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Skyrizon, subsidiary of Beijing Xinwei Technology Group, is pursuing a new, multi-prong strategy in its four-year bid to win control of Ukraine’s Motor Sich, one of the world’s largest manufacturers of aircraft engines and industrial gas turbines.
In September Skyrizon informed Ukraine’s Justice Ministry that it has started international arbitration, demanding $3.5bn in compensation after its deal with the government was scrapped over national security.
The Chinese say they have already invested $1bn in their bid for the company, only to encounter envoys from Ukraine’s ‘leadership’ demanding a portion of shares and $100mn in return for permission to exercise ownership rights. Wang says in a video message: “To gain a greater market share in the world's largest, fastest growing Chinese market, to gain a stronger position in it and gain development prospects,
a company must formulate and implement a strategic medium and long-term development plan.”
Separately, Skyrizon and its Kharkiv-based partner, DCH Group, last week filed an updated joint application with Ukraine’s Antimonopoly Committee of Ukraine to buy Motor Sich. In August, the Committee rejected an earlier application.
nChain acquires Slovenian software firm Equaleyes
bne IntelliNews
Fintech company specialising in cryptocurrency software development nChain announced its acquisition of Slovenian software firm Equaleyes on October 1.
nChain sees the acquisition as a major step towards opening up blockchain for individuals and organisations in a way that is more accessible for everyday use. Maribor-based Equaleyes is focused on end-user mobile applications.
"In the last year, we've seen huge appetite for our off-the- shelf and bespoke solutions. There's no shortage of demand, and with these acquisitions, we are even better positioned
Motor Sich’s business has been improving recently and reported a 16% year-on-year increase in net revenue
to UAH4.7bn ($169mn) in 1H20. Its EBITDA surged 14x y/y to UAH1.5bn and its bottom line turned to positive UAH593mn in 1H20, from negative UAH426mn a year before.
“The Chinese say they have already invested $1bn in their bid for
the company, only to encounter envoys from Ukraine’s ‘leadership’ demanding a portion of shares”
"Overall, it's positive to see the company improve its fundamentals despite an ongoing conflict about its ownership, in which Chinese and American interests are involved," Alexander Paraschiy, an analyst at the Kyiv-based Concorde Capital brokerage, said in a research note. "Meanwhile, the company’s shares remain banned from trading, with unclear prospects of resolving the issue."
to dramatically increase the supply. I'd like to welcome our new colleagues from Equaleyes, and I'm excited to show the world what we're building together," nChain CEO David Washburn said.
"At Equaleyes, we've shown our expertise in delivering human-first solutions, and I am thrilled to join forces with nChain to build solutions to some of humanity's most pressing challenges. Together, we will put the benefits
of public blockchain in the hands of two billion people," Equaleyes CEO Luka Topolovec said.
Acquisition financing was provided by Slovenia's SKB Banka.
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