Latest news with #shareRepurchase
Zawya
a day ago
- Business
- Zawya
Qatar National Bank suspends share buyback, to resume on July 10
Doha: Qatar National Bank (QNB) Group said that in accordance with Qatar Financial Markets Authority regulations, QNB will not conduct its share repurchase during the closed period commencing from 25 June 2025 to 9 July 2025, due to the upcoming publication of QNB Group's interim financial results for the six months period ending 30 June 2025. QNB will recommence its share repurchase from 10 July 2025, QNB said in a statement published on Qatar Stock Exchange website. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (
Yahoo
5 days ago
- Business
- Yahoo
MakeMyTrip Announces Closing of Offering of US$1.25 billion 0.00% Convertible Senior Notes Due 2030 and Full Exercise of Option to Purchase Additional Notes
NEW YORK & GURUGRAM, India, June 23, 2025--(BUSINESS WIRE)--MakeMyTrip Ltd (NASDAQ: MMYT, the "Company" or "MakeMyTrip"), today announced the closing of its previously announced offering of US$1.25 billion in aggregate principal amount of 0.00% convertible senior notes due 2030 (the "Notes"), and the exercise in full by the initial purchasers of their option to purchase an additional US$187.5 million in aggregate principal amount of the Notes (collectively, the "Notes Offering"). The Notes were offered in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). The Company also announced today by a separate press release the closing of a registered public offering of 16,000,000 ordinary shares (the "Primary Equity Offering") at US$90 per ordinary share. The underwriters exercised in full their option to purchase 2,400,000 additional ordinary shares. MakeMyTrip received net proceeds from the Notes Offering of approximately US$1.41 billion, after deducting the initial purchasers' discounts and estimated offering expenses payable by the Company. The Company plans to use all of the net proceeds from the Notes Offering and the Primary Equity Offering to repurchase a portion of the Class B ordinary shares of the Company from Group Limited. Terms of the Notes The Notes are senior unsecured obligations of the Company. The Notes will mature on July 1, 2030 unless redeemed, repurchased or converted prior to such date. The Notes will be convertible into ordinary shares of the Company, at the option of the holders, in integral multiples of US$1,000 principal amount, at any time prior to the close of business on the second business day preceding the maturity date. The initial conversion rate of the Notes is 8.2305 ordinary shares per US$1,000 principal amount of Notes (which is equivalent to an initial conversion price of approximately US$121.50 per ordinary share and represents a conversion premium of approximately 35% above the public offering price of the ordinary shares, which was US$90 per ordinary share). The conversion rate of the Notes is subject to adjustment upon the occurrence of certain events. On or after July 10, 2028, MakeMyTrip may redeem for cash all or part of the Notes, at its option (such redemption, an "Optional Redemption"), if (x) the Notes are "freely tradable" (as defined in the indenture for the Notes) and all accrued and unpaid special interest, if any, has been paid in full, as of the date the Company sends the notice of redemption and (y) the last reported sale price of MakeMyTrip's ordinary shares has been at least 130% of the conversion price then in effect on (i) each of at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately prior to the date MakeMyTrip provides notice of redemption and (ii) the trading day immediately preceding the date MakeMyTrip sends such notice. MakeMyTrip may also redeem for cash all but not part of the Notes at any time if less than 10% of the aggregate principal amount of Notes issued remains outstanding at such time ("Cleanup Redemption"). In addition, MakeMyTrip may redeem all but not part of the Notes in the event of certain changes in the tax laws ("Tax Redemption"). The redemption price in the case of a Tax Redemption, an Optional Redemption or a Cleanup Redemption will equal 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid special interest, if any, to, but excluding, the related Redemption Date. Holders of the Notes will have the right, at their option, to require the Company to repurchase for cash all or part of their Notes, on July 3, 2028 at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased plus accrued and unpaid special interest, if any. In addition, subject to certain conditions and a limited exception, holders of the Notes will have the right to require the Company to repurchase all or part of their Notes upon occurrence of certain events that constitute a fundamental change. In connection with certain corporate events or if the Company issues a notice of Optional Redemption, Cleanup Redemption or Tax Redemption, it will, under certain circumstances, increase the conversion rate for holders who elect to convert their Notes in connection with such corporate event or such Optional Redemption, Cleanup Redemption or Tax Redemption. Other Matters Nothing contained herein shall constitute an offer to sell or the solicitation of an offer to buy any securities, including the Notes or the ordinary shares, nor shall there be any offer or sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful. The Primary Equity Offering was made only by means of a separate prospectus supplement and accompanying prospectus pursuant to an effective registration statement filed with the U.S. Securities and Exchange Commission. The Notes and the ordinary shares deliverable upon conversion thereof have not been, and will not be, registered under the Securities Act of 1933, as amended (the "Securities Act") or any state securities laws and are being offered and sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. Forward-Looking Statements This document contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this document, including but not limited to, statements about MakeMyTrip's goals, targets, projections, outlooks, beliefs, expectations, strategy, plans, objectives of management for future operations of MakeMyTrip, and growth opportunities, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including "anticipate," "expect," "suggest," "plan," "believe," "intend," "estimate," "target," "project," "should," "could," "would," "may," "will," "forecast" or other similar expressions. Forward-looking statements are based upon estimates and forecasts and reflect the views, assumptions, expectations, and opinions of MakeMyTrip, which involve inherent risks and uncertainties, and therefore should not be relied upon as being necessarily indicative of future results. A number of factors, including macro-economic, industry, business, regulatory and other risks, could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to: MakeMyTrip's ability to grow at the desired rate or scale and its ability to manage its growth; its ability to further develop its business, including new products and services; its ability to attract and retain partners and consumers; its ability to compete effectively in the intensely competitive and constantly changing market; its ability to continue to raise sufficient capital; its ability to reduce net losses and the use of partner and consumer incentives, and to achieve profitability; potential impact of the complex legal and regulatory environment on its business; its ability to protect and maintain its brand and reputation; general economic, social, and political conditions, currency exchange fluctuations and inflation; expected growth of markets in which MakeMyTrip operates or may operate; and its ability to defend any legal or governmental proceedings instituted against it. In addition to the foregoing factors, you should also carefully consider the other risks and uncertainties described under "Item 3. Key Information – D. Risk Factors" and in other sections of MakeMyTrip's annual report on Form 20-F for the fiscal year ended March 31, 2025, as well as in other documents filed by MakeMyTrip from time to time with the U.S. Securities and Exchange Commission. All information provided in this release is provided as of the date of issuance of this release, and MakeMyTrip does not undertake any obligation to update any forward-looking statement, except as required under applicable law. About MakeMyTrip Limited We own and operate well-recognized online travel brands, including MakeMyTrip, Goibibo and redBus. Through our primary websites, and mobile platforms, travelers can research, plan and book a wide range of travel services and products in India and overseas. Our services and products include air ticketing, hotel and alternative accommodations bookings, holiday planning and packaging, bus ticketing, rail ticketing, car hire and ancillary travel requirements such as facilitating access to third-party travel insurance, forex services, and visa processing. We provide our customers with access to all major domestic full-service and low-cost airlines operating in India and all major airlines operating to and from India, a comprehensive set of domestic accommodation properties in India and a wide selection of properties outside of India, Indian Railways, and all major Indian bus operators. View source version on Contacts For more details, please contact: Mohit KabraGroup Chief Financial OfficerMakeMyTrip Limitedgroupcfo@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
11-06-2025
- Business
- Yahoo
ADF Group Inc (ADFJF) Q1 2026 Earnings Call Highlights: Navigating Tariff Challenges with ...
Revenue: $55.5 million for the three-month period ended April 30, 2025, compared to $107.4 million for the same period in 2024. Gross Margin: $12.2 million, decreased by $19.1 million from the previous year; gross margin percentage decreased from 29.2% to 22%. Net Income: $8.7 million or $0.30 per share, compared to $15.3 million or $0.47 per share in the previous year. Selling and Administrative Expenses: $3.4 million, a decrease of $6.3 million from the previous year. Cash and Cash Equivalents: $75.3 million, $15.3 million higher than the January 31, 2025, ending balance. Working Capital: $108.6 million with a ratio of 2.45:1. CapEx: $1.6 million for the quarter, with full-year CapEx expected to be under $8 million. Order Backlog: $330.4 million as of April 30, 2025. Share Repurchase: 699,000 subordinate voting shares repurchased for $5.1 million during the quarter; total NCIB program repurchase of 1.8 million shares for $14.1 million. Warning! GuruFocus has detected 6 Warning Signs with PYYX. Release Date: June 10, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. ADF Group Inc (ADFJF) reported a strong order backlog exceeding $300 million as of April 30, 2025, indicating potential future revenue growth. The company closed the first quarter with a robust cash and cash equivalents position of $75.3 million, which is $15.3 million higher than the previous quarter. Net income for the quarter was $8.7 million, benefiting from lower net financial expenses and a $2.9 million foreign exchange gain. ADF Group Inc (ADFJF) successfully completed its NCIB program, repurchasing 1.8 million shares, which reflects confidence in the company's value. The company anticipates an increase in revenues and profitability in the second half of the fiscal year ending January 31, 2026, based on current market conditions. Revenues for the quarter decreased significantly to $55.5 million from $107.4 million in the same period last year, primarily due to US tariffs. Gross margin decreased by $19.1 million, with margins dropping from 29.2% to 22% year-over-year, impacted by tariffs and increased steel prices. The uncertainty surrounding US tariffs has caused delays in fabrication hours, particularly affecting the Terrebonne plant in Quebec. The company faced a loss of certain business opportunities due to the imposition of tariffs, affecting its US client base. Selling and administrative expenses decreased by $6.3 million, but this was mainly due to adjustments in market value of deferred share units and performance share units, not operational improvements. Q: Can you clarify if the expected growth in the second half of the year implies year-over-year growth back to the $80 million plus level, or is it growth over the quarter reported today? A: Based on current knowledge, we expect revenues to return to levels seen last year, around $80 to $85 million, assuming current conditions remain unchanged. - Jean Paschini, CEO Q: How are contract discussions going with clients regarding exemptions? Are you seeing more receptiveness, and should we expect new contracts soon? A: We anticipate new contracts in the coming months, though it's uncertain if they will be US contracts due to ongoing tariff uncertainties. Conversations with clients are positive, but the situation remains fluid. - Jean-Francois Boursier, CFO Q: Are you seeing any momentum with Canadian clients, given that this quarter was almost entirely US-focused? A: Yes, there is significant momentum with Canadian clients, and we see substantial potential in this area. - Jean-Francois Boursier, CFO Q: With the NCIB completed and a large cash balance, what are your plans for capital allocation? Are you considering paying down debt or any CapEx projects? A: We are exploring various CapEx projects and scenarios to utilize our cash effectively, focusing on projects within our shop. - Jean-Francois Boursier, CFO Q: What are your expectations for the second half of the fiscal year in terms of revenue and profitability? A: We expect an increase in revenues and profitability for the second half of the fiscal year, supported by a strong order backlog exceeding $300 million. - Jean Paschini, CEO For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Yahoo
31-05-2025
- Business
- Yahoo
Argus Lowers WDC Price Target to $65, Maintains Buy on Growth Prospects
Argus recently lowered the price target on Western Digital Corporation (NASDAQ:WDC) to $65 from $88 and kept a Buy rating on the shares. Western Digital develops, manufactures, and sells data storage devices and solutions. In an investor note, the analyst told investors that memory and data storage demand in the enterprise and cloud markets appeared to be growing, and Western Digital was positioned for solid top- and bottom-line growth across the remainder of FY25 and into FY26, though the advisory was adjusting its model to account for the SanDisk separation. The firm recently announced that it would take a significant step forward in enhancing shareholder value with a new $2 billion share repurchase program. Moreover, Cerabyte, a ceramic-based data storage solutions firm, recently announced a strategic investment from WDC. The partnership will accelerate the development of Cerabyte's ground-breaking ceramic data storage technology, designed to meet the growing demand for permanent accessible long-term data storage in existing and new use cases. While we acknowledge the potential of WDC, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than WDC and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: 33 Most Important AI Companies You Should Pay Attention To and 30 Best AI Stocks to Buy According to Billionaires Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Argaam
25-05-2025
- Business
- Argaam
Bupa Arabia plans share repurchase for employees' stock incentive program
Bupa Arabia for Cooperative Insurance Co. 's board of directors recommended, on April 23, the repurchase of no more than 1.4 million shares to be allocated for the employees' long-term stock incentive plan from 2025 to 2029. The share repurchase will be funded through the company internal resources, said Bupa Arabia in a Tadawul filing today, May 25, adding that the current ratio of treasury shares out of the total class of shares purchased is 0.43%. The company also noted that the repurchased shares will not have voting rights in the general assembly's meetings. The decision is yet to be voted on in the coming extraordinary general meeting (EGM), which will be announced later according to the requirements of the fourth paragraph of Article Seventeen of the Implementing Regulation of the Companies Law for Listed Joint Stock Companies. Bupa Arabia should also satisfy solvency requirements as stipulated in the third paragraph of Article 17 of the Executive Regulation of the Companies Law for Listed Joint Stock Companies.
