3rd Jan 2024. 8.58am
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Regency View:
Update
Airtel Africa gets new CEO as Segun Ogunsanya retires
Airtel Africa (AAF) is undergoing a leadership change. Olusegun ‘Segun’ Ogunsanya, the current CEO, is set to retire on July 1, 2024. His successor, Sunil Taldar, who joined as Director Transformation in October 2023, will step into the CEO role. The transition to Taldar’s leadership begins while Ogunsanya is still in office.
Taldar will join the board as an executive director after the transition period and officially assume the CEO role upon Ogunsanya’s retirement. Airtel Africa highlighted Ogunsanya’s significant impact, especially in maintaining double-digit revenue growth and introducing innovative products across Africa during his tenure.
Post-retirement, Ogunsanya will continue supporting the company by advising the Chairman, Airtel Africa Board, and the CEO for a 12-month period, emphasising his ongoing value to the organisation.
Sunil Bharti Mittal, Chairman of Airtel Africa, expressed gratitude for Ogunsanya’s contributions and announced Ogunsanya’s future role as Chair of the Airtel Africa Charitable Foundation. Mittal also expressed confidence in Taldar’s capabilities, citing his industry experience, strategic vision, and customer-centric approach as assets for leading the company forward.
Mittal highlighted the seamless transition facilitated by Ogunsanya’s effective leadership during the changeover and expressed confidence in Taldar’s integration into the company, ensuring a smooth handover of responsibilities.
The market has responded positively to the news and the shares are up 19% since the start of December.
AAF Daily Candle Chart
Aviva anticipates £80m boost in Singlife exit deal with Sumitomo Life
Aviva (AV.) anticipates an additional £80 million (SGD 0.1 billion) from the sale of its stake in Singapore Life Holdings Pte Ltd (“Singlife”) due to Sumitomo Life Insurance Company’s separate agreement to buy out TPG’s equity stake in Singlife.
This added sum, contingent on the completion of Sumitomo Life’s deal with TPG, brings the revised total proceeds for Aviva to about £930 million (SGD 1.6 billion).
The company’s plan involves incorporating these proceeds within its existing capital management strategy, which allows for surplus capital to be utilised for reinvestment in the business, potential mergers and acquisitions (M&A), or distributing additional returns to shareholders.
The initial announcement of Aviva’s divestiture from Singlife, including the sale of two debt instruments, was made on September 13, 2023. This transaction is still subject to customary closing conditions, including regulatory approvals, and is projected to conclude in the first quarter of 2024.
AV. Daily Candle Chart
AstraZeneca’s breakthrough in China: RSV shot approved, $1.2bn biotech buy
AstraZeneca (AZN) has made headlines in China by getting approval for its respiratory syncytial virus (RSV) shot for infants, called Beyfortus, which it co-developed with Sanofi. This shot, already approved in the EU and the US, is now given the green light in China too. RSV is a virus that causes cold-like symptoms and can be serious for babies and older adults.
The Beyfortus shot should be available in China for the 2024-2025 RSV season, according to AstraZeneca. This news comes alongside their plan to buy Gracell Biotechnologies in China for about $1.2 billion, aiming to improve cancer treatments using cell therapies. AstraZeneca usually makes deals for specific drugs, but buying Gracell means they’ll own the whole company, which could bring in new ways to treat bone marrow cancer.
The CEO of AstraZeneca, Pascal Soriot, thinks China is a great place for new medical discoveries. He says it’s a good place for companies like his to invest and grow. AstraZeneca’s moves in China fit with their goal of getting better at treating diseases using cell therapies, not just cancer. This acquisition is part of their plan to grow and get better at treating all sorts of diseases.
AstraZeneca’s respiratory syncytial virus (RSV) shot for infants getting approval in China is a big deal for the company, adding to its portfolio of treatments and showing their commitment to making important medicines available worldwide.
AZN Daily Candle Chart
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All content is provided for general information only and should not be construed as any form of advice or personal recommendation. The provision of this content is not regulated by the Financial Conduct Authority.
Disclaimer:
All content is provided for general information only and should not be construed as any form of advice or personal recommendation. The provision of this content is not regulated by the Financial Conduct Authority.