ISTANBUL: Nasdaq OMX Group will take a 5 percent stake in Turkey's Borsa Istanbul in a tie-up that will allow the Turkish exchange to use Nasdaq’s market technologies to attract new customers, the two exchanges said on Tuesday.
Turkey wants to establish Istanbul as a regional financial centre and under the terms of the deal, the state-owned Borsa Istanbul may acquire a 2 percent stake in the US exchange operator in the future.
Borsa Istanbul will buy trading, clearing and infrastructure technology for all asset classes from Nasdaq OMX and will be able to use and resell the software in 25 countries, Chairman Ibrahim Turhan said at a press conference.
"We continue to work with Nasdaq OMX for a share swap. We will know whether a share swap will happen on June 30, 2014," Turhan said at the company's first ever meeting of stakeholders, including the investment firms who trade on its markets.
"If it happens Borsa Istanbul will have an option to acquire a 2 percent minority stake in Nasdaq OMX. But for that to happen we'll need to have valuations and we don't have exact figures yet."
Borsa Istanbul is Turkey's only exchange, created from last year's merger of the Istanbul Stock Exchange, Gold Exchange and Derivatives Exchange ahead of a planned privatization.
Turhan said he wants Borsa Istanbul to list its shares by the end of 2015.
Nasdaq OMX will have an option to increase the 5 percent stake to 7 percent and will also receive a series of cash payments in the deal.
Borsa Istanbul is advised by Sardis Capital Limited with Turunc and Linklaters acting as legal counsel.
In July Nasdaq, which owns and operates exchanges across the United States and Europe, and Borsa Istanbul signed a partnership deal giving the Turkish exchange access to its markets technology.
Nasdaq to acquire 5% Borsa Istanbul stake
Nasdaq to acquire 5% Borsa Istanbul stake
Saudi-French cooperation to localize veterinary vaccine manufacturing
RIYADH: In the presence of sector leaders, the National Livestock and Fisheries Development Program signed a memorandum of understanding with French company Ceva under the patronage of Minister of Environment, Water and Agriculture Abdulrahman bin Abdulmohsen Al-Fadhli, who also chairs the program’s board.
The agreement aims to localize vaccine manufacturing, transfer technology and technical expertise, and expand the industrial and commercial production of veterinary vaccines across the Kingdom.
According to the MoU, the two parties will work to achieve high efficiency in mass production scale-up and establish a clear path for sustainable commercial operation that meets the needs of the local and national market, as well as strengthen the biosecurity and food security system.
The MoU also includes the development and modernization of messenger RNA vaccine technologies, along with joint research and development of a Middle East Respiratory Syndrome vaccine for camels. This involves designing, evaluating, and developing vaccines specifically tailored to combat the virus.
The agreement also covers the development of a rabies vaccine and related solutions, as well as supporting national efforts to control the disease through vaccine provision, capacity building, and the implementation of integrated prevention strategies.
The collaboration between the program and Ceva aims to meet the needs of the poultry vaccine market in the Kingdom, currently estimated at around SR750 million ($199 million).
The company will work to cover approximately 30 percent of this market with an initial investment of around SR250 million.
With continued government support for poultry projects and increased production in the sector, the market is expected to grow at a rate exceeding 10 percent annually, reaching approximately SR1.25 billion by 2030.
The addition of the world’s leading poultry vaccine manufacturer to Biotech Park highlights the program’s key role in developing new industries within the livestock and fisheries sector.
It also highlights the program’s commitment to building international partnerships with global companies, organizations, research centers, and universities to support advanced biotechnology industries and attract high-quality investments. It also seeks to create new economic sectors based on biotechnology, enhance veterinary health security, and support the sustainable economic development of the livestock sector, as well as empower national and emerging companies and provide advanced research and industrial infrastructure.
This will solidify the Kingdom’s position as a global hub for biotechnology industries and the development of national capabilities.
Ceva is the first international partner to join Biotech Park, the future veterinary biotechnology city launched by the program in Dhurma Governorate. The city is the world’s first specialized and fully integrated hub for veterinary biotechnology, serving as a benchmark for sector development and a platform supporting markets across the Kingdom, the Gulf, the Middle East, Africa and beyond.
The signing of Ceva is a significant step, given its position as the world’s leading manufacturer of poultry vaccines and medicines, and one of the most prominent international companies in the field of biotechnology.
The MoU aims to localize the veterinary vaccine industry, ensuring its compatibility with the strains of poultry diseases prevalent in Saudi Arabia. This includes the transfer of technology and technical expertise from Ceva, along with the implementation of specialized training programs to guarantee that manufacturing facilities comply with international Good Manufacturing Practice standards.
