FINWIRES · TerminalLIVE
FINWIRES

Nelco Invests $20 Million in Lunar Holdco for Satellite Services

By

Nelco (NSE:NELCO, BOM:504112) has invested $20 million in U.S.-based Lunar Holdco through subscription to compulsorily convertible debentures (CCDs).

The CCDs carry a 7% annual compounded return and are convertible into Lunar equity shares, according to an Indian bourse filing.

The strategic investment is aimed at establishing a long-term partnership with Lunar to provide, distribute and commercialize satellite-based services in India and other markets. Lunar has not yet started commercial operations in India.

Related Articles

Asia

Wasco Greenergy Appoints Group MD as CEO Opts for Early Retirement

Wasco Greenergy (KLSE:GENERGY) said its chief executive officer, Lee Yee Chong, opted for early retirement from the role, effective Dec. 31, according to a Monday filing with Bursa Malaysia.Shares slid over 2% in Tuesday's late morning trade.Lee joined the group in 1995 and has held several key leadership positions within Wasco over the years.The company appointed Wong Yin Kee as group managing director, effective Aug. 17, to facilitate the transition of authority and responsibilities.

KLSE:GENERGY
Asia

Yuntianhua's H1 Profit Rises 6%, Revenue Drops 9%; Shares Up 3%

Yunnan Yuntianhua's (SHA:600096) net profit attributable to shareholders for the first half rose 6.1% to 2.93 billion yuan from 2.76 billion yuan a year earlier, according to a Tuesday disclosure on the Shanghai bourse.Earnings per share increased year on year to 1.61 yuan from 1.52 yuan.Operating revenue fell 8.9% to 22.8 billion yuan from 25.1 billion yuan in the previous year.The board of directors proposed a cash dividend of 2 yuan for every 10 shares.The high-quality diammonium phosphate supplier's shares rose nearly 3% during the morning trade.

SHA:600096
Asia

Market Chatter: CJ Group Sets KRW12 Trillion Revenue Target for North America by 2028

CJ Group expects its total revenue from North America to expand to 12 trillion won by 2028, driven by rising demand for Korean food, entertainment, and beauty products, The Korean Times reported Monday.The South Korean group, led by holding company CJ (KRX:001040), unveiled its target following a strategy meeting with the group chairman in Los Angeles last week.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

KRX:001040