Financial System liquidity in H2-2020: Thinning out?

George Martins
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Financial System liquidity in H2-2020: Thinning out?

For us, a number of factors are pointing towards reduced system liquidity in H2-2020. First, on the domestic front, net inflows of funds from maturing OMO bills belonging to local players will begin to wane from Q3-2020.

We recall that the decision taken by CBN to stop OMO sales to locals was taken towards the
end of Oct-2019. Based on CBN data, from Dec-2019, the amount of OMO bill holdings belonging to local non-bank corporates has dropped significantly, to N3.9tn as at the end of Apr2020.

This means that from Apr2020 to the end of Oct-2020, all holdings in the hand of local non-bank corporates (N3.9tn as at Apr-2020) is expected to be exhausted. Also, by implication and accounting for time passage, a larger proportion of portfolio holdings on OMO bills will be in the hands of FPIs and Banks in Q4-2020, with these set of investors calling the shots at the OMO market.

Also, inflows from FAAC are likely to come in lower than the previous year, as the
government’s revenue takes a hit from the lower oil prices. Overall, we expect inflows from domestic sources to track lower in H2- 2020, strengthening the case for a potential increase in yields compared to H1-2020.

United Capital Research

Foreign Portfolio Inflows in H2-2020: Will the market movers be back?

George Martins
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0
Foreign Portfolio Inflows in H2-2020: Will the market movers be back?

Going into H2-2020, the major factor to spur the need for FPIs to hunt for juicy yields will be the policy decisions by global monetary authorities. The expectation remains that monetary tools will be deployed to bring economies back on the path of growth, such as cutting key policy rates.

As a result, FPIs will continue the carry trade in H2-2020, focused on emerging and frontier markets. For Nigeria, we believe the current low OMO yield environment is driven by large foreign net-outflows from OMO maturities, and the challenges surrounding FX supply, as the CBN is yet to resume intervention sales at the I & E window.

Therefore, depending on when the CBN opens the tap on dollar supply (in form of intervention sales at the I & E window), we expect a massive outflow of foreign capital in Q3-2020, as FPIs are displeased with any form of capital restriction or control.

However, given the global low-interest-rate environment and the positive trajectory of oil prices since its crash in Apr-2020, we believe a gradual return to the Nigerian OMO market is highly possible. In all, the return of FPIs to Nigeria’s market in H2-2020 is a tough call,
which also depends on the CBN’s resolve to preserve FX flows, versus the need to save the Nigerian economy from an impending recession.

United Capital Research

Seplat Petroleum Reports 34.2% Revenue Decline in H1 2020 Results

Esan Bolaji
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0
Seplat Petroleum Reports 34.2% Revenue Decline in H1 2020 Results

Seplat Petroleum Development Company Plc, a leading Nigerian independent energy company listed on both the Nigerian Stock Exchange and the London Stock Exchange, announces its unaudited results for the six months ended 30 June 2020.

  • Revenue declined by -26.5% to N80bn from N109bn in the previous quarter.
  • Loss before tax stood at N49.8bn.
  • Loss after tax stood at N37.8bn.
  • Net Assets grew by 8.8% from N554bn to N603bn.

Further Highlights

Operational

  • Working interest production comfortably within guidance at 51,177 boepd despite market volatility
  • Eland OML40/Ubima assets produced 10,861 bopd, 32% of Group oil volumes, integration progressing well
  • The low unit cost of production at US$7.60/boe, with cost-cutting initiatives ongoing, particularly at OML40/Ubima
  • Liquids production of 34,117 bopd, gas production of 99 MMscfd
  • ANOH project remains on track for Q4 2021 first gas, financing RFP launched
  • Amukpe-Escravos Pipeline delayed due to access to the Escravos terminal, expected operational in H2 2020

Financial

  • Cash increased to US$343 million despite lower revenues, US$29 million 2019 dividend, and US$86 million CAPEX
  • Net debt steady at US$457 million with most maturities after 2021
  • Revenue US$234 million, down 34.2% due to lower oil prices and demand
  • IAS 36 impairment provision of US$146 million (non-cash) in line with IAS 36 COVID-19 impact assessment
  • Provision reverses an operating profit of US$33 million to operating loss of US$113 million

Business continuity

  • Business continuity and re-opening plan successfully mitigating the impact of COVID-19 lockdowns
  • Oil field operations largely unaffected, 28-day rotations in force

Outlook

  • Full-year production guidance reiterated at 47-57 kboepd, subject to market conditions. We expect to narrow the guidance range in Q3
  • Oil hedging: 1.5MMbbl at US$45/bbl Q3 2020, 1.5MMbbl at US$30/bbl Q4 2020, 1.0MMbbl at US$30/bbl Q1 2021
  • Full-year CAPEX of US$120 million (US$86m already invested) to include two gas wells and related infrastructure

Austin Avuru, Chief Executive Officer, said:

“Seplat has delivered a robust performance despite the unprecedented crises we have experienced since March. Our continued resilience is possible as a result of our financial strength, our careful management of risk and our prudent approach to capital allocation. Unlike many in our industry, we were able to protect our 2019 dividend and increase our capital investment to ensure continued growth.

Our oil hedging strategy and gas revenues continue to protect the business from price volatility, we are achieving substantial cost reductions from our suppliers and are managing our own costs even more carefully in this challenging period.

Thanks to the excellent relationships we have with our Government partners and supply chain, our NPDC receivables have fallen and we are managing our payments equitably. The cash position is also robust because our careful management of debt has ensured that the majority of obligations mature in 2022 and 2023. We are operating within our covenants on all our lines of debt.

As part of our commitment to our host communities, we have provided medical and food assistance where needed and will continue to do whatever we can to support those upon whom we depend for our business.

I was heartbroken to learn of the deaths of seven contractors in July at the operations on OML40. Health and safety is a top priority for the Seplat Group; we will learn whatever we can from the ongoing investigation into the matter and will take whatever steps are necessary to ensure such a tragedy is never repeated.

This is my final set of results as Chief Executive of the Company I helped to found ten years ago. I thank all my staff, past and present, for working to make Seplat a major force in Nigerian energy production. I hand a robust and successful company over to Roger Brown in the confidence that he and everyone at Seplat will make its second decade even more successful than its first.”

Outlook for 2020

We maintain our previous guidance of 47,000 to 57,000 boepd and remain confident of market recovery in the coming months. The business is hedged against low oil prices using put options and a significant proportion of our revenues now come from gas, which offers additional protection from oil price volatility.

The Company has low production costs and continues to focus on cost savings in line with Government partner directives to reduce costs, to maintain profitability even at the lower prices we have seen this year.

We have significant cash resources available and will continue to manage our finances prudently in 2020, expecting now to invest US$120 million of capital expenditure across the full year (of which US$86 million has already been invested), including two new gas wells to be drilled in H2.

The timely completion of the ANOH project remains a major priority, despite the COVID-19 crisis and we recently launched a financing RFP that has already generated significant expressions of interest.

Seplat’s hedging policy continues to focus upon assuring appropriate levels of cash flow in times of oil price weakness and volatility. The H2 2020 hedging programme consists of put options at a strike price of US$45.0/bbl protecting a volume of 1.5 MMbbl for the third quarter of 2020, with an additional 1.5 MMbbl being hedged more recently for the final quarter at US$30/bbl.

Seplat has been tested in previous adverse conditions, including a lengthy shut-in, and we are confident that the stronger and more diverse business we operate today will be even more resilient against the unprecedented market events of 2020.

GBfoods Relaunches its Bama Product with state-of-the-art factory in Nigeria

Esan Bolaji
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4
GBfoods Relaunches its Bama Product with state-of-the-art factory in Nigeria

…develops new packaging design with premium quality stamp

Lagos, Nigeria, July 2020: Bama Mayonnaise, leading mayonnaise brand from the portfolio of GBfoods Nigeria, recently completed its state-of-the-art production factory in Sango, Ogun State.

The factory which is the largest in Sub Saharan Africa will support the manufacturing of the Original recipe Bama mayonnaise for Nigeria and West Africa. The factory successfully rolled out its first batch of products to the Nigerian market recently.

GBfoods Nigeria is a subsidiary of GBfoods Africa, a partnership between GBfoods and Helios Investment Partners.

This investment is an added assurance of GBfoods’ commitment to continually contribute to Nigeria’s economic and social development through the localization of its products.

The factory draws from a blend of GBfoods rich global practices and regional experiences to support consumers growing needs, whilst highlighting the opportunity for their communities to be a part of the long-standing heritage.

This will, in turn, make Nigeria a key export hub for Africa and will further lead to the creation of jobs and the development of human capital in the country.

The CEO of GBfoods Africa, Mr. Vicenç Bosch reiterated Bama’s commitment to maintaining its original recipe developed over 80 years ago in the United States of America while being produced in Nigeria.

He said, “The tradition and origin of American recipes are what makes Bama unique and superior in comparison with our competitors”.

Mr. Vicenç Bosch further went to state “Our priority when building this international standard production facility in Nigeria was to make sure we were able to meet the demands of our customers, not only in Nigeria but also in other African countries”.

In addition to the new factory, the company has also unveiled a new packaging design, featuring a quality stamp to reiterate the product’s category-leading position, and to emphasize its superior quality and taste to consumers.

With the quality stamp feature, customers are now able to identify and purchase original Bama products. The new design stays true to the corporate colours, brand characters, and label art that is synonymous with Bama Mayonnaise while making the shelf presence and overall impact much stronger.

Bama’s superior formula and product have been uniquely put to the test, delivering a smooth texture and mouthwatering creamy experience to deliver the taste which spreads moments of love to all its consumers.

Speaking on the commissioning of the factory, Mr. Vincent Egbe, the Managing Director, GBfoods Africa, Nigeria Business Unit said, “Our growth and expansion plans for Nigeria are long-term and this investment is a testament to the industrial and infrastructural advancement that GBfoods is bringing not only to Nigeria but to Africa as a whole, we aim to make Nigeria an archetype in food security and also to become the food basket of Africa”.

“Over the last couple of years, one of the things that we have ensured is to establish Bama as the gold standard of Mayonnaise, not just in Nigeria but across Africa. Our quality commitment to our product means that our customers and our consumers know that they are getting the very best mayonnaise product developed in the USA, designed and produced in Nigeria”, Mr. Egbe added.

“Bama as known has continued to deliver the best premium quality mayonnaise to the Nigerian market”.

According to Cletus Onyebuoha, the Business Unit Marketing Director, GBfoods Africa, “Bama is a trusted symbol of love with consumers. Scoop and spread it on your bread or vegetables, you’ll enjoy the same premium quality product made with all-natural extracts, proteins and healthy oil.

Our promise to consumers is to deliver that delicious taste which spreads moments of love at breakfast and other occasions. That is why we are re-inviting consumers to not only “taste love in every scoop” but to share it”.

Withstanding over 80 years of quality and trusted consumer experience, Bama Mayonnaise which is developed in the USA continues to provide matchless tasty and delicious nourishment that transforms eating experiences across the world.

GBfoods has a wide range of quality well-established brands in Nigeria such as Gino, Bama and Jago, under which they manufacture a wide range of quality products that make the daily lives of many African families easier.

Products under their brands include Gino Tomatoes Mix; Gino Pepper Onion, Gino Thyme; Gino Curry; Gino Chicken and Beef Cubes; Bama Mayonnaise as well as Jago Mayonnaise. GBfoods investments aim to satisfy local culinary habits and preferences whilst offering the healthiest and best ingredients for Nigerian cuisine.

The Bama mayonnaise recipe was developed in the United States of America over 80 years ago and has continued to expand across Africa. On 20th April 2020, the first batch of locally produced Bama mayonnaise was rolled out in its new state-of-the-art mayonnaise factory located in Ogun state.

Bama satisfies the most demanding African palates with its exquisite taste, accompanying some of the most traditional local recipes and it is currently a top seller in many African countries including Nigeria. The rich history of the spread is the foundation on which the brand has been built.

Bama is that taste that spreads moments of Love driven by its “the uniquely delicious taste” experienced when applied to bread, sandwiches with fresh vegetables and other meals mayonnaise is typically eaten with.

In summary core to the Bama brand is the improved taste it brings to meals, the act of spreading love and bonding it brings to mealtimes and the rich heritage and history it upholds, thus bringing premium quality mayonnaise to Nigerian and African home.

Sterling Bank Leads with Lending, Investing and Credit Rating Features on WhatsApp with Clickatell’s Chat Banking Solution

George Martins
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0
Sterling Bank Leads with Lending, Investing and Credit Rating Features on WhatsApp with Clickatell’s Chat Banking Solution

Sterling Bank Plc, Nigeria’s leading commercial bank, in collaboration with Clickatell, a global leader in mobile communications and chat commerce, today announced a unique and very personalised banking experience for existing customers and prospective account holders through the popular messaging app – WhatsApp.

Customers can now initiate bank transfers, and airtime and bill payments, check balance and BVN enquiries, as well as statement generation directly on WhatsApp with the aid of Kiki, a new personalised financial assistant.

The financial assistant also connects customers directly to customer service, making dispute resolution seamless.

Designed to provide personalised service to every customer of the bank, Kiki possesses conversational intelligence and will answer questions related to personal finances once prompted.

Kiki makes initiating banking transactions as easy as chatting with friends through the bank’s verified WhatsApp number – +234 906 000 6449.

Oladipo Alabede, Group Head of Digital Banking at Sterling Bank/www.wordpress-1516176-5827464.cloudwaysapps.com

Oladipo Alabede, Group Head of Digital Banking at Sterling Bank, said “Delivering banking on WhatsApp for instant messaging is desirous by our customers who want a reliable, convenient, and safe medium to perform basic banking transactions on their mobile devices. It eases the stress of moving between apps before transactions can be concluded.”

According to Alabede, WhatsApp is easy, safe, fast and secure. “It has improved security that prevents fraud and enables customers to have access to all their accounts. The service is designed for self-service registration and the customers can sign-on from any location.

The current features of the app include Sterling to Sterling and Sterling to other banks’ transfers, airtime top-up, bill payments, balance enquiry, BVN enquiry and statement generation, among others.”

Samson Isa, Director – West Africa for Clickatell/www.wordpress-1516176-5827464.cloudwaysapps.com

“We are pleased to help Sterling Bank enable chat banking on WhatsApp, making banking services available to its customers anytime and everywhere on a channel they use daily,” says Samson Isa, Director – West Africa for Clickatell.

He added, “Chat banking is the future of financial services with bank customers preferring the channel for conducting routine banking, as it is fast, simple, and secure. We are proud to be leading this shift in financial services, along with customers like Sterling Bank.”

For a customer to get started, Alabede explained that he or she would need to follow three simple steps.

  • Firstly, the customer would have to save the mobile number +234 906 000 6449 as a contact on his/her device and should remember to save the number as “Kiki.”
  • Secondly, once the number has been saved, the customer should start a conversation by typing “Hi,” “Hello” or “Hey,” among others, and sending the message to Kiki.
  • Lastly, the prospective customer should agree to the terms and conditions by sending “I AGREE” followed by the account number to Kiki. Thereafter, an OTP will be sent to the registered mobile number for validation. The customer is also expected to set a transaction PIN using his/her debit card.

Alabede said the customer must use the mobile number registered on his/her Sterling account to enjoy the service.

He added that a new set of features will soon be enabled, as the bank is exploring ways to serve customers better with the introduction of microlending, micro-investment, account opening, card request, and credit rating, among others.

Lagos Set to hold Two-Day Virtual Sallah Celebrations with A-List Musicians, Comedians

George Martins
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0
Lagos Set to hold Two-Day Virtual Sallah Celebrations with A-List Musicians, Comedians

Some A-list Musicians and Comedians including Kenny Black, Gbenga Adeyinka, Omobaba, Small Doctor, Humblesmith, as well as some popular Islamic musicians such as Alawiye and Iya ‘N Ghana, among several others, have been slated to entertain Lagosians during the forthcoming Ileya Celebrations.

The event, which is an initiative of the Lagos State Ministry of Tourism, Arts and Culture, has been designed to provide virtual entertainment for all residents of the State.

According to the Special Adviser to the Governor on Tourism, Arts and Culture, Mr Solomon Bonu, the event would be aired live on Lagos Television, Lagos State Government Facebook Page and YouTube channel on Friday 31st of July and Saturday 1st of August, 2020.

He said, “The Lagos State Government is already known to lead other States when it comes to Arts, Tourism and Entertainment; that is why we planned to hold this concert to celebrate this year’s Eid-El-Kabir celebration in view of the restriction placed on large gatherings due to COVID-19 pandemic”.

The Special Adviser added that the two-day event scheduled to hold between 5 pm and 9 pm daily, promises to be fun-packed and engaging with special performances from some disc jockeys, dancers and will also feature some Nollywood Stars.

While noting that the event would be held amidst strict adherence to all safety protocols, Bonu explained that the State Government is making efforts to address the yearnings of residents of the State, while also being mindful of not neglecting any aspect of the society.

He, however, urged Lagosians to be very vigilant as they celebrate and ensure strict adherence to all medical and safety protocols that will ensure that the war against the pandemic is won in earnest.

“I want Lagosians to celebrate in their homes, avoid large gathering, enjoy the fun from their phones and television sets and be very moderate throughout the holiday period and Eid-El-Kabir celebrations”, the Special Adviser pleaded.

World Hepatitis Day: LASUTH Gastroenterologist Speaks on Hepatitis Care

George Martins
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0
World Hepatitis Day: LASUTH Gastroenterologist Speaks on Hepatitis Care

As the world commemorates World Haematology Day, Dr Charles Onyekwere, Head of Gastroenterology & Hepatitis Unit, Dept. of Medicine, LASUTH joined the rest of the world to celebrate this day as he spoke, on the theme of the 2020 World Hepatitis Day which is tagged ‘Find the Missing Millions’, during a webinar on Monday, the 27th of July, 2020.

While detailing the essence of the worldwide recognition for the day, he said it’s a call on the people from across the world to take action and raise awareness towards a hepatitis free future.

He further noted that the World Health Organization (WHO) set a goal for elimination of viral hepatitis by 2030 which means that “the number of newly infected persons and related mortality should be decreased by 90% and 65% respectively”.

He highlighted some areas in which elimination programs should focus on and these include; testing, immunization against hepatitis B virus (HBV), preventing mother to child transmission, blood safety and harm reduction.

On how well WHO goals have panned out, Dr Onyekwere noted that the COVID 19 pandemic has stalled effort to push the vision. He, therefore, noted that health professionals need to intensify effort on “encouraging the populace to come out en-mass verify their status and ensure that they are not carriers of the hepatitis A, B or C Virus.”

He also admonished on the involvement of the Government on setting structures for readily available vaccines and affordable treatment.

He recommended that everyone should keep tabs on their health and closely monitor their wellbeing. “People should go for a regular checkup, take their vaccine doses, and encourage the people around them to encourage others to participate.

The World Health Organization first celebrated World Hepatitis Day on the 28th of July, 2011.

Heavy Market Liquidity Continues To Drive OMO Rates Down The Tide

George Martins
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1
Heavy Market Liquidity Continues To Drive OMO Rates Down The Tide

The FGN bond space started on a quite interesting note as actions from profit-takers gingered slight action especially at the tail of the curve. The day kicked off with better offers for the 2035 and 2050s papers which were matched with available bids in the market.

The 2035s opened the day with it trades settling around 8.90% and then gradually increasing to 8.95% levels. By mid-day, we saw trading activities slowed, with more offers shown, and bids becoming less aggressive, making it difficult to close trades while quotes stayed stuck at 9.05%/8.95%.

The 2049s and 2050s weren’t left out in the market actions today with most of its trades settling around 9.70% levels. Subsequently, yield compressed by an average of c.6bps D/D across the benchmark curve.

We expect the market trades to continue in this tides with more actions from profit-takers especially at the tail of the curve.

Treasury Bills

The OMO bills space continued in its slow tides largely bided with poor offers making it difficult to seal trades. Most of the market bids were for March- June bills with no offer to show for trade. The few offers seen were for December and January bills albeit better than yesterday’s levels but still far from the bulls expectations who were resisting picking these bills at the mid of 3% level. Consequently, yields dropped further by an average of c.14bps D/D.

The NTB space saw a bit of action in retail sizes at the belly of the curve which settled around 1.90%, however, yields stayed flattish across the NTB curve.

For tomorrow, we expect the OMO space to coast around these levels except the APEX intervene with a possible OMO auction to ease the market. While at the NTB space, we expected a bit of calmness as attention shifts to the PMA auction and its possible outcomes.

Money Markets

The interbank system liquidity stayed adequately buoyant opening the day at c.N746.01BN although we saw a slight uptick in OBB and OVN rates albeit less significant with its rates closing at 1.33% and 2.00% respectively.

With no significant funding need tomorrow, we expect rates to hover around this level during tomorrow’s trading session.

FX Market

The FX market stayed very quiet for the most part of the trading session with rates staying unchanged across the different market segments except at the IEFX market where the Naira appreciated slightly by 0.25k closing the day at N389.50/$ albeit banks are still largely bided in that space.

Eurobonds

The NGERIA Sovereign tickers traded on a discreet note, although largely bullish across the curve with the market gaining most of its action on the 2025 paper. We also saw slight interest for few longer-dated papers although in small sizes as such yields compressed by an average of c.7bps across the sovereign curve.

The NGERIA Corps tickers traded on a quiet session also as the only movement seen was on Zenith 2022s and FIDBAN 2022s which strengthened by c.4bps apiece.

Zedcrest Capital

MoneyGram Adopts Tax Benefits Preservation Plan to Protect Tax Attributes

George Martins
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0
MoneyGram Adopts Tax Benefits Preservation Plan to Protect Tax Attributes

MoneyGram International, Inc, a global leader in cross-border P2P payments and money transfers, announced today that its Board of Directors has adopted a Tax Benefits Preservation Plan designed to protect and preserve the Company’s existing U.S. federal net operating loss carryforwards, U.S. federal tax credit carryforwards and other tax attributes, which can potentially be utilized in certain circumstances to offset the Company’s future U.S. federal income tax obligations.

As of December 31, 2019, the Company had estimated U.S. federal NOLs of approximately $45.4 million that could be available to offset its future U.S. federal taxable income.

In addition, as of December 31, 2019, the Company had estimated U.S. federal tax credit carryforwards of approximately $12.9 million that could be available to reduce its U.S. federal income tax.

The Board adopted the Plan to protect the Company’s Tax Attributes from potentially decreasing in value upon certain ownership changes involving “5% shareholders,” as defined under Section 382 of the Internal Revenue Code (the “Code”).

The Plan is similar to tax benefit preservation plans adopted by other publicly-held companies with NOLs or other tax attributes that they wish to preserve and has a limited duration of three years.

The Company’s ability to use its Tax Attributes would be substantially limited if it were to experience an “ownership change,” as defined under Section 382 of the Code.

A corporation generally will experience an ownership change if the percentage of the corporation’s stock owned by one or more 5% shareholders increases by more than 50 percentage points over their lowest ownership percentage within a rolling three-year period.

The Plan reduces the likelihood that changes in the Company’s investor base would limit the Company’s future use of its Tax Attributes, which could permanently impair the value of such Tax Attributes.

The Company believes that no ownership change under Section 382 has occurred as of the date of this press release.

To implement the Plan, the Board declared a dividend of one preferred share purchase right (a “Right”) for each outstanding share of the Company’s common stock.

The Rights will be issued to stockholders of record at the close of business on August 7, 2020, pursuant to the Tax Benefits Preservation Plan (the “Rights Agreement”) dated July 28, 2020, by and between the Company and Equiniti Trust Company, as Rights Agent.

The Rights will be exercisable if a person or group of persons acquires 4.95% or more of the Company Stock (as defined in the Rights Agreement to include outstanding Company common stock, the Series D Participating Convertible Preferred, the Second Lien Warrants and the Ripple Warrants).

The Rights will also be exercisable if a person or group of persons that already owns 4.95% or more of the Company Stock acquires an additional share (other than as a result of a dividend or a stock split).

Existing stockholders that beneficially own in excess of 4.95% of the Company Stock will be “grandfathered in” at their current ownership level. If the Rights become exercisable, all holders of Rights, other than the person or group of persons triggering the Rights, will be entitled to purchase shares of the Company’s common stock at a 50% discount.

Rights held by the person or group of persons triggering the Rights will become void and will not be exercisable.

The distribution of the Rights should not be taxable to the Company’s stockholders. The Rights will trade with the Company’s common stock and will expire at the close of business on July 28, 2023.

The Rights will expire under other circumstances as described in the Rights Agreement, including on the date set by the Board following a determination that the Plan is no longer necessary or desirable for the preservation of the Tax Attributes or no Tax Attributes are available to be carried forward or are otherwise available.

The Board may terminate the Plan prior to the time the Rights are triggered or may redeem the Rights prior to the Distribution Date, as defined in the Rights Agreement.

Additional information with respect to the Plan and the related Rights will be contained in a Current Report on Form 8-K that the Company will file with the Securities and Exchange Commission (“SEC”).

The Rights issued in the Plan are issued pursuant to the Rights Agreement, a copy of which will be filed as an exhibit to the Current Report on Form 8-K. For more information regarding the Company’s Tax Attributes, please refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

Hyundai Motor Wins 2020 Future Mobility of the Year Awards

George Martins
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0
Hyundai Motor Wins 2020 Future Mobility of the Year Awards

Hyundai Motor Company today won two 2020 Future Mobility of the Year (FMOTY) Awards for HDC-6 NEPTUNE and the company’s built-in e-scooter.

Established by the Korea Advanced Institute of Science and Technology (KAIST) Graduate School for Green Transportation in 2019, the awards recognize concept vehicles that make outstanding contributions to the future of mobility.

FMOTY awarded the hydrogen-powered fuel cell heavy-duty truck HDC-6 NEPTUNE in the ‘Public & Commercial’ category and the built-in e-scooter in the ‘Personal’ category.

Sixteen judges, including top automotive journalists from 11 countries, selected Hyundai Motor’s submissions from a total of 71 concepts that have debuted at international motor shows for consideration in three categories: Private, Public & Commercial, and Personal.

The judges lauded Hyundai Motor’s concepts for introducing innovative transport technologies and services for the future of mobility.

HDC-6 NEPTUNE, which debuted at the North American Commercial Vehicle Show last November, took inspiration from the iconic Art Deco streamliner railway trains of the 1930s.

The concept embodies Hyundai Motor’s vision for a zero-carbon emission future as the company leads a paradigm shift to eco-friendly commercial vehicles.

As the demand for zero-carbon and eco-friendly commercial vehicles is expected to increase gradually, FMOTY judges showed support for the first concept vehicle to incorporate hydrogen fuel cell power into commercial delivery.

The built-in e-scooter, which debuted as a prototype at the Consumer Electronics Show (CES) in 2017, is currently being considered as an option for future vehicles.

As its name suggests, the electric scooter will be integrated into vehicles, charging itself while the car is operating to provide the last-mile mobility – a feature the judges regarded highly in addition to its great build quality.

“HDC-6 NEPTUNE is like an ambassador concept vehicle that illuminates Hyundai Motor’s top status and prowess in next-generation fuel-cell electric vehicles and fuel-cell technology,” said SangYup Lee, Senior Vice President and Head of the Hyundai Global Design Center. “It embodies Hyundai Motor’s vision and customer value as the leader of global hydrogen mobility industry in its futuristic design.”

Dong Jin Hyun, Head of Robotics Lab at Hyundai Motor Group, added: “The built-in e-scooter delivers both mobility and usability, and sets a new standard for the individual last-mile mobility market.”

This year’s FMOTY ceremony took place today at the KAIST Academic Cultural Complex in Daejeon, attended by SangYup Lee, Senior Vice President and Head of the Hyundai Global Design Center; Hak Soo Ha, Design Director at Hyundai Motor Group; and Dong-Jin Hyun, Head of Robotics Lab at Hyundai Motor Group.

Last December, Hyundai Motor unveiled its ‘Strategy 2025’ roadmap, under which the company will develop Smart Mobility Devices and Smart Mobility Services as the twin core pillars of its business.

The synergy between the two pillars is expected to facilitate the company’s transition into a Smart Mobility Solution Provider. Hyundai Motor aims to become one of the world’s top three manufacturers of battery and fuel cell EVs by 2025 and lay the groundwork for platform-based businesses.

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