Equity - All Articles

  • Megvii plans to refile for HK IPO as application to expire

    Artificial intelligence company Megvii Technology's Hong Kong IPO prospectus is set to expire on Tuesday. The company, which delayed its deal earlier in February, plans to resubmit a listing application, according to a source familiar with the matter.

    • 07.45 AM
  • Sovcombank and Chelpipe move closer to Moscow floats

    Two large Moscow listings moved closer to launch this week, a boost for Russian equity investors who have not seen any large IPO activity since the Detsky Mir listing in 2017.

    • 21 Feb 2020
  • AK Medical seals HK$803m top-up on stock price surge

    AK Medical Holdings has raised HK$803m ($103m) from a top-up placement of new shares that was launched on the back of a near 80% jump in its stock price year-to-date.

    • 21 Feb 2020
  • Top banks culled 1,700 equities jobs last year

    Twelve of the largest global investment banks reduced their headcounts in equities by 10% last year, leading to one of the “steepest declines in years” in the number of investment bank employees, according to analytics firm CRISIL Coalition.

    • 21 Feb 2020
  • Intesa fires starting gun on new phase of Italian bank consolidation

    Intesa Sanpaolo took the market by surprise when it launched a takeover bid for UBI Banca this week. A successful deal could set off a long overdue wave of mergers and acquisitions within the Italian banking sector, which ECM bankers are hoping will be financed through a slew of new rights issues. Tyler Davies and Sam Kerr report.

    • 20 Feb 2020
  • HSBC’s restructuring: is it enough though?

    HSBC’s corporate finance staff have survived its restructuring largely unscathed, but the more ambitious among them will see the bank’s plans as a missed opportunity, writes David Rothnie. And with no answer yet on the identity of the next full-time CEO, the uncertainty is not over.

    • 20 Feb 2020
  • People moves in brief: February 20, 2020

    Natixis finds new investment banking boss — UniCredit replaces Steffens with Pabarcius in UK — Lloyds puts Paterson at risk

    • 20 Feb 2020
  • US broker adds to London team with senior equity hires

    BTIG Ltd, the US broker dealer, is expanding its EMEA equities sales and trading business in London, with four senior hires.

    • 20 Feb 2020
  • Sibur IPO no longer expected in 2020

    Sibur, the Russian petrochemicals company, is unlikely to go public in 2020 because of unfavourable macroeconomic conditions, its CFO tells GlobalCapital.

    • 20 Feb 2020
  • Pabarcius set to lead UniCredit in UK

    UniCredit is making Algis Pabarcius its UK country head, replacing Christian Steffens, who is moving to head up corporate and investment banking for the Americas region.

    • 20 Feb 2020
  • Nacon covered from the start

    The IPO of French video games developer and accessories company Nacon was covered almost immediately on Thursday morning when order books were opened.

    • 20 Feb 2020
  • India flush with ECM deals as foreign inflows surge

    India’s equity capital markets have had a strong start to the year, pumping out a steady flow of large IPOs and secondary share offerings on the back of a big uptick in foreign investment. The country’s ECM pipeline is offering banks relief amid a slowdown in Hong Kong. Jonathan Breen reports.

    • 20 Feb 2020
  • Promoters seal Rp34bn Avenue Supermarts sell-down

    Avenue Supermarts’ founder Radhakishan Damani and members of his family offloaded a portion of their shares in the company this week, raising more than Rp34.3bn ($478.1m). The deal came just days after the company issued a chunk of primary stock.

    • 20 Feb 2020
  • Resurgence of high margin rights issues cheers ECM

    Equity capital markets bankers have welcomed the return of rights issues as the total volume of underwritten equity raises announced year-to-date ramps up. Now, they are thirsty for more.

    • 20 Feb 2020
  • Natixis sparks Gallois to lead investment banking

    Alain Gallois will become Natixis’s global head of investment banking, replacing Mohamed Kallala. The latter is heading over to run global markets, with that role’s incumbent, Luc François, leaving the bank.

    • 20 Feb 2020
  • Co-founders sell 'niche' Transaction Capital stock

    The three founders of Transaction Capital, the South African financial services firm, have sold down R1.62bn ($108m) of stock via an accelerated bookbuild.

    • 19 Feb 2020
  • Companies line up for follow-ons as CSRC loosens rules

    The Chinese regulator’s decision to loosen rules around follow-on offerings in the domestic market has brought a resounding vote of approval from corporations. In just four days, 46 companies have set out plans to tap the equity capital market.

    • 19 Feb 2020
  • Russia set for IPO boom as investor sentiment warms

    Equity capital markets investors should prepare for a pipeline of new Russian stock market listings for as early as this year, according to several bankers working on the deals. A strong year for block sales in 2019 will be followed by some sizeable IPO activity on the Moscow exchange.

    • 19 Feb 2020
  • Barbeque-Nation refiles for Rp12bn IPO

    Barbeque-Nation Hospitality is planning an IPO of up to Rp12bn ($167.8m). It has revived its listing plans two years after first announcing the transaction.

    • 19 Feb 2020
  • Equity markets should brace for worse to come after Apple’s coronavirus warning

    Apple’s announcement that it is likely to miss revenue estimates for the first quarter of 2020 should serve as a warning to equity investors that the economic effects of the coronavirus outbreak should be feared alongside any threat of it becoming a pandemic.

    • 18 Feb 2020
  • JP Morgan appoints new heads of IB, DCM, ECM, M&A

    JP Morgan has promoted a whole new layer of leadership in its investment bank, reaching down to debt capital markets, equity capital markets and M&A. At the top of the tree, Carlos Hernandez has moved from being head of global investment banking to executive chair and has appointed new co-heads of global investment banking.

    • 18 Feb 2020
  • Alstom to acquire Bombardier’s trains unit

    Alstom, the French maker of trains and railway equipment, has struck a €7.45bn deal to acquire Bombardier’s trains division and will partly finance the trade via a €2bn rights issue later this year or in early 2021.

    • 18 Feb 2020
  • ECM and cash equity trading unaffected by HSBC cuts

    HSBC will not be making cuts to its equity capital markets or its equity trading capabilities after announcing the results of a strategic review on Tuesday. The bank will be reducing headcount in sales and research, but said that its execution ability in ECM will not be affected in any way.

    • 18 Feb 2020
  • Italian assets fly as Intesa launches shock bid for UBI

    Intesa Sanpaolo caught the market by surprise when it launched a takeover bid for UBI Banca on Monday night. The announcement sent credit and equity valuations surging higher, with investors pinning their hopes on consolidation in the Italian banking sector.

    • 18 Feb 2020
  • BW Energy gets shrunken IPO done in teeth of oil fears

    BW Energy, the oil exploration and production company, has priced its Oslo IPO after lowering its valuation target and shrinking the deal, having encountered resistance from investors as the coronavirus outbreak in China knocked 20% off the oil price.

    • 18 Feb 2020
  • China Bright, Hygeia set HK IPOs in motion

    Independent television producer China Bright Culture Group has launched pre-deal investor education for its Hong Kong IPO, according to a source familiar with the matter.

    • 18 Feb 2020
  • HSBC plans to slim down rates, derivs, equities in Europe

    HSBC’s new strategic plan involves numerous changes to its investment banking division, including shifting resources to Asia and the Middle East, reducing the scale of many operations in the European markets business, and combining product functions with commercial banking.

    • 18 Feb 2020
  • European Commission opens MiFID II consultation

    The European Commission has opened a public consultation on MiFIR/MiFID II, as it takes stock of two years of the sweeping regulations.

    • 17 Feb 2020
  • Gabian to lead Iberian markets at Citi

    Citigroup has picked Miguel Gabian to be head of its Spain and Portugal markets franchises.

    • 17 Feb 2020
  • Ninety One seeks FTSE 250 entry after LSE flotation

    Ninety One, the asset management division of Investec, has announced its intention to float on the London Stock Exchange, formally launching what is likely to be one of the largest UK IPOs this quarter.

    • 17 Feb 2020
  • SBI Cards wins $1.3bn IPO nod, readies March listing

    SBI Cards and Payment Services is preparing to launch its IPO of up to Rp95bn ($1.3bn) in the first week of March after getting the go ahead from the market regulator, according to a source close to the deal.

    • 17 Feb 2020
  • Promoters launch Rp30bn sell-down in Avenue Supermarts

    Avenue Supermarts' founder Radhakishan Damani and his family members are looking to raise Rp30.3bn ($424.7m) from a secondary share sale, following an issue of new stock by the company last week.

    • 17 Feb 2020
  • Investors pile into Just Eat Takeaway.com block

    A pre-IPO investor in Just Eat, the UK takeaway delivery service, has sold a chunk of its stake in the company via an accelerated bookbuild led by UBS. The sale follows Just Eat's takeover by Dutch rival Takeaway.com.

    • 14 Feb 2020
  • Rose to prune NatWest Markets, take secateurs to rates

    Royal Bank of Scotland — or NatWest Group, as it plans to rebrand itself later this year — is set to cut back risk-weighted assets in the investment bank, particularly in rates. The bank also committed to stricter lending and underwriting criteria for fossil fuel companies.

    • 14 Feb 2020
  • Citic Capital Spac nets $240m from bigger US IPO

    Citic Capital Acquisition Corp has raised $240m from its listing on the New York Stock Exchange. The special purpose acquisition company (Spac) is targeting green and sustainable businesses.

    • 14 Feb 2020
  • Sebi orders NSE to sell stake in Cams

    India's market regulator has told the NSE to divest its position in Computer Age Management Services (Cams), alleging the stock was acquired without its approval.

    • 14 Feb 2020
  • Oil and gas's tobacco moment

    Polite society does not tolerate smokers the way it used to. What was once a ubiquitous habit is now banished to outdoors in many countries. Tobacco investment is a rarer beast too these days, reflecting how deeply ethical preferences can affect capital markets. Now oil and gas securities could be about to face a similar shift.

    • 13 Feb 2020
  • Oil equity deal plans hit by virus fears, but are investors turning green?

    Equity investors are losing their appetite for oil and gas stocks, just at a time when three of the biggest IPOs being planned in EMEA are from that sector. The coronavirus outbreak is sapping Chinese demand, leading to a weak oil price. But some bankers believe investors are also making a more fundamental shift away from fossil fuels, which could even lead to a permanent tipping point. Sam Kerr and Jon Hay report.

    • 13 Feb 2020
  • People moves in brief

    HSBC hires Lahham for MENA corporate finance — Lisanti broadens markets role at Citi — Muscatt joins BMO

    • 13 Feb 2020
  • Banks jostle for position in sustainable M&A revolution

    Nomura has made sustainability one of the pillars of its fightback in investment banking, as it joins the race to harness the power of sustainability-related M&A and capital markets deals.

    • 13 Feb 2020
  • HSBC appoints Lahham for advisory and coverage

    Nabil Lahham has joined HSBC to head up advisory and corporate finance coverage for the Middle East, North Africa and Turkey. He was most recently at Perella Weinberg Partners.

    • 13 Feb 2020
  • UK IPO resurgence builds after tough 2019

    The UK is leading the pack in Europe this year in terms of the volume of large IPOs. This is a boost for the London Stock Exchange after a torrid 2019 marred by political uncertainty.

    • 13 Feb 2020
  • Learning Curve – Trading dividends as an asset class

    In a negative interest rates environment, dividend strategies are becoming increasingly popular as a way to create positive yield for investors.

    • 13 Feb 2020
  • Gold Fields rides higher gold prices to raise R3.7bn for new mine

    South African gold mining company Gold Fields Ltd has raised R3.7bn ($252m) of fresh capital to fund the construction of a new mine in Chile.

    • 13 Feb 2020
  • UK fiscal splurge cemented as ‘last Mohican’ is ousted

    The ousting of Sajid Javid as the UK's chancellor of the exchequer has been interpreted in financial markets as a power grab by prime minister Boris Johnson. Javid's removal is likely to strengthen the government’s bias towards populist economics, “rewriting the Treasury’s fiscal rules”, according to one investor.

    • 13 Feb 2020
  • Turkish regulator mulls reforms to unlock risk transfer market

    Turkey’s Bank Regulation and Supervision Agency is mulling an overhaul to its rules on risk transfer for banks, which could open a new jurisdiction for the synthetic securitization market, and raise marginal capital for the country’s banks.

    • 13 Feb 2020
  • Thiam quits Credit Suisse on fixed income high

    Credit Suisse has reported a strong end to last year for fixed income sales and trading, in chief executive Tidjane Thiam’s last week in the job.

    • 13 Feb 2020
  • Relief as year’s first IPO Calisen recovers from trading setback

    Calisen, the UK operator of smart meters which has completed the first major European IPO of the year, was trading above issue price on Thursday, to the relief of sources close to the trade after early selling dampened its stock market debut.

    • 13 Feb 2020
  • Prime US Reit boosts placement to $120m

    Singapore-listed Prime US Real Estate Investment Trust (Reit) raised $120m after a rush of demand led it to increase the size of its placement.

    • 13 Feb 2020
  • JP Morgan makes senior changes in Aus, NZ

    JP Morgan has appointed two new co-heads of investment banking coverage for Australia and New Zealand, according to an internal memo seen by GlobalCapital Asia.

    • 13 Feb 2020
  • Asian IPO markets hamstrung by coronavirus spread

    Asian IPOs are suffering as the spread of Covid-19 (the coronavirus) accelerates, with the flow of Chinese listings in Hong Kong having slowed to a standstill. Bankers are looking into any solutions, but the curb of face-to-face contact is hanging over the world’s busiest stock exchange. Jonathan Breen reports.

    • 13 Feb 2020
  • Investec makes five hires and continues broking push

    Investec has furthered its push in corporate finance with five new hires. It continues to win new UK broking mandates.

    • 13 Feb 2020
  • MSCI includes Star name in latest quarterly review

    New York-headquartered MSCI has included a Star board listed company in its China-related indices, alongside well-recognised names such as Luckin Coffee and Zai Lab.

    • 13 Feb 2020
  • NetDragon Websoft, Innovent Bio place new shares

    Online gaming and education firm NetDragon Websoft Holdings and biotechnology company Innovent Biologics both tapped the equity market on Wednesday evening for funds.

    • 13 Feb 2020
  • BP makes historic pivot to net zero as TCFD nets 1,000 fans

    Two milestones were passed on Wednesday, in the financial sector’s recognition of the reality of climate change — BP, the oil and gas group, revealed a new “net zero” strategy, and the Task Force on Climate-Related Financial Disclosures announced it had 1,000 supporters. But how much impact these moves have will depend on future actions.

    • 12 Feb 2020
  • Bank of America books paper loss on Sampo block

    Bank of America made a paper loss on a €455.4m block trade of shares in Sampo, the Finnish financial services group, on Tuesday night.

    • 12 Feb 2020
  • ECM returns defy risks to keep up demand

    The returns on EMEA equity capital market supply are proving so buoyant this year that investors are braying for more, despite risks posed by crises such as the coronavirus outbreak.

    • 12 Feb 2020
  • DRI Capital to float pharma royalties fund in London

    Canada’s DRI Capital is preparing to list a new fund on the London Stock Exchange focused on investing in pharmaceuticals royalties.

    • 12 Feb 2020
  • Philippines ECM: finally, some good news

    A recent move to encourage Philippine property companies to sell real estate investment trusts (Reits) looks set to give a much-needed boost to the market. The country has long suffered from a paucity of deals. It may finally be ready to turn a corner.

    • 12 Feb 2020
  • Indian InvITs to raise Rp800bn in new financial year

    India’s infrastructure investment trusts, a fledgling asset class in the country, are expected to raise as much as Rp2tr ($28.1bn) in the next five years, according to a report by local research firm ICRA.

    • 12 Feb 2020
  • Prime US Reit launches $100m placement

    Singapore-listed Prime US Real Estate Investment Trust (Reit) is looking to raise at least $100m from the placement of new units to equity investors.

    • 12 Feb 2020
  • KKR says no to NMC Health takeover bid

    US buyout group KKR has said it will not make a bid for the beleaguered UAE healthcare company NMC Health, dampening investor hopes of a rescue buyout and sending its shares and convertible bonds lower.

    • 11 Feb 2020
  • Swissport preps refi as HNA exit talks return

    Swissport is looking to reprice its existing €850m term loan and add on another €50m, in a test of market appetite to tighten terms for companies with owners outside the top tier group of sponsors. The refi comes as reports suggest HNA Holdings, the Chinese conglomerate, is once again looking to sell the company after talks last year collapsed.

    • 11 Feb 2020
  • Energy efficiency fund could use ECM in 2020 to finance growth

    SDCL Energy Efficiency Income Trust (SEEIT), the London-listed investment trust that focuses on investment in energy efficiency, is targeting ambitious growth in 2020. Its CEO talks GlobalCapital through its plans.

    • 11 Feb 2020
  • Artemis hires new CIO from GAM

    Artemis Investment Management has appointed Matthew Beesley as its new chief investment officer. He will join in April, replacing Peter Saacke, who will concentrate on managing some of Artemis’s funds.

    • 11 Feb 2020
  • Avenue Supermarts bags Rp41bn from share sale

    India’s Avenue Supermarts has raised Rp40.98bn ($575.2m) after sealing its qualified institutional placement above the floor price.

    • 11 Feb 2020
  • Roborock scores highest listing price on record in China

    Beijing Roborock Technology, a manufacturer of robotic vacuum cleaners, has sealed its Star board IPO at a hefty 58.76 times earnings ratio — the highest IPO price on record, not just on Star but also in the entire Chinese A-share market.

    • 11 Feb 2020
  • NMC Health shares and CBs rally on takeover interest

    Shares in NMC Health, the beleaguered UAE healthcare company, surged as much as 18% on Monday morning after it said it had received takeover approaches from buyout firms KKR and GK Investment.

    • 10 Feb 2020
  • Investec shareholders vote for Ninety One carve-out

    Shareholders in Investec Group have approved the proposed spin-off of its £121bn asset management division Ninety One, paving the way for Ninety One’s IPO on the London Stock Exchange.

    • 10 Feb 2020
  • Gottstein may play better with Credit Suisse’s investment bankers

    Credit Suisse’s outgoing chief executive Tidjane Thiam thought he could win the power struggle against chairman Urs Rohner but he overlooked the real power broker — Severin Schwan.

    • 10 Feb 2020
  • Ayala Land lays foundation for $283m debut Philippine Reit

    Ayala Land, one of the Philippines’ largest property owners, has filed an IPO application for a real estate investment trust (Reit), the country’s first public offer of the asset class.

    • 10 Feb 2020
  • Calisen finishes first major UK IPO in 2020

    The IPO of Calisen Group, the UK operator of smart meters, is due to be priced at 240p a share according to final messages from boorkunners, slightly below the midpoint of the 225p-265p initial range, valuing the company at £1.29bn.

    • 07 Feb 2020
  • Peter Hargreaves offloads Hargreaves Lansdown shares

    UK billionaire Peter Hargreaves has sold £550m of stock in Hargreaves Lansdown, the UK financial services company he co-founded, via a block trade that was increased to satisfy a huge demand.

    • 07 Feb 2020
  • CS shares drop but analysts sanguine after Thiam exit

    The departure of Tidjane Thiam as chief executive of Credit Suisse on Friday caused the bank’s share price to fall, but analysts believe the firm’s strategy is likely to remain largely unchanged.

    • 07 Feb 2020
  • Citic Capital’s green Spac launches $200m US IPO

    Blank cheque firm Citic Capital Acquisition Corp has kicked off bookbuilding for a $200m IPO. The special purpose acquisition company (Spac) is targeting green investments.

    • 07 Feb 2020
  • Central Retail bags $2.3bn from record Thai IPO

    Thailand’s Central Retail Corp has priced the country’s largest IPO near the top of the marketed range, netting Bt71bn ($2.3bn) by navigating a volatile stock market.

    • 07 Feb 2020
  • Goldman’s growth plan faces Europe test

    As Goldman Sachs hunts for incremental gains in its investment banking division, it need look no further than its European franchise, where it continues to trail JP Morgan, writes David Rothnie.

    • 06 Feb 2020
  • SG keeps lid on costs after restructuring

    Société Générale grew revenues while keeping costs steady in its markets and investor services activities in the fourth quarter. Bondholders will have also welcomed a boost to the bank’s capital ratio.

    • 06 Feb 2020
  • ECM investors buck coronavirus fears to binge on blocks

    EMEA equity capital markets roared back into life this week, as fears over a potential coronavirus pandemic abated to allow the blocks market to reopen in size. A huge slug of supply on Monday evening that traded up left investors hungry for more, report Sam Kerr and Aidan Gregory.

    • 06 Feb 2020
  • UniCredit surges after 2019 results, Yapi Kredi sale

    Shares in UniCredit, Italy’s largest bank by assets, closed 8.1% higher on Thursday after the bank cut its stake in Turkey’s Yapi Kredi, while announcing a dividend increase and a share buy-back.

    • 06 Feb 2020
  • Healthcare firm first to test Tadawul since 'transformative' Aramco IPO

    Dr Suliaman Al Habib Medical Group, one of the largest private health companies in Saudi Arabia, has announced it is seeking to list on the Tadawul stock exchange. It is the first company to attempt an IPO there since the record listing of Saudi Aramco last December.

    • 06 Feb 2020
  • Caution over Turkish revival despite Yapi Kredi block

    Investors warmly welcomed a TL2.6bn ($440m) block trade in Turkish bank Yapi Kredi on Wednesday night. But market participants are yet to be convinced that the country’s equity capital markets are fully reopened.

    • 06 Feb 2020
  • India’s Avenue Supermarts eyes $561m from QIP

    Avenue Supermarts, which runs Indian supermarket chain DMart, has launched a qualified institutional placement worth about Rp40bn ($561.3m).

    • 06 Feb 2020
  • Indian budget rocks ECM with tax worries and amid IPO boost

    India’s latest budget brought good and bad news for the country’s equity capital markets. The unveiling of potential exciting new deals was dampened by the ill-thought-out removal of the dividend distribution tax, which could be a drag on some areas of ECM. Jonathan Breen reports.

    • 06 Feb 2020
  • BNP Paribas expects CIB growth in 2020

    BNP Paribas expects to buck the trend of malaise at European investment banks and grow its revenues this year, it said in its fourth quarter results on Wednesday.

    • 05 Feb 2020
  • ECM investors to support Italy's green push

    Italy’s government is seeking help from the equity capital markets to spur the country’s ambitious plans for a greener economy. Sources say the market is ready to support this effort.

    • 05 Feb 2020
  • Pakistan bourse seeks feedback on Air Link, TPL Trakker IPOs

    Pakistan’s stock exchange has called for public comment on the potential IPOs of Air Link Communications and TPL Trakker.

    • 05 Feb 2020
  • China Bright Culture all set for Hong Kong listing

    China Bright Culture Group, an independent television producer, has got the go-ahead from Hong Kong’s stock exchange to launch its IPO.

    • 05 Feb 2020
  • Equity market should fear coronavirus threat to China GDP

    A fall in equity markets last week reflected an automatic reaction to the possibility of a new global pandemic. But the more substantial effect of the coronavirus outbreak on equities may be reflected in economic performance, rather than the rate of contagion.

    • 04 Feb 2020
  • EMEA blocks market back on fire after ‘amazing’ $4.7bn night

    Three substantial block trades re-opened the EMEA blocks market with a bang on Monday. The deals in French payments company Worldline, London-listed airline Wizz Air and Swiss testing laboratories company SGS totalled about $4.7bn equivalent and showed that equity capital markets have largely recovered from fears over the spread of coronavirus, which weighed on issuance volumes last week.

    • 04 Feb 2020
  • Atos cuts Wordline stake via €1.47bn block

    Atos has sold most of its remaining shares in Wordline, the French payments company, via an accelerated bookbuild.

    • 04 Feb 2020
  • Coronavirus will not undermine Asian markets

    The outbreak of the novel coronavirus in China is taking its toll on Asia's capital markets. Many countries have acted quickly to contain the disease as much as possible, leaving investors, bankers and companies with capital market ambitions in limbo, with many forced to cancel travel plans and work from home. The outbreak shows no signs of abating — but it may not mar the capital markets for long.

    • 04 Feb 2020
  • Akeso refiles for HK IPO after rejection

    Chinese biotechnology firm Akesobio has resubmitted its IPO documents with the Hong Kong Stock Exchange, two months after the bourse rejected its original listing application.

    • 04 Feb 2020
  • Nacon channels gaming demand with Paris IPO

    French video games developer and accessories company Nacon is attempting to tap into growing investor interest in the games development sector, with an IPO on the Paris Bourse.

    • 03 Feb 2020
  • ECM ready to get back to work after virus hiatus

    Equity capital markets bankers and investors are looking get stuck into deals after a quiet period last week as markets reacted to the spread of a virulent strain of coronavirus emanating from China.

    • 03 Feb 2020
  • India ECM set for boost after budget

    India’s equity capital market is likely to get a big injection of liquidity, after the government announced the planned sell-downs and listings of a number of state-owned entities in its annual budget.

    • 03 Feb 2020