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Jack Ma to cede control of China’s Ant Group

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Jack Ma No Longer China's Richest Man

After a Communist Party assault on the country’s internet industry that targeted the billionaire, Chinese business entrepreneur Jack Ma will relinquish leadership of fintech behemoth Ant Group.

The business said in a statement on Saturday it was altering its ownership structure so that “no shareholder, alone or along with other parties, will have authority over Ant Group”.

Ant’s $37 billion initial public offering (IPO), which would have been the world’s largest, was canceled at the last minute in November 2020. It prompted a forced restructure of the financial technology corporation, as well as rumors that the Chinese billionaire might have to relinquish control.

Ma was the company’s “control person” since he indirectly held 53.46 percent of Ant Group’s shares. According to the facts in the statement, he will now have only 6.2 percent of the vote rights after the adjustment.

“The adjustment is being implemented to further enhance the stability of our corporate structure and sustainability of our long-term development,” the Ant statement said.

Ten people, including the founder, management, and staff, would “use their vote rights independently,” according to the statement.

According to Andrew Collier, a capital specialist, Beijing has two issues with Ma.

Collier added that Ma is “well-funded, very popular billionaire who owns two huge firms” and that he started to compete with the state-owned banks in China which are “the backbone of the economy”.

“For those two reasons, they thought he was a threat and they are cutting him down in size.”

Ant operates Alipay, the world’s largest digital payments platform, which boasts hundreds of millions of monthly users in China and beyond.

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MOFI: FG Commences Restructuring Of Ministry Of Finance Incorporated

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MOFI: FG Commences Restructuring Of Ministry Of Finance Incorporated

President Muhammad Buhari has charged the newly appointed Governing Council and Board of Directors of the Ministry Of Finance Incorporated (MOFI) to work on restructuring the company.

Buhari gave the directives in a statement, as he is appointed to head the governing council, promising to grow the company’s assets from N18 trillion to at least N100 trillion Naira in the next 10 years.

Buhari wrote; “We are reforming the Ministry of Finance Incorporated (MOFI). The old MOFI was not structured to deliver on the mandate expected of it. The new MOFI will operate in line with global best practices, as a trusted custodian and manager of Nigeria Government investments and assets.

READ ALSO: Ex-CIBN Chief Advises CBN On New Naira Notes

“To this end, I have charged the new Governing Council and Board of Directors, which I inaugurated yesterday, to grow MOFI’s Assets Under Management from the current value of 18 trillion Naira to at least 100 trillion Naira in the next 10 years.

“As part of the governance structure for the new MOFI, there will be a Governing Council headed by me, a Board of Directors led by a former Minister of Finance, Dr. Shamsudeen Usman, and an Executive Management Team headed by Dr. Armstrong Takang.”

The President expressed confidence that the reorganized and repositioned MOFI will assist in identifying the company’s assets and determining how to maximize its value.

Like many of its competitors throughout the world, he claimed, MOFI is currently on a path to becoming a worldwide investment brand.

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Dangote, Sinoma Sign Agreement On new 6Mta Cement Plant In Itori, Ogun State

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Dangote, Sinoma agreement

Dangote Industries Limited (DIL) has signed an agreement with China Sinoma International Engineering to build a six million tons per annum cement plant in Itori, Ogun State. The agreement was signed by the Chairman of Dangote Cement Plc, Aliko Dangote alongside the Group Executive Director, Strategy, Capital Projects & Portfolio Development, DIL, Devakumar Edwin, while China Sinoma Engineering was represented by its Group President, Yin Zhisong, and the company’s Chairman, Liu Renyue. 

Dangote speaking at the signing ceremony, said that new integrated cement plant at completion will strengthen the local production capacity of Dangote Cement, bringing its local capacity to 41.25 million tons per annum and total African capacity to 57.6 million tons per annum. He said the Itori Cement Plant will also increase Nigeria’s capacity to export cement, thereby enabling more diversification and foreign exchange inflows for the economy.  

According to Dangote, the project is further expected to develop the domestic economy through creation of thousands of indirect and direct jobs and drive economic development in the Itori axis. Ancillary businesses, he stated will be drawn to the axis, who will be seeking to take advantage of the location of the cement plant to provide goods and services to staff, contractors and other stakeholders.  

He added that constructing the new cement plant is in line with Dangote Group’s vision of producing locally goods that were formally imported despite the abundance of raw materials for local production of such goods. 

He described Sinoma as a strategic partner who has been instrumental to the success of key projects in Dangote Group. He said, “We are comfortable working with your company. You have handled some of our key projects and I am positive that this project will be completed as scheduled. 

Group President of China Sinoma Engineering, Yin Zhisong, expressed satisfaction with the commitment and determination of the Dangote Group in building cement plants across Africa. He said: “It is an honour for us to build another cement plant for Dangote Group. We are proud and happy to be on this journey with the company again. 

When operational, the plant is expected to have two Lines x 6,000 TPD Clinker Production with an installed daily total capacity of 12,000 TPD of Clinker production. It is expected to be completed within 27 months with best-in-class equipment in the cement industry, sourced from Europe’s major equipment suppliers. 

The plant will have its own captive power plant to generate electric power for use by cement kilns and other production processes. 

The Itori Cement Plant will be Dangote Cement’s fourth cement plant constructed as a green field project in Nigeria, the rest are Obajana, Ibese and Okpella Plants.  

Dangote Cement is Africa’s leading cement producer with 51.6Mta production capacity across Africa with Nigeria accounting for 35.25Mta.   

Obajana plant in Kogi state, Nigeria, is the largest in Africa with 16.25Mta of capacity across five lines; Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta; Gboko plant in Benue state has 4Mta; and  Okpella plant in Edo state has 3Mta.  

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How Chelsea Can Afford To Buy Enzo Fernandez Under FFP Rules

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Kaveh Solhekol discuss how Chelsea’s deal with Benfica for Enzo Ferdandez will bypass Financial Fair Play rules and Dharmesh Sheth & Roy Hodgson share their thoughts on the potential transfer.

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