportunities, driving innovation and new technology applications”.
AM CAPITAL PARTNERS investment signals strong belief in HARTA GLOBAL ENERGY SDN.BHD.’s growth potential. The private investment firm’s founder Mr. Azhan Muhammad, who is also the Co-founder of the UK based asset management firm, VEMI VENTURES remarked, “We are excited about HARTA GLOBAL ENERGY SDN.BHD. and SKYE-UMDP EXPLORATION BERHAD’s growth trajectory and confident in their core business proposition that the company is focused on especially in the “new and green energy” economy. The technical and commercial team at HARTA GLOBAL ENERGY SDN.BHD. and SKYE-UMDP EXPLORATION BERHAD are of the highest calibre, and we are joining hands together to bring a successful outcome from multiple objectives that the Harta Global team are working tirelessly to deliver.”
Fintech PR
Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region
DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.
On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”
Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.
His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.
As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.
Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
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DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.
Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.
Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.
Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
About Qatar Development Bank
Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.
For more information, visit: https://www.qdb.qa/
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View original content:https://www.prnewswire.co.uk/news-releases/qatar-development-bank-announces-strategic-investment-in-global-islamic-fintech-wahed-302314778.html
DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.
In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.
Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.
AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.
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View original content:https://www.prnewswire.co.uk/news-releases/chinas-aima-brand-electric-motorbike-is-now-in-bangladesh-302314773.html
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