GC Rieber Shipping to Sell Its Stake in Reef Subsea AS

first_imgzoom GC Rieber Shipping ASA has entered into an agreement to sell its stake in Reef Subsea AS to HV V Invest Golf AS and HV V Invest Golf II AS, two investment companies of the private equity fund HitecVision V, LP. The agreed purchase price is NOK 175 million (approx. USD 28,5 million), which will be settled by a combination of cash and seller’s credit.Adjusted for share of loss from Reef Subsea in the fourth quarter 2013, the sale will have a negative effect of NOK 83 million for GC Rieber Shipping in the fourth quarter. Negative effect on earnings from the investment in Reef Subsea amounts to NOK 156 million for 2013.The sale of the stake in Reef Subsea is a consequence of GC Rieber Shipping’s strategic decision to focus on its core business and expertise within ownership, development and management of advanced vessels within the offshore market.“GC Rieber Shipping aims to focus on the three areas defined as our core business. We see exciting opportunities in ice/ support, subsea and also within seismic. We have to exploit our strong financial position, by selectively pursue growth opportunities we believe will provide the best return”, comments CEO Irene Waage Basili.Closing of the transaction is expected to take place as soon as the Norwegian Competition Authority has approved the transaction, or the deadline for intervention has expired. This is expected to take place in the middle of March 2014.GC Rieber Shipping, January 29, 2014last_img read more

Mani Square celebrates its eleventh anniversary

first_imgMani Square, one of Kolkata’s most popular retail destinations, celebrated their eleventh anniversary recently. Renowned singer Rupankar Bagchi joined Sanjay Jhunjhunwala, CEO, Mani Group to cut a giant 160 lbs cake in the ground floor atrium of the mall at the largest birthday party in town.The eleventh anniversary celebrations – a three day even – started on June 14, with the entire mall decorated for the party in a colourful combination of crafty frames. Also Read – Pollution makes you more aggressiveFrom Friday onwards, every evening witnessed fun MC-driven activities and game shows with attractive prizes for the visitors. The action-packed range of performances included: June 14 – MC-driven activities, game shows and instrumental music performances. June 15 – Grand cake cutting by group CEO Sanjay Jhunjhunwala in the presence of renowned playback singer Rupankar Bagchi, followed by a performance by the artiste. June 16 – MC-driven activities, game shows and band performance by ‘Kabyakatha’. Also Read – Physical therapy better for low back painOn the occasion, Prithwiraj Ganguly, Asst. General Manager – Mall Operations, Mani Group, said: “Mani Square has come a long way from June 15, 2008, when it opened its doors for the people of Kolkata. We have always promoted the mall as a complete family destination with a wide range of shopping, eating and entertainment options, and a visit to Mani Square is today a regular habit for most mall visitors that has been internalized over the last few years. We really enjoy the special relationship we share with all of them.” Speaking on the new brands that have set up shop in Mani Square, Ganguly added: “Stores that have opened shutters in the last 12 months since the mall celebrated its 10th Anniversary include popular fashion brands like W, Fabindia, Arrow, Allen Solly, Van Heusen, U.S. Polo Assn., Biba, 109F, Manyavar, Inc.5, Jockey, FCUK, Shopper’s Stop, Lavie, Health & Glow, PC Chandra and Jhalak.” “After Wow Momo, the latest entrants in the ever-popular food court was Moti Mahal with its wide variety of north Indian delicacies; the famous ice-cream brand Baskin Robbins, which began serving its unique cones to soothe the inner soul from the scorching heat; and the world famous coffeehouse chain Starbucks.”last_img read more