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  • MIL-OSI Russia: A year in RIM: at SPbGASU, estimators discussed the results of work on the resource-index method

    Translartion. Region: Russians Fedetion –

    Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering – Victoria Vinogradova, Alexander Grimitlin, Valery Uskov, Evgeny Enokaev, Maxim Shibnev, Alexey Belousov, Oleg Razgulyaev, Pavel Goryachkin

    For the second time, SPbGASU held a conference on the application of the resource-index method (RIM) for pricing the estimated cost of construction for government procurement projects.

    RIM is a new method for determining the estimated cost of construction. It involves the use of estimate standards – a list of resources required to carry out the work and their quantity, but without base prices. The cost of each resource is determined in current prices directly at the time of drawing up the estimate. Since the first quarter of 2024, 85 regions of the country have switched to RIM. Let us recall that a year ago, the Consortium of the Construction Industry of the Northwestern Federal District (includes the construction committees of St. Petersburg and the Leningrad Region, the SRO Association “Association of Builders of St. Petersburg”, SPbGASU, NP “Association of Manufacturers of Building Materials”), the IOO “Union of Estimating Engineers” and the National Association of Surveyors and Designers (NOPRIZ) held the first conference on the use of RIM. Then the professional community discussed the expected effectiveness of the innovation and the problems in construction processes associated with it. This year, the organizers of the conference summed up some of the work.

    “A year ago, the obligation to switch to RIM was an event that took many by surprise. Today, we intend to discuss ways to facilitate and increase the reliability of the work of estimators,” emphasized Oleg Razgulyaev, Vice President of the Association of Construction Materials Manufacturers, moderator of the conference.

    Alexey Belousov, General Director of the Saint Petersburg Builders Association and Coordinator of the Northwestern Federal District Construction Industry Consortium, noted that today prices for construction materials are quite volatile, which requires better work with them, so the conference is of great importance. “RIM allows for more efficient work in the current conditions. In addition, the government has legislatively allowed for price adjustments during construction in the range of up to 30 percent. This is serious support for the industry,” he said.

    Digital aspects

    Alexander Grimitlin

    Vice President of NOPRIZ Alexander Grimitlin recalled that in light of geopolitical events, unprecedented pressure caused certain concerns, since many foreign software products were supplied from unfriendly countries. Risks arose that could have led to tragic consequences, but became less unpleasant and certainly not catastrophic.

    “Until 2022, about 600 software products were used in 49 areas of the domestic construction industry, after the well-known events, almost half left the Russian market. But our activities have not undergone significant transformation. Since the beginning of this year, NOPRIZ has launched a program to stimulate software developers, to increase their own product, including with the help of government measures, because this task is not easy due to the financial situation of the developers themselves. If large companies are able to provide for themselves, then it is more difficult for small ones – they cannot organize the development of the new product they need.

    In addition, I consider the assistance in training personnel within the framework of the TIM championships of SPbGASU to be significant. They also include costing, which is very useful for participants, since at the very beginning of their professional activity it gives them skills in working in the automated calculation system.

    The digital modeling method is very important in science. It allows achieving greater efficiency and solving problems in an unconventional way. The introduction of calculation programs and price instability create serious difficulties for the industry, but you can’t choose your time. Therefore, it is necessary to continue to engage in qualified cost estimates,” says Alexander Grimitlin.

    In the process of implementation

    Deputy Chairman of the Committee for Construction of St. Petersburg Evgeny Uskov noted that his department began analyzing the necessary data and issuing the relevant documentation practically from the moment the decree on the transition to RIM was signed.

    “In 2024, 118 social facilities were built, 37 of which were financed from the city budget and 81 from investors. We managed to obtain permission using the new calculation method for two facilities. For 2025-2027, design survey work is planned for 124 facilities, of which two projects using RIM are undergoing examination and technical specifications have been developed for 19. In 2025, it is planned to commission 112 social facilities, 42 of which are financed from the city budget. A large amount of funding is planned for the development of design documentation. Since December 1, 2024, documentation has been submitted electronically in the information system of the Ministry of Construction of Russia. Digital technologies allow for more efficient and effective management of construction processes. RIM is considered a tool with a number of advantages, including increasing the accuracy and reliability of cost determination. The transition to it is gradual, but accompanied by difficulties,” recalled Evgeny Uskov.

    Among the difficulties, he named the low filling of the Federal State Information System of Pricing in Construction (FSISPC), the decrease in the final cost of construction projects, the lack of standard pilot projects in RIM and the experience of specialists. Many questions also arise regarding the procedure for developing estimates, in particular, the procedure for drawing up estimate documentation and the procedure for determining the cost of resources, the increase in the volume of the estimate itself, the form of which is cumbersome and inconvenient for analyzing interim results. A market analysis of transportation prices and the calculation of the time and cost of delivery is necessary.

    Strategy of the Leningrad Region

    First Deputy Chairman of the Leningrad Region Construction Committee Evgeny Enokaev recalled that, in accordance with the strategy for the development of the regional construction industry, the task of improving the pricing system has been implemented since 2016.

    “The Leningrad Region switched to RIM a little earlier than St. Petersburg – in 2023, due to which we have more facilities built and under construction using the new calculation method. In 2024, 125 positive conclusions were issued using RIM. One facility – the Prosthetics Center in Vsevolozhsk – has already been built, another one – a clinic in Kirovsk – is at the implementation stage.

    We expected an increase in the reliability of cost estimates. Were they more reliable? It is difficult to say yet. But, in any case, the introduction of such innovations is associated with the need to improve them at the implementation stages, so RIM continues to develop: the Ministry of Construction of Russia is working to improve regulatory documents, involving the regions. Issues on improving software are being discussed.

    Our committee interacts with construction organizations and understands the problems of the industry well. For example, there is a discrepancy in the cost of resources in remote areas of the region. We cannot make decisions at the local level based on situations that are contrary to the regulatory documents of the federal government, but we actively participate in the discussion of the pricing system. Thus, in early February, a round table was held in the Federal Assembly with the participation of the Ministry of Construction and representatives of the regions. We made proposals that were included in the recommendations for development and implementation for the relevant ministries,” said Evgeny Enokaev.

    He noted that one of the key elements influencing the formation of a single price and index database in the FGISTSS is the monitoring center, a subordinate body of the executive power of the subjects. In the Leningrad Region, the tasks of monitoring the filling of the FGISTSS, quarterly monitoring of resource prices, and annual calculation of the wages of a first-category worker are assigned to the pricing department in construction. According to him, over the past five years, the growth of industry wages has amounted to about 100 percent. However, today the standard wage is significantly underestimated relative to the actual one. It is expected that this year it will amount to 63,500 rubles and will exceed the figures for the previous year by 38 percent. The next area is providing data for calculating indices based on the current cost of resources in accordance with the nomenclature. Over the past five years, the volume of the nomenclature has increased by 85 percent, and indices are already being issued based on the results of this data.

    “The FGISTS database remains low in volume; it has not been possible to increase its volume to 50 percent in five years. In the first quarter of this year, only 34 percent of 800 legal entities engaged in construction activities in the Leningrad Region submitted data. In our opinion, business entities do not have a strong motivation to provide prices for their products. We also made a proposal to strengthen this motivation in the Federation Council. The Ministry of Construction is considering various proposals to increase the database, including a possible expansion of the list of legal entities in the construction community that provide information for the formation of estimated prices. Self-regulatory organizations may be involved in this. The creation of an aggregated resource based on the Unified Information System for collecting prices in automatic mode is also being considered, on the basis of which data on price offers formed based on the results of procurement procedures, that is, from electronic trading platforms, will be collected,” said Evgeny Enokaev.

    In his opinion, in the conditions of price volatility, the discussed tasks for improving the pricing system may go beyond the RIM. For example, the introduction of a correct calculation of average industry salaries in the construction sector. In early February, the state announced that the methodology for calculating them would be revised, which is now quite strictly regulated so that the region cannot increase salaries, even if it considers it necessary. In addition, the development of a comprehensive forecast index-deflator by types of objects is being discussed, since the current procedure for determining the initial maximum contract price is based on the conditions of a fixed contract price taking into account the forecast inflation of the Ministry of Economic Development of Russia, and there is no mechanism for recalculating prices in the conditions of outstripping inflation. It turns out that the current procedure for determining prices in the terms of the contract does not allow contractors to compensate for the resulting difference. The development of a mechanism for automatic indexation of contract prices is also being discussed, that is, the introduction of a mechanism that provides for the possibility of adjusting the contract price in the event of a deviation of actual inflation from the forecast. Optimization of the processes of compensation of expenses not taken into account in the consolidated estimate calculation, which reasonably arose during the implementation of the contract, is also being discussed. For specific decisions, a long way needs to be made, summarized Evgeny Enokaev.

    Using RIM is cheaper and more reliable

    Pavel Goryachkin

    It is too early to draw conclusions, but there are some observations, and the main one shows that most government procurement projects using RIM are cheaper, and the calculations are more reliable, emphasized Pavel Goryachkin, President of the International Public Organization “Union of Estimating Engineers”, Director of the Department of Pricing and Expert-Analytical Work of the Association of Builders of Russia. He emphasized that it is most correct to tie salary calculation not to the first category, but to the actual statistics of accrual of the minimum wage in the region and industry, taking into account the indexation coefficient. For example, in the Leningrad Region, the average minimum accrued salary for October 2024 was 93 thousand rubles, in St. Petersburg – 90 thousand rubles.

    “The filling of the FGISTSS is not the main task. Over the year, the live price indicator in it for the Leningrad Region and St. Petersburg has doubled. A year ago, at this conference, we talked about about 647 resources with live prices, today there are 1,200–1,300 of them. The situation is the same in other regions. Considering that there are 64–67 thousand resources in the industry, we will be doubling their number with live prices for more than a decade. Therefore, when drawing up estimates in the absence of a live price, we take the 2022 price and multiply it by the index. But an estimate that is too voluminous and requires a lot of analytical work is a problem,” says Pavel Goryachkin.

    He also spoke in detail about the problems of settlements for work performed under the RIM estimate and the changes introduced this year.

    With the right approach, the job will become easier

    Maxim Shibnev, Director of Development at Inter Group of Companies, expressed confidence that with a skillful approach and the ability to use digital tools, it is possible to significantly facilitate the work of estimators, including estimators.

    “There is no shortage of software developers now, but there is a crisis in understanding the subject area, that is, in what a specific specialist who will use the software really needs. For example, it is needed by a designer who must correctly allocate resources. Correctly allocated resources are the basis for correctly allocated production, construction management, material quality assessment, and logistics. During construction, there is a lot of different documentation, and the information system operates with this metadata. Currently, titanic efforts are being made at the state level to collect a large amount of metadata. They are accumulating, but it is not yet clear how they will be used. If automation tools are installed on the basis of this metadata, including estimated cost, then it is possible to significantly facilitate work with routine tasks, while leaving creative expert work to specialists,” said Maxim Shibnev.

    He recalled that currently departments of one enterprise cannot exchange information in the information system due to the lack of uniform requirements and classification, a uniform approach. If the same object in the system is called differently, then nothing can be done automatically, especially if you work separately from designers and testing laboratories. Estimators are now starting to enter the digital circuit, but there are still subcontractors without the appropriate competencies.

    “As long as there are gaps in the overall information system, bureaucracy, expenses, and dissatisfaction with technology will multiply. Now, together with the Digitalization and Robotization of the Construction Industry consortium, we are developing an approach for a single bus of interaction between participants in the construction process, which will be based on the regulatory requirements of SMART standards, developed by the Codex consortium. In addition, colleagues from JSC IndigoSoft CT have their own developments in the Project Technical Committee (PTC) 711 “Smart (SMART) Standards”, which can become a link in this interaction bus. It is necessary to ensure universal circulation, exchange and processing of data, manage knowledge, simplify and reduce the cost of access to automation systems. Without comprehensive solutions, it is difficult for individual companies to solve this problem,” said Maxim Shibnev.

    Successful automation requires quality data

    Vitaly Shchukin, General Director for Development of JSC IndigoSoft CT, believes that RIM is a great idea, it combines the need for material and supplier prices. If this is combined, automation will occur.

    “Our company has invested a lot of resources to automate various processes, including interaction with suppliers. But this does not work, because high-quality data is needed. How can a neural network help an estimator? To quickly select a product with an up-to-date price. Correctly built automation is the basis for training a neural network. The task of automation is to organize data. But there is no single standardization methodology yet, and this is a problem that companies are trying to cope with as best they can: they create working catalogs, describing materials at their own discretion. In this regard, they cannot interact with the market, where these products are described differently,” explained Vitaly Shchukin.

    Problems in product descriptions include incomplete names, missing characteristics, spelling and punctuation errors, noted Vitaly Teplov, product manager at IndigoSoft CT.

    “We offer a standard – a unique record according to a template with a set of pricing characteristics. This allows you to get a specific product at current prices in automatic mode by pressing one button, save time on checks and form a high-quality library of materials. It turns out to be an ideal life cycle: the designer adds this standard at the beginning of the design, the estimator selects what is needed, and the buyer knows exactly what he needs to purchase. The catalog is constantly updated,” Vitaly Teplov said.

    Nikolay Samopal, Deputy General Director for Development at ZAO WizardSOFT, used specific examples to talk about options for automating the receipt of a statement and an estimate based on it, and passing a state examination.

    SPbGASU is ready to provide the necessary personnel

    Victoria Vinogradova

    Vice-Rector of SPbGASU for Continuing Education Victoria Vinogradova noted that the mass transition to RIM is complicated by changes in the regulatory framework, the need to use information modeling and obtain additional professional competencies.

    “Our university trains personnel capable of solving issues related to pricing in the construction industry. The university development program for 2023-2032 meets the specified vectors. It includes, among other things, an ecosystem approach to the implementation of educational activities, digital transformation of curricula, the formation of digital and professional competencies of graduates, an individual educational trajectory, and a flexible learning system. 108 basic educational programs are being implemented in 14 large groups of specialties and areas of training. They have state accreditation, most of them also have professional and public accreditation. Most curricula include the discipline “Estimating in Construction,” the vice-rector said.

    According to Victoria Vinogradova, more than 70 percent of graduates find employment in the industry, and the university aims to eliminate the gap between the requirements of educational programs and the needs of the labor market. The expert council at the educational and methodological council of SPbGASU, which includes both graduates and representatives of the real sector of the economy, helps with this. The vice-rector named the practice of targeted training, project-based training, and the implementation of corporate and network programs, within the framework of which the educational organization combines its resources with the employer, as a good way to interact with employers.

    “We work within the framework of the concept of continuous education, where the industrial partner is considered as the customer, and the educational organization is considered as the performer. Moreover, this is possible already at the initial stages – in career guidance work in schools and colleges. As part of continuous education and taking into account the digital transformation, we are implementing a number of projects related to information modeling technologies. In 13 schools in St. Petersburg and one school in Yekaterinburg, we are implementing TIM classes, holding a TIM elective for colleges. We attract industrial partners to work with students as part of the TIM championship.

    A unique story – complex TIM diploma projects. Students of different specialties, including estimators, jointly complete a diploma project. In addition, the university is conducting scientific research on the formation of a methodology for determining the estimated cost, taking into account the use of digital information models.

    Today, any specialist understands that in the course of their professional activity they need to acquire additional competencies. Therefore, we implement additional education. In the field of economics and management, we currently have six additional retraining programs and several advanced training programs. Among the latter is a program that examines RIM issues.

    I would like to thank all the conference participants. I am sure that our discussion will significantly help in resolving issues related to the transition to this method,” concluded Victoria Vinogradova.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Africa: African Development Bank, Pandemic Fund sign agreement to leverage resources for pandemic preparedness

    Source: Africa Press Organisation – English (2) – Report:

    ABIDJAN, Ivory Coast, February 28, 2025/APO Group/ —

    The African Development Bank (www.AfDB.org) Group has signed an agreement to become an implementing entity of the Pandemic Fund (https://apo-opa.co/4h0TQu3). This enables the Bank to coordinate financing of the Fund’s approved projects in Africa, as well as to participate in a call for proposals for financing investments scheduled to launch next month.

    The financial procedures agreement, signed in January with the World Bank Group (the International Bank for Reconstruction and Development acted as a trustee for the Pandemic Fund), qualifies the African Development Bank to participate in a share of $500 million in Fund Secretariat financing for proposals for pandemic-related programs, projects and policies, with a focus on low and middle-income countries.

    The Pandemic Fund is a partnership among donor countries, co-investors, foundations and civil society organizations hosted by the World Bank. The World Health Organization acts as the technical lead. The Fund assists countries and regions to strengthen their health systems and increase their investments, enabling them to boost pandemic prevention, preparedness and response capacities. 

    “There is growing demand from African countries for support to overcome gaps in national health infrastructure exposed by the Covid-19 pandemic and other health crises. As a Pandemic Fund implementing entity, the African Development Bank is capitalizing on our experience combining infrastructure financing with complementary support to improve the quality of life for the people of Africa,” said Dr. Beth Dunford, Bank Vice President for Agriculture, Human and Social Development.

    The Fund’s call for proposals will be in phases: the first phase will be open to single and multi-country proposals in March 2025; the second phase launches in June 2025 for regional proposals. 

    To date, the Pandemic Fund has financed two calls for proposals and approved 47 projects impacting 75 countries in six regions across the globe. On average, 43 percent of its resources have been allocated for countries in sub-Saharan Africa, the region with the highest demand for Pandemic Fund grants. Under the second call for proposals, more than half of the funds awarded went to sub-Saharan Africa.

    As an implementing entity, the African Development Bank will also play an oversight role, providing implementation support to beneficiary implementing organisations, as well as providing financial and progress reports to the Fund’s Governing Board.

    The Bank’s collaboration with the Pandemic Fund aligns with its Strategy for Quality Health Infrastructure in Africa that seeks to enhance healthcare infrastructure and improve health outcomes in Africa.

    In June 2023, the Bank approved approximately $124 million in financing for healthcare access expansion in Morocco. The country’s “Program to Support Inclusive Access to Healthcare Infrastructure” inboosts the country’s specialized healthcare services in women and children’s centers, supports building and equipping hospitals, and equips remote sites with telemedicine and teleconsultation facilities.

    Dunford says continued collaborating with the Pandemic Fund can help more Africans experience the benefits of strengthened healthcare systems.

    “As Africa’s premier financial institution, we are ready to provide relevant support to beneficiary implementing organisations, the Bank’s regional member countries, and regional economic communities in the Pandemic Fund’s third call for proposals. The Bank will leverage resources from the Fund, alongside our funding instruments, for bigger and better results,” she added.

    The Pandemic Fund was established in September 2022 with the Bank participating as an observer and formally announced two months later at the Group of 20 (G20) meetings in Bali, Indonesia.

    MIL OSI Africa –

  • MIL-OSI United Kingdom: Devon taxi driver jailed after overstating annual income by more than £350,000 to fraudulently secure two Covid loans

    Source: United Kingdom – Executive Government & Departments

    Press release

    Devon taxi driver jailed after overstating annual income by more than £350,000 to fraudulently secure two Covid loans

    Bounce Back Loan fraudster transferred the funds to an offshore bank account and a family member

    • Taxi driver Murat Dogantekin secured two £50,000 Bounce Back Loans in 2020 which he was not entitled to 

    • Dogantekin overstated his turnover by hundreds of thousands of pounds, fraudulently applied for two loans when businesses were only allowed one, used the funds for personal expenses and failed to make any repayments 

    • The 50-year-old was jailed for two years and seven months 

    A Devon taxi driver who fraudulently claimed two maximum-value Covid loans by overstating his annual turnover by more than £350,000 has been jailed. 

    Murat Dogantekin secured the Bounce Back Loans worth a combined £100,000 from two separate banks just months into the pandemic, when he was only actually entitled to just over £4,000 under the scheme. 

    He then transferred the funds to a close family member and offshore bank account. 

    The 50-year-old, of Mulligan Drive, Exeter, was sentenced to two years and seven months in prison when he appeared at Exeter Crown Court on Thursday 27 February. 

    Mark Stephens, Chief Investigator at the Insolvency Service, said: 

    Bounce Back Loans were created to support small and medium-sized businesses through the pandemic. They were not designed to be accessed by fraudsters and used as additional personal income paid for at the expense of taxpayers. 

    Murat Dogantekin completely disregarded almost all the rules of the scheme. He significantly overstated his turnover, subsequently receiving far more support than he should have done. He fraudulently obtained two loans when businesses were only entitled to a single loan. 

    To make matters worse, Dogantekin failed to use the money for the benefit of his business, concealing the true nature of his bank transactions with false references. He also did not pay a single penny back before he was declared bankrupt and failed to engage with our investigations. 

    Such a blatant and deliberate misuse of public funds will not be tolerated by the Insolvency Service and we will continue to take action against those who stole from the taxpayer during a national emergency.

    Dogantekin secured two Bounce Back Loans worth £50,000 each from separate banks in May and June 2020. 

    In his applications, Dogantekin stated that his annual turnover was £200,000 and £205,000 for two separate self-employed taxi businesses, both in his own name, although he said the second traded as Ola Taxis. 

    He provided no evidence to support these claims and Insolvency Service investigators discovered that the second business was actually named after one of his clients. This was done in an attempt to distinguish it from his first business and make it appear that he was eligible for a second loan when he was not. 

    Dogantekin had declared earnings of just £16,500 for the tax year ending in April 2020, meaning he overstated his turnover by £388,500 in the combined applications. 

    Had he been honest about his income, he may have been entitled to one loan of just £4,125. 

    His dishonesty meant he received an additional £95,875 he did not deserve. 

    Within four days of receiving the first loan, Dogantekin transferred £49,500 of the £50,000 to a separate bank account. The transactions were marked as “shop purchase”. 

    The following day, £48,000 of that money was moved to an offshore bank account. 

    Dogantekin’s second loan remained in his business account for more than a month before the funds were paid out to a family member and his own personal account within a six-day period. 

    No repayments to the loans were made before Dogantekin was declared bankrupt in November 2021. 

    Dogantekin was interviewed by the Official Receiver Services at the Insolvency Service later that month and provided some limited documentation. 

    He then ignored 11 attempts to contact him and secure specific records during a six-month period. 

    Dogantekin also failed to attend an interview under caution. 

    The Insolvency Service is seeking to recover the fraudulently obtained funds under the Proceeds of Crime Act 2002. 

    Further information 

    Updates to this page

    Published 28 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: MWC 2025: Innovations to increase engagement and efficiency in telecom business

    Source: GlobeNewswire (MIL-OSI)

    MWC 2025: Innovations to increase engagement and efficiency in telecom business

    In the highly competitive telecom and service provider markets worldwide, companies face equally complex challenges: attracting new customers, retaining existing ones, and increasing their engagement. Innovative solutions such as gamification and reward systems, are becoming powerful tools to achieve these goals, allowing companies not only to maintain customer interest but also to significantly improve their loyalty. In this context, at MWC 2025 in Barcelona, QazCode will present its solutions designed to help overcome these challenges across different markets.

    Gamification as an easy way to increase loyalty

    The global gamification market is growing rapidly, from $9.1 billion in 2020 to a projected $30.7 billion in 2025. Already, 70% of global Global 2000 companies are using game elements to engage customers. In addition, data shows that products with thoughtful interaction design retain customers three times better than those using basic gamification.

    Gamification can increase user engagement by 25% or more and build the habit of using services regularly, which also helps to reduce customer churn and increase customer loyalty. As a result, companies can increase profitability and improve their position in competitive markets.

    Real case study: how gamification helps businesses grow

    On the image: Gamification and reward systems for users

    QazCode, one of the leaders in developing solutions for the telecom and IT sectors, has demonstrated successful examples of gamification implementation in CIS countries. For example, in Kazakhstan, the introduction of gamification in the “Janymda” superapp (formerly “My Beeline”) made games the second most popular domain after telecom services, and every fifth user became an active gamer. Gamification not only helps attract and retain users but also positively influences their perception of the brand, driving both direct and indirect revenue growth. It is important to note that user retention among those who actively engage with games and rewards is 25% higher than among those who do not use these features.

    To make the games engaging and profitable, QazCode established its own game development team, which created its own gaming platform, portfolio, and services. However, in other markets such as Ukraine and Kyrgyzstan, companies had to tailor their offerings, including games, to better suit local cultural differences, user behaviour, and market trends.

    Another opportunity that gamification offers businesses is the rewards system. The decline in conversion rates of traditional communication channels, alongside the growing product portfolio of service providers, necessitates the search for new, effective methods to raise awareness among the audience about products and services, as well as attract and retain customers.

    By completing various tasks, users can strengthen their emotional connection with the brand, earning bonuses or achievements. For example, in the case of the “Janymda” superapp in Kazakhstan, the rewards system helped organically boost user engagement and increased revenue per user by 7%, directly impacting the company’s financial performance and customer satisfaction.

    “Our experience working with various regions of the CIS has given us a clear understanding of how important it is to consider the cultural and economic characteristics of users when implementing gamification and reward systems. We are confident that our solutions can be adapted to meet the needs and requirements of other markets. For example, more complex user interaction systems may be in demand in Western markets, while in the Middle East, the focus may be on specific values and habits. We are ready to offer flexible solutions that can meet the needs of clients in any market,” commented Alexey Sharavar, CEO of QazCode”, –  commented Oleksii Sharavar, CEO at QazCode.

    The company has successful experience working in Central Asia, Europe, and the Middle East, and continues to actively expand its presence in international markets. Participation in MWC 2025 in Barcelona (stand 6F12) will provide a unique opportunity for knowledge exchange and discussions on advanced technologies in the field of gamification and reward systems.

    About QazCode
    QazCode is an IT company and exclusive digital partner of Beeline Kazakhstan. The company is part of the VEON group listed on the NASDAQ and Euronext stock exchanges.
    The company has over 750 employees with 8 years of experience in software development for the telecom and IT markets with a deep understanding of business and technology. The solution portfolio includes the development of private Large Language Models (LLM) with a focus on data security, game development, and reward systems, process optimization through Agile methodologies, full-cycle implementation of Business Support Systems (BSS), and IT outsourcing for effective product development, team expansion, and project management to help accelerate time to market. 

    About VEON 
    VEON is a digital operator providing converged communications and digital services to nearly 160 million customers. Operating in six countries with over 7% of the world’s population – Pakistan, Ukraine, Bangladesh, Kazakhstan, Uzbekistan, and Kyrgyzstan – VEON transforms people’s lives through technology services that empower people and drive economic growth. VEON is headquartered in Dubai.

    The MIL Network –

  • MIL-OSI: Stars Align for Bybit’s Crypto Zodiac League Trading Competition with 1 Million USDT in Prizes

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Feb. 28, 2025 (GLOBE NEWSWIRE) — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is transforming solitary trading into a cosmic team sport in its most dramatic trading competition yet. In the Crypto Zodiac League event, traders will get to unite under their star signs to compete for a share of a 1,000,000 USDT prize pool. 

    This celestial-themed event reinvents traditional trading battles with a touch of astrological magic, grouping participants into 12 zodiac-based squads. Whether the user is a bold Aries or a strategic Capricorn, their birth date determines their team allocation. Each team will then race for top spots in the leaderboards for a chance to win from a grand prize pool of a million USDT.

    Event Timeline: 

    From now to Mar. 21, 2025, eligible users may sign up for the event where their designated squad is written in the stars. 

    The race for crypto trading excellence features various achievement categories. During the competition period from Mar. 3 to Mar. 28, 2025, individual traders and squads may compete on four leaderboards, ranked respectively by:

    1. Individual PnL% during the competition period with a 300,000 USDT prize pool
    2. Squad trading volume during the competition period with a 300,000 USDT prize pool
    3. Individual Spot trading volume during the competition period with a 100,000 USDT prize pool
    4. Daily individual trading volume in a total of 25 days, with 5,000 USDT up for grabs each day

    To top it off, eligible new users who sign up during the event period can receive a 5 USDT airdrop on a first-come, first-served basis. Additionally, all eligible users have the opportunity to earn USDT and MNT through mystery boxes by completing designated tasks.

    Special Livestream:

    To kick off this stellar event, Bybit will host a livestream on Mar. 4, 2025 at 8AM UTC, featuring expert insights and $500 in Red Packet giveaways. The session will shed light on rules and mechanisms, inspiration for strategies, and sound the battle hymns for the limited-time competition. Speakers include Bybit’s Shadie Berro, Head of Social Media, Stella Yuan, Global Campaigns Specialist, and Jack Zhou, Global Marketing Operations Specialist. 

    “We’re bringing a new dimension to competitive trading by combining the thrill of trading with the playful element of luck in astrology,” said Joan Han, Sales and Marketing Director at Bybit. “If a trader ever wonders if they were predestined to be winners, this is the perfect opportunity to find out while honing their trading skills,” she said. 

    For more information about joining the Crypto Zodiac League and terms and conditions, users may visit: Crypto Zodiac League: Squad Up for the Stars

    #Bybit / #TheCryptoArk 

    About Bybit

    Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

    For more details about Bybit, please visit Bybit Press

    For media inquiries, please contact: media@bybit.com 

    For updates, please follow: Bybit’s Communities and Social Media

    Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

    Contact

    Head of PR
    Tony Au
    Bybit
    tony.au@bybit.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c82077e3-6669-440f-b3c0-2b4420514fe4

    The MIL Network –

  • MIL-OSI United Kingdom: Councillors agree a balanced budget in the face of a challenging financial climate

    Source: St Albans City and District

    Publication date:

    St Albans City and District Councillors have agreed a budget for the next financial year along with a long-term plan setting out their priorities.

    The Council (SADC) is required to produce a balanced budget every year, ensuring spending is matched by income, grant funding and, if appropriate, the use of reserves.

    In common with other local authorities, it is faced with a challenging economic climate that has put intense pressure on its finances.

    This includes rising costs, such as an increase in employer’s national insurance contributions, and higher demand for some services including homelessness.

    To ensure a balanced budget for 2025/26, net savings of £325,000 have been identified.

    This includes some additional income sources, increases to charges and reductions to services.

    Councillors also agreed to a 2.99% rise in the SADC’s share of Council Tax bills.

    That means a resident in a Band D property will pay an average of £208 to SADC for its services in the coming year – an increase of just 12p a week.

    SADC’s portion of the Council Tax amounts to around 9% of the total collected, with Hertfordshire County Council receiving 77%, the Police,11%, and the parish and town councils, who set their own budgets, 3%.

    The money received by SADC will fund key services including waste and recycling collections, planning, parks and open spaces, street cleaning, environmental health and grants to voluntary bodies.

    Councillors also approved a rent rise in accordance with Government guidelines of 2.7% for its social housing properties. Garage rents will increase by 7.2%

    A contribution of £500,000 will be made to the general reserves to restore them to an acceptable level.

    The budget was approved at a meeting of the Full Council on Wednesday 26 February. 

    Councillor Giles Fry, Lead for Resources, said after the meeting:

    I am pleased that we have agreed to a balanced budget despite the severe financial challenges that we are faced with.

    We have managed once again to protect our key services such as our leisure, community and cultural facilities and we also plan to bolster our reserves in case of unforeseen shocks.

    The coming year will see our first commercial tenant move into Jubilee Square which will eventually provide us with much-needed new income and we will continue to look for other revenue-raising opportunities.

    I hope that our residents will continue to support the work we are doing to strengthen our communities and cope with the tough financial climate.

    Full Council also approved a Council Plan for the next five years which includes four priorities. These are to:

    • Support great communities
    • Provide more social housing.
    • Make the Environment a priority in all Council decisions.
    • Treat everyone with fairness.

    The Plan includes many of the actions the Council is committed to taking to achieve these goals.

    Councillor Paul de Kort, the Council Leader, said after the meeting:

    It is important that in the battle to keep our finances stable, we do not lose sight of our long-term objectives such as providing more social housing and tackling the climate emergency.

    In the last year, we have seen tenants move into the 33 new social housing properties we created at Jubilee Square.

    There has also been the launch of the St Albans Greener Together project to engage the community with our ambition of turning the District carbon neutral by 2030.

    Our Council Plan lays out these and other key priorities as well as the actions we will take to make our District an even more vibrant place to live and work.

    Details of the budget together with the Council Plan can be viewed along with the Full Council meeting papers here.

    Media contact: John McJannet, Principal Communications Officer: 01727- 819533; john.mcjannet@stalbans.gov.uk.

    MIL OSI United Kingdom –

  • MIL-OSI: Banco Itaú Chile Announces Fourth Quarter 2024 Management Discussion & Analysis Report

    Source: GlobeNewswire (MIL-OSI)

    SANTIAGO, Chile, Feb. 28, 2025 (GLOBE NEWSWIRE) — BANCO ITAÚ CHILE (SSE: ITAUCL) announced today its Management Discussion & Analysis Report (“MD&A Report”) for the fourth quarter ended December 31, 2024. For the full MD&A Report, please refer to the following link:

    https://ir.itau.cl/MDAQ42024

    On Monday, March 3, 2025, at 11:00 A.M. Santiago time (9:00 A.M. ET), the Company’s management team will host a conference call to discuss the financial results. The call will be hosted by André Gailey, CEO; Claudia Labbé Montevecchi, Head of IR and Chief Sustainability Officer; and Matías Valenzuela Barrenechea, Head of FP&A, Capital and IR.

    Conference Call Details:

    Online registration: https://registrations.events/direct/Q4I6136278

    All participants must pre-register using this link to join the conference call. Upon registering, each participant will be provided with details to connect to the call and a registrant ID.

    Webcast:

    The webcast will be available through the following link:

    https://events.q4inc.com/attendee/846439085

    Participants in the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. Following the event, the event will be available in the same link.

    Telephone and Virtual Q&A session:

    The Q&A session will be available for participants connected through the conference call and through the webcast, where attendees will be allowed to type in their questions – we will read and answer selected questions verbally.

    Investor Relations – Itaú Chile

    IR@itau.cl / ir.itau.cl

    The MIL Network –

  • MIL-OSI Economics: Asian Development Blog: Hold the Salt: Harnessing Desalination for Water Security

    Source: Asia Development Bank

    Desalination offers a viable solution to water scarcity in the Pacific, but its success depends on careful planning, energy efficiency, and environmental considerations. Integrating renewable energy, engaging communities, and ensuring sustainable brine disposal are key to long-term viability.

    The Pacific region is grappling with increasing water scarcity, driven largely by the impacts of climate change. Rising sea levels, prolonged droughts, and changing rainfall patterns have strained freshwater resources, leaving many coastal communities vulnerable.

    As traditional water supplies become less reliable and populations continue to grow, the need for innovative and climate-resilient solutions has never been more urgent. However, implementing alternative technologies like desalination requires careful consideration to ensure its effectiveness, sustainability, and community acceptance.

    Desalination involves the removal of salts and impurities from brackish water and seawater sources to produce potable water. However, removing salt from water is an energy intensive treatment process. The most widely used desalination method is reverse osmosis, as it has the lowest energy usage of the available and mature desalination technologies.

    Reverse osmosis uses semi-permeable membranes and hydraulic pressure to filter out contaminants including salt. While this technology offers significant advantages in providing a reliable water source, it also presents challenges, especially in remote areas and emergency contexts where resources and infrastructure may be limited.

    Before deploying desalination technology, it is crucial to assess the specific site conditions, including the quality of the salty water available for treatment. The salinity level, temperature, and presence of contaminants such as sediments or organic materials can significantly impact the performance of the desalination system.

    In emergency contexts, the water intake may be compromised due to increased sediment loads or bacterial contamination from natural disasters. A robust pre-treatment process is essential to protect reverse osmosis membranes and maintain operational efficiency.

    Pre-treatment systems should be designed to remove larger particles, suspended solids, and biological contaminants, ensuring that only water suitable for the membrane elements enters the desalination unit.

    Energy consumption is also a critical factor when considering desalination technologies. Reverse osmosis systems can be energy-intensive, requiring between three and five kilowatt-hours per 1,000 litres of water produced.

    In remote settings, reliable energy sources may be challenging to secure. It is essential to evaluate available energy options before implementation. Integrating renewable energy sources, such as solar panels or wind turbines, can help mitigate energy costs and reduce the carbon footprint of desalination systems, particularly in remote settings.

    Portable desalination units are largely powered by generators during emergencies, but careful planning for fuel supply and maintenance is necessary to ensure continuous operation.

    Desalination technology has the potential to play a pivotal role in addressing water scarcity challenges faced by remote and coastal communities, especially during emergencies.

    Effective operation and maintenance are vital for the long-term success of desalination projects. In remote and emergency settings, local capacity may be limited, making it crucial to establish training programs for technicians. Investing in local training not only builds community skills but also fosters ownership and sustainability in water management.  

    A comprehensive maintenance plan should include routine checks of the desalination unit, regular cleaning of pre-treatment filters, and periodic replacement of reverse osmosis membranes.

    Ensuring that local operators are equipped with the knowledge and tools needed for maintenance will enhance the reliability and efficiency of desalination systems. This is especially important for emergency units that may be intermittently used and stored for long periods between use.  

    The environmental implications of desalination must be carefully considered, particularly concerning brine disposal. The concentrated saline byproduct generated during the desalination process can have negative effects on marine ecosystems if not managed properly.

    To mitigate these impacts, brine should be dispersed across a wide area rather than discharged in a single location. Additionally, a lower salinity, higher volume brine can be produced by operating the reverse osmosis unit at a low recovery rate.

    This practice helps prevent localized salinity increases that can harm marine life. Engaging with environmental experts and local authorities to develop responsible brine management strategies is essential for sustainable desalination practices.

    Community involvement is paramount when implementing desalination technology. Engaging local populations in discussions about the technology, its benefits, and potential challenges fosters a sense of ownership and acceptance.

    Providing education on water management and desalination processes will help demystify the technology and encourage responsible use of water resources. Building trust within the community is crucial for the success of desalination projects.

    Collaboration with local stakeholders, including government agencies and non-governmental organizations, can help address concerns and ensure that the technology aligns with community needs.

    The initial investment for desalination technology can be significant, and ongoing operational costs must be evaluated to ensure long-term sustainability. It is essential to conduct a cost-benefit analysis that considers factors such as energy consumption, maintenance requirements, and the expected lifespan of the equipment.

    Exploring funding opportunities from government programs, international organizations, and public-private partnerships can help offset the financial burden. Engaging with development partners can also provide technical assistance and capacity-building support to ensure the successful implementation of desalination systems.

    Desalination technology has the potential to play a pivotal role in addressing water scarcity challenges faced by remote and coastal communities, especially during emergencies.

    However, careful consideration of site conditions, energy requirements, operational needs, environmental impacts, community engagement, and funding opportunities are essential for effective implementation.

    As we move toward a future that is increasingly affected by climate change, harnessing the power of desalination with thoughtful planning and community involvement will be critical in building water resilience across the Pacific. By investing in these technologies and empowering local communities, we can create sustainable solutions that secure safe drinking water for generations to come.
     

    MIL OSI Economics –

  • MIL-OSI United Kingdom: GBN at final stage of Small Modular Reactor selection process

    Source: United Kingdom – Executive Government & Departments

    Press release

    GBN at final stage of Small Modular Reactor selection process

    Great British Nuclear at final stage of Small Modular Reactor selection process

    Great British Nuclear (GBN) has entered the final stage of the UK’s Small Modular Reactor (SMR) selection process and is on track to make final decisions in the Spring.

    An Invitation to Submit Final Tender (ISFT) has been issued to the four remaining vendors, GE-Hitachi Nuclear Energy International LLC, Holtec Britain Ltd, Rolls-Royce SMR Ltd, and Westinghouse Electric Company UK Ltd.

    Earlier in February, the Prime Minister pledged to put Britain back in the global race for nuclear energy, and to reform planning rules to make it easier to build fleets of SMRs in England and Wales.

    SMRs are smaller than traditional nuclear power plants and their modular construction could provide a way of delivering nuclear more quickly and cost-effectively. They could also be built in a greater variety of locations, and be co-located with energy-intensive industrial sites such as AI data centres.

    GBN’s Chair, Simon Bowen, said:

    “This is an exciting moment for Great British Nuclear and the UK as we reach the final stage of the technology selection process for the Small Modular Reactor programme.”

    “Nuclear energy is vital for economic growth and delivering secure, reliable, home-generated power that is capable of meeting future demand, enabling Net Zero, and reducing the UK’s dependence on importing fossil fuels.”

    “Since GBN was launched in 2023, the team has made huge strides in delivering a fair, robust, and transparent process for technology selection.”

    Secretary of State for Energy Security and Net Zero, Rt Hon Ed Miliband MP, said:

    “Small modular reactors will support our mission to become a clean energy superpower.

    “That’s why we are backing new nuclear technology to help secure our energy independence and grow the economy.”

    For more information, please contact:

    Cory Reynolds, Director of Communications and Government Relations
    e: cory.reynolds@gbnuclear.gov.uk m: 07701 235045

    Ieuan Williams, Head of Stakeholder and Media Relations
    e: ieuan.williams@gbnuclear.gov.uk m: 07889 108555

    Notes to Editors

    • GBN has now concluded the negotiation phase with the four bidders participating in SMR competition
    • To reach this stage, each of the four designs was subject to a robust analysis
    • GBN has evaluated each technology, including aspects such as safety, deliverability, and their ability to support development of a fleet of SMRs
    • GBN considers the designs, each of which is proceeding through the UK’s regulatory process, are viable options for development
    • GBN owns land for potential new nuclear development at both Wylfa on Ynys Môn/Anglesey and Oldbury-on-Severn in Gloucestershire. GBN is working closely with the local communities at these sites to consider how future new nuclear projects could benefit their communities

    About Great British Nuclear (GBN)

    Great British Nuclear (GBN) is the Government delivery body dedicated to supporting the development and deployment of new nuclear technologies in the UK. As an executive non-departmental public body sponsored by the Department for Energy Security and Net Zero (DESNZ), GBN plays a crucial role in ensuring the UK’s energy security and achieving net-zero carbon emissions. GBN focuses on fostering innovation, facilitating investment, and coordinating efforts across the nuclear industry to build a resilient and sustainable energy future.

    Updates to this page

    Published 28 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: MEXC Officially Lists EUR on Convert with Zero Fees for Fast and Effortless Trading

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Feb. 28, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency trading platform, has officially listed EUR on Convert with zero fees, providing users with a seamless and cost-effective way to trade. This listing coincides with Point Frenzy Season, running from February 28 to March 14, offering exciting airdrop rewards and exclusive events.

    MEXC’s introduction of EUR to Convert reinforces its commitment to lowering trading costs and enhancing market accessibility. With zero-fee EUR deposits and competitive trading conditions, users can now enjoy greater flexibility and efficiency when navigating the crypto market.

    To celebrate the listing of EUR on Convert, MEXC is introducing two exciting events from February 28, 2025, to March 14, 2025, offering users a chance to win exclusive rewards and event tickets.

    Event 1: Convert & Win Airdrops

    • Users can convert between EUR and USDT for a chance to win up to 100 USDT in airdrops.

    Event 2: Points Competition

    • Users can accumulate points through Futures trading and compete for a 6,000 USDT prize pool, which includes party funds and exclusive offline event tickets.

    MEXC continues to enhance users’ trading experience by providing deep liquidity, fast execution, and some of the lowest trading fees in the industry. With advanced security measures and a dedicated trading insurance fund, MEXC remains focused on creating a secure, transparent, and user-friendly trading environment.

    As part of this initiative, MEXC is also offering zero fees on EUR deposits via OTC and a special Zero-Fee Event on EUR Spot trading pairs, where users can enjoy 0% Maker and Taker fees starting February 26, 2025.

    About MEXC

    Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto”. Serving over 32 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, frequent airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.

    MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

    Contact:
    Lucia Hu
    PR Manager
    lucia.hu@mexc.com

    Disclaimer: This content is provided by MEXC. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ea71c9f4-5e45-4821-8c8f-50910f8edf6a

    The MIL Network –

  • MIL-OSI Russia: With the support of Rosneft, a professional skills championship was held in Bashkiria

    Translartion. Region: Russians Fedetion –

    Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

    With the support of ANK Bashneft (part of Rosneft), the regional stage of the All-Russian Championship in Professional Skills “Professionals – 2025” was held in Bashkortostan. The competition was held at more than 40 sites of regional colleges, with over 1,500 students taking part.

    The intensive program of the championship, which lasted for 3 weeks, included more than 200 competencies, including: oil and gas production, laboratory chemical analysis, oil and gas processing, electrical installation, chemical technology operator and others. 24 winners in the oil and gas field were awarded certificates and memorable gifts from Bashneft.

    As part of the championship’s business program, Bashneft specialists took part in a plenary session and organized a meeting with students from specialized colleges, where they discussed career prospects in the Company and the possibility of continuing their education at a partner university.

    Rosneft aims to ensure a constant flow of professionally trained young specialists from among the best graduates. The company supports schools, colleges, technical schools and universities in the regions of production activity and cooperates with 203 educational partner organizations in training qualified specialists in the oil industry and forming an external personnel reserve.

    In 2024, almost 2,000 university and college students completed internships at Bashneft, of which more than 1,000 received employment and payment for the internship period. About 170 final-year students combine their studies with permanent employment at Bashneft enterprises thanks to their transfer to individual training plans.

    Reference:

    The All-Russian championship movement “Professionals” is aimed at increasing the prestige of blue-collar jobs, attracting young people to the production sectors of the economy and improving qualification standards for blue-collar jobs and specialties.

    ANK Bashneft is one of the oldest enterprises in the country’s oil and gas industry, operating in the extraction and processing of oil and gas. The company’s key assets are located in the Republic of Bashkortostan. Oil and gas exploration and production are also carried out in the Khanty-Mansiysk Autonomous Okrug – Yugra, Nenets Autonomous Okrug, Orenburg Region, Perm Krai and the Republic of Tatarstan.

    Department of Information and Advertising of PJSC NK Rosneft February 28, 2025

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Economics: BSTDB Strengthens Partnership with Hayat Kimya in Türkiye

    Source: Black Sea Trade and Development Bank

    Press Release | 17-Dec-2024

    New Financing to Boost Capacity and Energy Efficiency

    Hayat Kimya Sanayi A.Ş., a leading Turkish manufacturer of detergents, hygiene products, and tissue paper, will advance its investment plans with the support of a €25 million loan from the Black Sea Trade and Development Bank (BSTDB). The agreement marks an important milestone in a partnership that began nine years ago.

    The BSTDB financing will back Hayat Kimya’s investment program, focusing on expanding production capacity, introducing new product lines, and enhancing energy efficiency. This initiative is also expected to bolster regional trade, as a significant portion of the company’s exports targets BSTDB member countries.

    Commenting on the agreement, BSTDB President Dr. Serhat Köksal said: “We are pleased to support Hayat Kimya, a leading manufacturer and major employer in Türkiye, as it pursues its ambitious growth plans. Our new financing underlines BSTDB’s commitment to sustainable industrial development and regional integration. By prioritizing energy efficiency and environmentally conscious practices, Hayat Kimya’s investment programme aligns with our mission to support projects that drive long-term economic and environmental benefits. Our support will help modernize Türkiye’s industrial capacity and strengthen trade ties within the Black Sea region, advancing shared prosperity and sustainable development.”

    “As part of our collaboration with the Black Sea Trade and Development Bank, we will increase the production capacity of our home care category at our facilities in Mersin and Kocaeli, Turkey. Today, at least one Hayat product can be found in 9 out of 10 households in Turkey. Globally, our export penetration ranges between 60% and 80% across more than 100 countries. With this new investment in the home care category, we aim to further strengthen our leadership, particularly in the detergent product segment.” said Ayla Hacıahmetoğlu, the Global Treasury Director of Hayat Kimya.

     

    Founded in 1937, Hayat Kimya is a leading global manufacturer and exporter of detergents, hygiene products, and tissue paper. The company operates 26 state-of-the-art production facilities across 8 countries, employing over 10,000 people. All products are produced in a fully automated, hands-free environment, meticulously designed and managed in compliance with the ISO 9001 Quality Assurance System.

     

    The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. For information on BSTDB, visit www.bstdb.org.

     

    Contact: Haroula Christodoulou

    : @BSTDB

    MIL OSI Economics –

  • MIL-OSI Economics: BSTDB, TBC Bank to Boost Local Currency Financing in Georgia

    Source: Black Sea Trade and Development Bank

    Press Release | 11-Feb-2025

    New Partnership to Strengthen SMEs in the Country

    The Black Sea Trade and Development Bank (BSTDB) has extended a GEL 135 million local-currency loan to TBC Bank Georgia. The financing will be on-lent to small and medium-sized enterprises (SMEs) to support their investment programmes, working capital needs, and expansion into domestic and international markets, thus enhancing SMEs’ competitiveness and export capacity.

    In addition, the funding will boost local-currency financing opportunities for private companies while reducing their dependence on foreign currency borrowings and protecting business owners from direct exposure to exchange rate risk.

    “Our new agreement with TBC Bank reinforces our commitment to fostering long-term partnerships while advancing access to local currency financing for Georgian small businesses,” said Dr. Serhat Köksal, BSTDB President. “By boosting lending in Georgian Lari, we aim to support economic growth, create jobs, and strengthen businesses’ ability to succeed in their domestic markets. This initiative also enhances the resilience and competitiveness of Georgia’s banking sector by mitigating currency risks.”

    Vakhtang Butskhrikidze, CEO, TBC Bank, commented: “We are delighted to continue and further strengthen our cooperation with BSTDB. This transaction reflects both institutions’ strong commitment to support Georgian MSMEs, which are key contributors to economic growth and job creation in the country. On the back of supporting de-dollarisation of the financial sector, this facility will further strengthen TBC’s position as a leading local currency provider on the market. I would like to thank BSTDB for being a long-standing supporter of TBC and look forward to executing many more successful deals in the future”.

    BSTDB has been cooperating with TBC Group since 2003, providing over USD 192 million in revolving trade finance, SME finance, and leasing facilities.

     

    TBC Bank Group PLC (“TBC PLC”) is a public limited company registered in England and Wales and is the parent company of TBC Bank Georgia and TBC Uzbekistan. TBC Bank Georgia, together with its subsidiaries, is the leading financial services group in Georgia, with a total market share of 38.7% of customer loans and 38.4% of customer deposits as of 30 September 2024, according to data published by the National Bank of Georgia. TBC PLC is listed on the London Stock Exchange under the symbol TBCG and is a constituent of the FTSE 250 Index. It is also a member of the FTSE4Good Index Series and the MSCI United Kingdom Small Cap Index.

    The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. For information on BSTDB, visit www.bstdb.org.

     

    Contact: Haroula Christodoulou

    : @BSTDB

    MIL OSI Economics –

  • MIL-OSI Economics: BSTDB Clarifies No Affiliation with the Black Sea Bank for Reconstruction and Development

    Source: Black Sea Trade and Development Bank

    Press Release | 25-Feb-2025

    Reaffirmation of our Distinct Identity as a Multilateral Financial Institution

    Following the announcement of EU sanctions concerning the Black Sea Bank for Reconstruction and Development (ChBRR, in Russian – ЧБРР, based in Simferopol, Crimea), the Black Sea Trade and Development Bank (BSTDB) is issuing this public clarification to unequivocally state that BSTDB has no (no) affiliation, connection, or dealings with the Black Sea Bank for Reconstruction and Development.

    BSTDB is an International Financial Institution established by an intergovernmental treaty, comprising eleven Member States from the Black Sea region. Headquartered in Thessaloniki, Greece, the Bank was established under an intergovernmental treaty registered with the United Nations (Multilateral, No. 36909) and operates in accordance with international standards.

    BSTDB remains committed to its mission of promoting economic development and regional cooperation across the Black Sea region and underscores its distinct and separate identity from any similarly named organizations.

    To avoid any misrepresentation, BSTDB also urges all media outlets and stakeholders to ensure the correct use of its official logo and branding in any related reporting.

     

    The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. For information on BSTDB, visit www.bstdb.org.

     

    Contact: Haroula Christodoulou

    : @BSTDB

    MIL OSI Economics –

  • MIL-OSI Economics: BSTDB and TuranBank Partner to Boost Small Businesses in Azerbaijan

    Source: Black Sea Trade and Development Bank

    Press Release | 28-Feb-2025

    Promoting Sustainable Growth and Trade in the Country

    To facilitate development and growth in Azerbaijan, the Black Sea Trade and Development Bank (BSTDB) has extended the Azeri Manat equivalent of a USD 6 million loan to TuranBank. The funds will be channeled to domestic small and medium-sized enterprises (SMEs) to meet their investment programmes and working capital needs, as well as enhance their trade activity.

    In addition, the funding will also expand access to local-currency financing for private companies, further reducing their reliance on foreign currency borrowings and protecting business owners from direct exposure to exchange rate risks.

    “BSTDB is pleased to continue its partnership with TuranBank to empower SMEs in the country, giving them access to resources they need to grow, innovate and drive inclusive economic progress. This will help unlock employment opportunities and foster sustainable development both within the country and across the region. We are confident that our joint efforts will continue to deliver meaningful results in the future.”, said Dr. Serhat Köksal, BSTDB President.

    “The funds raised in local currency will be allocated to financing the real sector, particularly micro, small, and medium-sized enterprises, which are the primary focus of the bank’s strategic objectives. This will also help support entrepreneurs operating in the regions. This agreement further underscores international financial institutions’ confidence in the long-term stability and sustainable development of our bank as a reliable partner,” said Orkhan Garayev, Chairman of the Management of TuranBank OJSC.

    BSTDB has been cooperating with TuranBank since 2011, having provided revolving trade finance and SME finance facilities that have benefited dozens of beneficiaries.

    Established in 1992 and headquartered in Baku, TuranBank OJSC is a mid-sized bank expanding to 22 sales points across the country. The bank is one of the key participants in the country’s financial sector, distinguished by its stability and reliability. For detailed information about the products and services offered by TuranBank, visit https://www.turanbank.az/en/pages/1, or follow its social media pages.

    The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. For information on BSTDB, visit www.bstdb.org.

     

    Contact:
    Haroula Christodoulou
    E-mail: cchristodoulou@bstdb.org
    Phone: +30 2310 290533
    Twitter: @BSTDB; @Haroulax 

    MIL OSI Economics –

  • MIL-OSI Economics: Huawei Named a Customers’ Choice in Gartner® Peer Insights™ Voice of the Customer for Primary Storage Four Times Feb 28, 2025

    Source: Huawei

    Headline: Huawei Named a Customers’ Choice in Gartner® Peer Insights Voice of the Customer for Primary Storage Four Times
    Feb 28, 2025

    [Shenzhen, China, February 27, 2025] With a 100% willingness to recommend rating and a full score of 5.0 based on 227 reviews as of December 2024, Huawei was named a Customers’ Choice for the fourth time in 2025 Gartner® Peer Insights Voice of the Customer for Primary Storage Platforms.
    Huawei named a Customers’ Choice in Gartner® Peer Insights four times

    Gartner Peer Insights is a free peer review and ratings platform designed for enterprise software and services decision makers. Reviews are organized by products in live markets that align to Gartner research markets, defined as Magic Quadrant or Market Guide–defined markets, or GPI-defined markets that are opened at the discretion of the GPI team and do not require research published to open the space on Peer Insights. And the “Voice of the Customer” is a document that applies a methodology to aggregated Gartner Peer Insights’ reviews in a market to provide an overall perspective for IT decision makers.
    By December 2024, Huawei OceanStor Dorado All-Flash Storage had been reviewed by hundreds of customers worldwide in various regions covering industries in a wide range of economic sectors, such as finance, manufacturing, and telecommunications, among others.
    Huawei OceanStor Dorado All-Flash Storage is deployed at customers sites in over 150 countries and regions including Latin America, Europe, Africa, the Middle East, and Asia-Pacific, where it provides reliable services in sectors such as finance, telecommunications, government, and public utilities.
    “We appreciate our global customers for their positive feedback and strong recommendations for Huawei’s primary storage. Being named a Customers’ Choice four times is the highest form of recognition we can receive from our customers and a driving force for our continuous improvement,” remarked Huang Tao, President of Huawei Flash Storage Domain. “In our commitment to innovation, we will continue investing in storage performance, reliability, usability, and management efficiency. Our goal is to provide an exceptional data service experience for our customers and become the preferred choice for data infrastructure in every field,” added Huang.
    To learn more about Huawei Data Storage products and solutions, please visit the Huawei Data Storage official website: https://e.huawei.com/en/products/storage

    MIL OSI Economics –

  • MIL-OSI Economics: Huawei Named a Customers’ Choice in Gartner® Peer Insights™ Voice of the Customer for Primary Storage Four Times

    Source: Huawei

    Headline: Huawei Named a Customers’ Choice in Gartner® Peer Insights Voice of the Customer for Primary Storage Four Times

    [Shenzhen, China, February 27, 2025] With a 100% willingness to recommend rating and a full score of 5.0 based on 227 reviews as of December 2024, Huawei was named a Customers’ Choice for the fourth time in 2025 Gartner® Peer Insights Voice of the Customer for Primary Storage Platforms.
    Huawei named a Customers’ Choice in Gartner® Peer Insights four times

    Gartner Peer Insights is a free peer review and ratings platform designed for enterprise software and services decision makers. Reviews are organized by products in live markets that align to Gartner research markets, defined as Magic Quadrant or Market Guide–defined markets, or GPI-defined markets that are opened at the discretion of the GPI team and do not require research published to open the space on Peer Insights. And the “Voice of the Customer” is a document that applies a methodology to aggregated Gartner Peer Insights’ reviews in a market to provide an overall perspective for IT decision makers.
    By December 2024, Huawei OceanStor Dorado All-Flash Storage had been reviewed by hundreds of customers worldwide in various regions covering industries in a wide range of economic sectors, such as finance, manufacturing, and telecommunications, among others.
    Huawei OceanStor Dorado All-Flash Storage is deployed at customers sites in over 150 countries and regions including Latin America, Europe, Africa, the Middle East, and Asia-Pacific, where it provides reliable services in sectors such as finance, telecommunications, government, and public utilities.
    “We appreciate our global customers for their positive feedback and strong recommendations for Huawei’s primary storage. Being named a Customers’ Choice four times is the highest form of recognition we can receive from our customers and a driving force for our continuous improvement,” remarked Huang Tao, President of Huawei Flash Storage Domain. “In our commitment to innovation, we will continue investing in storage performance, reliability, usability, and management efficiency. Our goal is to provide an exceptional data service experience for our customers and become the preferred choice for data infrastructure in every field,” added Huang.
    To learn more about Huawei Data Storage products and solutions, please visit the Huawei Data Storage official website: https://e.huawei.com/en/products/storage

    MIL OSI Economics –

  • MIL-OSI Economics: The 31st AEM Retreat convenes in Johor, Malaysia

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today attended the 31st ASEAN Economic Ministers’ Retreat (AEM Retreat) held in Johor, Malaysia. The AEM Retreat was chaired by Minister of Investment, Trade and Industry of Malaysia Tengku Zafrul Tengku Abdul Aziz. The Meeting expressed its support for ASEAN’s economic priorities under Malaysia’s 2025 Chairmanship under the theme of “Inclusivity and Sustainability.” The Meeting also exchanged views on the current regional and global economic outlook, progress of implementation of the AEC Blueprint 2025, as well as key initiatives to further integrate ASEAN’s economy including the ongoing negotiations for the ASEAN Trade in Goods Agreement (ATIGA) upgrade, the ASEAN Digital Economy Framework Agreement (DEFA), as well as Timor-Leste’s accession to ASEAN economic agreements and ASEAN’s external economic relations.

    The Meeting was preceded by an open session with the ASEAN Business Advisory Council (ASEAN-BAC), followed by the Economic Research Institute for ASEAN and East Asia (ERIA), and McKinsey, which engaged in discussions on ASEAN’s economic integration as well as emerging regional and global issues.

    The post The 31st AEM Retreat convenes in Johor, Malaysia appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI United Kingdom: UK chief finance minister builds on commitment to support mutual growth in South Africa at G20

    Source: United Kingdom – Executive Government & Departments

    Press release

    UK chief finance minister builds on commitment to support mutual growth in South Africa at G20

    The Rt Hon Rachel Reeves MP shared the UK’s growth mission with key stakeholders and her G20 counterparts in South Africa this week.

    Chancellor Rachel Reeves with South African Finance Minister Enoch Godongwana, at the G20 Finance Ministers and Central Bank Governors meeting in Cape Town, South Africa.

    Over the past two days in Cape Town, the UK’s chief finance minister, Chancellor Rachel Reeves, spent time in and around the G20 finance ministerial meetings emphasising that the UK’s relationship with South Africa is key to the delivery of the UK’s Growth Mission for the mutual benefit of both our countries.

    The Chancellor emphasised the significance of South Africa to her counterparts at the G20, highlighting that the UK is the largest investor in the country, with UK companies having invested over R500 billion.

    Building on UK Foreign Secretary David Lammy’s recent agreement to develop a UK-South Africa Growth Partnership with Minister Lamola, she reiterated that free trade is the best way to achieve economic growth internationally and demonstrated how the UK is meeting the ambition to drive job creation in our two economies.

    Infrastructure was a major theme at the G20 meetings the Chancellor attended, given the need to ensure that people can do their jobs and get around with improved railways and roads to facilitate economic growth. Which is why she said the UK is helping to accelerate projects in South Africa, including promoting the involvement of UK companies and sharing government expertise.

    The Chancellor announced the next stage of the UK programme boosting urban economic development in South Africa, unlocking opportunities through improved urban planning and infrastructure in disadvantaged areas of the country’s municipalities. The intention is to strengthen UK cooperation with local governments in South Africa, to build their financial and technical capabilities.

    A highlight of her time in SA was a visit was to the V&A Waterfront, where the Chancellor witnessed the unveiling of the design for the R25 billion expansion project, which has been produced by UK architects Heatherwick Studio. She also welcomed the news that British engineering firm Arup had won key contracts to support South Africa’s ambitions to boost green and sustainable growth across the country, not only contributing to the design of more resilient infrastructure but also working with public and private sector clients to improve the energy efficiency of buildings here in Cape Town and across South Africa.

    The Chancellor also attended a reception at the High Commissioner’s official residence for prominent South African investors and businesses to further deepen the close economic ties between the UK and South Africa.

    Updates to this page

    Published 28 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: FS explains fiscal plan on radio show

    Source: Hong Kong Information Services

    Financial Secretary Paul Chan took questions on the 2025-26 Budget this morning as he engaged with members of the public on a radio phone-in programme.

    Mr Chan responded to questions about trade, cuts in government expenditure and investment in the development of artificial intelligence (AI), besides explaining the overall objectives and rationale of his Budget.

    With the city’s deficit projected to fall to $67 billion in the next fiscal year, Mr Chan said he believes the worst is over for Hong Kong, but stressed the need to take proactive steps to achieve balance.

    Referring to the Government’s fiscal plan, he said: “I would call it a fiscal consolidation plan, meaning that we have to reduce the expenditure growth, but at the same time increase our revenue, with the focus on the former, meaning that cutting expenditure growth is the primary tool to return us to balance.”

    This, he added, would include rationalising and improving some services to make their delivery efficient.

    In terms of the overall outlook, he expressed optimism that Hong Kong can seize on new opportunities and realign itself as a high value-added supply chain management centre, even amid external challenges.

    “Of course, there are uncertainties and external complexities, given the geopolitics, but on the other hand, the Mainland’s economy is growing. It is our hinterland.”

    Specifically on measures to reduce expenditure, Mr Chan sought to allay callers’ concerns.

    Regarding the abolition of a grant for secondary day-school, primary school and kindergarten students, he said: “The Education Bureau considered that this allowance, $2,500 at the moment, is regardless of means. It is really not very targeted to help those in need. And for those in need, we do have subsidies in other schemes to provide them with the needed support.

    “The budget allocation to education continues to exceed $100 billion a year, so it is a very substantial investment.”

    The finance chief also extolled the city’s competitive strengths as a super connector and super value-adder, as he was asked about the announcement in the Budget that $1 billion will be set aside to establish an AI research and development institute in the city.

    “Compared to Singapore, our advantage is that we have a vast Mainland market,” he said. “This will provide the user case for many of these AI companies. And compared to companies on the Mainland, in Shenzhen, we have the convenience of gathering talent, data, and also going global.

    “Particularly for those companies in different stages of development, we have a full chain of funding options, financing options.

    “And for talent, we do think here is the very convenient place of gathering not just Chinese talent, but also international talent.”

    MIL OSI Asia Pacific News –

  • MIL-OSI United Kingdom: Mayor launches public consultation on biggest transformation of Oxford Street in history

    Source: Mayor of London

      

    • Mayor begins consultation on the potential pedestrianisation of Oxford Street and proposals to create a Mayoral Development Corporation (MDC) to super charge regeneration
    • A revitalised Oxford Street would increase visitor numbers, create new jobs, and boost retail and growth for London and the whole UK economy 
    • The MDC would have specific planning powers to deliver a world-leading scheme that works for residents, visitors and businesses
    • Mayor encourages everyone to have their say on these proposals before 2 May 2025

    The Mayor of London, Sadiq Khan, today launched a public consultation on proposals to breathe new life into Oxford Street.

    Oxford Street is an area of critical national economic importance, with an estimated annual contribution to London’s economy of £25bn in 2022. 

    But the area has suffered in recent years for a variety of reasons including the pandemic, the growth of online shopping and out-of-town shopping centres.

    The Mayor’s proposals – working alongside government, businesses and local councils – could include future plans to pedestrianise Oxford Street and transform it into an exciting, green and thriving destination for Londoners and tourists alike.

    The aim is for the street to become the world-leading urban space for shopping, leisure, and outdoor events.

    The public consultation – which is open from 28 February 2025 to 2 May 2025 – is about gathering Londoners’ views on the Mayor’s proposals to create a new Mayoral Development Corporation, which would have the necessary powers to support the transformation of the area, and on the principle of pedestrianisation.

    Londoners are invited to get involved and have their say on the proposals under consideration, which would pave the way for the transformation of Oxford Street through: 

    • creating a beautiful pedestrian-friendly public space to attract shoppers, for exciting events and activities to make Oxford Street a place for all
    • designing with sustainability in mind, to make the area more resilient to the impact of climate change
    • creating a well-designed, high-quality space that showcases the best of London’s talent, assets and opportunities – a place that Londoners feel proud of and those coming to London want to visit, invest in and return to
    • hosting exciting events to showcase and test the potential of a new and more inviting public realm

    These proposals would help to attract more national and international visitors, bringing the world to London and showcasing the best of London to the world, while also acting as a magnet for new customers, new investment and job-creation, driving growth and economic prosperity for decades to come.  

    Mayor of London, Sadiq Khan, said: “Oxford Street has been known as the nation’s high street but the area has suffered in recent years.

    My proposals are designed to unlock the true potential of Oxford Street and deliver a world-class, accessible, clean, avenue. These proposals would help to restore this famous part of the capital and support good businesses, while creating new jobs and boosting growth.

    I encourage everyone to have their say on these proposals, which would transform Oxford Street into a place Londoners and the whole of the country can be proud of as we continue to build a better London for everyone.”

    Councillor Richard Olszewski, Leader of Camden Council, said: “The London-wide and national economic benefits of such a scheme are there to be seen for residents and visitors alike, as are wider benefits for air quality and health and wellbeing. This is a significant development for central London and a new use of powers. We look forward to engaging with the Mayor and other stakeholders on the consultation and continuing to work with them on developing the proposals, including to benefit neighbouring areas like Fitzrovia and Holborn.”

    Dee Corsi, Chief Executive, New West End Company, said: “The launch of the public consultation marks a significant milestone in the journey of the nation’s high street. It is an important step towards unlocking the full potential of Oxford Street and the wider West End. We are ready to work with the Mayor, the Government, Westminster City Council, and the local community to bring this vision to life and drive long-term benefits for London and the UK as a whole.

    “We have long championed the regeneration of Oxford Street, recognising its vital importance to London and the UK economy. With significant private sector investment already driving change, Oxford Street is evolving. It has always been a much-loved destination, attracting Londoners and visitors from around the world. It’s a place where retail, leisure, and culture come together, and with growing demand for high-quality office space, its role as a vibrant commercial hub continues to expand.”

    Karim Fatehi OBE, CEO of the London Chamber of Commerce and Industry, said: “We welcome these ambitious plans to revitalise Oxford Street as one of the world’s foremost shopping destinations by improving the visitor experience and increasing footfall. 

    “This consultation is a great opportunity for businesses to have their say to ensure the proposals work for them, and we urge businesses of all sizes to participate and help shape this exciting transformation to drive tourism and economic growth in the area.”

    Kate Nicholls, Chief Executive of UKHospitality, said: “The exciting plans for Oxford Street would turn it into one of Europe’s biggest plazas. With pubs, bars, cafes and restaurants taking centre stage, we hope we can showcase, on one of the world’s most famous streets, how it’s possible to break down planning and licensing barriers to generate a thriving social scene. This type of hospitality-led regeneration can truly allow Oxford Street to thrive and further enhance London’s offering.”

    John Dickie, CEO of BusinessLDN, said: “Oxford Street is London’s flagship high street and an attraction for visitors from across the country and all over the globe. As a key strategic site that spans borough boundaries, the Mayor has an important role to play in investing in and helping to improve the area for the benefit of Londoners, businesses and visitors. We look forward to engaging with the Mayor as well as Westminster City Council, the London Borough of Camden, New West End Company and other stakeholders to help to make Oxford Street an even more vibrant and attractive place to visit.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Regulator criticises governance at Sikh TV charity

    Source: United Kingdom – Executive Government & Departments

    Press release

    Regulator criticises governance at Sikh TV charity

    The Charity Commission, the regulator of charities in England and Wales, has found serious failings at Sikh Channel Community Broadcasting Company Limited.

    The charity operated a television channel, which was based in Birmingham, to advance the knowledge of the Sikh faith.

    An official inquiry report, published today, found that the former trustees of the charity had not sufficiently overseen the actions of the charity’s then CEO, which in turn led to failures in the administration, financial control and governance of the charity.

    A new board of trustees was appointed over the course of the inquiry, and they took the decision to wind up and dissolve the charity. Additionally, the former CEO has formally undertaken not to act as a trustee or in a senior role at a charity for ten years.

    Background

    The Commission began engaging with the charity in 2019, after concerns arose about the charity’s fundraising partnership with the unregistered organisation Sikh Youth UK, an organisation which was already subject to a statutory inquiry.

    Concerns were also raised about the relationship between the charity and companies connected to the charity’s CEO.

    Findings

    In its report, the Commission finds that:

    • Trustees failed to manage a clear conflict of interest in relation to the appointment of the CEO of the charity. The CEO, who was also a trustee at the time, appointed himself to the role without an open recruitment process, and in breach of the charity’s governing document. The trustees were all family members of the CEO, and inquiry found that the trustees had insufficient control and oversight of his actions, leading to breaches of charity law. This amounted to misconduct and/or mismanagement by the trustees at the time.
    • The CEO, at the relevant times, acted as a de-facto trustee, and set himself a yearly salary of £40,000, which was unauthorised. Additionally, the inquiry found that the charity made a bank transfer for £654 to a private company owned and directed by the CEO. The payments of the unauthorised salary, the bank transfer and loans to a trading subsidiary of the charity showed a lack of financial control by the trustees, and failure to act in the charity’s best interests.
    • The charity began a fundraising partnership with an unregistered organisation, Sikh Youth UK. It organised a fundraiser, stating that money raised would pay for Sikh Youth UK support workers. However, the Commission found that it misled members of the public by not stating that 40% of their donations would be kept by the Sikh Channel Community Broadcasting for its general expenditure. The inquiry found that the then trustees’ failure to conduct due diligence on Sikh Youth UK, failure to monitor the use of the charity’s funds, and the misleading nature of the fundraising appeal were all misconduct and/or mismanagement by the trustees of the charity at the time.

    Regulatory action

    • The CEO of the charity gave a formal undertaking that he would not act, be appointed, or accept a position as trustee or senior manager of any charity including non-registered charities and would refrain from acting as a trustee or senior manager for a period of ten years without the express written permission of the Commission.

    Joshua Farbridge, Head of Compliance, Visits and Inspections at Charity Commission said:

    Our findings serve as a cautionary tale against allowing any one person to dominate and assume control of a charity.

    In this case, the trustees failed in their duty to oversee and manage the actions of the CEO, resulting in significant failures in the charity’s administration and governance.

    As a result of our intervention, and the identified misconduct and/or mismanagement, the CEO has committed to refraining from acting as a trustee of a charity for ten years.

    The full report detailing the findings of this inquiry can be found on gov.uk.

    ENDS

    Notes to editors

    1. The Charity Commission is the independent, non-ministerial government department that registers and regulates charities in England and Wales. Its ambition is to be an expert regulator that is fair, balanced, and independent so that charity can thrive. This ambition will help to create and sustain an environment where charities further build public trust and ultimately fulfil their essential role in enhancing lives and strengthening society.
    2. On 13 November 2019, the Commission opened a statutory inquiry into The Sikh Channel Community Broadcasting Company Limited under section 46 of the Charities Act 2011.
    3. A statutory inquiry is a legal power enabling the Commission to formally investigate matters of regulatory concern within a charity and to use protective powers for the benefit of the charity and its beneficiaries, assets, or reputation. An inquiry will investigate and establish the facts of the case so that the Commission can determine the extent of any misconduct and/or mismanagement; the extent of the risk to the charity, its work, property, beneficiaries, employees or volunteers; and decide what action is needed to resolve the concerns.
    4. The inquiry made an Order dated 19 March 2020 under section 76(3)(g)11 of the Act to appoint Mr Philip Watts and Ms Sarah Tomlinson of Anthony Collins Solicitors to act as Interim Managers for the charity from the date of that Order. A Notice of Appeal dated 28 April 2020 was submitted to the Charity Tribunal first Tier in which the new trustees appealed against the appointment of the IMs. The Tribunal determined that the legal test was met, namely that the inquiry was open and ongoing into the charity, and that there had been mismanagement in the charity. However, the Tribunal did not consider in their discretion that an interim manager should be appointed, and instead considered that additional trustees could be appointed to strengthen the trustee board. As such, the trustees’ appeal against the Order was allowed and the IMs appointment therefore immediately ceased on 31 July 2020.

    Press office

    Email pressenquiries@charitycommission.gov.uk

    Out of hours press office contact number: 07785 748787

    Updates to this page

    Published 28 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Bybit Restores Assets and Confidence Through Transparent Recovery Process

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Feb. 28, 2025 (GLOBE NEWSWIRE) — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has announced significant progress in restoring assets and rebuilding trust following a recent security incident. Demonstrating its commitment to transparency and resilience, Bybit has swiftly implemented recovery measures and enhanced security protocols to protect its global user community.

    Key Recovery Milestones

    • AUM Recovery: Bybit has successfully restored 77% of its Assets Under Management (AUM) to pre-incident levels, underscoring its robust recovery strategy and sustained client confidence.
    • Enhanced Spot Liquidity: The platform now offers superior spot liquidity across the top 180 trading pairs, surpassing industry benchmarks and reflecting substantial improvements from pre-incident conditions.
    • Contract Market Resilience: The recovery of contract trading has outpaced expectations, with the top two indices reaching approximately 86% of normal levels and the top 70 exceeding 87%, outperforming competitors.
    • Sustained Trading Volume: Bybit’s trading activity remains strong, with volumes exceeding $40 billion in the past two days, a testament to the resilience and trust of its global user base.

    Strengthened Proof of Reserves

    In alignment with its commitment to transparency, Bybit has conducted an additional proof of reserves audit, supplementing its regular monthly verifications. The results confirm full collateralization of all client assets:

    • BTC: 102% 
    • ETH: 102% 
    • SOL: 103% 
    • USDT: 104%
    • USDE: 116% 
    • USDC: 229% 

    These figures underscore Bybit’s financial stability and its commitment to ensuring client assets remain fully backed at all times.

    “We have taken swift and decisive actions to reinforce our security measures and protect our users. Our top priority is to maintain the highest standards of transparency, resilience, and trust,” said Ben Zhou, Co-founder and CEO of Bybit. “We deeply appreciate the unwavering support from our clients and partners, which has been instrumental in our rapid recovery.”

    #Bybit / #TheCryptoArk

    About Bybit
    Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open, and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

    For more details about Bybit, please visit Bybit Press

    For media inquiries, please contact: media@bybit.com

    For updates, please follow: Bybit’s Communities and Social Media

    Contact

    Head of PR
    Tony Au
    Bybit
    tony.au@bybit.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7c4bf808-e6f1-40fb-a366-833f09db1d33

    The MIL Network –

  • MIL-OSI: Bitget Wallet Mitigates Memecoin Volatility with Trading Rebates on BNB Chain

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Feb. 28, 2025 (GLOBE NEWSWIRE) — Bitget Wallet, a leading Web3 non-custodial wallet, has introduced a trading rebate program for meme coin transactions on BNB Chain, responding to increased market volatility and investor participation in the sector. As BNB Chain emerges as a major hub for meme coin trading, price fluctuations remain a key concern. The initiative aims to provide risk mitigation measures to help traders navigate these highly volatile assets.

    Running from February 20 to March 5, 2025, the rebate program offers compensation of up to 250 USDT per transaction for traders whose losses exceed 50% of their principal investment when trading BNB Chain-supported tokens via Bitget Wallet Swap. The program is designed to address the risks associated with meme coin speculation by providing a temporary safety net during this period of heightened market activity.

    Beyond the rebate, Bitget Wallet provides key tools to enhance decision-making and execution in meme coin trading. MemeX helps users discover new tokens early, offering insights into emerging opportunities. Instant Swap Mode ensures fast execution, reducing slippage and failed trades during volatility. Cross-Chain Swaps enable seamless transfers from other networks such as Ethereum and Solana into BNB Chain tokens, simplifying fund movement. Limit orders let traders automate buy and sell strategies, capturing market movements without constant monitoring. Additionally, the GetGas gas account allows users to pay transaction fees with USDT, USDC, ETH, or BGB, eliminating the need to hold BNB for gas fees and streamlining the trading process.

    The surge in meme coin activity underscores a broader shift in on-chain trading dynamics, where speculative assets are driving retail engagement. However, the high volatility presents challenges for traders seeking sustainable market participation. By introducing risk-mitigation mechanisms alongside trading infrastructure, Bitget Wallet’s approach reflects a growing emphasis on risk-managed trading experiences within decentralized finance (DeFi).

    “As meme coin trading continues to evolve, balancing accessibility with risk management remains a key consideration,” said Alvin Kan, COO of Bitget Wallet. “This initiative is part of our ongoing efforts to provide traders with more structured tools and protections to navigate the rapidly changing Web3 market with greater confidence.”

    For more details, please visit Bitget Wallet blog.

    About Bitget Wallet
    Bitget Wallet is the home of Web3, uniting endless possibilities in one non-custodial wallet. With over 60 million users, it offers comprehensive onchain services, including asset management, instant swaps, rewards, staking, trading tools, live market data, a DApp browser, an NFT marketplace and crypto payment. Supporting over 100 blockchains, 20,000+ DApps, and 500,000+ tokens, Bitget Wallet enables seamless multi-chain trading across hundreds of DEXs and cross-chain bridges, along with a $300+ million protection fund to ensure safety of users’ assets. Experience Bitget Wallet Lite to start a Web3 journey.

    For more information, visit: X | Telegram | Instagram | YouTube | LinkedIn | TikTok | Discord | Facebook
    For media inquiries, please contact media.web3@bitget.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8ba64e90-5b41-4e32-bafa-baaa30b72c17

    The MIL Network –

  • MIL-OSI: Oma Savings Bank Plc’s Notice of Annual General Meeting

    Source: GlobeNewswire (MIL-OSI)

    OMA SAVINGS BANK PLC STOCK EXCHANGE RELEASE, 28 FEBRUARY 2025 AT 09.20 A.M EET, NOTICE OF ANNUAL GENERAL MEETING

    Oma Savings Bank Plc’s Notice of Annual General Meeting

    NOTICE TO GENERAL MEETING

    The shareholders of Oma Savings Bank Plc are invited to the Annual General Meeting to be held on Tuesday 8 April 2025 at 13.00 p.m. (EEST) at Scandic Helsinki Hub, Annankatu 18, Helsinki. The reception of persons who have registered for the meeting and distribution of voting tickets will begin at 11.00 a.m. (EEST) at the Meeting venue. Refreshments will be served before the meeting starting at 11:30 a.m.

    The new CEO will be introduced before the Annual General Meeting starting at 12.15 p.m. It is possible to follow the introduction of the CEO and the General Meeting via webcast. Instructions on how to follow the webcast are available on the Company’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025. It is not possible to ask questions, make counterproposals, make other interventions, or vote via webcast. Following the meeting via webcast shall not be considered as participation in the General Meeting or as the exercise of shareholders’ rights.

    Prior to the meeting, shareholders may also submit written questions referred to in Chapter 5, Section 25 of the Finnish Limited Liability Companies Act on matters to be discussed at the meeting. Instructions on how to submit written questions are set out in Section C of this notice to the General Meeting.

    A. Matters to be discussed at the General Meeting 

    1. Opening the Meeting

    2. Matters of order for the Meeting

    3. Election of the persons to scrutinize the minutes and to supervise the counting of votes

    4. Recording the legal convening of the Meeting and quorum

    5. Establishment of the persons present and confirmation of the voting list

    6. Presentation of the financial statements, annual report and auditor’s report for the year 2024

    Presentation of the CEO’s review.
    As of 14 March 2025, the financial statements, the annual report and the auditor’s report are available on the Company’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025.

    7. Adoption of the financial statements

    8. Resolution on the use of the profit shown on the balance sheet and the distribution of dividend

    The Board of Directors proposes that based on the balance sheet adopted for the financial year 2024, a dividend of EUR 0.36 per share be paid, totaling approximately EUR 12.0 million, and that the remainder of the distributable assets will be left in equity.

    The dividend shall be paid to shareholders registered in the register of shareholders of the Company maintained by Euroclear Finland Ltd on the record date of 10 April 2025. The Board of Directors proposes that the dividend shall be paid out on 17 April 2025 in accordance with the rules of Euroclear Finland Ltd.

    9. Resolution on the discharge of the members of the Board of Directors and the President and CEO from liability

    10. Handling of the remuneration policy for governing bodies

    The Board of Directors proposes that the General Meeting approves the updated remuneration policy. In accordance with the Finnish Companies Act, the decision is advisory.

    The proposal for the Company’s remuneration policy for governing bodies is attached to this notice as Annex 1 and is available on Oma Savings Bank Plc’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025.

    11. Handling of the Remuneration Report for governing bodies

    As of 14 March 2025, the remuneration report for governing bodies will be available on the Company’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025.

    12. Resolution on the remuneration of the members of the Board of Directors

    The Shareholders’ Nomination Committee proposes that remuneration for the members of the Board of Directors to be paid as follows:

    Annual fees:

    • Chairperson of the Board EUR 85,000
    • Vice Chairperson of the Board EUR 60,000
    • Other members of the Board EUR 40,000
    • Chairperson of the Remuneration Committee EUR 6,000
    • Chairperson of the Risk Committee EUR 9,000
    • Chairperson of the Audit Committee EUR 9,000

    Meeting fees:

    • Board or Committee meeting EUR 1,000
    • Email meeting of the Board or Committee EUR 500

    The Shareholders’ Nomination Committee proposes that 25 percent of the annual remuneration of the Board of Directors be paid from the market in Oma Savings Bank Plc’s shares acquired on behalf of the members of the Board of Directors. The shares will be acquired directly on behalf of the members of the Board of Directors at a price formed on the market in public trading when the interim report for the period from 1 January to 31 March 2025 has been published. The Company is responsible for the costs of acquiring the shares and any transfer tax. The rest of the annual fee is paid in cash to cover the taxes arising from the fee.

    In addition, Oma Savings Bank Plc pays or reimburses travel expenses and other expenses related to board work to the members of the Board of Directors.

    13. Resolution on the number of members of the Board of Directors

    The Shareholders’ Nomination Committee proposes that seven members be elected for the Board of Directors.

    14. Election of members of the Board of Directors

    The Shareholders’ Nomination Committee proposes that the current Board members Juhana Brotherus, Irma Gillberg-Hjelt, Aki Jaskari, Jaakko Ossa, Carl Pettersson, Kati Riikonen and Juha Volotinen having given their consent, shall be re-elected.

    1. All candidates are proposed to be elected for the period starting at the Annual General Meeting 2025 and ending at the Annual General Meeting 2026.
    2. All nominees have given their consent to the election.
    3. At the time of election, all proposed nominees are independent in their relationship with the Company and its significant shareholders.
    4. Additional information on the members of the Board of Directors is available on the Company’s website https://www.omasp.fi/en/annual-general-meeting-year-2025.

    15. Resolution on the remuneration of the auditor

    The Board proposes to the Annual General Meeting that the reimbursements to the auditor are paid on the basis of reasonable invoicing approved by the Company.

    16. Election of the auditor

    The Board of Directors proposes that KPMG Oy Ab, a firm authorised public accountants, shall continue to be elected as the auditor for the term beginning at the end of the Annual General Meeting 2025 and ending at the Annual General Meeting 2026.

    KPMG Oy Ab has indicated that if it is elected as an auditor M.Sc. (Econ.), APA Tuomas Ilveskoski would continue as auditor-in-charge.

    17. Resolution on the remuneration of the sustainability reporting assurer

    The Board proposes to the Annual General Meeting that the reimbursements to the sustainability reporting assurer are paid on the basis of reasonable invoicing approved by the Company.

    18. Election of the sustainability reporting assurer

    The Board of Directors, on the recommendation of the audit committee, proposes that KPMG Oy Ab, Authorized Sustainability Audit Firm, be elected as the Company’s sustainability reporting assurer for the term ending upon the conclusion of the next Annual General Meeting. KPMG Oy Ab has informed the Company that Authorised Public Accountant (KHT), Authorized Sustainability Auditor (KRT) Tuomas Ilveskoski would act as the principally responsible sustainability reporting assurer.

    19. Proposal by the Board of Directors to amend the Articles of Association

    The Board of Directors proposes to the Annual General Meeting that Section 6 (Nomination Committee) of the Company’s Articles of Association be amended by removing the provision regarding the due date for the Committee’s proposals.

    The Board further proposes to the Annual General Meeting that Section 10 (Notice of the meeting) of the Company’s current Articles of Association be supplemented with a provision regarding remote meetings. According to the proposed addition, the General Meeting could, by a decision of the Board, be held without a physical meeting venue, allowing shareholders to exercise their decision-making rights in full and in real time through telecommunication and technical means (remote meeting). Shareholders would thus be able to exercise their right to ask questions and vote in the same manner as in a physical meeting.

    Additionally, the Board proposes to the Annual General Meeting that Section 12 (General meeting) of the Company’s current Articles of Association, concerning the General Meeting, be supplemented to include provisions on deciding the remuneration of the sustainability reporting auditor and the appointment of the sustainability reporting auditor.

    The amended Articles of Association in their entirety are attached as Annex 2 to this notice of the Annual General Meeting.

    20. Resolution on the revised Charter of the Shareholders’ Nomination Committee

    The Shareholders’ Nomination Committee proposes that the Annual General Meeting resolve on the approval of the revised Charter of the Shareholders’ Nomination Committee.

    The proposed amendments to the Charter include, among other things, a provision requiring the Nomination Committee to submit its proposals regarding the composition and remuneration of the Board of Directors to the Company’s Board no later than the end of the calendar month preceding the Board meeting that decides on convening the Annual General Meeting.

    Additionally, the Charter is proposed to be amended to include a provision on the maximum continuous term of a Board member, ensuring alignment with the regulations, guidelines, and statements applicable to credit institutions, including the guidelines issued by the European Banking Authority (EBA).

    The proposed amendments also include certain technical revisions.

    The revised Charter in its proposed amended form is available on the Company’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025.

    21. Authorizing the Board of Directors to resolve on a share issue, the transfer of own shares and the issuance of special rights entitling to shares

    The Board of Directors proposes that the Annual General Meeting authorises the Board of Directors to resolve on the issuance of shares or transfer of the Company’s shares and the issuance of special rights entitling to shares referred to in Chapter 10, Section 1 of the Finnish Companies Act, subject to the following conditions:

    Shares and special rights can be issued or disposed of in one or more instalments, either in return for payment or free of charge.

    The total number of shares to be issued under the authorisation, including shares acquired on the basis of special rights, cannot exceed 3,000,000 shares, which corresponds to approximately 9 percent of the Company’s total number of shares on the day of the Annual General Meeting on the date of the notice of the meeting.

    The Board of Directors decides on all terms and conditions related to the issuance of shares. The authorisation concerns both the issuance of new shares and the transfer of own shares. A share issue and the issuance of special rights entitling to shares include the right to deviate from the pre-emptive right of shareholders if there is a weighty financial reason for the Company (special issue). A special share issue may be free of charge only if there is a particularly weighty financial reason from the point of view of the Company and in the interest of all its shareholders.

    The authorisation is proposed to be valid until the end of the next Annual General Meeting, but not later than 30 June 2026. The authorisation revokes previous authorisations given by the Annual General Meeting to decide on a share issue, as well as the option rights and the issuance of special rights entitling to shares.

    22. Authorizing the Board of Directors to decide on the repurchase of the Company’s own shares

    The Board of Directors proposes that the Annual General Meeting authorise the Board of Directors to decide on the repurchase of the Company’s own shares with funds belonging to the Company’s free equity under the following conditions:

    Maximum number of 1,000,000 own shares may be repurchased, representing approximately 3 percent of the Company’s total shares according to the situation on the date of the notice of the meeting, however, that the number of own shares held by the Company does not exceed 10 percent of the Company’s total shares of the Company at any time. This amount includes the own shares held by the Company itself and its subsidiaries within the meaning of Chapter 15, Section 11 (1) of the Finnish Companies Act.

    The Board of Directors is authorised to decide how to acquire own shares.

    Own shares may be repurchased otherwise than in proportion to the shares held by the shareholders (directed repurchase) at the price formed in public trading organized by Nasdaq Helsinki Ltd or at a price otherwise formed on the market. Own shares may be repurchased in one or more tranches.

    Shares purchased by the Company may be held by it, cancelled or transferred. The Board of Directors decides on other matters related to the repurchasing of own shares.

    The Board of Directors proposes that the authorisation repeal previous authorisations granted by the Annual General Meeting to decide on the repurchase of own shares.

    It is proposed that the authorisation remain valid until the closing of the next Annual General Meeting, but not later than 30 June 2026.

    23. Closing the meeting

    B. Documents of the General Meeting

    This notice, which contains all proposals for resolutions on the agenda of the General Meeting is available on Oma Savings Bank Plc’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025. Oma Savings Bank Plc’s financial statements, annual report, auditor’s report and remuneration report will be available on said website by 14 March 2025. The updated remuneration policy is attached to this notice and is also available at https://www.omasp.fi/en/annual-general-meeting-year-2025. Copies of the above-mentioned documents will be sent to shareholders on request, and they will also be available on the Annual General Meeting.

    The minutes of the General Meeting will be available on the above-mentioned website from 22 April 2025 onwards.

    C. Instructions for meeting participants

    1. Shareholders registered in the shareholders’ register

    Shareholders who are registered in the shareholders’ register of Euroclear Finland Oy on the record date of the General Meeting 27 March 2025 are entitled to participate the General Meeting. Any shareholder whose Company shares are recorded in their personal Finnish book-entry account is automatically included in the Company’s shareholders’ register. Changes in the shareholding after the record date of the General Meeting do not affect the right to participate in the General Meeting or the shareholder’s voting rights.

    The registration period for the General Meeting commences on 6 March 2025 at 9.00 a.m. (EET). A shareholder who is registered in the Company’s shareholders’ register and wishes to participate in the General Meeting must register for the Meeting no later than 1 April 2025 at 4.00 p.m. (EEST), by which time the registration must be received.

    A shareholder can register for the General Meeting:

    a)   via the Company’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025. Electronic registration requires strong identification of the shareholder or their legal representative or proxy with a Finnish, Swedish, or Danish bank ID, or a mobile certificate.
    b)   by e-mail. Shareholders registering by e-mail shall submit the registration form available on the Company’s website https://www.omasp.fi/en/annual-general-meeting-year-2025 or equivalent information to agm@innovatics.fi.
    c)   by mail. Shareholders registering by mail shall submit the registration form available on the Company’s website https://www.omasp.fi/en/annual-general-meeting-year-2025 or equivalent information to Innovatics Oy, General Meeting / Oma Savings Bank Plc, Ratamestarinkatu 13 A, FI-00520 Helsinki
    d)   by phone to Innovatics Ltd at +358 10 2818 909 on weekdays from 9 a.m. to 12 p.m. and from 1 p.m. to 4 p.m.

    In connection with the registration, the shareholder must provide the requested information:

    1. his/her name and date of birth or business ID
    2. telephone number and/or email address
    3. name of the possible assistant or name, date of birth, telephone number and/or e-mail address of the representative

    The personal details that shareholders give to Oma Savings Bank Plc will only be used for purposes associated with the General Meeting and processing the relevant registrations.

    The shareholder, his/her authorised representative or proxy representative, shall on demand be able to prove his/her identity and/or right of representation.

    Further information related to the registration is available by phone during the registration period of the General Meeting at the phone number of Innovatics Ltd. +358 10 2818 909 on weekdays from 9 a.m. to 12 p.m. and from 1 p.m. to 4 p.m.

    2. Holders of nominee-registered shares

    A holder of nominee-registered shares is entitled to participate the General Meeting based on the shares, which would entitle them entry into the shareholders’ register held by Euroclear Finland Oy on the record date for the General Meeting 27 March 2025. Participation also requires that the shareholder is temporarily registered in the shareholders’ register held by Euroclear Finland Oy by 3 April 2025 by 10.00 a.m. (EEST) at the latest. In the case of nominee-registered shares, this is considered as registration for the General Meeting. Changes in the shareholding after the record date of the General Meeting do not affect the right to participate in the General Meeting or the shareholder’s voting rights.

    A holder of nominee-registered shares is advised to request well in advance the necessary instructions from their custodian bank regarding temporary registration in the register of shareholders, the issuing of proxy documents and voting instructions, registration, and attendance at the General Meeting. The account manager of the custodian bank shall register the holder of nominee-registered shares who wishes to participate the General Meeting temporarily in the register of shareholders of the Company by the aforementioned date and time at the latest. Further information is also available on the Company’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025.

    3. Proxy representatives and powers of attorney

    Shareholders may participate in the General Meeting and exercise their rights through a representative. Shareholder’s representative must identify himself/herself to the electronic registration service with a strong identification, after which he/she can make the registration on behalf of the shareholder he/she represents. A shareholder’s proxy representative must present a dated proxy or otherwise in a reliable manner demonstrate his/her right to represent the shareholder at the General Meeting shall present a dated power of attorney or demonstrate their right to represent the shareholder in some other reliable way. If a shareholder is represented by more than one representative at the General Meeting, each of whom represents the shareholder with shares by the shareholder in different book-entry accounts, the shares by held which each representative represents the shareholder shall be identified in connection with the registration for the General Meeting.

    Possible powers of attorney are requested to be delivered before the end of the registration period primarily as an attachment in connection with electronic registration or alternatively or by letter to Innovatics Ltd, General Meeting / Oma Savings Bank Plc, Ratamestarinkatu 13 A, FI-00520 Helsinki or by email to agm@innovatics.fi. In addition to the delivery of proxy documents, the shareholder or his/her proxy representative shall arrange for registration at the General Meeting as described above in this notice.

    As an alternative to the traditional power of attorney, shareholders may use the electronic authorisation service for authorising the representative. The representative is appointed on the suomi.fi service at www.suomi.fi/e-authorizations (authorisation matter “Representation at the General Meeting”). At the General Meeting Service, the delegate must identify himself/herself with a strong electronic identification when registering, and then the electronic authorisation is automatically verified. Strong electronic identification occurs with bank IDs or mobile certificate. More information about electronic authorisation is available at www.suomi.fi/e-authorizations.

    Model proxy documents and voting instructions are available on the Company’s website https://www.omasp.fi/en/annual-general-meeting-year-2025.

    4. Other instructions/information

    The meeting language is Finnish.

    Shareholders present at the General Meeting have the right to ask questions about the matters discussed at the meeting in accordance with Chapter 5, Section 25 of the Finnish Limited Liability Companies Act. Shareholders may submit questions referred to in Chapter 5, Section 25 of the Limited Liability Companies Act on matters to be discussed at the meeting until 1 April 2025 also by email to lakiasiat@omasp.fi or by letter to Oma Savings Bank Plc, Legal Affairs, Kluuvikatu 3, 6th floor, 00100 Helsinki. The management of the Company will respond to such questions submitted in advance in writing at the General Meeting. At the time of asking a question, the shareholder shall provide an adequate explanation of his/her shareholding.

    Changes in shareholding after the record date of the General Meeting do not affect the right to participate in the General Meeting or the shareholder’s number of votes.

    On the date of the notice to the meeting, 28 February 2025, Oma Savings Bank Plc has a total of 33,292,771 shares representing the same amount of votes. The Company holds a total of 136,647 of its own shares which are not entitled to vote at the General Meeting.

    Oma Savings Bank Plc

    Board of Directors

    For more information:

    Hanna Sirkiä, CLO, tel. +358 44 022 4604, hanna.sirkia@omasp.fi
    Minna Sillanpää, CCO, tel. +358 50 66592, minna.sillanpaa@omasp.fi

    DISTRIBUTION
    Nasdaq Helsinki Ltd
    Major media
    www.omasp.fi

    OmaSp is a solvent and profitable Finnish bank. About 500 professionals provide nationwide services through OmaSp’s 48 branch offices and digital service channels to over 200,000 private and corporate customers. OmaSp focuses primarily on retail banking operations and provides its clients with a broad range of banking services both through its own balance sheet as well as by acting as an intermediary for its partners’ products. The intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking operations.

    OmaSp core idea is to provide personal service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to offer premium level customer experience through personal service and easy accessibility. In addition, the development of the operations and services is customer-oriented. The personnel is committed and OmaSp seeks to support their career development with versatile tasks and continuous development. A substantial part of the personnel also own shares in OmaSp.

    Attachments

    The MIL Network –

  • MIL-OSI: DIGITALIST GROUP’S FINANCIAL STATEMENT RELEASE, 1 JANUARY–31 DECEMBER 2024

    Source: GlobeNewswire (MIL-OSI)

    DIGITALIST GROUP’S FINANCIAL STATEMENT RELEASE, 1 JANUARY–31 DECEMBER 2024 
    (Not audited)

    DIGITALIST 2024 

    SUMMARY

    October–December 2024 (comparable figures for 2023 in parentheses):

    • Turnover: EUR 4.7 million (EUR 4.2 million), change 12.9%. 
    • EBITDA: EUR -0.2 million (EUR -0.4 million*), -4.3% of turnover (-9.1%).
    • EBIT: EUR -0.3 million (EUR -0.6 million*), -7.1% of turnover (-14.4%). 
    • Net income: EUR -1.0 million (EUR -1.6 million*), -21.3% of turnover (-38.9%).
    • Earnings per share EUR -0.00 (EUR -0.00).

    January–December 2024 (comparable figures for 2023 in parentheses): 

    • Turnover: EUR 16.2 million (EUR 16.7 million), change -3.1%. 
    • EBITDA: EUR -1.5 million (EUR -0.9 million**), -9.4% of turnover (-5.2%). 
    • EBIT: EUR -2.0 million (EUR -1.7 million**), -12.3% of turnover (-10.2%). 
    • Net income: EUR -5.0 million (EUR -4.1 million**), -31.0% of turnover (-24.5%). 
    • Earnings per share: EUR -0.01 (EUR -0.01). 
    • Earnings per share (diluted): EUR -0.01 (EUR -0.01). 
    • Cash flow from operations EUR -1.4 million (EUR -2.9 million). 
    • Number of employees at the end of the review period: 122 (126), decrease of 3.2%.

    *) EBIT, EBITDA, and net income for the comparison period were affected by a recorded gain of EUR 0.3 million, resulting from the write-down of Turret accounts payable and an additional purchase price related to the Ticknovate divestment.

    **) EBIT, EBITDA, and net income for the period were affected by a one-time gain of EUR 1.0 million, which includes a recorded gain of EUR 0.6 million from the FutureLab Share transaction, EUR 0.3 million from the write-down of Turret accounts payable and an additional purchase price adjustment related to the Ticknovate divestment.

    CEO’s review 

    As we close the year 2024, Digitalist Group stands at the intersection of ongoing market challenges and promising opportunities. While the Finnish economy remained weak, causing clients to hesitate in initiating new projects, we observed steady growth in Sweden. We are committed to coping with the challenges in the Finnish market, but we have increased focus on exploiting opportunities in the Swedish market and have expanded our offering with new applied AI services.

    Despite the turnover growth in the last quarter, the Group’s turnover in 2024 slightly declined to EUR 16.2 million (from EUR 16.7 million in 2023) and EBITDA ended at EUR -1.5 million (EUR -0.9 million in 2023 including a one-time gain of EUR 1.0 million). This outcome mirrors both the current market conditions and the positive but not sufficient impact of the strategic measures we implemented throughout the year.

    A key driver of our performance has been the Swedish market, where demand remained robust enough to offset weaker activity in Finland. In 2024 Sweden contributed around 70% of our total turnover, up from 61% in the same period last year. We also intensified our cost-saving efforts, reducing personnel costs and streamlining our organizational structure to create a stronger foundation for future improvements.

    This year, we enhanced our service portfolio through the full launch of Digitalist Open Cloud AB and the introduction of Digitalist Private AI Hub, offering secure and GDPR-compliant AI capabilities. These new solutions cater to the rising demand for data privacy and advanced digital services, attracting clients who recognize the value of our approach.

    Looking ahead, we remain focused on driving operational efficiency, sharpening our service offerings, and capitalizing on growth opportunities. Although the market may remain challenging in the near term, our product innovation and constant focus on cost management, positions Digitalist Group for long-term success.

    I extend my sincere gratitude to our employees for their commitment and to our clients for their trust. Together, we have navigated a demanding year, and together we will seize the opportunities that lie ahead.

    Magnus Leijonborg
    CEO, Digitalist Group

    Future prospects

    In 2025, it is expected that turnover and EBITDA will improve in comparison with 2024.

    SEGMENT REPORTING

    Digitalist Group reports its business in a single segment.

    TURNOVER

    In the fourth quarter, the Group’s turnover was EUR 4.7 million (EUR 4.2 million), reflecting a 12.9% increase compared to the previous year. The increase was due to the strengthening of the Swedish business.

    The Group’s turnover for the period totalled EUR 16.2 million (EUR 16.7 million), which is 3.1% lower than the previous year, as a result of the weak market situation in Finland. The turnover for the whole year fell short of the targets, as the economic slowdown and uncertainty have made customers more cautious when starting new projects.

    Market conditions in Finland have been challenging. The share of turnover outside Finland rose to 70 percent (61 %), and the increase was mainly due to the strengthening of the Swedish business. The net impact on turnover from the divestment of FutureLab and the acquisition of Open Communications for the review period is EUR 0.1 million compared to the comparison period.

    RESULT

    In the fourth quarter, EBITDA was EUR -0.2 million (EUR -0.4 million), EBIT was EUR -0.3 million (EUR -0.6 million) and profit before taxes was EUR -0.9 million (EUR -1.6 million). EBITDA was positively affected by improved sales and a EUR 0.3 million reduction in personnel and operating expenses. Net income for the final quarter amounted to EUR -1.0 million (EUR -1.6 million), earnings per share were EUR -0.00 (EUR -0.00).

    EBITDA for the financial period amounted to EUR -1.5 million (EUR -0.9 million), EBIT was EUR -2.0 million (EUR -1.7 million) and profit before taxes was EUR -4.9 million (EUR -4.0 million). Expenses were EUR 0.7 million lower compared to the previous year, of which operating expenses were EUR 0.3 million lower and personnel expenses EUR 0.4 million lower. Cost savings improved EBITDA, but the decline in sales weakened the overall impact.

    The EBIT was influenced by the decrease of depreciations of balance sheet items by EUR 0.4 million. EBIT, EBITDA and net income of the comparison period were impacted by a booked gain of EUR 0.6 million from the FutureLab Share transaction and EUR 0.3 million is attributed to the write-down of Turret accounts payable and an additional purchase price related to the Ticknovate divestment.

    Net financial items amounted to EUR -3.0 million (EUR -2.3 million), mainly comprising external interest expenses related to loans from financial institutions and related parties. External interest expenses were EUR -2.2 million (EUR -2.1 million). Financial items in the comparison period were positively impacted by Business Finland’s non-collection decision on a EUR 0.3 million part of the product development loan and unrealized exchange gains. Net income for the financial period amounted to EUR -5.0 million (EUR -4.1 million), earnings per share totalled EUR -0.01 (EUR -0.01).

    RETURN ON EQUITY

    The Group’s shareholders’ equity amounted to EUR -37.7 million (EUR -32.7 million). The Group’s equity considering the capital loans was EUR -13.8 million (EUR -15.8 million). Return on equity (ROE) was negative. Return on investment (ROI) was -161.9% (-27.8%).

    BALANCE SHEET AND FINANCING

    The balance sheet total was EUR 10.1 million (EUR 11.4 million). The solvency ratio was -379.1% (-285.9%). 

    At the end of the period, the Group’s liquid assets totalled EUR 0.9 million (EUR 0.9 million).

    At the end of the financial period the Group’s interest-bearing liabilities amounted to EUR 38.2 million (EUR 35.7 million). The Group’s balance sheet recognised EUR 11.0 million (EUR 11.4 million) in loans from financial institutions, including the overdrafts in use. IFRS 16 leasing debts were EUR 0.6 million (EUR 1.0 million). 

    In addition, the company has loans from its main owners. The loans from related parties amount to EUR 26.6 million (EUR 23.4 million). EUR 23.9 million (EUR 16.9 million) related party loans were capital loans, EUR 0 million (EUR 5.8 million) were convertible bonds, EUR 2.8 million (EUR 0.8 million) were other related party loans, of which EUR 2.0 million were short term. The changes result from the conversion of convertible bonds into capital loans in accordance with Chapter 12 of the Limited Liability Companies Act and from the new loan installments from Turret. More information about the arrangements can be found in the section of the review: Related party transactions.

    CASH FLOW

    The Group’s cash flow from operating activities during the review period was EUR -1.4 million (EUR -2.9 million), a change of EUR 1.5 million. The development of the company’s liquid assets was influenced by improved working capital. In order to reduce the rate of turnover of trade receivables, the Group sells part of its trade receivables from Finnish customers. In addition, some Swedish trade receivables are financed through factoring arrangements.

    GOODWILL

    On 31 December 2024, the Group’s balance sheet included goodwill of EUR 5.2 million (EUR 5.4 million). The company tested goodwill in accordance with IAS 36 on 31 December 2024 and no need for an impairment charge was detected. 

    PERSONNEL

    During the financial period, the Group had an average of 123 employees (139). At the end of the financial period, the total number of employees was 122 (126), with 52 (52) working for the Group’s Finnish companies and 70 (74) employed by its foreign subsidiaries.

    SHARES AND SHARE CAPITAL

    Share turnover and price

    During the financial period, the company’s share price hit a high of EUR 0.02 (EUR 0.03) and a low of EUR 0.01 (EUR 0.01), and the closing price on 31 December 2024 was EUR 0.01 (EUR 0.02). The average price in the financial period was EUR 0.01 (EUR 0.02). During the financial period 78,321,067 (40,711,793) shares were traded, corresponding to 11.3% (6.0%) of the number of shares in circulation at the end of the period. The Group’s market capitalisation at the closing share price on 31 December 2024 was EUR 9,985,399 (EUR 10,236,341).
         
    Share capital

    At the beginning of the period under review, the company’s registered share capital was EUR 585,394.16, and there were 693,430,455 shares. At the end of the period, the share capital was EUR 585,394.16, and there were 693,430,455 shares. The company has one class of shares. At the end of the reporting period, the company held a total of 7,664,943 treasury shares corresponding to 1.1% of the total shares. 

    Option plan 2019 and 2021

    The option plan 2019 has expired.

    The option rights belonging to the company’s option program 2021 are marked as series 2021A1, 2021A2, 2021B1, 2021B2 and 2021C1. A maximum of 60,000,000 stock options can be issued and they entitle to subscribe for a maximum of 60,000,000 new shares of the Company. A total of 38,450,000 options belonging to the 2021A1 and 2021A2 series have been distributed among the options included in the option program. The last exercise date for the series 2021A1 was 31.12.2024. 28,650,000 of the distributed options have expired, so based on the terms of the option program, it is possible to subscribe for a maximum of 9,800,000 new shares of the Company.

    The theoretical market value of the options allocated by the end of the financial period is approximately EUR 0.8 million, which is recognised as an expense in accordance with IFRS 2 for the years 2021-2025. The expense recognition for 2024 is EUR 0.1 million. The expense recognition does not have cash flow impact.

    Terms and conditions of option programs can be found at the Company’s web site https://investor.digitalistgroup.com//investor

    Shareholders

    The number of shareholders on 31 December 2023 was 5,705 (5,578). Private individuals owned 11.8% (10.4%) of the shares, and institutions held 78.4% (79.5%). Foreign nationals or entities held 9.8% (10.0%) of the shares. Nominee-registered shares accounted for 12.6% (6.3%) of the total.

    AUTHORIZATIONS OF THE BOARD OF DIRECTORS

    Annual General Meeting 25 April 2024

    The company held its Annual General Meeting on 25 April 2024. The minutes of the Annual General Meeting and the decisions made are on the company’s website at https://investor.digitalistgroup.com/investor/governance/annual-general-meeting

    The financial statements and consolidated financial statements for the financial year ended December 31, 2023, were approved as presented.

    The Annual General Meeting resolved that the loss EUR 4,575,895.22 indicated by the financial statements for 2023 be recorded in the Company’s profit and loss account, and that no dividend be paid to shareholders for the financial period 2023.

    The Annual General Meeting elected Johan Almquist, Paul Ehrnrooth, Peter Eriksson, Esa Matikainen, and Andreas Rosenlew as ordinary members of the Board of Directors, and Magnus Wetter as a new member of the Board of Directors. At the Board meeting held on 25 April 2024 after the Annual General Meeting, the Board of Directors elected Esa Matikainen as the Chair of the Board and Andreas Rosenlew as the Deputy Chair of the Board. The Board resolved to continue with the Audit Committee. Esa Matikainen was elected as a chairman and Peter Eriksson and Magnus Wetter as members of the Audit Committee.

    The Board of Directors evaluated on the date of the financial statement release the independence of the Committee members in compliance with the recommendations of the Finnish Corporate Governance Code 2020 as follows. Esa Matikainen and Magnus Wetter are independent of the company and independent of a significant shareholder. Peter Eriksson is independent of the company and dependent on a significant shareholder.

    Audit firm KPMG Oy Ab was appointed as the company’s auditor.

    Authorisation of the Board of Directors to decide on share issues and on granting special rights entitling to shares

    The Annual General Meeting authorised the Board to decide on a paid share issue and on granting option rights and other special rights entitling to shares that are set out in Chapter 10 Section 1 of the Finnish Limited Liability Companies Act, or on the combination of all or some of the aforementioned instruments in one or more tranches on the following terms and conditions:

    The total number of the Company’s treasury shares and new shares to be issued under the authorisation may not exceed 346,715,227, which corresponds to approximately 50 per cent of all the Company’s shares at the time of convening the Annual General Meeting.

    Within the limits of the aforementioned authorisation, the Board of Directors may decide on all terms and conditions applied to the share issue and to the special rights entitling to shares, such as that the payment of the subscription price may take place not only by cash but also by setting off receivables that the subscriber has from the Company.

    The Board of Directors shall be entitled to decide on crediting the subscription price either to the Company’s share capital or, entirely or in part, to the invested unrestricted equity fund.

    The share issue and the issuance of special rights entitling to shares may also take place in a directed manner in deviation from the pre-emptive rights of shareholders if there is a weighty financial reason for the Company to do so, as set out in the Limited Liability Companies Act. In such a case, the authorisation may be used to finance corporate acquisitions or other investments related to the operations of the Company as well as to maintain and improve the solvency of the Group and to carry out an incentive scheme.

    The authorisation is proposed to be effective until the Annual General Meeting held in 2025, yet no further than until 30 June 2025.

    Authorising the Board of Directors to decide on the acquisition and/or on the acceptance as pledge of the Company’s treasury shares

    The Annual General Meeting authorised the Board to decide on acquiring or accepting as pledge, using the Company’s distributable funds, a maximum of 69,343,000 treasury shares, which corresponds to approximately 10 per cent of the Company’s total shares at the time of convening the Annual General Meeting. The acquisition may take place in one or more tranches. The acquisition price shall not exceed the highest market price of the share in public trading at the time of the acquisition.

    In executing the acquisition of treasury shares, the Company may enter into derivative, share lending or other contracts customary in the capital market, within the limits set out in laws and regulations. The authorisation entitles the Board to decide on an acquisition in a manner other than in a proportion to the shares held by the shareholders (directed acquisition).

    The Company may acquire the shares to execute corporate acquisitions or other business arrangements related to the Company’s operations, to improve its capital structure, or to otherwise further transfer the shares or cancel them.

    The authorisation is proposed to include the right for the Board of Directors to decide on all other matters related to the acquisition of shares. The authorisation is proposed to be effective until the Annual General Meeting held in 2025, yet no further than until 30 June 2025.

    The Annual General Meeting approved the Board’s proposals to change the terms of the Convertible Bonds 2021/1, 2021/3, and 2022/1 issued to Turret Oy Ab without modifications.

    The Annual General Meeting approved the Board’s proposals to change the terms of the Convertible Bonds 2021/2 and 2021/4 issued to Holdix Oy Ab without modifications.

    It was noted that the following measures have been taken in the Company after the end of the fiscal year on December 31, 2023:

    ●     Convertible bonds 2021/3 and 2021/4 were partially converted into capital loans as per Chapter 12 of the Companies Act, as announced on March 22, 2024; and
    ●     the General Meeting has decided, following the board’s proposals, to change the terms of the Convertible Bonds 2021/1, 2021/2, 2021/3, 2021/4, and 2022/1, including their maturity extensions until September 30, 2026.

    It was noted that these actions have supported and will support the Company’s balance sheet and solvency.

    It was resolved to accept the proposition of the Board of Directors of the Company not to implement immediate additional measures to rectify the Company’s financial position, but the Company will actively evaluate other possibilities and means to support the Company’s financial standing.

    The stock exchange releases are on the company’s website at https://investor.digitalistgroup.com/investor/releases

    CHANGES IN THE GROUP STRUCTURE

    Digitalist Open Tech AB sold part of its IT and SaaS business to the newly established Digitalist Open Cloud AB through an internal business transfer agreement 1 April 2024. Digitalist Open Cloud AB is now a subsidiary of Digitalist Open Tech AB, with a 15% minority stake held by the subsidiary management.

    Digitalist Group divested its fully-owned subsidiary Open Communications International AB 31 May 2024 to its subsidiary Grow AB, in which it holds a 90% ownership. Sales price was EUR 0.9 million.

    In addition, Digitalist Group has closed non-operative companies. Digitalist USA Ltd was formally dissolved in 2024. Grow Finland Oy and Ixonos Estonia have been removed from the trade register in 2024.

    EVENTS SINCE THE FINANCIAL PERIOD

    There have been no significant events since the end of the financial period.

    RELATED-PARTY TRANSACTIONS 

    Financing arrangements with related parties:

    Strengthening Digital Group Plc’s equity, conversion of convertible bonds partly into capital loans

    In order to strengthen the Company’s equity, Digital Group decided on 22 March 2024 to utilize the right provided by Turret Oy Ab and Holdix Oy Ab to convert a total of 1,907,175.40+interest 334,513.29 euros of the principal and interest of the convertible bonds 2021/3 and 2021/4 subscribed by Turret and Holdix into a capital loan in accordance with Chapter 12 of the Limited Liability Companies Act.

    Amendment of the terms concerning Convertible Bonds 2021/1, 2021/2, 2021/3, 2021/4 and 2022/1 issued by Digitalist Group Plc

    Convertible Bonds 2021/1, 2021/3 and 2022/1 directed to Turret Oy Ab

    The Annual General Meeting of Digitalist Group 25 April 2024 resolved on the amendments to the Terms of the Convertible Bonds 2021/1, 2021/3, and 2022/1 issued to Turret.

    Digitalist Group Plc and Turret Oy Ab signed agreements April 26 2024 to amend the terms of the Convertible Bonds 2021/1, 2021/3, and 2022/1 and the option rights and other special rights pursuant to Chapter 10 section 1(2) of the Limited Liability Companies Act attached to them issued to Turret.

    The maturity of the Convertible Bonds was extended to 30 September 2026.

    Convertible Bonds 2021/2 and 2021/4 directed to Holdix Oy Ab

    The Annual General Meeting of Digitalist Group 25 April 2024 resolved on the amendments to the Terms of the Convertible Bonds 2021/2 and 2021/4 issued to Holdix.

    Digitalist Group and Holdix Oy Ab signed agreements April 26 2024 to amend the terms of the Convertible Bonds 2021/2 and 2021/4 and the option rights and other special rights pursuant to Chapter 10 section 1(2) of the Limited Liability Companies Act attached to them issued to Holdix.

    The maturity of the Convertible Bonds was extended to 30 September 2026.

    Digitalist Group structures its financing

    Digitalist Group Plc’s agreed 28.10.2024 with Turret Oy Ab on a loan amounting to EUR 1,000,000 in order to strengthen the Company’s working capital. The Company has the right to withdraw the Loan in instalments by 31 December 2025 at the latest. The Loan was granted on market terms and it will fall due on 31 December 2026.

    Strengthening Digitalist Group Plc’s balance sheet position and conversion of convertible bonds 2021/1, 2021/2, 2021/3 and 2021/4 into capital loans

    Digitalist Group Plc decided 30.12.2024, in order to strengthen the Company’s balance sheet position, to utilize the right offered by Turret Oy Ab and Holdix Oy Ab to convert a total of 3,860,763.40 + interest 861,271.93 euros of the principal and interest of the convertible bonds 2012/1, 2021/2, 2021/3 and 2021/4 subscribed by Turret and Holdix into a capital loan in accordance with Chapter 12 of the Limited Liability Companies Act.

    OTHER EVENTS DURING THE FINANCIAL PERIOD

    Digitalist Group decreased its earlier guidance regarding future prospects 17.10.2024. The new guidance was: In 2024, turnover and EBITDA are expected to decrease in comparison with 2023.

    Operationally, not including the impact of other operating income (EUR 1.0 million), the current financial year was expected to be stronger than the previous year.

    The stock exchange releases for the review period are on the company’s website at https://investor.digitalistgroup.com/investor/releases

    RISK MANAGEMENT AND SHORT-TERM UNCERTAINTIES

    The objectives of Digitalist Group Plc’s risk management are to ensure the undisrupted continuity and development of the company’s operations, support the achievement of the company’s business objectives and increase the company’s value. For more details about the organisation of risk management, processes and identified risks, see the company’s website at https://investor.digitalistgroup.com/investor

    The company has been making a loss despite the efficiency measures it has taken. The company’s loss-making performance directly affects its working capital and the sufficiency of its financing. This risk is managed by maintaining the capacity to use different financing solutions. The company aims to continuously assess and monitor the amount of necessary business financing to ensure that it has sufficient liquid assets to finance its operations and repay maturing loans. Any disruptions in the financial arrangements would weaken Digitalist Group’s financial position.

    The company is currently dependent on external financing, most of which has been obtained from related-party companies and financial institutions. Digitalist Group’s ability to finance its operations and reduce the amount of its debt depends on several factors, such as the cash flow from operations and the availability of debt and equity financing, and there is no certainty that such financing will be available in the future. Similarly, there can be no certainty in the long term that Digitalist Group will be able to obtain additional debt or refinance its current debt on acceptable terms, if at all.

    During 2024, negotiations regarding the restructuring of maturing convertible bonds held by related parties were concluded, and the maturity date was extended until autumn 2026. The convertible bonds were converted into capital loans in two tranches in accordance with Chapter 12 of the Limited Liability Companies Act in 2024, strengthening the company’s balance sheet.

    Any changes to key client accounts could have a substantial impact on Digitalist Group’s operations, earning potential and financial position. If one of Digitalist Group’s largest clients decided to switch to a competing company or drastically altered its operating model, the chances of finding client volumes to replace the shortfall in the near term would be limited.

    The Group’s business consists mainly of individual client agreements, which are often relatively short-term. Forecasting the start dates and scopes of new products is occasionally challenging, while the cost structure is largely fixed. The aforementioned aspects can lead to unpredictable fluctuations in turnover and, thereby, in profitability. The Group’s business consists of some fixed-price deliveries (65%). Fixed-price client deliveries carry risks related to timing and content. The company endeavours to manage these risks through contractual and project management measures.

    Irrespective of the market situation, there is a shortage of certain experts in the Group’s business sector. Although the aggressive recruitment policies that occasionally arise in the Group’s business sector have decreased significantly, there is still a risk of personnel moving to competitors. There are no guarantees that the company will be able to retain its current personnel and recruit new employees to enable growth. If Digitalist Group loses a significant number of its current personnel, it would be more difficult to complete existing projects and acquire new ones. This could have an adverse impact on Digitalist Group’s business, earnings and financial position.

    The cost inflation has decreased significantly but can still exert pressure to raise salaries, so the importance of cost monitoring is emphasised further. Variation in interest rates do not have a significant direct impact on financing costs because most of the company’s debts have fixed interest rates. If the interest rates on the company’s loans from financial institutions rose by 1 per cent, the company’s annual interest costs would rise by approximately EUR 0.1 million.

    Part of the Group’s turnover is invoiced in currencies other than the euro – mainly in the Swedish krona. The risk associated with changes in exchange rates can be managed in various ways, including net positioning and currency hedging contracts. In 2024 and 2023, the Group had no hedging contracts.

    The Group’s balance sheet contains goodwill that is subject to impairment risk in the event that the Group’s future yield expectations decrease due to internal or external factors. The goodwill is tested for impairment every six months and whenever the need arises.

    General economic uncertainty and low growth forecasts in the company’s key markets affected the Group’s business during the financial period, but the future impact is difficult to estimate. Geopolitical uncertainty may affect the business activities of some of the Group’s clients, thereby indirectly affecting the Group’s business. The Group has no business activities in Russia or Ukraine.

    LONG-TERM GOALS AND STRATEGY

    Digitalist Group aims to achieve a profit margin of at least 10% over the long term. In order to achieve its long-term goals, Digitalist Group strives for profitable, international growth by shaping new forms of thinking, services and technological solutions for a variety of sectors. These sectors include, among others, the technology industry, energy industry, transport and logistics, as well as consumer services in both the public and private sectors. Digitalist Group’s strategy focuses on enhancing its service and solution business and seamlessly integrating user and operational research, branding, design and technology.

    PROPOSAL BY THE BOARD OF DIRECTORS TO THE ANNUAL GENERAL MEETING

    The Board of Directors of Digitalist Group Plc proposes to the Annual General Meeting that the distributable funds be retained in shareholders’ equity and that no dividend be distributed to shareholders for the 2024 financial period. On 31 December 2024, the parent company’s distributable assets were negative.

    Digitalist Group Plc’s Annual General Meeting will be held on 29 April 2025. 
    Digitalist Group’s Financial Statements 2024 will be published and posted on the company’s website on 28 March 2025. Digitalist Group Plc’s Financial Statements will be published in Finnish and English and they are available on the Group’s website https://investor.digitalistgroup.com/investor immediately after publication.

    NEXT REVIEW

    The Business review for January–March 2025 will be published on Friday 25 April 2025.

    DIGITALIST GROUP PLC
    Board of Directors

    Further information:
    Digitalist Group Plc
    CEO Magnus Leijonborg, tel. +46 76 315 8422, magnus.leijonborg@digitalistgroup.com
    Chairman of the Board Esa Matikainen, tel. +358 40 506 0080, esa.matikainen@digitalistgroup.com

    Distribution:
    NASDAQ Helsinki

    Key media
    https://investor.digitalistgroup.com/investor

    DIGITALIST GROUP 

    SUMMARY OF THE FINANCIAL STATEMENTS AND NOTES, 1 JANUARY–31 DECEMBER 2024

    CONSOLIDATED INCOME STATEMENT, EUR THOUSAND 

      1 Oct – 31 Dec 24 1 Oct – 31 Dec 23 Change (%) 1 Jan – 31 Dec 24 1 Jan – 31 Dec 23 Change (%)
    Turnover 4,698.85 4,160.22 12,9 % 16,164.54 16,680.74 -3,1 %
    Other operating income -41.02 280.21 -114,6 % 50.00 1,006.67 -95,0 %
                 
    Materials and services -932.52 -639.82 -45,7 % -3,102.99 -3,202.01 3,1 %
    Expenses from employee benefits -3,251.70 -3,331.27 2,4 % -11,874.22 -12,269.02 3,2 %
    Depreciation and impairment -132.28 -218.14 39,4 % -469.53 -834.41 43,7 %
    Other operating expenses -673.33 -848.57 20,7 % -2,750.27 -3,077.67 10,6 %
    Total expenses -4,989.83 -5,037.80 1,0 % -18,197.01 -19,383.11 6,1 %
                 
    EBIT -331.99 -597.37 44,4 % -1,982.47 -1,695.70 -16,9 %
                 
    Financial income 78.27 4.17 1779,2 % 155.41 752.50 -79,3 %
    Financial expenses -695.08 -1,021.72 32,0 % -3,103.37 -3,026.21 -2,5 %
    Total financial income and expenses -616.81 -1,017.55 39,4 % -2,947.96 -2,273.71 -29,7 %
                 
    Profit before taxes -948.80 -1,614.92 41,2 % -4,930.43 -3,969.41 -24,2 %
    Income taxes -50.82 -3.87 -1214,3 % -87.04 -115.46 24,6 %
    PROFIT/LOSS FOR FINANCIAL PERIOD -999.62 -1,618.78 38,2 % -5,017.47 -4,084.87 -22,8 %
                 
    Distribution:            
    Parent company shareholders -875.12 -1,557.64 43,8 % -4,707.38 -4,042.14 -16,5 %
    Non-controlling interests -124.50 -61.15 -103,6 % -310.09 -42.73 -625,8 %
    Earnings per share:            
    Undiluted (EUR) 0.00 0.00   -0.01 -0.01  
    Diluted (EUR) 0.00 0.00   -0.01 -0.01  

    COMPREHENSIVE INCOME STATEMENT, EUR THOUSAND

      1 Oct – 31 Dec 24 1 Oct – 31 Dec 23 Change (%) 1 Jan – 31 Dec 24 1 Jan – 31 Dec 23 Change (%)
    Profit/loss for the financial period -999.62 -1,618.78 38,2% -5,017.47 -4,084.87 -22,8%
    Other items of comprehensive income            
    Translation difference -140.67 663.20 -121,2% -67.99 229.71 -129,6%
    TOTAL COMPREHENSIVE INCOME FOR THE YEAR -1,140.29 -955.58 -19,3% -5,085.47 -3,855.45 -31,9%
    Parent company shareholders -1,006.68 -869.23 -15,8% -4,759.00 -3,807.09 -25,0%
    Non-controlling interests -133.61 -86.35 -54,7% -327.00 -48.06 -580,4%

    CONSOLIDATED BALANCE SHEET, EUR THOUSAND

    ASSETS 31 December 2024 31 December 2023
    NON-CURRENT ASSETS    
    Intangible assets 313.78 422.06
    Goodwill 5,244.98 5,444.44
    Tangible assets 569.43 916.99
    Buildings and structures, rights-of-use 528.59 867.73
    Machinery and equipment 27.55 34.52
    Other tangible assets 13.29 14.74
    Investments 6.23 6.28
    Other non-current financial assets 88.02 24.35
    NON-CURRENT ASSETS 6,222.44 6,814.12
         
    CURRENT ASSETS    
    Trade and other receivables 2,612.34 3,508.10
    Income tax asset 320.88 228.46
    Cash and cash equivalents 943.53 893.65
    CURRENT ASSETS 3,876.75 4,630.21
    ASSETS 10,099.19 11,444.12
         
    SHAREHOLDERS’ EQUITY AND LIABILITIES    
    SHAREHOLDERS’ EQUITY    
    Parent company shareholders    
    Share capital 585.39 585.39
    Share premium account 218.73 218.73
    Invested non-restricted equity fund 73,916.78 73,916.78
    Retained earnings -107,368.76 -103,343.29
    Profit/loss for the financial period -4,707.38 -4,042.14
    Non-controlling interests -311.28 -53.08
    Parent company shareholders -37,355.24 -32,664.53
    SHAREHOLDERS’ EQUITY -37,666.53 -32,717.43
    NON-CURRENT LIABILITIES 25,438.08 3,748.88
    CURRENT LIABILITIES 22,327.73 40,412.84
    SHAREHOLDERS’ EQUITY AND LIABILITIES 10,099.29 11,444.28

    CALCULATION OF CHANGES IN CONSOLIDATED SHAREHOLDERS’ EQUITY, EUR THOUSAND
    A:   Share capital
    B:   Share premium account
    C:  Invested unrestricted equity fund
    D:  Translation difference
    E:   Retained earnings
    F:   Total shareholders’ equity attributable to the parent company’s
    G: Non-controlling interests
    H:  Total shareholders’ equity

      A B C D E F G H
    Shareholders’ equity 1 Jan 2023 585.39 218.73 73,662.55 -1,197.92 -104,545.23 -31,276.47 503.13 -30,773.34
    Other changes                
    Profit/loss for the financial period         -4,042.14 -4,042.14 -42.73 -4,084.87
    Purchase of own shares       235.05   235.05 -5.33 229.72
    Other items of comprehensive income           -3,807.09    
    Paid in capital     253.98     253.98   253.98
    Translation difference         176.44 176.44   176.44
    Share-based remuneration         0.00 0.00   0.00
    Transactions with non-controlling interests             -508.15 1,480.52
    Shareholders’ equity 31 December 2023 585.00 219.00 73,916.78 -1,192.36 -106,192.89 -32,664.35 -53.08 -32,717.43
                     
      A B C D E F G H
    Shareholders’ equity 1 Jan 2024 585.00 219.00 73,916.78 -1,192.36 -106,192.89 -32,664.35 -53.08 -32,717.43
    Other changes       0.00 0.00      
    Profit/loss for the financial period         -4,707.38 -4,707.38 -310.09 -5,017.47
    Purchase of own shares       -51.33   -51.33 -16.66 -67.99
    Other items of comprehensive income           -4,758.71    
    Translation difference         54.23 54.23   54.23
    Share-based remuneration         -14.40 -14.40   -14.40
    Sale of subsidiary         13.81 13.81   13.81
    Transactions with non-controlling interests         14.18 14.18 68.55 82.73
    Shareholders’ equity 31 December 2024 585.00 219.00 73,916.78 -1,243.69 -110,832.45 -37,355.23 -311.29 -37,666.52

    CONSOLIDATED CASH FLOW STATEMENT, EUR THOUSAND 

      1 Jan – 31 Dec 24 1 Jan – 31 Dec 23 1 Jul – 31 Dec 24 1 Jul – 31 Dec 23
    Cash flow from operations        
    Earnings before taxes in the period -5,017.47 -4,084.87 -2,461.65 -2,094.96
    Adjustments to cash flow from operations:        
    Other income and expenses with no payment -235.55 -76.63 -261.44 -174.25
    Depreciation, impairment 469.53 834.41 265.81 417.90
    Income taxes 87.04 115.46 42.16 31.37
    Unrealised foreign exchange gains and losses -85.26 -255.59 124.47 -296.11
    Financial income and expenses 3,057.58 2,273.71 1,655.67 1,704.54
    Other adjustments 4.81 -561.90 3.25 -576.30
    Cash flow financing before changes in working capital -1,719.32 -1,755.41 -631.73 -987.82
             
    Change in working capital 1,290.45 -262.04 936.75 -313.93
    Interest received 47.37 0.72 10.04 3.07
    Interest paid -883.89 -710.82 -395.39 -333.90
    Taxes paid -133.04 -149.35 -40.34 -46.81
    Net cash flow from operations -1,398.42 -2,876.89 -120.68 -1,679.39
             
    Cash flow from investments        
    Acquisition of shares in group companies 0.00   0.00  
    Proceeds from disposal of shares in group companies 0.00   0.00  
    Investments in tangible and intangible assets -15.42 -22.33 -6.49 -9.95
    Proceeds from repayment of loans 0.00      
    Interest received on investments 0.00      
    Taxes paid on investments 0.00      
    Cash flow from investments -15.42 2,447.66 -6.49 1,049.09
             
    Net cash flow before financial items -1,413.84 -429.23 -127.18 -630.30
             
    Cash flow from financing activities        
    Transactions with non-controlling interests 19.53 136.18 -6.25 -12.17
    Drawdown of long-term loans 2,025.00 750.00 1,275.00 750.00
    Drawdown of short-term loans 0.00 736.90 -212.58  
    Repayment of short-term loans -129.07   -105.31 -1.81
    Repayment of lease liabilities -429.40 -697.51 -184.02 -354.56
    Net cash flow from financing 1,486.06 423.76 766.83 441.83
             
    Change in cash and cash equivalents 72.22 -5.46 639.66 -188.47
    Liquid assets, beginning of period 893.44 898.55 308.06 1,041.04
    Impact of changes in exchange rates -22.14 0.36 -4.20 40.88
    Liquid assets, end of period 943.53 893.44 943.53 893.44

    Accounting principles

    This release has been prepared in accordance with IAS 34 – Interim Financial Reporting. The interim report release complies with the same accounting principles and calculation methods as the annual financial statements. The updates to the IFRS standards that entered into force on 1 January 2024 do not have a significant impact on the figures presented.

    The preparation of a financial statement release in accordance with IFRS requires the management to use certain estimates and assumptions that affect the amounts recognised in assets and liabilities when the balance sheet was prepared, as well as the amounts of income and expenses in the period. In addition, discretion must be used in applying the accounting policies. As the estimates and assumptions are based on outlooks on the balance sheet date, they contain risks and uncertainties. The realised values may deviate from the original assessments and assumptions.

    The original release is in Finnish. The English release is a translation of the original.

    Going concern

    The Group’s result has remained negative, and the financial situation has been challenging at times but the financial statement release has been prepared in accordance with the principle of the business as a going concern. The assumption of continuity is based management assumptions on several factors, including the following:

    • The cost-saving programs have improved the Group’s profitability in 2023 and 2024. Operating expenses and personnel expenses have decreased by EUR 0.7 million in comparison with the review period and the cost structure is now lighter.
    • Additional cost-saving programs started in 2024 will have nearly full effect in 2025.
    • The Group is finding new growth areas and reinforcing its market position in Sweden, which is expected to have a positive impact on sales trends.
    • Negotiations regarding the arrangements for related party convertible bonds maturing in 2024 were successfully completed in 2024, resulting in the extension of their maturity to the autumn 2026.

    EUR 2.0 million of the Group’s financial institution loans are set to begin repayment on April 30, 2025. As of the publication date of the financial statement release, negotiations to extend the loan’s maturity date are still ongoing. However, management is confident that the outcome will be favorable for the company.

    At the time of the financial statement release, the company expects its working capital to be sufficient to cover its requirements over the next 12 months based on the financing support provided by the main owner if needed. Negotiations with the main owner to secure financing for the next 12 months are ongoing and are expected to be completed before the publication of the financial statements and based on this the financial statement release has been prepared in accordance with the going concern principle.

    Goodwill impairment testing and recognised impairment

    Digitalist Group tested its goodwill for impairment on 30 June 2024 and 31 December 2024. The goodwill is allocated to one cash-generating unit. No need to write down goodwill was identified.

    The value in use of the tested property exceeded the tested amount by EUR 9.0 million. The tested amount of goodwill in the balance sheet at the end of the review period is EUR 4.9 million.

    The company tests its goodwill based on the utility value of the assets. In the testing conducted on 31 December 2024 in conjunction with the financial statements, the cash flow forecasting period was from 2025 to 2029. During the forecast period, average growth in revenue of 15% is expected to be achieved which is supported by the market growth of the group’s industries and the increasingly extensive impact of digitalization in business life. In addition, the rapid development of artificial intelligence (AI) and its integration into service offerings will accelerate growth by offering more efficient and innovative solutions to customers. The efficiency measures and strategic recruitment carried out provide a solid basis for growth. EBITDA is projected to rise to 7% in 2026 and to 12% by the end of the forecasting period, being 9% on average.

    The method involves comparing the tested assets with their cash flow over the selected period, taking into account the discount rate and the growth factor of the cash flows after the forecast period. The discount rate is 11.4% (11.4%). The growth factor used to calculate the cash flows after the forecast period is 2.35%.

    The average EBITDA margin for the forecast period was used to calculate the value of the terminal period. A significant negative change in individual assumptions used in the calculations can necessitate a goodwill impairment charge. The sensitivity analysis indicates that an impairment charge may be necessary if the average growth in turnover is below 14% in the forecasting period and the fixed cost structure does not change. If the EBITDA falls below 6% in the forecasting period or the WACC surpasses 28%, all else equal, impairment charges may become necessary.

    CONSOLIDATED INCOME STATEMENT BY QUARTER, EUR THOUSAND

      Q4/2024 Q3/2024 Q2/2024 Q1/2024 Q4/2023
      1.10.-31.12.24 1.7.-30.9.24 1.4.-30.6.24 1.1.-31.3.24 1.10.-31.12.21
    Turnover 4,698.85 3,585.61 4,021.60 3,858.48 4,160.22
    Other operating income and expenses -5,031.05 -3,898.35 -4,749.35 -4,468.49 -4,757.59
    EBIT -331.99 -312.54 -727.84 -610.10 -597.37
    Financial income and expenses -616.81 -1,158.14 -783.20 -389.80 -1,017.55
    Profit before taxes -948.80 -1,470.68 -1,511.03 -999.91 -1,614.92
    Income taxes -50.64 8.66 -1.20 -43.68 -3.87
    PROFIT/LOSS FOR COMPARISON PERIOD -999.62 -1,462.03 -1,512.24 -1,043.59 -1,618.78

    CHANGES IN INTANGIBLE AND TANGIBLE ASSETS, EUR THOUSAND
      

      Goodwill Intangible assets Tangible fixed assets Right-of-use assets Other investments Total
    Carrying value 1 Jan 2023 4,677.98 109.82 65.08 1,135.06 101.76 6,090.22
    Increases   462.69 26.56 416.91 4.70 2,059.07
    Decreases            
    Changes in exchange rates 43.80 6.30 -0.40 -5.85   43.85
    Depreciation for the review period   -156.59 -37.63 -640.18   -834.47
    Carrying value 31 Dec 2023 5,444.44 422.53 48.47 867.05 6.27 6,789.76
                 
                 
      Goodwill Intangible assets Tangible fixed assets Right-of-use assets Other investments Total
    Carrying value 1 Jan 2024 5,444.44 422.53 48.47 867.05 6.27 6,789.76
    Increases 0.00 0.42 15.97 482.60 0.00 498.99
    Decreases 0.00   0.00 -462.23 0.00 -462.23
    Changes in exchange rates -199.68 -22.70 -1.35 -12.90   -236.64
    Depreciation for the review period   -85.57 -22.18 -344.61   -452.36
    Carrying value 31 Dec 2024 5,244.75 314.67 40.91 529.90 6.27 6,137.51

    KEY INDICATORS

      1 Jan – 31 Dec 2024 1 Jan – 31 Dec 2023
    Earnings per share (EUR) diluted -0.01 0.00
    Earnings per share (EUR) -0.01 -0.01
    Shareholders’ equity per share (EUR) -0.05 -0.05
    Cash flow from operations per share (EUR) diluted 0.00 0.00
    Cash flow from operations per share (EUR) 0.00 0.00
    Return on capital employed (%) -161.86 -27.8
    Return on equity (%) neg. neg.
    Operating profit/turnover (%) -12.27 -10.2
    Gearing as a proportion of shareholders’ equity (%) -99.00 -106.5
    Equity ratio as a proportion of shareholders’ equity (%) -379.11 -285.9
    EBITDA (EUR thousand) -1,512.94 -861.30

    MATURITY OF FINANCIAL LIABILITIES AND INTEREST ON LOANS

    31 December 2023 Balance sheet value Cash flow Under 1 year 1-5 years Over 5 years
    Loans from financial institutions 2,865.85 3,067.25 340.83 2,726.43  
    Credit limits 8,525.07 8,525.07 8,525.07    
    Convertible bonds 5,767.94 6,849.62   0.00  
    Capital loans 16,865.42 19,265.00   0.00  
    Other related-party loans 750.00 876.00 0.00    
    Lease liabilities IFRS 16 973.00 961.00 701.00 260.00  
    Accounts payable 864.66 864.66 864.66    
               
    31 December 2024 Balance sheet value Cash flow Under 1 year 1-5 years Over 5 years
    Loans from financial institutions 2,783.19 2,828.47 2,362.78 465.69  
    Credit limits 8,258.19 8,258.19 8,258.19    
    Capital loans 23,867.82 29,233.30   29,233.30  
    Other related-party loans 2,775.00 3,191.33   907.67  
    Lease liabilities IFRS 16 555.71 562.27 298.30 264.32  
    Accounts payable 1,124.07 1,124.07 1,124.07 0.00  

    Credit limits are valid until further notice.

    OTHER INFORMATION

      1 Jan – 31 Dec 2024 1 Jan – 31 Dec 2023
    NUMBER OF EMPLOYEES, average 123 139
    Personnel at the end of the period 122 126
         
    LIABILITIES, EUR THOUSAND    
    Pledges made for own obligations    
    Corporate mortgages 13,300.00 13,300.00
         
    Total interest-bearing liabilities    
    Long-term loans from financial institutions 458.98 2,659.11
    Other long-term liabilities 24,902.02 1,007.67
    Short-term loans from financial institutions 2,221.92 414.39
    Other short-term interest-bearing liabilities 10,657.00 31,665.62
    Total 38,239.92 35,746.80
         

    CALCULATION OF KEY FINANCIAL FIGURES

    EBITDA = earnings before interest, tax, depreciation and amortisation

    Diluted earnings per share = Profit for the financial period / Average number of shares, adjusted for share issues and for the effect of dilution

    Earnings per share = Profit for the financial period / Average number of shares adjusted for share issues

    Shareholders’ equity per share = Shareholders’ equity / Number of undiluted shares on the balance sheet date

    Cash flow from operations per share (EUR) diluted = Net cash flow from operations / Average number of shares, adjusted for share issues and for the effect of dilution

    Return on investment (ROI) =
    (Profit before taxes + Interest expenses + Other financial expenses) /
    (Balance sheet total – non-interest-bearing liabilities (average)) x 100

    Return on equity (ROE) = Net income / Total shareholders’ equity (average) x 100

    Gearing = interest-bearing liabilities – liquid assets / total shareholders’ equity x 100

    Attachment

    The MIL Network –

  • MIL-OSI: Innofactor Plc Financial Statements Bulletin 2024 (IFRS)

    Source: GlobeNewswire (MIL-OSI)

    Innofactor Plc Financial Statements Bulletin February 28, 2025, at 9:00 a.m. Finnish time

    Key figures of the group, IFRS

    . Jul 1–Dec 31, 2024 Jul 1–Dec 31, 2023 Change   Jan 1–Dec 31, 2024 Jan 1–Dec 31, 2023 Change
    Net sales, EUR thousand 36,525 39,945 -8.6%   77,576 80,263 -3.3%
    Growth of net sales -8.6% 0.9%     -3.3% 12.8%  
    Operating result before depreciation and amortization (EBITDA), EUR thousand 3,134 4,849 -35.4%   6,338 9,101 -30.4%
    percentage of net sales 8.6% 12.1%     8.2% 11.3%  
    Operating profit/loss (EBIT), EUR thousand 1,693 3,140 -46.1%   3,386 5,835 -42.0%
    percentage of net sales 4.6% 7.9%     4.4% 7.3%  
    Earnings before taxes, EUR thousand 1,399 3,051 -58.4%   2,940 5,174 -45.7%
    percentage of net sales 3.8% 7.6%     3.8% 6.4%  
    Earnings, EUR thousand * -771 1,942 -146.5%   263 3,438 -96.2%
    percentage of net sales -2.1% 4.9%     0.3% 4.3%  
    Net gearing 30.1% 36.1% -5.8%   30.1% 36.1% -5.8%
    Net gearing without IFRS 16 12.2% 23.2% -10.8%   12.2% 23.2% -10.8%
    Equity ratio 46.8% 48.3% -1.8%   46.8% 48.3% -1.8%
    Equity ratio without IFRS 16 51.0% 51.5% -0.8%   51.0% 51.5% -0.8%
    Active personnel on average during the review period** 571 583 -2.1%   576 578  

    -0.3%
    Active personnel at the end of the review period** 571 581 -1.7%   571 581 -1.7%
    Earnings per share (EUR) -0.021 0.053 -146.2%   0.007 0.094 -96.2%

    *) In accordance with IFRS 3, the operating result for July 1–December 31, 2024, includes EUR 117 thousand (2023: 136) and for January 1–December 31, 2024, EUR 233 thousand (2023: 359) in depreciation related to acquisitions, consisting of allocations of the purchase price to intangible assets.

    On December 31, 2024, the Innofactor Group recognized write-downs on deferred tax assets related to the Group’s business operations in Denmark, as the Group considers it possible that it will not accrue taxable income against which the losses could be utilized.

    **) The Innofactor Group monitors the number of active personnel. The number of active personnel does not include employees who are on leave for more than three months.

    Innofactor’s future outlook for 2025

    Innofactor’s business is expected to continue as normal in 2025. Innofactor is in redemption proceedings concerning all shares in the company. The redemption proceedings are expected to be completed during the financial year, and the company will not issue more detailed financial guidance for the financial year 2025.

    CEO Sami Ensio’s review: I want to thank all of the investors and partners who participated in Innofactor’s journey as a listed company

    This Financial Statements Bulletin is likely to be Innofactor’s last earnings report as a listed company, at least for the time being. At the end of 2024, a consortium formed for the purposes of a voluntary recommended public cash tender offer achieved an ownership of over 90 percent of the company and commenced compulsory redemption proceedings for the remaining shares. It is estimated that the redemption proceedings will take a few months. Our period as a listed company lasted for over 14 great years, more than half of the total journey of Innofactor, which celebrated its 25th anniversary at the beginning of this year. Our years as a listed company included many successes but, naturally, also some challenges.

    Between 2012 and 2016, we achieved strong growth in the Nordic countries in line with our strategy, as we used our listed share as a means of payment for acquisitions. In 2013, the financial publication Kauppalehti rated Innofactor as Finland’s most successful listed company. The period from 2017 to 2020 was a more challenging time for the company, as we integrated the acquired entities and did not achieve much growth. We then resumed our growth in 2021 and 2022, but were subsequently affected by the challenges of the IT market in 2024.

    Delisting the company is not an easy decision for me, personally. However, I am confident that, in the present moment, it is unquestionably the best move with regard to the company’s success, customers, employees and investors. I want to take this opportunity to thank all of the investors and partners who have been part of our journey, and I wish you all success in the future.

    Innofactor updated its strategy and organizational structure effective from the beginning of 2025. Going forward, our business will be divided into four main business areas: Platforms, Solutions, Code and Dynasty, which have been incorporated into separate companies. The members of the Group Executive Board are as follows:

    • Sami Ensio, Chief Executive Officer
    • Anni Wahlroos, Chief People Officer and Deputy CEO
    • Aki Rahunen, Chief Financial Officer (appointed on February 7, 2025, will take up his post on May 8, 2025 at the latest)
    • Martin Söderlind, Chief Strategy Implementation Officer
    • Jørn Ellefsen, Managing Director, Innofactor Platforms
    • Jyrki Vepsäläinen, Managing Director, Innofactor Solutions
    • Marko Lybeck, Managing Director, Innofactor Code
    • Vesa Niinistö, Managing Director, Innofactor Dynasty

    In 2024, Innofactor’s business was affected by a number of extraordinary factors, including measures and costs related to the public tender offer and unforeseen legal costs related to an individual acquisition, as well as the preparation of the Group’s new strategy and the related changes in the organizational and corporate structure. Due to these factors and the challenging market situation in the IT industry, we were not able to achieve the targets we had set for our business for 2024. Net sales for the year 2024 totaled EUR 77.6 million, representing a year-on-year decrease of 3.3 percent. The operating margin (EBITDA) was EUR 6.3 million (8.2 percent of net sales).

    Board of Directors’ proposal on the distribution of profits

    Innofactor is a growing company and intends to use its operating profit on actions promoting growth, for example, on realizing mergers. According to the dividend distribution policy, Innofactor will generally not pay dividends in the future but will instead use the retained earnings for growth-enhancing measures.

    For 2024, the Group’s result for the financial period was EUR 263,161.73. In making the proposal on the dividend, the Board of Directors takes into account the company’s financial situation, profitability and near-term outlook. At the end of the financial year 2024, the distributable assets of the Group’s parent company amounted to EUR 7,949,235.09.

    The Board of Directors proposes that no dividend be distributed for the financial period of January 1–December 31, 2024.

    Espoo, February 28, 2025

    INNOFACTOR PLC

    Board of Directors

    Additional information:
    CEO Sami Ensio, Innofactor Plc
    tel. +358 50 584 2029
    sami.ensio@innofactor.com

    Financial releases in 2025

    The annual report for 2024 will be published on the company’s website on Monday, March 31, 2025.

    The Annual General Meeting is scheduled to be held on Wednesday, June 25, 2025.

    The schedule for financial releases in 2025 is as follows:

    • Half-yearly report January–June 2025 (H1) on Tuesday, September 30, 2025.

    Distribution:
    NASDAQ Helsinki
    Main media
    www.innofactor.com

    Innofactor
    Innofactor is the leading driver of the modern digital organization in the Nordic Countries for its about 1,000 customers in commercial and public sector. Innofactor has the widest solution offering and leading know-how in the Microsoft ecosystem in the Nordics. Innofactor has about 600 enthusiastic and motivated top specialists in Finland, Sweden, Denmark and Norway. www.innofactor.com #AIDriven #PeopleFirst #BeTheRealYou

    Attachment

    The MIL Network –

  • MIL-OSI: The Board of Directors of Oma Savings Bank Plc launches a new program period for the share savings plan for all personnel

    Source: GlobeNewswire (MIL-OSI)

    OMA SAVINGS BANK PLC, STOCK EXCHANGE RELEASE 28 FEBRUARY 2025 AT 9.00 A.M., OTHER INFORMATION DISCLOSED TO THE RULES OF THE EXCHANGE

    The Board of Directors of Oma Savings Bank Plc launches a new program period for the share savings plan for all personnel

    The Board of Directors of Oma Savings Bank Plc (“OmaSp or Company”) has decided to continue the employee share savings plan (“OmaOsake”) established in February 2024.The details of the new plan period correspond to the details of the previous plan period.

    The OmaOsake offers the personnel the opportunity to invest part of their regular salary in the Company’s shares. By encouraging employees to acquire and own shares in the Company, the Company seeks to align the objectives of shareholders and employees in order to increase the value of the Company in the long term. The aim is also to support employee motivation and commitment as well as the Company’s corporate culture and management model.

    The OmaOsake consists of annually commencing plan periods, each with a 12-month savings period followed by a holding period of approximately two years.

    Under the OmaOsake, employees save part of their salary, and the savings are used to subscribe for Oma Savings Bank Plc shares (“savings shares”) twice a year in directed share issues arranged by the Company in connection with interim reports. The intention is that the shares will be offered for subscription in share issues at a discount of 10 percent.

    Participants have the opportunity to receive one free matching share (gross) per two savings shares or one savings share, depending on the achievement of the performance criteria. If the performance criteria are not fulfilled, the participants will receive one matching share per three savings shares. As a rule, the receipt of the matching shares is subject to continued employment and holding of savings shares for the holding period ending 31 March 2028. The second savings period starts on 1 April 2025 and ends on 31 March 2026.

    The potential reward will be paid partly in shares and cash after the end of the holding period. The cash proportion is intended to cover taxes and statutory social security contributions arising from the reward. The matching shares are freely transferable after they have been recorded on the participant’s book-entry account. Savings shares and matching shares are ordinary shares in Oma Savings Bank Plc entitling to dividends.

    In accordance with financial sector legislation, the rewards for certain persons working in risk-taking positions will be paid in a deferred schedule so that the matching shares will be paid to the participants in five instalments over a period of approximately four years after the end of the holding period. In this case, the payment of the reward instalment is followed by a one-year retention period, during which the participant cannot transfer the shares paid as reward.

    During the 2025–2028 plan period, the OmaOsake will be offered to approximately 600 employees of the Company, including members of the Management Team and the CEO.

    The gross value of the matching shares to be paid based on the second plan period shall not exceed approximately EUR 1,368,000, which, if calculated at a share price EUR 11.00 and assuming that savings shares have been offered at a discount of 10 per cent, corresponds to a maximum total value of approximately 138,000 Oma Savings Bank Plc’s shares, including the proportion to be paid in cash. The final value of the matching shares depends on the number of participants, the number of savings shares acquired by the participants and the fulfilment of the performance criteria.

    Oma Savings Bank Plc

    Additional information:
    Minna Sillanpää, CCO, tel. +358 50 66592, minna.sillanpaa@omasp.fi

    DISTRIBUTION
    Nasdaq Helsinki Ltd
    Major media
    www.omasp.fi

    OmaSp is a solvent and profitable Finnish bank. About 500 professionals provide nationwide services through OmaSp’s 48 branch offices and digital service channels to over 200,000 private and corporate customers. OmaSp focuses primarily on retail banking operations and provides its clients with a broad range of banking services both through its own balance sheet as well as by acting as an intermediary for its partners’ products. The intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking operations.

    OmaSp core idea is to provide personal service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to offer premium level customer experience through personal service and easy accessibility. In addition, the development of the operations and services is customer-oriented. The personnel is committed and OmaSp seeks to support their career development with versatile tasks and continuous development. A substantial part of the personnel also own shares in OmaSp.

    The MIL Network –

  • MIL-OSI: FRO – Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    FRONTLINE PLC REPORTS RESULTS FOR THE FOURTH QUARTER ENDED DECEMBER 31, 2024

    Frontline plc (the “Company”, “Frontline,” “we,” “us,” or “our”), today reported unaudited results for the three and twelve months ended December 31, 2024:

    Highlights

    • Profit of $66.7 million, or $0.30 per share for the fourth quarter of 2024.
    • Adjusted profit of $45.1 million, or $0.20 per share for the fourth quarter of 2024.
    • Declared a cash dividend of $0.20 per share for the fourth quarter of 2024.
    • Reported revenues of $425.6 million for the fourth quarter of 2024.
    • Achieved average daily spot time charter equivalent earnings (“TCEs”)1 for VLCCs, Suezmax tankers and LR2/Aframax tankers in the fourth quarter of $35,900, $33,300 and $26,100 per day, respectively.
    • Fully drew down a sale-and-leaseback agreement in an amount of $512.1 million to refinance 10 Suezmax tankers, which generated net cash proceeds of $101.0 million in the fourth quarter of 2024.
    • Sold its oldest Suezmax tanker, built in 2010, for a net sales price of $48.5 million and delivered the vessel to its new owner in October 2024. The transaction generated net cash proceeds of $36.5 million after repayment of existing debt and a gain of $17.9 million in the fourth quarter of 2024.
    • Repaid the remaining $75.0 million outstanding under the $275.0 million senior unsecured revolving credit facility with an affiliate of Hemen Holding Limited, the Company’s largest shareholder (“Hemen”) in the fourth quarter of 2024.
    • Entered into three senior secured credit facilities for a total amount of up to $239.0 million to refinance outstanding debt on three VLCCs and one Suezmax tanker and, in addition, to provide revolving credit capacity in a total amount of up to $91.9 million.

    Lars H. Barstad, Chief Executive Officer of Frontline Management AS, commented:

    “The fourth quarter of 2024 came in unusually soft compared to previous years. Global oil demand was up marginally as the year came to an end, but global seaborne exports slowed in the fourth quarter. During the quarter we saw positive developments in the enforcement of sanctions against Iran and Russia in particular, but we could not escape the fact that these two countries represent a material part of the supply to Asia, at cost to demand for the vessels Frontline operates. For 2025 we have already seen broader sanctions with a wider scope, at the same time as key importers of exposed crude are diversifying away from the mentioned suppliers. Compliant fleet growth for the asset classes we deploy peaked a few years back, making the outlook very constructive as Frontline sail into the new year with our cost-efficient operations and modern fleet.”

    Inger M. Klemp, Chief Financial Officer of Frontline Management AS, added:

    ”In February 2025 we entered into three senior secured credit facilities for a total amount of up to $239.0 million to refinance three existing term loan facilities, with total balloon payments of $142.0 million maturing during 2025, leaving the Company with no debt maturities until the end of 2026 and, in addition, to provide revolving credit capacity in a total amount of up to $91.9 million. Through these new financings we further strengthen our strong liquidity and reduce our borrowing costs and cash break even rates. We continue to focus on maintaining our competitive cost structure, breakeven levels and solid balance sheet to ensure that we are well positioned to generate significant cash flow and create value for our shareholders.”

    Average daily TCEs and estimated cash breakeven rates

    ($ per day) Spot TCE Spot TCE currently contracted % Covered Estimated average daily cash breakeven rates for 2025
      2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024 2023 Q1 2025 2025
    VLCC 43,400 35,900 39,600 49,600 48,100 50,300 43,700 80% 29,200
    Suezmax 41,400 33,300 39,900 45,600 45,800 52,600 35,400 77% 24,000
    LR2 / Aframax 42,300 26,100 36,000 53,100 54,300 46,800 29,700 64% 22,200

    We expect the spot TCEs for the full first quarter of 2025 to be lower than the spot TCEs currently contracted, due to the impact of ballast days during the first quarter of 2025. See Appendix 1 for further details.

    The Board of Directors
    Frontline plc
    Limassol, Cyprus
    February 27, 2025

    Ola Lorentzon – Chairman and Director
    John Fredriksen – Director
    James O’Shaughnessy – Director
    Steen Jakobsen – Director
    Cato Stonex – Director
    Ørjan Svanevik – Director
    Dr. Maria Papakokkinou – Director

    Questions should be directed to:

    Lars H. Barstad: Chief Executive Officer, Frontline Management AS
    +47 23 11 40 00

    Inger M. Klemp: Chief Financial Officer, Frontline Management AS
    +47 23 11 40 00 

    Forward-Looking Statements

    Matters discussed in this report may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements, which include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

    Frontline plc and its subsidiaries, or the Company, desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. This report and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial performance and are not intended to give any assurance as to future results. When used in this document, the words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “will,” “may,” “should,” “expect” and similar expressions, terms or phrases may identify forward-looking statements.

    The forward-looking statements in this report are based upon various assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

    In addition to these important factors and matters discussed elsewhere herein, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include:

    • the strength of world economies;
    • fluctuations in currencies and interest rates, including inflationary pressures and central bank policies intended to combat overall inflation and rising interest rates and foreign exchange rates;
    • the impact that any discontinuance, modification or other reform or the establishment of alternative reference rates have on the Company’s floating interest rate debt instruments;
    • general market conditions, including fluctuations in charter hire rates and vessel values;
    • changes in the supply and demand for vessels comparable to ours and the number of newbuildings under construction;
    • the highly cyclical nature of the industry that we operate in;
    • the loss of a large customer or significant business relationship;
    • changes in worldwide oil production and consumption and storage;
    • changes in the Company’s operating expenses, including bunker prices, dry docking, crew costs and insurance costs;
    • planned, pending or recent acquisitions, business strategy and expected capital spending or operating expenses, including dry docking, surveys and upgrades;
    • risks associated with any future vessel construction;
    • our expectations regarding the availability of vessel acquisitions and our ability to complete vessel acquisition transactions as planned;
    • our ability to successfully compete for and enter into new time charters or other employment arrangements for our existing vessels after our current time charters expire and our ability to earn income in the spot market;
    • availability of financing and refinancing, our ability to obtain financing and comply with the restrictions and other covenants in our financing arrangements;
    • availability of skilled crew members and other employees and the related labor costs;
    • work stoppages or other labor disruptions by our employees or the employees of other companies in related industries;
    • compliance with governmental, tax, environmental and safety regulation, any non-compliance with U.S. or European Union regulations;
    • the impact of increasing scrutiny and changing expectations from investors, lenders and other market participants with respect to our ESG policies;
    • Foreign Corrupt Practices Act of 1977 or other applicable regulations relating to bribery;
    • general economic conditions and conditions in the oil industry;
    • effects of new products and new technology in our industry, including the potential for technological innovation to reduce the value of our vessels and charter income derived therefrom;
    • new environmental regulations and restrictions, whether at a global level stipulated by the International Maritime Organization, and/or imposed by regional or national authorities such as the European Union or individual countries;
    • vessel breakdowns and instances of off-hire;
    • the impact of an interruption in or failure of our information technology and communications systems, including the impact of cyber-attacks upon our ability to operate;
    • potential conflicts of interest involving members of our Board of Directors and senior management;
    • the failure of counter parties to fully perform their contracts with us;
    • changes in credit risk with respect to our counterparties on contracts;
    • our dependence on key personnel and our ability to attract, retain and motivate key employees;
    • adequacy of insurance coverage;
    • our ability to obtain indemnities from customers;
    • changes in laws, treaties or regulations;
    • the volatility of the price of our ordinary shares;
    • our incorporation under the laws of Cyprus and the different rights to relief that may be available compared to other countries, including the United States;
    • changes in governmental rules and regulations or actions taken by regulatory authorities;
    • government requisition of our vessels during a period of war or emergency;
    • potential liability from pending or future litigation and potential costs due to environmental damage and vessel collisions;
    • the arrest of our vessels by maritime claimants;
    • general domestic and international political conditions or events, including “trade wars”;
    • any further changes in U.S. trade policy that could trigger retaliatory actions by the affected countries;
    • potential disruption of shipping routes due to accidents, environmental factors, political events, public health threats, international hostilities including the ongoing conflict between Russia and Ukraine, the conflict between Israel and Hamas and related conflicts in the Middle East, the Houthi attacks in the Red Sea and the Gulf of Aden, acts by terrorists or acts of piracy on ocean-going vessels;
    • the impact of the U.S. presidential and congressional election results affecting the economy, future government laws and regulations, trade policy matters, such as the imposition of tariffs, the amendment, termination or any other material change to a relationship governed by a treaty and other import restrictions;
    • the length and severity of epidemics and pandemics and their impacts on the demand for seaborne transportation of crude oil and refined products;
    • the impact of port or canal congestion;
    • business disruptions due to adverse weather, natural disasters or other disasters outside our control; and
    • other important factors described from time to time in the reports filed by the Company with the Securities and Exchange Commission.

    We caution readers of this report not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are no guarantee of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements.

    This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

    1 This press release describes Time Charter Equivalent earnings and related per day amounts and spot TCE currently contracted, which are not measures prepared in accordance with IFRS (“non-GAAP”). See Appendix 1 for a full description of the measures and reconciliation to the nearest IFRS measure.

    Attachment

    The MIL Network –

  • MIL-OSI Australia: Regulatory scrutiny of private capital increases

    Source: Allens Insights

    Private capital funds, managers and superannuation trustees should be on notice 11 min read

    Private capital is becoming a growing focus of regulators, both in Australia and internationally, given the ever-increasing flow of capital to the sector in recent years.

    ASIC’s recently released discussion paper, Australia’s evolving capital markets: A discussion paper on the dynamics between public and private markets (Discussion Paper), provides a timely reminder that Australia’s corporate regulator is upping its scrutiny of private markets and is carefully considering its current investigatory and enforcement powers.

    In this Insight, we explore the Discussion Paper and outline the regulatory tools ASIC may use to investigate and enforce its concerns, and the steps that private capital funds, managers and superannuation funds might consider to mitigate the risk of enforcement action.

    Key takeaways

    • ‘Private capital’ in this context covers a very broad range of investors and asset classes, including private equity, private credit, infrastructure and property funds and managers, as well as (in the current context at least) the increasing portion of superannuation assets that are invested in those funds (and their underlying asset classes).
    • ASIC is undertaking an active consultation into private markets. The Discussion Paper raises a number of concerns and seeks responses to a broad range of questions. While currently a voluntary process, ASIC expressly says it may need to take further regulatory action this year.
    • Private capital funds and managers should be on notice that they are now under increased regulatory scrutiny and that this could lead to investigations and/or enforcement action, as ASIC seeks to test some of its assumptions. There are active investigations already under way.
    • Private capital funds and managers should also monitor ASIC’s statements closely and consider whether, in light of the concerns identified (regarding governance, confidential information, disclosure of information to investors and valuations, amongst other things) their policies, systems and controls require uplift.
    • Superannuation trustees should monitor developments closely in light of the regulatory focus and their perceived role as ‘gatekeepers’.

    Background

    The value of assets under management (AUM) in Australia’s private capital market has been steadily growing in Australia:1 in 2024, the overall value of private capital funds AUM was $148.6 billion, a 161% increase since 2014. Part of this growth is a product of private capital funds raising money from Australia’s unique superannuation system, which has also increased by 118% since 2014 to reach a value of $4.083 trillion in 2024. At the same time, the number of initial public offerings (IPOs) in Australia is at its lowest in a decade.2

    Against that background, both the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have made a number of public statements indicating that they intend to apply increased scrutiny to the private capital sector.

    • ASIC’s 2024-25 Corporate Plan states that one of its ‘key activities’ will be examining changes in public and private markets, including the ‘significant growth of private markets and the implications for the integrity and efficiency of public markets’.3
    • ASIC has also recently established a dedicated private markets unit focused on reinforcement of expectations around governance and accountability (including due to the reduced transparency associated with the less-onerous financial reporting), and management of conflicts of interest.4
    • APRA has concerns about the robustness of valuations for some classes of unlisted assets, including those relied on by superannuation trustees, as well as the inflation of valuations to support borrowing and broader fund performance measures and goals (ie fundraising).5 This is consistent with the position taken by regulators overseas: in July 2024, Britain’s Financial Conduct Authority initiated a review into the quality, robustness and integrity of private market valuation practices.
    • Most recently, ASIC’s Discussion Paper articulates a range of ASIC’s concerns in this space with more precision (which it has been discussing in various public forums during 2024).
    • We can expect more from ASIC in 2025, where it has said it will use the feedback it receives on the Discussion Paper to inform its priorities and work program over the next 12 months, including whether it needs to consider any regulatory interventions.

    ASIC’s concerns

    ASIC considers that the key risks of investments in private capital funds include:

    • opacity and unfair treatment of investors (eg preferential redemption rights for some investors and misclassification of retail investors as wholesale investors);
    • management of conflicts of interest (eg misaligned incentives, related-party transactions and treatment of confidential information);
    • valuation of illiquid assets (which impacts investment entry and exit prices, performance measurement and fees);
    • vulnerabilities from leverage; and
    • investment illiquidity (generally, private market investments cannot be realised quickly to meet an investor’s liquidity needs).

    As to how each of those issues might play out among specific asset classes and advisers, governance and conflicts issues are clearly of key concern to ASIC. It has said its concerns are:

    • for corporate advisers—governance arrangements; the management of conflicts of interest, staff and insider trading; and the protection of confidential information;
    • for wholesale private equity and private credit funds—governance; valuation practices; information rights provided to investors; management and/or performance fees; the management of conflicts of interest, staff and insider trading; the protection of confidential information; and fair treatment of investors;
    • for retail private credit funds—governance; valuation practices; the management of conflicts of interest; disclosure; distribution of products; credit risk and liquidity management; and
    • for superannuation funds—financial reporting and audits, encompassing valuation issues.

    How might ASIC investigate the concerns?

    While participation in ASIC’s consultation process on the Discussion Paper is voluntary, it may be that it engages in a more formal industry supervisory review, and through that process seeks more specific information from funds and other market participants, including through compulsory information gathering processes (ie requests for documents and information).

    Consistent with its approach in other sectors, ASIC may use its surveillance powers to obtain information about the state of the market and then consolidate those learnings into a report. By way of analogy, in scrutinising the retail banking, superannuation and financial advice sectors in recent years, ASIC has adopted an approach of:

    Alternatively, it may seek to fast-track that process by running an early test case. There are active investigations in analogous issues that may provide a suitable vehicle.

    Regulatory toolbox

    Importantly, ASIC notes it intends later this year to publicly communicate its findings from any consultation and surveillance work it conducts, and that there may be a ‘need to take further regulatory action’.

    If ASIC does choose to take further regulatory action, it may rely on the following existing regulatory levers:

    Item Description
    Surveillance powers

    ASIC has expressed a concern that it has a lack of data to analyse the sector and that this is impacting its ability to understand the risks. It points to the more detailed data its international counterparts have (including in the US). While ASIC has said publicly that it is not seeking proprietary data at this stage of its consultation, depending on the response from the industry it may ultimately decide it needs to either:

    • undertake a more formal industry supervisory review; or
    • use its compulsory information gathering processes to seek documents and information under either the ASIC Act or the Corporations Act.
    Publication of regulatory guidance or supervisory report

    ASIC publishes regulatory guides to assist entities to understand the law. Following receipt of responses to the Discussion Paper and further stakeholder engagement, ASIC may publish regulatory guides on the regulation of private capital. ASIC may also release supervisory reports outlining the results of any further research and analysis on the private capital market.

    Expectations and recommendations in regulatory guidance are (at least in most cases) not themselves enforceable. However, recent experience has indicated that regulators may treat a failure to meet expectations and recommendations set out in published guidance as indicative of a failure to comply with these conduct provisions.
    General conduct provisions

    Once it has gathered this data, ASIC may consider whether any provisions of the ASIC Act or Corporations Act have been breached. The Discussion Paper sets out some provisions which it identifies may be of concern, including:

    • AFSL obligations: ASIC notes that private capital funds are often required to hold an Australian Financial Services Licence (AFSL) (if they are managed investment schemes) and that requires them to comply with (amongst other things) the s912A(1)(a) obligation to act efficiently, honestly and fairly, and comply with conflicts, competence and risk management obligations.
    • RE obligations: responsible entities of managed investment funds are also subject to duties to act honestly, with care and diligence and in members’ best interests.9
    • Financial product and service conduct obligations: other investment activities (even if not subject to an AFSL) may nevertheless be covered by other existing financial product conduct obligations, including those set out in Part 7.10 of the Corporations Act (eg misleading or deceptive conduct and insider trading, amongst other things).

    Recent enforcement action also demonstrates that ASIC may attempt to translate broader, conduct obligations into more refined obligations on businesses to have in place systems and processes to identify and mitigate risks.10 It is possible that a similar approach will be taken when scrutinising private market participants’ conduct (ie disclosure obligations to investors, rules around valuations).
    Confidential information

    Given ASIC’s focus on the protection of confidential information, it may also consider how it could utilise s183 of the Corporations Act, being the obligation not to improperly use confidential information that a person has gained as an employee, officer or director of a corporation, to gain an advantage for themselves or someone else or cause detriment to the corporation.

    ASIC has recently emphasised the responsibility that companies have in maintaining effective information barriers and policies that govern the handling of inside information (in particular, in relation to proposed transactions that companies are involved in or advising on) in REP 786, released in July 2024.11 There are also more specific Regulatory Guides covering adjacent areas, including RG-264 (Sell-side research), RG-393 (Handling of confidential information: Briefings and unannounced corporate transactions) and RG-73 (Continuous disclosure obligations: Infringement notices).
    Other regulators

    Regulators other than ASIC likewise have a considerable range of powers at their disposal, relevant for registrable superannuation entities (RSEs) like the industry and retail super funds. APRA, for example, has a comprehensive suite of legally binding Prudential Standards setting out its minimum requirements in relation to a range of areas, including capital, governance and risk management. It also publishes non-binding Prudential Guidelines setting out practices and steps entities can follow to comply with the Prudential Standards.

    Of particular note in the present context is Prudential Standard SPS 530, which sets out APRA’s requirements for investment governance by RSEs. Among other things, the Standard requires RSEs to develop, maintain and implement an effective valuation governance framework.12 The framework must include a board-approved valuation policy.13 APRA also expects that trustees undertake valuations on at least a quarterly basis.14

    Risk of enforcement action

    Recent examples suggest that the risk of enforcement action being taken where regulators’ expectations have not been met is likely to be higher in respect of:

    • larger entities, noting that penalties are generally increasing and are assessed for bodies corporate based on ‘whole of group’ revenue, meaning that targeting larger entities maximises the impact of enforcement action;
    • entities which are perceived to be outliers in terms of industry standards, or where ASIC can use an entity as an ‘industry example’ to have a deterrent effect on other entities; and
    • high-profile corporate collapses, or where there are public allegations of major compliance breaches.

    In relation to the last of these points, we note ASIC recently demonstrated a focus on ‘gatekeeper’ entities like superannuation trustees. Enforcement action indicates ASIC considers that upstream gatekeeper entities are in a position to enforce higher standards of conduct, and may suggest they could and should have driven better standards where there is a high-profile corporate collapse or major compliance issue.15 As part of its investigation into these gatekeeper entities, ASIC would likely seek to assess whether the onboarding and ongoing monitoring procedures that were applied to the downstream entity were compliant with any internal policies and procedures and/or statutory duties.16

    Actionable steps for organisations

    In our view, in circumstances where regulatory practice in this area continues to develop, private capital funds, managers and superannuation funds might consider the following steps to mitigate the risk of enforcement action:

    • Monitoring guidance: actively monitor for regulatory updates and guidance as and when they are released by regulators, and update internal policies, systems and processes in at timely way once regulatory guidance is available.
    • Future-proofing compliance: consider reviewing their existing internal compliance processes against existing standards (ie in advance of specific regulatory guidance being released) in light of statements made by regulators (including in ASIC’s Discussion Paper) that certain issues or practices may be the subject of regulatory scrutiny. For example, given the recent indications that regulators intend to focus on the use of confidential information and valuations, private capital funds, managers and super funds might consider conducting a preliminary review of their confidentiality and valuation practices (by, for example, ensuring they’re compliant with Prudential Standard SPS 530 – Investment Governance, where appropriate).
    • Enhancing review of public statements and disclosures: as noted earlier, disclosure documents and market-facing statements can contain implied representations that an organisation has adequate systems and processes in place about valuations, management and/or performance fees and expected performance of assets. Private capital funds, managers and super funds should carefully consider whether the information used in any market-facing statements and disclosures is accurate, complete and appropriately qualified to reflect potential uncertainties.

    MIL OSI News –