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Vale announces completion of strategic partnership agreement with Manara Minerals

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RIO DE JANEIRO, April 30, 2024 /PRNewswire/ — Following approval from the relevant regulatory authorities, Vale S.A. (“Vale” or “Company”) is pleased to announce the completion of its approximately US$2.5 billion sale to Manara Minerals, a joint venture between Ma’aden and Saudi Arabia’s Public Investment Fund, under which Manara Minerals will acquire 10% of Vale Base Metals Limited (“VBM”).

This strategic partnership, first announced in July 2023, will accelerate value generation from the best-in-class set of assets and projects VBM has across its portfolio, allowing VBM to help advance the global energy transition at a faster pace and at scale across the key critical mineral jurisdictions where it operates. Over the next decade, VBM is expected to invest in new projects across Brazil, Canada and Indonesia, moving towards a significant increase in copper production from 350kt/year to 900kt/year and in nickel production from 175kt/year to 300kt/year.

In July 2023, Vale S.A. also announced an agreement on a strategic partnership with Engine No. 1 under which the U.S.-based investment firm would own a 3% equity stake in VBM. Following further negotiations in recent months, both sides have agreed not to move forward with the previously agreed terms and conditions but remain open to future partnerships. Engine No. 1 is a valued partner whose commitment to creating sustainable infrastructure and supply chains is complementary to Vale’s mission as a responsible critical materials provider.

“We are proud to close a major milestone in our Energy Transition Metals platform, following a successful business carve-out. This strategic investment by Manara reflects the confidence in our unique mineral endowment and ability to deliver metals needed for the energy transition. Manara brings mining experience and is a key strategic partner with a shared long-term view,” said Eduardo Bartolomeo, Vale’s CEO.

Mark Cutifani, Chair of VBM, said, “We are pleased to officially welcome Manara Minerals as a strategic partner in Vale Base Metals as we look to unlock operational and financial value from our high-quality portfolio of assets and position ourselves as the leading energy transition materials company, and we look forward to potential future cooperation with Engine No. 1.”

Bob Wilt, Vice Chairman, Manara Minerals, and CEO, Ma’aden, said: “As the inaugural investment made by Manara, our partnership with VBM is a strong statement of the company’s ambition and mandate to globally source minerals that are vital for sustainable and diversified economic growth. We will continue to build mining as the third pillar of the Saudi economy, and we look forward to working with VBM at a time when critical minerals have never been more important.”

Contact: Media Relations, Vale S.A. – [email protected]; Vale Base Metals – [email protected]

View original content:https://www.prnewswire.co.uk/news-releases/vale-announces-completion-of-strategic-partnership-agreement-with-manara-minerals-302132324.html

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PB Fintech slips 2% after over 8 million shares change hands via block deal

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PB Fintech witnessed a 2% decline in its stock price, reaching Rs 1,313.65 per share, as approximately 8.4 million shares, equivalent to 1.86% of outstanding shares, were exchanged via block deals on the exchanges. By 9:44 AM, the volume surged to 9 million shares collectively on both exchanges, while PB Fintech’s stock price dipped by 0.56% to Rs 1,333 apiece, contrasting with a 0.22% decline in the S&P BSE Sensex.

Executive Share Sales

On May 16, PB Fintech announced that its Chairman and CEO, Yashish Dahiya, alongside Vice Chairman and Whole-time Director, Alok Bansal, intended to sell partial stakes in the company. Dahiya plans to sell up to 5.4 million equity shares, while Bansal aims to divest up to 2.97 million equity shares. Proceeds from the sale will be allocated primarily towards taxes on current and future ESOP exercises.

Following the sale, Dahiya will retain a 4.83% stake, while Bansal will hold a 1.63% stake in PB Fintech on a fully diluted basis. The company clarified that no further share sales are planned by the duo for at least one year.

Company Profile and Financial Performance

PB Fintech is actively involved in providing integrated online marketing and IT consulting services, primarily for the financial services industry, including insurance. The company operates Policybazaar, India’s largest digital insurance marketplace, and Paisabazaar, which offers lending-related services.

In Q4FY24, PB Fintech reported a net profit of Rs 60.19 crore, marking a significant improvement from the Rs 9.34 crore loss in the corresponding period of the previous year. The company’s revenue from operations surged by 25.4% year-on-year to Rs 1,090 crore in Q4 FY24, compared to Rs 869 crore in Q4 FY23.

For the entire fiscal year, PB Fintech’s net profit stood at Rs 64 crore, contrasting with the Rs 488 crore loss in FY23. The company’s consolidated operating revenue rose by 34% year-on-year to Rs 3,437 crore.

Analyst Perspectives

Analysts at Nuvama Institutional Equities raised their FY25/26 Ebitda estimates significantly to accommodate higher growth and improved profitability. However, they maintained a ‘Reduce’ rating on the stock due to its rich valuation, revising their target price to Rs 1,160.

Keynote Capital downgraded PB Fintech’s stock to ‘Reduce’ from ‘Buy’, citing that most of the positives appear to be priced in. Despite acknowledging the company’s positive momentum and profitability, the brokerage believes that current market expectations may be overly optimistic.

PB Fintech continues to navigate its growth trajectory amidst strategic initiatives and evolving market dynamics, as reflected by varying analyst viewpoints.

Source: business-standard.com

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US fintech Yendo secures $165m in mix of debt financing and equity

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Yendo, a prominent fintech company based in the United States, has successfully secured $165 million in funding through a combination of debt financing and equity investment.

Funding Structure

The funding round comprised a mix of debt financing and equity infusion, highlighting investors’ confidence in Yendo’s growth prospects and business model. This significant financial injection underscores Yendo’s position as a key player in the fintech sector.

Investment Highlights

Yendo’s ability to attract such substantial investment underscores its appeal to investors. The company’s innovative approach and strategic positioning within the fintech landscape have positioned it for accelerated growth and market expansion.

Utilization of Funds

The newly raised capital will likely be deployed to fuel Yendo’s expansion initiatives, including product development, market expansion, and strategic acquisitions. The infusion of funds will provide Yendo with the financial resources needed to capitalize on emerging opportunities and consolidate its market position.

Market Impact

Yendo’s successful funding round is expected to have a positive impact on the broader fintech market, signaling investor confidence in the sector’s growth potential. The influx of capital into Yendo reflects the ongoing trend of significant investment activity within the fintech industry, driven by increasing demand for innovative financial solutions.

Source: fintechfutures.com

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Commerce Bank goes live with instant payment service FedNow through Temenos Payments Hub

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Commerce Bank, headquartered in Kansas City, USA, has recently activated the FedNow instant payments service as part of its ongoing modernization efforts.

Collaboration with Temenos

Commerce Bank has partnered with Temenos, a leading Swiss vendor, to enhance its real-time payment capabilities. This collaboration builds upon Commerce Bank’s previous deployment of Temenos’ core banking platform in 2022 and its adoption of the Infinity loan origination solution earlier this year.

Utilization of Temenos Payments Hub

Commerce Bank has opted for the Temenos Payments Hub to integrate the FedNow service seamlessly. According to Temenos, this choice aims to amalgamate advanced banking products with cutting-edge delivery methods.

Insight from David Roller

David Roller, CIO of Commerce Bank, views this selection as a strategic step in their modernization journey. He emphasizes the bank’s commitment to meeting the evolving expectations of its customers by leveraging the capabilities offered by the Temenos platform.

Features of the Platform

The Temenos Payments Hub, delivered via Software-as-a-Service (SaaS), offers a comprehensive suite of payment tools and frameworks. These include features like straight-through processing, automated exception handling, cloud security measures, intelligent routing, and customizable workflows.

Leveraging the US Model Bank

In addition to the Temenos Payments Hub, Commerce Bank has also leveraged Temenos’ US Model Bank. This collection of pre-configured banking processes is tailored to address the specific requirements of the US market, further enhancing Commerce Bank’s operational efficiency and customer service.

Source: fintechfutures.com

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