Indiabulls Housing Finance buys back Amaprop’s 42.5 percent stake in subsidiary for $42.5 mln
26 By Aleksandar Vasovic BELGRADE, Aug 13 (Reuters) – Serbia is in talks with a U.S.-educated McKinsey consultant about becoming the country’s new finance minister, following a cabinet reshuffle in July, a political source and local media said on Tuesday. Mladjan Dinkic was fired, along with at least three other ministers, to avert a snap election. Serbian Prime Minister Ivica Dacic had threatened to bring down the coalition government unless Dinkic was replaced and his small United Regions party ejected from the alliance. Serbian Yale graduate Lazar Krstic, who is about 30, met Serbian deputy Prime Minister Aleksandar Vucic in Belgrade on Monday, the source said, and Serbian daily Blic said talks would continue over the next few days and that an agreement was near. “Everything points to an agreement and we expect the public will be officially informed in the coming days,” Blic said.
Residential Finance Selects Industry Veteran Chris Derrow to Lead New Division
* J.C. Penney Co Inc and hedge fund Pershing Square’s Bill Ackman are in talks to resolve their dispute over the leadership of the U.S. retailer, a source familiar with the situation said on Monday. * Chinese technology giant Tencent Holdings Ltd is planning to list its popular messaging app Weixin, or WeChat, as a spin-off company in Singapore, the official China Daily reported on Tuesday, citing an unnamed source.
Equipment Lease and Finance Company LeaseQ Touts a Sustained Economic Recovery Citing Rising Confidence and Lease Rate Declines in All Credit Classes
The Core Services Division will follow the Residential Finance model of business excellence by emphasizing superior professionalism, customer service, knowledge, timeliness, and accuracy. It will also underscore the need to mitigate risk by staying in step with requirements established by the Consumer Finance Protection Bureau. I am excited to be involved with this tremendous ground-floor opportunity, Derrow said. Many of the industrys leading brokerages and builders are uniquely positioned to offer core services to their clients, such as mortgage and title insurance. Unfortunately, they cannot consistently provide these services with the desired high level of efficiency and professionalism, nor at a cost lower than their competitors. Residential Finance CEO Michael Isaacs commented, When working with their favorite real estate agent or builder, clients should expect the highest level of service at a competitive price.
Market Chatter-Corporate finance press digest
Investors may also access the call on the investor relations portion of the Company’s website at http://phx.corporate-ir.net/phoenix.zhtml?c=251424&p=irol-IRHome. If you are unable to access the live teleconference, a replay will be available beginning approximately two hours after the call’s completion through August 20, 2013. The teleconference replay can be accessed by dialing 404-537-3406 (domestic and international) and entering ID# 14342688. A webcast replay will also be available on the investor relations portion of the Company’s website at http://phx.corporate-ir.net/phoenix.zhtml?c=251424&p=irol-IRHome.
WhiteHorse Finance, Inc. Reports Second Quarter 2013 Earnings Results
LeaseQ Founder and CEO, Vernon Tirey said, “Continued demand for replacement and additions of equipment and facilities remains steady to increasing in all the markets we serve, which we feel is the result of lease rate declines in all credit classes as well as continued rising business confidence. We see growing confidence that the economic climate will continue to post modest improvement over the next 12 to 18 months and leasing and financing capital equipment is integral to that continued growth. For more information on financing and leasing capital equipment, go to: http://blog.leaseq.com/equipment-leasing/advantages-and-disadvantages-of-leasing-capital-equipment Business Confidence Leads to Continued Equipment Lease and Finance Expansion With the Equipment Leasing & Finance Foundation releasing optimistic July 2013 Monthly Confidence Index for the Equipment Finance Industry (MCI-EFI) data this week, LeaseQ is seeing a corresponding rise in demand for equipment leasing and financing, further corroborating the Foundations data. Designed to collect leadership data from a cross section of key executives from the $725 billion equipment finance sector, the index reports a qualitative assessment of prevailing and future business conditions. The report stated that confidence in the equipment finance market increased to 59.4, a rise from the June index of 57.3, which reflects the industrys increasing optimism. More specifically, 24% of executives responding to the survey believe there will be continuing improvement in business conditions of the next four months and increase in optimism form 19.4% in June, with 71.9% believing business conditions will remain largely the same over those same four months.
Amaprop, a US-based private equity firm, had invested in Indiabulls Finance, a non-banking finance company, in 2005 for around Rs 130 crore. This means it will encash around 2x in Indian currency in its eight-year old investment though on repatriation its returns would translate into 41 per cent gains in US dollar terms. With the buyback, Indiabulls Finance has become a wholly owned arm of Indiabulls Housing Finance, one of the largest private housing finance firms in the country. Indiabulls Housing Finance has a loan book of Rs 37,000 crore (having grown at a CAGR of 26 per cent in the last five years).