Latest news with #GFM


Time of India
a day ago
- Business
- Time of India
Spanish firm caught supplying Russia? 110-ton war machine sparks sanctions violation fears
A big 110-ton forging machine was sent to Russia, and now people are worried it might break international sanctions. The company involved is Forward Technical Trade SL, which is based in Albacete, Spain. This Spanish company sold the machine to AZK Group, a Russian firm, for $1.3 million. The machine was made back in 1983 by GFM, an Austrian manufacturing company. The machine is a Computer Numerical Control (CNC) forging machine — it's used to make large artillery barrels, as per the report by Militarnyi. How the Machine Reached Russia The sale was handled through a Hong Kong company named Scorpion's Holding Group Limited. The machine shipment was officially cleared by Russian customs at Nizhny Novgorod. There was a legal fight about what kind of machine it is — Russian customs said it was a radial forging machine, but AZK Group said it was for rotary forging, as stated by the reports. Why This Machine Matters to Russia Experts say these types of machines are super important for Russia to make artillery barrels, which need to be perfectly shaped for accuracy. The Royal United Services Institute (RUSI) said GFM machines have been used for radial forging in Russia since the 1970s, as mentioned in the report by Defence Blog. Russia has been using SXP-5 rotary forging machines in Perm since 1975 — they got 26 of them during the Soviet Union days. Russia tried to make their own similar machines, but never succeeded in building good ones, as per the reports. Live Events This Spanish machine delivery happened while Russia is struggling to keep up with the huge demand for artillery in the war against Ukraine. Russian gun barrels are wearing out fast because of how much they're being used, so they need to replace and produce more quickly, according to the Defence Blog. FAQs Q1. Did a Spanish company sell military equipment to Russia? Yes, a Spanish firm reportedly sold a 110-ton forging machine to a Russian company, raising sanctions concerns. Q2. Why is the 110-ton forging machine important to Russia? The machine helps make large artillery barrels, which Russia needs badly for its war in Ukraine.


The Star
02-07-2025
- Business
- The Star
GFM Services acquires stake in Shapadu Energy
PETALING JAYA: GFM Services Bhd has signed a conditional share sale agreement to acquire a 60% stake in Shapadu Energy Sdn Bhd for RM30mil in cash from Shapadu Corp Sdn Bhd, strengthening its presence in the oil and gas facilities maintenance (O&G FM) sector. This acquisition builds on GFM's 2023 purchase of Highbase Strategic Sdn Bhd (Highbase), another O&G FM player. Shapadu Energy, via its unit Shapadu CR Asia, holds a key turnaround maintenance contract (TA4MS) with Pengerang Refining Company Sdn Bhd and Pengerang Petrochemical Company Sdn Bhd (collectively known as PRefChem), a joint venture between Petroliam Nasional Bhd and Saudi Aramco at the Pengerang Integrated Complex. With this deal, GFM will gain greater access to large-scale, complex projects at PIC, leveraging Shapadu Energy's resources and expertise. The combined operations of Shapadu Energy and Highbase are expected to create operational synergies, enhance efficiency, and reduce costs. Upon completion, GFM will own 60% of Shapadu Energy, with Shapadu Corp retaining 40%. The deal is expected to be completed in the second half of 2025, funded via internal resources and/or borrowings.


New Straits Times
02-07-2025
- Business
- New Straits Times
GFM buying 60pct Shapadu Energy stake for RM30mil
KUALA LUMPUR: GFM Services Bhd has entered into a conditional share sale agreement with Shapadu Corp Sdn Bhd to buy a 60 per cent stake in Shapadu Energy Sdn Bhd for RM30 million. The integrated facilities management (IFM) services provider said the proposed acquisition follows the heads of agreement by both parties in December 2024. GFM group managing director Ruslan Nordin said the proposed acquisition is a strategic step forward in scaling up the company's oil and gas FM capabilities and scope. Ruslan said it represents a key milestone in the company's long-term strategy to strengthen and expand its 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 Pengerang Integrated Complex under the turnaround main mechanical and maintenance mechanical static (TA4MS) contract," he said. The strategic value of the proposed 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 FY24, representing 45 per cent compound annual growth rate. Upon completion of the acquisition, Shapadu Corp will have a 40 per cent stake in Shapadu Energy. Consequently, Shapadu Energy will become a 60 per cent-owned subsidiary of GFM and will remain an independently managed business unit under the company. The RM30 million acquisition will be paid entirely in cash. GFM said it intends to fund the acquisition through internally generated funds and/or bank borrowings, with the final composition to be determined at a later stage. The proposed acquisition is expected to be completed by the second half of 2025.

TimesLIVE
24-05-2025
- Entertainment
- TimesLIVE
Veteran actress Clementine Mosimane happy women protected against abuse in the film industry
During a wellness event in Joburg hosted by Koketso Masuluke, founder of Duende Meraki Cartel, in partnership with the Gauteng Film Commission, veteran actress Clementine Mosimane said she is glad most production companies protect women against abuse. Mosimane said some companies create a safe space for women, especially in sexual scenes where sexual instructors are on board even though half the time producers and heads don't know where the rage on set stems from. 'Sometimes you'd find an actor upset and rageful on set and producers would say these actors are not easy to work with, forgetting that they are also human. Producers sometimes don't give actors grace or try to understand the underlying issue. . 'What I would like to plead with production companies for is not to formalise nakedness on screen because it's mostly the woman's body parts being shown . Mosimane added that for years people had said women compromise themselves to land a role and sometimes you watch the screen and wonder how that individual got the role. She hopes in today's generation this is not the case. She said she is glad that women are occupying space in the film industry and people like Karabo Lediga, filmmaker of Sabbatical are bold enough to create a safe space that is conducive for women and cognitive of mental health. GFM CEO Keitumetse Lebaka, said they started assessing the contribution of women-owned films in the industry and realised that more than 20% of the films they were funding were female-owned and directed. 'We thought it was important to talk about issues affecting women in film — why do we have so little and why are some women holding back?' .' She said they have partnered with Sisters Working in Film & Television (SWIFT) in understanding the business of film and how they make film sets safer for women. 'The partnership with swift is supporting the code of conduct that women feel safer and are not violated, ensuring that there is training and awareness that takes place and also looking into the mental wellness aspect of it: how do we make sure we have well-rounded women in the industry?'