Facebook founder Mark Zuckerberg. (File Photo: IANS)
According to Form 4 filings with the US Securities and Exchange Commission (SEC), he placed orders to sell another 28,009 shares on November 29…reports Asian Lite News
Meta Founder and CEO Mark Zuckerberg sold around $190 million in the company’s stock last month, the media reported.
Zuckerberg sold Meta shares every day in November, for a total of 560,180 shares last month, reports Market Watch.
According to Form 4 filings with the US Securities and Exchange Commission (SEC), he placed orders to sell another 28,009 shares on November 29.
With the stock closing of $327.15, the value of the shares sold would be $192.9 million, the report noted. The bulk of the shares sold were acquired in 2004 as part of a “founder stock purchase.”
Nearly 150,000 of the shares sold were acquired for $0 on the days they were sold through the exercising of options acquired in 2013, according to the report.
Meta registered $34 billion in revenue in its third quarter, up 23 per cent from the same quarter last year. Total costs and expenses were $20.40 billion, a decrease of 7 per cent (year-over-year) in the September quarter. Net income rose 164 per cent from a year earlier to $11.58 billion in the quarter.
However, the company is still burning cash with its Reality Labs division and Meta expects its operating losses there to increase “meaningfully” year-over-year. Meta’s AR-VR division has lost close to $25 billion since the start of last year.
The price range for the Offering has been set at between AED 2.25 and AED 2.48 per share…reports Asian Lite News
Dubai Electricity and Water Authority, the exclusive provider of electricity and potable water in Dubai, announced the price range and start of the subscription period for its initial public offering (IPO or the Offering) on the Dubai Financial Market (DFM).
Saeed Mohammed Al Tayer, Managing Director & Chief Executive Officer of DEWA, said, “DEWA has a fundamental role to play in the growth of Dubai’s economy and is central to the Emirate’s transition to net zero carbon emissions by 2050. This IPO represents an opportunity for investors to participate in a unique growth story that is underpinned by the ambition of Dubai and the United Arab Emirates. Since announcing our intention to float on the Dubai Financial Market last week, we have received strong interest from local and international investors that recognise our determination to shape a green future for Dubai. ” ”This interest also reflects the confidence in DEWA, which keeps pace with Dubai’s expanding economy and population by developing a world-class competitive infrastructure to consolidate Dubai’s position as a global city and provide electricity and water services according to the highest global standards of availability, reliability, quality and efficiency, while maintaining a world-class governance system and continuous record of good governance across all its operations. We are looking forward to welcoming our new shareholders when we formally list in the coming weeks.”
The price range for the Offering has been set at between AED 2.25 and AED 2.48 per share.
A total of 3.25 billion shares, equivalent to 6.5% of DEWA’s existing shares, will be offered, with the Selling Shareholder reserving the right to increase the size of the Offering at any time prior to the end of the subscription period at its sole discretion, subject to applicable laws and approval of the Securities & Commodities Authority (SCA). All shares to be offered shall represent the sale of existing shares held by the Government of Dubai.
The total Offering size is expected to be between AED 7.31 billion (US$ 1.99 billion) and AED 8.06 billion (US$ 2.19 billion), implying a market capitalisation at listing of between AED 112.50 billion (US$ 30.63 billion) and AED 124.00 billion (US$ 33.76 billion), which would make DEWA the largest company on the DFM by market capitalisation.
As previously announced, the Offering is available to the following subscribers: to individual and other investors and to eligible DEWA employees (as defined in the UAE Prospectus) as part of the UAE Retail Offering and; to professional investors and other investors in a number of countries outside the United States of America, including in the UAE, as part of the Qualified Investor Offering.
The IPO subscription period starts today and runs until 2nd April 2022 for the UAE Retail Offering and 5th April 2022 for the Qualified Investor Offering.
Picture Credits: WAM
The final offer price will be determined through a book-building process and is expected to be announced on 6th April 2022.
The completion of the Offering and Admission is currently expected to take place on 12th April 2022, subject to market conditions and obtaining relevant regulatory approvals in the UAE, including approval of Admission to listing and trading on the DFM.
Details of the Offering are available in the UAE Prospectus with respect to the UAE Retail Offering and the English-language International Offering Memorandum with respect to the Qualified Investor Offering. The UAE Prospectus and the International Offering Memorandum are available at www.dewa.gov.ae/ipo.
SPNI has been present in India since 1995. But the network has not had a smooth run to either monetise its operations or expand it further from the present 26 TV channels, a film production and distribution unit and the widely-viewed streaming platform, SonyLIV…reports Asian Lite News.
Financially troubled Zee Entertainment Enterprises’ merger plan with Sony Pictures Networks India (SPNI) will hinge on what decision the shareholders take on the proposed move, but the current ZEEL management is confident that the proposal would sail through on account of the value it brings to the existing operations.
Speaking to IANS, R. Gopalan, Chairman, ZEEL, s`hown by the share price movement seen on the bourses.
“The value of the merged entity and the immense synergies drawn between both the organisations will not only help businesses grow, but will also enable the shareholders to benefit from its future successes. As per legal and regulatory guidelines, the proposal will be presented to the shareholders of ZEEL for their approval at the requisite time,” Gopalan said.
Asked whether ZEEL’s two of the largest shareholders – Invesco Developing Markets Fund and OFI Global China Fund, which have indicated no confidence on the current management of the company and have called for an EGM to oust the existing board members — could derail the current merger process, Gopalan said that “unlikely to happen”.
“The shareholders would see what value the current management is bringing. If things are only getting better for the company, I don’t see why the merger process gets rejected,” he said, clarifying that the call for an EGM by Invesco and OFI Global China and the merger plan are two separate issues, where the shareholders would take a call.
“Even Sony has reposed faith in the current management of ZEEL and has accordingly agreed to the five-year tenure of Punit Goenka as the MD in the merged entity. But Invesco and others want to remove the same team. It would be seen by all,” said Gopalan.
ZEEL shares jumped 10 per cent to Rs 281.20 after the company said its board has approved the merger between the firm and Sony Pictures Networks India.
The board of ZEEL has provided in-principle approval to the merger that would also see SPNI infusing growth capital of about $1.575 billion into the new merged entity for use in pursuing other growth opportunities.
The merger is in line with ZEEL’s strategy of achieving higher growth and profitability as a leading media and entertainment company across South Asia.
The merger would not have come at a more opportune time for both the entities which were scurrying for newer initiatives to stay relevant in the highly-competitive market with wide scale transformation in Indian television landscape with increasing penetration of broadband services and regular launches of streaming video platforms.
SPNI has been present in India since 1995. But the network has not had a smooth run to either monetise its operations or expand it further from the present 26 TV channels, a film production and distribution unit and the widely-viewed streaming platform, SonyLIV.
ZEEL, on the other hand, has been fighting worsening financial conditions with its debt shooting up. The entity operates 66 linear television channels across 171 countries and is attempting to build the reach of its streaming platform, Zee5, around the world.
In 2019, Essel (parent of Zee) brought in financial advisers Goldman Sachs to see whether the owners could sell their stake in ZEEL. Sony and Essel held talks on a possible merger or buyout of operations in 2019 as well, but the talks could not reach any degree of finality.
Sony-Zee merger on track (IANS)
Essel is also understood to have held talks with James Murdoch’s Lupa Systems and Comcast, but it resisted selling the stake to a business rival.
In 2019, an agreement was reached to sell 16.5 per cent stake in ZEEL to US investment group Invesco Oppenheimer Developing Markets Fund that is currently running a battle with the existing ZEEL management and has called for an EGM to remove them over reported violation of corporate governance norms.
The merger will try to correct some of these anomalies that would also see rejig of few channels, while further sharpening the entities streaming services.
