Latest news with #PIC
Sky News
5 hours ago
- Business
- Sky News
Apollo-backed Athora closes in on £6bn Pension Insurance Corporation deal
A savings and retirement services group backed by Apollo Global Management is closing in on a near-£6bn takeover of Pension Insurance Corporation (PIC), one of the City's biggest specialist insurers. Sky News has learnt that Athora, which is minority-owned by Apollo, the US-based alternative investments giant, is days away from striking a deal to take control of PIC. City sources said the deal, worth just under £6bn, could be announced as soon as this week. It would represent a landmark transaction in the pension risk transfer market, where insurers such as PIC, Legal & General and Rothesay take on companies' defined benefit pension schemes and the assets behind them. RSA, the insurer, and British American Tobacco are among the corporate names with which PIC has transacted. It has also signed agreements with Chemring and Qantas. PIC's shareholders include CVC Capital Partners, BlackRock-owned HPS, a subsidiary of the Abu Dhabi Investment Authority and Reinet, a vehicle created from the restructuring of luxury goods group Richemont. Reinet, which owns 49.5% of PIC, issued a statement late last week confirming it was in talks to sell its stake but without naming the potential acquirer. Apollo previously looked at an offer for PIC in 2023, with rival bidders including Carlyle and KKR also emerging. The market for bulk annuities has exploded in recent years as companies seek to offload a variety of pension-related financial risks. PIC recently announced the retirement of its long-serving chief executive, Tracy Blackwell, and has yet to name her successor.
The Sun
14 hours ago
- Business
- The Sun
GFM to acquire 60%-equity stake in Shapadu Energy for RM30m, strengthening O&G presence
KUALA LUMPUR: Integrated facilities management (IFM) services provider GFM Services Bhd signed a conditional share sale agreement with Shapadu Corporation Sdn Bhd to acquire a 60% equity interest in Shapadu Energy Sdn Bhd for RM30 million. The acquisition follows the signing of the heads of agreement by both parties in December 2024. GFM Services group managing director Ruslan Nordin said this acquisition is a strategic step forward in scaling up the company's O&G FM capabilities and scope. 'It represents a key milestone in the group's long-term strategy to strengthen and expand our presence in this high-value segment. 'By acquiring Shapadu Energy, we will gain access to an established customer base, resources, and expertise, particularly at the PIC under the Integrated Turnaround Main Mechanical & Maintenance Mechanical Static (TA4MS) contract,' he said in a statement. Shapadu Energy is involved in the oil & gas (O&G) downstream maintenance and turnaround services, as well as upstream maintenance, hook-up and commissioning activities. Through its subsidiary, Shapadu CR Asia Sdn Bhd, it holds the TA4MS contract from Pengerang Refining Company Sdn Bhd and Pengerang Petrochemical Company Sdn Bhd—joint venture companies formed between Saudi Aramco and PETRONAS. The contract involves providing a plant turnaround services to Pengerang Refining and Pengerang Petrochemical at the Pengerang Refinery and Petrochemical Complex within the Pengerang Integrated Complex (PIC) in Johor as needed. This complements GFM's own O&G arm via Highbase Strategic Sdn Bhd, which also holds a TA4MS contract from PETRONAS. The acquisition builds upon GFM's acquisition of Highbase in December 2023, which marked the group's entry into the O&G facilities maintenance (FM) sector. With both Highbase and Shapadu Energy operating under TA4MS contracts, the enlarged group will be well-positioned to grow its presence and participate more competitively in larger, more complex projects at the PIC. 'The combined capabilities of both entities are expected to unlock synergies across the enlarged group. These include increased market presence through strategic collaboration, as well as shared use of manpower and equipment, which may lead to cost rationalisation, improved operational efficiency, and stronger overall financial performance. 'We are confident that Shapadu Energy's skilled management team will strengthen our O&G segment, leveraging their industry expertise to drive growth and enhance operational performance,' Ruslan added. The strategic value of the acquisition is further supported by the robust financial performance of Shapadu Energy's subsidiary, SCRA, which holds the TA4MS contract. Over the past three years, SCRA demonstrated consistent revenue growth from RM37.2 million in the financial year ended December 31, 2021 (FY21) to RM114.7 million in FYE24, representing a 45% compound annual growth rate (CAGR). Net profit also more than tripled from RM2.5 million in FY21 to RM8.8 million in FY24. This growth trajectory is expected to contribute positively to the group's profitability post-acquisition. Upon completion of the acquisition, GFM will hold a 60% equity interest in Shapadu Energy, while the remaining 40% will be retained by Shapadu Corporation. Consequently, Shapadu Energy will become a 60%-owned subsidiary of GFM and will remain an independently managed business unit under the group. GFM has also entered into a conditional Call Option Agreement, granting Shapadu Corporation the right to purchase a 15%-equity interest in Shapadu Energy for RM10 million. This option is exercisable within 24 months from the completion of the acquisition. The RM30 million acquisition will be satisfied entirely in cash. GFM intends to fund the acquisition through internally generated funds and bank borrowings, with the final composition to be determined at a later stage. The acquisition is expected to be completed by the second half of 2025.
Malay Mail
2 days ago
- Business
- Malay Mail
Prime Immigration Consultancy Announces Expansion of Service Offerings to Help Clients Achieve the Singapore Dream
Prime Immigration Consultancy, an immigration service agency in Singapore PR Re-Application and Appeals Support Education and Career Placement Financial Planning and Wealth Advisory Corporate Partnerships for Seamless Integration Corporate Secretary Services for Entrepreneurs and Business Owners SINGAPORE - Media OutReach Newswire - 1 July 2025 - Prime Immigration Consultancy (PIC), a Singapore-based immigration consultancy , has announced an expansion of its services to provide more comprehensive support for clients pursuing Permanent Residency (PR) and Citizenship. This enhancement reflects PIC's dedication to helping individuals and families achieve the Singapore Dream—a future defined by stability, opportunity, and quality of for its exceptional quality of life, strong economy, and robust education system, Singapore remains a highly sought-after destination for global talent and their families. PIC's newly expanded suite of services is designed to help clients not only navigate the immigration application process but also build fulfilling lives as integrated members of Singaporean ICA's rigorous evaluation process can be challenging. PIC now offers specialised guidance for PR re-applications and appeals, helping clients strengthen their profiles and align their cases with Singapore's PR application requirements , increasing their chances of individuals pursuing the Singapore Dream, education and stable employment are crucial. Through strengthened partnerships with reputable educational institutions and recruitment firms, PIC supports clients in enhancing their qualifications and securing meaningful employment. This helps lay the foundation for both personal advancement and long-term contribution to Singapore's the importance of financial resilience, PIC now incorporates comprehensive financial planning into its services, helping clients demonstrate the economic self-sufficiency that Singapore values in long-term residents and support clients beyond the application stage, PIC has built relationships with service providers in real estate, taxation, healthcare, and lifestyle. This allows clients to benefit from a seamless transition into Singapore's dynamic society, from settling into their homes to accessing essential services that enhance their quality of Singapore continues to be a preferred destination for global entrepreneurs, PIC has introduced Corporate Secretary services to support clients who wish to incorporate businesses locally. From ACRA compliance and nominee director services to registered office addresses and annual return filings, this new service enables business-minded individuals to establish and maintain fully compliant companies in Singapore with service expansion marks a strategic development in Prime Immigration Consultancy's efforts to strengthen support for individuals and families navigating immigration processes in PIC, the focus extends beyond documentation. By offering practical guidance and tailored support, the firm aims to help clients take meaningful steps toward realising the Singapore Dream. Moving forward, the team is committed to providing reliable, client-focused services grounded in professionalism and #PIC #PrimeImmigrationConsultancy The issuer is solely responsible for the content of this announcement. About Prime Immigration Prime Immigration Consultancy is an immigration agency in Singapore providing end-to-end support for permanent residency and citizenship applications. With a team of dedicated professionals, PIC offers regulatory guidance and practical assistance tailored to individual and family immigration needs.
The Sun
2 days ago
- Business
- The Sun
Prime Immigration Consultancy Announces Expansion of Service Offerings to Help Clients Achieve the Singapore Dream
SINGAPORE - Media OutReach Newswire - 1 July 2025 - Prime Immigration Consultancy (PIC), a Singapore-based immigration consultancy, has announced an expansion of its services to provide more comprehensive support for clients pursuing Permanent Residency (PR) and Citizenship. This enhancement reflects PIC's dedication to helping individuals and families achieve the Singapore Dream—a future defined by stability, opportunity, and quality of life. A Holistic Approach to Securing the Singapore Dream Recognised for its exceptional quality of life, strong economy, and robust education system, Singapore remains a highly sought-after destination for global talent and their families. PIC's newly expanded suite of services is designed to help clients not only navigate the immigration application process but also build fulfilling lives as integrated members of Singaporean society. Expanded Services at a Glance 1. PR Re-Application and Appeals Support Navigating ICA's rigorous evaluation process can be challenging. PIC now offers specialised guidance for PR re-applications and appeals, helping clients strengthen their profiles and align their cases with Singapore's PR application requirements, increasing their chances of success. 2. Education and Career Placement For individuals pursuing the Singapore Dream, education and stable employment are crucial. Through strengthened partnerships with reputable educational institutions and recruitment firms, PIC supports clients in enhancing their qualifications and securing meaningful employment. This helps lay the foundation for both personal advancement and long-term contribution to Singapore's growth. 3. Financial Planning and Wealth Advisory Recognising the importance of financial resilience, PIC now incorporates comprehensive financial planning into its services, helping clients demonstrate the economic self-sufficiency that Singapore values in long-term residents and citizens. 4. Corporate Partnerships for Seamless Integration To support clients beyond the application stage, PIC has built relationships with service providers in real estate, taxation, healthcare, and lifestyle. This allows clients to benefit from a seamless transition into Singapore's dynamic society, from settling into their homes to accessing essential services that enhance their quality of life. 5. Corporate Secretary Services for Entrepreneurs and Business Owners As Singapore continues to be a preferred destination for global entrepreneurs, PIC has introduced Corporate Secretary services to support clients who wish to incorporate businesses locally. From ACRA compliance and nominee director services to registered office addresses and annual return filings, this new service enables business-minded individuals to establish and maintain fully compliant companies in Singapore with ease. A Commitment to Client Success This service expansion marks a strategic development in Prime Immigration Consultancy's efforts to strengthen support for individuals and families navigating immigration processes in Singapore. At PIC, the focus extends beyond documentation. By offering practical guidance and tailored support, the firm aims to help clients take meaningful steps toward realising the Singapore Dream. Moving forward, the team is committed to providing reliable, client-focused services grounded in professionalism and integrity.
Zawya
2 days ago
- Business
- Zawya
Prime Immigration Consultancy Announces Expansion of Service Offerings to Help Clients Achieve the Singapore Dream
SINGAPORE - Media OutReach Newswire - 1 July 2025 - Prime Immigration Consultancy (PIC), a Singapore-based immigration consultancy, has announced an expansion of its services to provide more comprehensive support for clients pursuing Permanent Residency (PR) and Citizenship. This enhancement reflects PIC's dedication to helping individuals and families achieve the Singapore Dream—a future defined by stability, opportunity, and quality of life. A Holistic Approach to Securing the Singapore Dream Recognised for its exceptional quality of life, strong economy, and robust education system, Singapore remains a highly sought-after destination for global talent and their families. PIC's newly expanded suite of services is designed to help clients not only navigate the immigration application process but also build fulfilling lives as integrated members of Singaporean society. Expanded Services at a Glance PR Re-Application and Appeals Support Navigating ICA's rigorous evaluation process can be challenging. PIC now offers specialised guidance for PR re-applications and appeals, helping clients strengthen their profiles and align their cases with Singapore's PR application requirements, increasing their chances of success. Education and Career Placement For individuals pursuing the Singapore Dream, education and stable employment are crucial. Through strengthened partnerships with reputable educational institutions and recruitment firms, PIC supports clients in enhancing their qualifications and securing meaningful employment. This helps lay the foundation for both personal advancement and long-term contribution to Singapore's growth. Financial Planning and Wealth Advisory Recognising the importance of financial resilience, PIC now incorporates comprehensive financial planning into its services, helping clients demonstrate the economic self-sufficiency that Singapore values in long-term residents and citizens. Corporate Partnerships for Seamless Integration To support clients beyond the application stage, PIC has built relationships with service providers in real estate, taxation, healthcare, and lifestyle. This allows clients to benefit from a seamless transition into Singapore's dynamic society, from settling into their homes to accessing essential services that enhance their quality of life. Corporate Secretary Services for Entrepreneurs and Business Owners As Singapore continues to be a preferred destination for global entrepreneurs, PIC has introduced Corporate Secretary services to support clients who wish to incorporate businesses locally. From ACRA compliance and nominee director services to registered office addresses and annual return filings, this new service enables business-minded individuals to establish and maintain fully compliant companies in Singapore with ease. A Commitment to Client Success This service expansion marks a strategic development in Prime Immigration Consultancy's efforts to strengthen support for individuals and families navigating immigration processes in Singapore. At PIC, the focus extends beyond documentation. By offering practical guidance and tailored support, the firm aims to help clients take meaningful steps toward realising the Singapore Dream. Moving forward, the team is committed to providing reliable, client-focused services grounded in professionalism and integrity. Hashtag: #PIC #PrimeImmigrationConsultancy The issuer is solely responsible for the content of this announcement. About Prime Immigration Prime Immigration Consultancy is an immigration agency in Singapore providing end-to-end support for permanent residency and citizenship applications. With a team of dedicated professionals, PIC offers regulatory guidance and practical assistance tailored to individual and family immigration needs. Prime Immigration
