Latest news with #EOI
Barnama
4 days ago
- Business
- Barnama
PIFC Establishment Now At Engagement Stage With BNM, Securities Commission
GEORGE TOWN, July 26 (Bernama) -- The proposed establishment of the Penang International Financial Centre (PIFC) is currently at the engagement stage with the federal government, Bank Negara Malaysia (BNM) and the Securities Commission. Chief Minister Chow Kon Yeow said the think tank, Penang Institute, was given the role to initiate the Expression of Interest (EOI) process last March, and the results had already been presented to the state's Cabinet. 'As a long-term plan to sustain the state's continuous growth, the proposed PIFC project will be realised, which includes the development of a site measuring almost 100 acres (40.46 hectares) and involves various financial facilities and supporting infrastructure. 'This includes fund management, an international convention centre, high-end banking services, a fintech free trade zone and a logistics hub,' he said in his speech at the investiture of the state awards, medals and honours at Dewan Seri Pinang here today. The ceremony, which was held in conjunction with the Penang Governor Tun Ramli Ngah Talib's 84th birthday celebration, saw 280 individuals being honoured with the state's awards, medals and honours. Chow said PIFC aims to attract new capital flows to strengthen the semiconductor sector in the Northern Corridor, in line with the New Industrial Master Plan (NIMP) 2030 and the National Semiconductor Strategy (NSS). Meanwhile, he said the Sedusun Tech Valley project through the Northern Corridor Implementation Authority (NCIA) is currently in the stage of clearing the project site and is expected to be fully completed in the first quarter of 2027. The Chief Minister said it is an effort to make Penang an 'Agricultural Silicon Valley' that focuses on the smart farming industry towards increasing agricultural yields optimally compared to traditional methods. In addition, Chow said the state government is also giving priority to addressing the urgent needs of the people's mobility, including through the application under the 13th Malaysia Plan (13MP) involving the upgrading of the Federal Highway from Bayan Lepas to Teluk Kumbar to a four-lane dual carriageway.
Business Times
15-07-2025
- Business
- Business Times
Macau property magnate Loi Keong Kuong and family sell five Pagoda Street shophouses for S$50.7 million
[SINGAPORE] Macau property magnate Loi Keong Kuong and his family have sold five shophouses in Pagoda Street in Chinatown at prices between 5 and 20 per cent lower than what they had paid for these units a decade ago. The shophouses, Nos 58, 60, 62, 68 and 74, are on sites with about 69 years left on their leasehold tenures. All five properties have either three storeys or three storeys with a mezzanine level. They fetched between S$9.2 million and S$10.88 million in separate transactions this year, against the Loi family's purchase prices of S$10.8 million to S$12.38 million in 2015/2016. Based on industry circles' estimates of the floor areas of the properties, this year's sale prices of the five shophouses work out to between S$2,540 per square foot (psf) and S$2,660 psf – down from the S$2,810 to S$3,210 psf based on the Lois' purchase prices. The total sale price of the shophouses is about S$50.7 million, also lower than the S$58.6 million the Lois spent to acquire them. Exacerbating the loss would be stamp duties, and interest expenses on the mortgages on the five shophouses that were in place for four-and-a-half years starting June 2018; the mortgages are understood to have been discharged in December 2022. On the other hand, rental revenue and the slight appreciation of the Singapore dollar against Macau's currency, the pataca, during the holding period would have mitigated or even offset the loss, noted analysts. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up A seasoned property investment sales consultant said: 'The lower sale prices of the Pagoda Street shophouses are a reflection of the vendors adjusting their price expectations to market conditions, as well as the shortening of the balance of the land lease.' Holland Road Shopping Centre assets The Loi family also owns seven retail units leased to a supermarket on the ground floor of the freehold Holland Road Shopping Centre; it paid slightly more than S$61 million, or S$4,976 psf on the total strata area of 12,260 sq ft, in 2016. In addition, the family bought the basement car park in the same development for S$17.3 million in 2020. In April last year, ERA launched an expression of interest (EOI) exercise for the seven retail units and the basement car park in that shopping centre, as well as the three adjoining shophouses at 58, 60 and 62 Pagoda Street. The portfolio's estimated value was stated as 'at least S$160 million'. The EOI closed in late May 2024. Observers suggested that the Loi family could be rebalancing its real estate portfolio, in favour of Macau and other markets. In June, the family scooped up The 13 Hotel in Macau for HK$600 million, as reported by Inside Asian Gaming. The family plans to redesign and renovate the property to create a new tourist landmark. The gaming magazine described Loi Keong Kuong as a well-known real estate businessman in Macau and the founder of Rio Hotel. The publication reported that in 2006, he reached an agreement with Galaxy Entertainment to operate a satellite casino out of Rio. Gaming operations ceased in 2022, before Macau's new gaming law took effect. Loi was also involved in the construction of the luxury residential project One Grantai in Taipa, Macau; he also acquired the Soul Boardwalk shopping centre in Australia's Gold Coast for around US$12 million in 2018. In Singapore, his family sold 60, 62, 68 and 74 Pagoda Street in separate deals to Singapore-incorporated companies fully-owned by Randa Limited, which is incorporated in the British Virgin Islands. The sole director of the Singapore-incorporated vehicles is Lin Yen Fun, a Malaysian citizen and Singapore permanent resident. No 58 Pagoda Street was sold to a Singapore-incorporated company Mixcity; the company's sole shareholder, Singaporean Xue Dan, is engaged in various retail and F&B businesses. The Loi family sold 68 Pagoda Street (centre) at S$9.8 million this year, at less than the S$12.2 million at which they bought it a decade ago. PHOTO: BT FILE Of the five shophouses, Nos 68 and 74 are closest to the Pagoda Street entrance of the Chinatown MRT station, and have Chinese restaurants as tenants. Ice-cream, bubble tea and beverage chain Mixue is a tenant at No 62, and souvenir shops are among the tenants at Nos 58 and 60. All five shophouses are on sites with 99-year leasehold tenures that began in October 1995; site areas range from 1,347 to 1,545 sq ft. Of the five units, No 58 is furthest from the MRT station entrance, and has the biggest site area of 1,545 sq ft. It was transacted in February at S$10.88 million, which was S$1.5 million or 12.1 per cent below its 2016 purchase price of S$12.38 million. The next-door property, No 60, was sold at S$10.6 million, or nearly 5.4 per cent lower than the Lois' purchase price of S$11.2 million. The family sold No. 62 for S$10.2 million – S$1.8 million or 15 per cent below their $12 million purchase price. A few doors away, No 68 fetched S$9.8 million, which was S$2.4 million or 19.7 per cent lower than the family's purchase price. The family sold No 74 at S$9.2 million, 14.8 per cent less than what they had paid for it.
Time of India
15-07-2025
- General
- Time of India
Govt invites experts to address wastemgmt, pollution
New Delhi: The Delhi environment department has invited expressions of interest (EOI) from experts affiliated with NGOs, think tanks and institutions to address various environmental issues, including air pollution, water quality enhancement, noise reduction, waste management and data monitoring, on a 'pro bono' basis. Tired of too many ads? go ad free now The selected experts will assist in analysing, interpreting and visualising datasets while providing technical assistance to govt. The environment department, in an EOI dated July 3, seeks to recruit two specialists. The selected candidates, aged between 30 and 40, will be stationed at the Delhi secretariat for six months initially, with a possible extension of another six months. The department has specified 18 key areas requiring technical expertise, encompassing air quality monitoring and source assessment, reduction of industrial and vehicle emissions, control of diesel generator pollution, waste and construction dust control, advancement of clean fuels and electric vehicles, traffic management and public awareness initiatives. Additional focus areas include tree planting programmes, noise reduction measures, water quality enhancement and implementation of successful practices from other states. "The technical support will mainly include assisting and providing necessary support to the department of environment in executing various activities and programmes, including e-governance tools," the EOI adds. In 2022, Delhi govt inducted 30 junior environmental engineers and 22 'Green Delhi Fellows' into the environment department and Delhi Pollution Control Committee. tnn
Business Wire
15-07-2025
- Business
- Business Wire
Gen Re Announces 2025 U.S. Group Medical Evidence of Insurability Underwriting Survey Results
STAMFORD, Conn.--(BUSINESS WIRE)--Gen Re has released results of the 2025 U.S. Group Medical Evidence of Insurability Underwriting Survey. The survey focuses on what staff companies provide to process Evidence of Insurability applications (EOI) as well as the methods used to process them, providing companies with an opportunity to benchmark their results against those of the industry. Twenty-one companies participated in this year's survey. Gen Re U.S. Group Medical Evidence of Insurability Underwriting survey results show participants received over 2.7 million EOI applications in 2024. Share Key results from this year's survey include: Participants reported receiving a total of over 2.7 million EOI applications in 2024. The average processing time for an EOI application is 11 business days. Many companies report having an automated or straight-through processing EOI system. However, a significant number of applications are still being reviewed by a medical underwriter. The top challenges facing group medical underwriting departments are managing volume during peak times, inefficient underwriting systems, technology deficiencies, and updating or developing applications for improved underwriting risk selection. The comprehensive report is available only to participating companies. A summary of key highlights is available online at About Gen Re Gen Re, a Berkshire Hathaway Company, is one of the leading Life/Health and Property/Casualty reinsurers in the world. Our North American Life/Health reinsurance company, General Re Life Corporation, has superior financial strength ratings among Life and Health reinsurers. Gen Re delivers customized reinsurance programs and risk management solutions for the Life, Medicare Supplement, Critical Illness and Individual Disability Income markets. Through our research, we also offer valuable information and insights.
Time of India
12-07-2025
- Business
- Time of India
ICC's ambitious mobile cricket game plan sparks interest from global gaming giants
The ICC's search for a developer to create a flagship mobile cricket game has garnered significant interest from major gaming companies. Krafton, EA Sports, Dream11, and Nazara Technologies are among the firms vying for the opportunity. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The International Cricket Council 's (ICC) global call for expressions of interest (EOI) to develop a flagship mobile cricket game has attracted significant attention from prominent gaming companies , according to people familiar with the firms are understood to have shown interest, including Krafton—the South Korean publisher of Battlegrounds Mobile India (BGMI) and a major investor in India's gaming sector; LightFury Games, a domestic studio backed by Blume Ventures and Krafton; EA Sports , known for franchises such as FIFA, F1, and Madden NFL; Dream11 , India's leading fantasy sports platform with a strong cricket-focused user base; and Nazara Technologies , which has a broad portfolio in mobile gaming and esports with a focus on sports potential participants include JetSynthesys, also backed by Krafton , Mobile Premier League (MPL), and several consulting EOI process is understood to be ongoing, with a shortlist potentially in the works. These selected parties will be invited to participate in the next stage: a detailed Invitation to Tender (ITT). Shortlisted entities will be expected to submit commercial terms during the ITT EOI was published on 16 ICC and the gaming companies did not respond to ET's queries. Nazara Technologies , which owns the World Cricket Championship (WCC) game, said it continues to explore potential opportunities for its flagship observers see this initiative as a key step in the digital transformation of cricket . Although cricket video games have been available for years, licencing rights have typically been split among multiple ICC's direct involvement seeks to consolidate these rights and introduce an officially sanctioned global title for cricket traditional areas like media rights and sponsorship, gaming rights are becoming an important focus for sports bodies. They offer new avenues for engagement, revenue, and brand presence among younger, digital-first project is being managed by ICC Business Corporation FZ LLC (IBC), the ICC's commercial subsidiary based in Dubai. IBC, in collaboration with its 12 Full Member Nations, is exploring the possibility of licencing certain intellectual property (IP) rights on a collective basis to a qualified entity for the development and publishing of a new, world-class mobile cricket initiative forms part of a broader push to connect with the sport's large base of digitally native followers. With cricket's global fan base estimated at more than a billion, the ICC is looking to channel that interest into a high-quality mobile gaming experience.A key element of the project involves licensing a comprehensive set of ICC intellectual property, including tournament branding, trophies, team uniforms, and player final consolidation of these rights is still in progress, IBC has indicated the potential for granting exclusive global rights for mobile may also propose additional versions for PC, console, or browser platforms if such expansions support the project's commercial ICC is not offering upfront funding. Instead, the commercial framework is expected to rely on minimum guarantees combined with revenue sharing, aligning incentives between the ICC and the selected companies with demonstrated technical expertise, financial stability, and a successful track record in mobile and sports gaming will be EOI outlines specific eligibility requirements, including experience in genres such as casual, arcade, simulation, or fantasy/strategy games, along with capabilities in live operations, user acquisition, and community were required to submit an eight-page response covering their company overview, financial performance over the last three years, leadership team, and relevant project also needed to include a vision for the game, addressing gameplay design, target audiences, monetisation plans, and creative direction.
