RECTITUDE CLOSES US$8 MLN IPO ON NASDAQ

KUALA LUMPUR, June 25 (Bernama) -- Singapore-based Rectitude Holdings Ltd (Rectitude), announced the closing of its initial public offering (IPO) of two million ordinary shares at US$4.00 per ordinary share, for total gross proceeds of US$8 million. (US$1 = RM4.70)

Rectitude has granted the underwriter AGP/Alliance Global Partners (AGP), an option, exercisable within 45 days from the closing date of the IPO, to purchase up to an additional 300,000 ordinary shares at the offering price.

Shares of the company’s common stock began trading on the Nasdaq Capital Market under the symbol “RECT” on June 21.

The company in a statement said the proceeds from the IPO will be used with the intention for marketing and promotional campaigns, product development, digital transformation and system upgrades, along with working capital and general corporate purposes.

AGP acted as the sole book-running manager for the IPO, while Ortoli Rosenstadt LLP acted as the United States (US) counsel to Rectitude, and The Crone Law Group as US counsel to AGP in connection with this offering.

Founded in 1997, Rectitude is principally involved in the provision of safety equipment, encompassing essential items such as personal protective clothing, gloves, safety footwear, personal fall arrest systems, portable fire extinguishers and traffic products.

-- BERNAMA

GIGAMON SURVEY SHOWS GLOBAL SECURITY LEADERS' STRUGGLE TO KEEP UP WITH CYBERTHREATS

KUALA LUMPUR, June 19 (Bernama) -- Gigamon, a leader in deep observability has revealed vulnerabilities in organisations’ preparedness to defend against increasingly sophisticated cyberthreats and attacks, in its newly published 2024 Hybrid Cloud Security Report.

Compared to last year’s report, the annual survey of over 1,000 Security and information technology (IT) leaders across Australia, France, Germany, Singapore, the United Kingdom, and the United States, showed a decline in detection and response capabilities year-on-year.

According to a statement, the research found one in three organisations were unable to detect a breach in the last 12 months, with just 25 per cent able to respond in real time, revealing a cybersecurity preparedness gap.

As hybrid cloud environments grow in complexity and threat actors launch a barrage of concealed attacks, 65 per cent of respondents believed their existing security tooling could not effectively detect breaches.

Security and IT leaders are at a crucial juncture. The spectre of artificial intelligence (AI)-powered cyber attacks looms globally, with 82 per cent of respondents predicting that AI will increase the global ransomware threat.

And yet, despite global information security spending projected to reach US$215 billion in 2024, only half (54 per cent) of organisations feel “strongly prepared” to respond to unauthorised access to their hybrid cloud environments. (US$1=RM4.70)

The research also delves into the insights of 234 chief information security officers (CISOs) globally, with the results highlighting that CISOs continue to bear the burden of regulatory and technological pressures, with 69 per cent reporting they struggle to detect encrypted threats, compared to 59 per cent of the total respondents.

Furthermore, an alarming 70 per cent of CISOs believed their tools were not as effective as they could be in detecting breaches, and as a result 59 per cent say they would be most empowered by cyber risk becoming a boardroom priority.

The 2024 Hybrid Cloud Security survey was commissioned by Gigamon and fielded in collaboration with Vitreous World, and the data is based on findings of an online survey of 1,033 global respondents from March 22 to April 6.

-- BERNAMA

NIKKISO CLEAN ENERGY & INDUSTRIAL GASES GROUP ANNOUNCES CEO TRANSITION JULY 1, 2024

TEMECULA, Calif., June 13 (Bernama-GLOBE NEWSWIRE) -- Nikkiso Co., Ltd. (TSE: 6376), announced today after a Board vote, that effective July 1, 2024, Adrian Ridge will succeed Peter Wagner as Nikkiso Clean Energy & Industrial Gases Group’s (part of Nikkiso’s Industrial Division) as Chief Executive Officer. Wagner will stay on in a Board role as Executive Chairman for Nikkiso CE&IG Group.

As CEO, Ridge, who is currently Executive Vice President, Operations and Manufacturing for Nikkiso CE&IG Group, will drive operational and financial results and ready the Group for future growth. Wagner’s new role as Executive Chairman will focus on driving the vision and long-term strategy of the Group in an advisor capacity.

“In six years under Peter’s leadership, Nikkiso CE&IG has more than quadrupled business, and is positioned for strong continued growth,” said Toshihiko Kai, President and CEO, Nikkiso. “I want to thank him for his leadership, and welcome Adrian as the Group’s new CEO.”

Prior to joining Nikkiso in 2018, Wagner was CEO and Managing Director at LEWA Group. Ridge joined Nikkiso in 2022 after approximately 30 years at Atlas Copco serving in various leadership positions.

About Nikkiso Co. Ltd.

Since its establishment in 1953, Nikkiso has contributed to solving social issues by anticipating the changing times with world-first and Japan-first technologies and products. In the industrial business, Nikkiso has created new markets by developing products in the energy field, hemodialysis-related products in the medical business, and CFRP (carbon fiber reinforced plastic) aerostructures in the aerospace business.

About Nikkiso Clean Energy & Industrial Gases Group

The Nikkiso Clean Energy & Industrial Gases Group is a leading provider of cryogenic equipment, technologies and applications for clean energy and industrial gas market segments. The Group employs more than 1,600 people in 22 countries and is headed by Cryogenic Industries, Inc. in Southern California, U.S., which is a wholly owned subsidiary of Nikkiso Co., Ltd. (TSE: 6376).

Media contact
Lisa Adams
+1 405 492 1689 

SOURCE: Cryogenic Industries

--BERNAMA

BANGLADESH FIRST TO RECEIVE GCA LOCAL ADAPTATION CHAMPIONS AWARD

KUALA LUMPUR, June 12 (Bernama) -- The Global Center on Adaptation (GCA) Chief Executive Officer, Professor Patrick V. Verkooijen has awarded its Local Adaptation Champions Award to Bangladesh, during his official visit.

Accepted by Prime Minister Sheikh Hasina, Bangladesh is the first government to receive the global Local Adaptation Champions Award, won in the Innovation in Devolving Finance category for the Local Government Initiative on Climate Change (LoGIC).

Implemented by the Ministry of Local Government, Rural Development and Co-Operatives, Government of Bangladesh, LoGIC provides a mechanism for accessing and managing climate finance from various sources, a platform for sharing best practices and lessons learned, as well as a system for monitoring and evaluating effectiveness and impact.

“This recognition underscores our commitment to sustainable development and climate resilience, and we are grateful for the Global Center on Adaptation’s invaluable support in our journey towards a prosperous and resilient future,” said the Prime Minister.

Meanwhile, Professor Verkooijen said the GCA’s Global Hub on Locally Led Adaptation, inaugurated by the Prime Minister in 2022, is dedicated to amplifying the voices of the most vulnerable.

“The insights and ownership in their locally led People’s Adaptation Plans are invaluable for guiding international financial institutions,” he added in a statement.

Professor Verkooijen also welcomed the offer from the Prime Minister to establish a permanent GCA regional office in Bangladesh embodying the latest climate resilient technology and design.

During his two-day official visit, Professor Verkooijen visited Chattogram to engage with local communities supported by the GCA. These communities are developing People’s Adaptation Plans to inform investments by the World Bank-supported Chattogram Water Supply Improvement Project (CWSIP).

He also held discussions with Finance Minister Abul Hassan Mahmud Ali and Environment Secretary Dr Farhina Ahmed, on strengthening partnerships to advocate for the doubling of climate finance by 2025 and exploring new avenues for climate adaptation projects in Bangladesh.

-- BERNAMA

DTRIC INSURANCE COMPANY, REINSURED AFFILIATE OUTLOOKS REVISED TO NEGATIVE - AM BEST

KUALA LUMPUR, June 10 (Bernama) -- AM Best has revised the outlooks for Honolulu-based DTRIC Insurance Company Limited (DTRIC) and its reinsured affiliate, DTRIC Insurance Underwriters Limited from stable to negative.

The global credit rating agency also affirmed the financial strength rating (FSR) of A- (Excellent) and the long-term issuer credit ratings of “a-” (Excellent) for both companies, according to a statement.

The credit ratings (ratings) reflect DTRIC’s balance sheet strength, which AM Best assesses as strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management.

The ratings also consider the impact of implicit and explicit support given to DTRIC by Aioi Nissay Dowa Insurance Company Limited (ADI), a member of MS&AD Insurance Group Holdings Inc, which has an FSR of A+ (Superior).

The revised outlooks to negative from stable reflect a deteriorating trend of DTRIC’s capital base over recent years driven by unfavourable underwriting performance and corresponding decline in its risk-adjusted capitalisation, which was assessed at the strong level as of year-end 2023, as measured by Best’s Capital Adequacy Ratio.

While the upcoming capital injection from ADI within the next few months is expected to mitigate the current capital pressure partially, AM Best expects unfavourable underwriting results will continue to impact capital negatively in the medium term.

At the moment, limited visibility of the future business plan and capital strategy under the recently announced new business strategy also was considered in the revised outlooks.

DTRIC’s marginal operating performance assessment reflects the company’s overall profitability lagging the composite average, which was affected further by the losses from the Maui wildfires in 2023.

Despite its small size relative to the parent, DTRIC plays an important role in ADI’s global strategic plans as it also receives explicit support via reinsurance, a written parental financial guarantee agreement, and a track record of capital contributions including the upcoming capital injection.

-- BERNAMA 

MONTROSE ENVIRONMENTAL GROUP LEADERSHIP, 3M CHIEF TECHNOLOGY OFFICER DISCUSS SUCCESSFUL ADVANCEMENTS FOR REMOVAL OF "FOREVER CHEMICALS" FROM WATER

LITTLE ROCK, Ark., May 29 (Bernama-BUSINESS WIRE) -- Montrose Environmental Group, Inc. (“Montrose”) (NYSE: MEG) today shared highlights from its presentation with 3M Company at the Bank of America 31st Annual Transportation, Airlines and Industrials Conference in New York. Montrose President and Chief Executive Officer, Vijay Manthripragada, and Montrose Chief Innovation Officer, Steve Woodard, Ph.D., joined 3M’s Chief Technology Officer John Banovetz, Ph.D., for a panel titled, “PFAS Panel: Advancing Technology for a Cleaner Tomorrow.”

During the panel, Montrose and 3M discussed how both companies are innovating to remove PFAS compounds from complex water sources at 3M’s chemical manufacturing sites at an unprecedented scale, and the intersection of sustainability including through the use of Montrose’s proprietary ion exchange technology.

“Our company is based on innovation and science, and therefore we’re looking for partners in the same vein,” said 3M’s Dr. Banovetz. “We were quickly able to find a partner in Montrose and have been very thankful for their partnership and helping us achieve our sustainability goals, particularly, our water quality goal.”

“We work with many Fortune 500 companies. John and the 3M leadership team are among the most sustainability-oriented leaders we’ve had the pleasure of working with,” said Mr. Manthripragada. “When the Montrose and 3M teams were thinking about how to [remove PFAS from water], sustainability mattered. The byproduct of that [collaborative] innovation and technology development is a solution that delivers a lot less waste, uses a lot less filtration media, has a smaller footprint which is arguably safer for workers, and uses less energy.”

Montrose’s patented regenerative solution features small plastic beads with special physical properties that give them a high affinity for PFAS and the ability to remove the compounds from water. Instead of discarding and replacing the beads once used, they can be washed and reused. Further, Montrose has developed technology to clean the spent regenerative solution using distillation and super-loading, allowing for its continued reuse. Pairing the resin treatment technology with the regenerative solution, provides a sustainable PFAS treatment system that is effective in removing PFAS from the environment.

Dr. Woodard noted that the systems developed for 3M through the collaboration have also been deployed globally and are benefiting communities as far away as Australia.

“We have developed multiple technologies to remove them from the environment, and 3M is leading the way,” Woodard said. “We're going to benefit a lot of industries, communities and governments, but most importantly, the health and welfare of communities.”
 

A replay of the audio webcast may be accessed on the BofA conference webcast website at PFAS Panel: Advancing Technology for a Cleaner Tomorrow (veracast.com). 

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