Latest news with #ECO
Yahoo
13-06-2025
- Business
- Yahoo
Lone Star agrees to sell Portugal's Novo Banco to French BPCE for $7.39 billion
LISBON (Reuters) -U.S. private equity fund Lone Star has agreed to sell its 75% stake in Novo Banco to French banking group BPCE in a deal that evaluates Portugal's fourth-largest lender at 6.4 billion euros ($7.39 billion), BPCE said on Friday. The French bank's statement confirmed a report by Portuguese economic news outlet ECO on Thursday though the price tag is slightly lower than the around 7 billion euros valuation mentioned by ECO. The deal should be completed during the first half of 2026, BPCE said. ($1 = 0.8660 euros) Sign in to access your portfolio
Business Recorder
06-06-2025
- Business
- Business Recorder
Rail & road access to Central Asia, Europe & Russia to be game changer: Aleem
ISLAMABAD: Federal Minister for Communications Abdul Aleem Khan has observed that access to Central Asian countries, Europe and Russia through rail and road connectivity will be a game changer. He emphasised that improving communication infrastructure is a key priority to achieve economic growth and meaningful discussions are under way with various countries in this regard. He expressed these views during a meeting with Ambassador of Kazakhstan Yerzhan Kistafin who called on him in Islamabad. The meeting included an in-depth discussion on matters of mutual interest, bilateral cooperation and the outcomes of the recent ECO (Economic Cooperation Organization) summit. Abdul Aleem Khan highlighted that strengthened partnerships between major South Asian countries will yield positive results. He reiterated Pakistan's commitment to playing a proactive role on all international platforms and expressed optimism about a brighter economic and financial outlook for the country in the coming days. Kazakh Ambassador Yerzhan Kistafin conveyed his goodwill gesture and congratulated Federal Minister Abdul Aleem Khan and the entire Pakistani nation on their success in the recent war with India. He acknowledged Pakistan's distinguished status in the Islamic World and expressed his nation's continued prayers and support. He also extended Eid-ul-Adha greetings and reaffirmed Kazakhstan's commitment to offering all possible support to Pakistan. Copyright Business Recorder, 2025
Business Upturn
05-06-2025
- Business
- Business Upturn
TOP Ships Inc. Announces Ex-Distribution Date for Planned Spin-Off of Rubico, a New Nasdaq-Listed Suezmax Tanker Company
ATHENS, Greece, June 05, 2025 (GLOBE NEWSWIRE) — TOP Ships Inc. (the 'Company' or 'TOP Ships') (NYSE American:TOPS), an international owner and operator of modern, fuel-efficient 'ECO' tanker vessels, announced today that the NYSE American (the 'NYSE') has established an ex-distribution date for the previously-announced proposed spin-off of two of its Suezmax tanker vessels. Rubico Inc. ('Rubico'), currently a subsidiary of TOP Ships, would become an independent publicly-traded company listed on the Nasdaq Capital Market as a result of the planned spin-off. The initial assets of Rubico will be the M/T Eco Malibu and M/T Eco West Coast, each a modern, high specification, scrubber-fitted and fuel-efficient 157,000 dwt Suezmax tanker. As part of the spin-off transaction, TOP Ships intends to distribute 100% of the common shares of Rubico pro rata to its securityholders of record as of June 16, 2025. The NYSE has established an ex-distribution date for the distribution of Rubico common shares of June 16, 2025. Beginning on that date, TOP Ships common shares will trade without an entitlement by the purchaser of such shares to Rubico common shares distributed in connection with the spin-off. TOP Ships securityholders do not need to take any action to receive Rubico shares to which they are entitled, and do not need to pay any consideration or surrender or exchange TOP Ships common shares or warrants. TOP Ships expects that approximately 3,057,337 Rubico common shares will be distributed in the Spin-Off at an assumed distribution ratio of one Rubico common share for every two TOP Ships common shares held by TOP Ships common shareholders (and warrantholders on an as-exercised basis) at the close of business on June 16, 2025. However, such distribution ratio will depend on the number of TOP Ships common shares outstanding, as well as the number of common shares into which outstanding TOP Ships common stock purchase warrants are exercisable, on June 16, 2025, the record date for the spin-off distribution. Concurrently and conditioned on the spin-off transaction, Rubico expects to raise $1.5 million in a private placement of its common shares at a purchase price of $20.00 per share. Rubico has filed a registration statement on Form 20-F with the Securities and Exchange Commission in connection with the proposed spin-off. The transaction remains subject to such registration statement being declared effective and the approval of the listing of Rubico's common shares on the Nasdaq Capital Market. There can be no assurance that the transaction will occur or, if it does occur, of its terms or timing. TOP Ships may, at any time, decide to abandon the spin-off. A copy of the registration statement on Form 20-F filed by Rubico is available at The information in the filed registration statement on Form 20-F is not final and remains subject to change. About TOP Ships Inc. TOP Ships Inc. is an international owner and operator of ocean-going vessels focusing on modern, fuel-efficient eco tanker vessels transporting crude oil, petroleum products (clean and dirty) and bulk liquid chemicals. For more information about TOP Ships Inc., visit its website: Cautionary Note Regarding Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements 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, including statements regarding the proposed spin-off and the prospects and strategies of TOP Ships and Rubico following the spin-off, the valuation of the shares of Rubico and TOP Ships following the spin-off, and the listing of Rubico's common shares on the Nasdaq Capital Market. 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. The words 'believe,' 'anticipate,' 'intends,' 'estimate,' 'forecast,' 'project,' 'plan,' 'potential,' 'may,' 'should,' 'expect,' 'pending,' and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including, without limitation, our management's examination of historical operating trends, data contained in our records, and other 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. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward‐looking statements as a result of developments occurring after the date of this communication. For further information please contact: Alexandros TsirikosChief Financial OfficerTOP Ships +30 210 812 8107 Email: [email protected]
Yahoo
04-06-2025
- Business
- Yahoo
TOP Ships Inc. Announces Intention to Spin Off a New Nasdaq-Listed Suezmax Tanker Company
ATHENS, Greece, June 04, 2025 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the 'Company' or 'TOP Ships') (NYSE American: TOPS), an international owner and operator of modern, fuel-efficient 'ECO' tanker vessels, announced today that it intends to effect a spin-off of two of its Suezmax tanker vessels. Rubico Inc. ('Rubico'), currently a subsidiary of TOP Ships, would become an independent publicly-traded company listed on the Nasdaq Capital Market as a result of the planned spin-off. The initial assets of Rubico will be the M/T Eco Malibu and M/T Eco West Coast, each a modern, high specification, scrubber-fitted and fuel-efficient 157,000 dwt Suezmax tanker. As part of the spin-off transaction, TOP Ships intends to distribute 100% of the common shares of Rubico to its securityholders of record as of June 16, 2025. The distribution of common shares of Rubico is expected to be made on or around June 30, 2025. Following the spin-off, there are expected to be no overlapping board members or executive officers between Rubico and TOP Ships. In the spin-off distribution, TOP Ships intends to distribute 100% of the common shares of Rubico pro rata to the common shareholders of TOP Ships and to all holders of outstanding common stock purchase warrants of TOP Ships on an as-exercised basis. TOP Ships securityholders do not need to take any action to receive Rubico shares to which they are entitled, and do not need to pay any consideration or surrender or exchange TOP Ships common shares. TOP Ships common shareholders (and warrantholders on an as-exercised basis) will receive one Rubico common share for every two TOP Ships common shares held at the close of business on June 16, 2025, the record date for the distribution. Fractional common shares of Rubico will not be distributed. Instead, the distribution agent will aggregate fractional common shares into whole shares, sell such whole shares in the open market at prevailing rates promptly after Rubico's common shares commence trading on the Nasdaq Capital Market, and distribute the net cash proceeds from the sales pro rata to each holder who would otherwise have been entitled to receive fractional common shares in the distribution. In connection with the spin-off transaction, Rubico expects to raise $1.5 million in a private placement of its common shares at a purchase price of $20.00 per share. The private placement will be conditioned on and is expected to close concurrently with the spin-off distribution. Rubico will file a registration statement on Form 20-F with the Securities and Exchange Commission in connection with the proposed spin-off. The transaction remains subject to such registration statement being declared effective and the approval of the listing of Rubico's common shares on the Nasdaq Capital Market. There can be no assurance that the transaction will occur or, if it does occur, of its terms or timing. TOP Ships may, at any time, decide to abandon the spin-off. A copy of the registration statement on Form 20-F filed by Rubico will be available at About TOP Ships Inc. TOP Ships Inc. is an international owner and operator of ocean-going vessels focusing on modern, fuel-efficient eco tanker vessels transporting crude oil, petroleum products (clean and dirty) and bulk liquid chemicals. For more information about TOP Ships Inc., visit its website: Cautionary Note Regarding Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements 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, including statements regarding the proposed spin-off and the prospects and strategies of TOP Ships and Rubico following the spin-off, the valuation of the shares of Rubico and TOP Ships following the spin-off, and the listing of Rubico's common shares on the Nasdaq Capital Market. 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. The words 'believe,' 'anticipate,' 'intends,' 'estimate,' 'forecast,' 'project,' 'plan,' 'potential,' 'may,' 'should,' 'expect,' 'pending,' and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including, without limitation, our management's examination of historical operating trends, data contained in our records, and other 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. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward‐looking statements as a result of developments occurring after the date of this communication. For further information please contact: Alexandros TsirikosChief Financial OfficerTOP Ships +30 210 812 8107Email: atsirikos@ in to access your portfolio
Express Tribune
03-06-2025
- Business
- Express Tribune
Pakistan, Iran ink MoU on boosting ties
On the concluding day of the Economic Cooperation Organization (ECO) summit held in Tehran, a MoU was signed between Pakistan and Iran to enhance bilateral cooperation in the field of communications. The signing ceremony was attended by Iran's Minister for Roads and Urban Development Farzaneh Sadegh, and Federal Minister for Communications Abdul Aleem Khan who also led the Pakistani delegation in this ECO summit, said a statement received here on Tuesday. A formal meeting was held between the two ministers, accompanied by their respective delegations in which both sides agreed to further strengthen the longstanding relations between the two neighboring countries. Aleem Khan highlighted the deep-rooted religious, cultural and historical ties between Pakistan and Iran, stating that the shared culture, especially from Balochistan to Iran, reflects strong commonalities in daily life and traditions. He welcomed the holding of the ECO summit in Tehran, expressing optimism that the platform would yield positive outcomes for the region. Iranian Minister Farzaneh Sadegh expressed readiness for all possible cooperation in Pakistan's Communications sector and affirmed Iran's commitment to advancing bilateral projects.
