Fintech PR

EQT Broadens Reworld™ Investor Base, Welcoming GIC as Strategic Investor

Published

2 months ago

October 2, 2024

GIC to acquire a 25% minority interest in Reworld Waste, LLC
Broadened investor base adds new resources, expertise, and capital that will help accelerate the Company’s journey as one of North America’s leading sustainable waste solutions companies.

NEW YORK, Oct. 2, 2024 /PRNewswire/ — EQT and GIC are pleased to announce that the EQT Infrastructure V fund (“EQT Infrastructure”) has signed an agreement to sell a 25% minority stake in Reworld^™ (“the Company”) to GIC via a combination of primary and secondary capital. EQT Infrastructure took the Company private in November 2021 and will remain the largest shareholder following the closing of the transaction.

Reworld^™ has rapidly scaled into a leader in sustainable waste solutions, providing innovative and environmentally responsible services to businesses and communities throughout North America. Since 2021, Reworld^™ has nearly doubled its number of operational facilities and increased headcount by 800, significantly expanding its reach across new and existing core geographies. Today, Reworld^™reduces, recycles and recovers more than 20 million tons of waste across over 100 facilities for more than 4,600 customers.

The stake sale marks a strategic milestone in the Company’s journey. As a strategic partner, GIC’s significant financial capital and scale will play an essential role in accelerating the Company’s growth plans, and meeting the growing demand for sustainable waste solutions from it’s municipal, residential, commercial and industrial customers in North America.

JD Vargas, Partner within EQT Infrastructure’s Advisory Team, said: “This transaction will further enable Reworld^™ to accelerate its growth journey, as it addresses the increasing demand for zero-waste-to-landfill solutions and circular economy goals. As U.S. waste generation grows and more complex solutions are required, especially as landfill capacity declines in the core regions where Reworld^™ operates, EQT remains committed to supporting the Company in developing and deploying the sustainable waste management solutions necessary for a thriving circular economy.”

Ang Eng Seng, Chief Investment Officer, Infrastructure at GIC, said: “As a long-term investor, the expansion of our partnership with Reworld^™ reflects the significant potential for more sustainable alternatives to waste disposal, an essential service for all communities. GIC is committed to supporting the transition to net-zero in the real economy, and this funding will support the ambitious growth plans Reworld^™ has as they seek to deliver a lower-emission alternative to landfills.”

Manning Doherty, Head of Infrastructure, Americas at GIC, remarked: “As an existing co-investor in Reworld^™, GIC has been proud to partner with EQT to support the Company’s transformation over the past three years. Today, Reworld^™ is positioned for significant growth and this capital will help the business meet a growing demand for zero-waste-to-landfill solutions. We look forward to driving significant value through our continued partnership with the Company’s expert management team, and our long-standing partner EQT.”

Azeez Mohammed, President and CEO of Reworld^™, commented: “This partnership propels Reworld^™ forward by significantly enhancing our ability to serve our customers and communities as their needs evolve. With the combined support of EQT and GIC, we are in an excellent position to accelerate the growth of our innovative waste solutions, amplify our zero-waste initiatives, decrease reliance on landfills, and contribute to a more sustainable and resilient future for everyone.”

The transaction is subject to customary conditions and approvals and is expected to close in Q1 2025.

Citi and Houlihan Lokey are serving as financial advisors and Simpson Thacher & Bartlett are providing legal counsel to EQT Infrastructure. Goldman Sachs is serving as exclusive financial advisor and Dechert is providing legal counsel to GIC.

Contact
EQT Press Office, [email protected]

GIC Press Office, Katy Conrad – Head, Corporate Affairs & Communications – Americas, [email protected]

Reworld^™ Press Office, Nicolle Robles, [email protected]

This information was brought to you by Cision http://news.cision.com.

https://news.cision.com/eqt/r/eqt-broadens-reworld–investor-base–welcoming-gic-as-strategic-investor,c4045637

The following files are available for download:

https://mb.cision.com/Main/87/4045637/3033535.pdf	Press Release_Infra V_Reworld_241002
https://news.cision.com/eqt/i/20240710-reworld13297-fnl,c3339021	20240710 Reworld13297 FNL

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Fintech PR

Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region

Published

9 hours ago

November 24, 2024

CISION (PR Newswire)

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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Fintech PR

Qatar Development Bank announces strategic investment in global Islamic FinTech, Wahed

Published

9 hours ago

November 24, 2024

CISION (PR Newswire)

qatar-development-bank-announces-strategic-investment-in-global-islamic-fintech,-wahed

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

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/

Photo – https://mma.prnewswire.com/media/2566075/Qatar_Development_Bank_Announcement.jpg

View original content:https://www.prnewswire.co.uk/news-releases/qatar-development-bank-announces-strategic-investment-in-global-islamic-fintech-wahed-302314778.html

Fintech PR

China’s AIMA brand electric motorbike is now in Bangladesh

Published

22 hours ago

November 23, 2024

CISION (PR Newswire)

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.