Angry Birds maker Rovio sets price range for $1 billion IPO

Angry Birds characters Bomb, Chuck and Red are pictured during a premiere in Helsinki, Finland. (Reuters)
Updated 15 September 2017
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Angry Birds maker Rovio sets price range for $1 billion IPO

HELSINKI: Finnish mobile games and animation studio Rovio Entertainment on Friday set the initial price range for its planned IPO which would value the company at around $1 billion.
The preliminary price range of €10.25-€11.50 per share would give Rovio a market value of between €802 million and €896 million.
Rovio’s main owner, Trema International, which is owned by Kaj Hed, the uncle of company co-founder Niklas Hed, is expected to keep a 36.6 percent stake after the listing.
Trema currently owns 69 percent of Rovio’s shares.
Rovio said it expects to start trading on Helsinki bourse’s pre-list on September 29 and on the main list on October 3.


China’s crude oil imports from Saudi Arabia up 43%

Updated 25 May 2019
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China’s crude oil imports from Saudi Arabia up 43%

  • Imports grew to 1.53 million barrels per day compared with 1.07 million a year ago
  • Sinopec Group and China National Petroleum Corp., the country’s top state-owned refiners, are halting Iranian oil purchases for loading in May, three people with knowledge of the matter said

BEIJING: China’s crude oil imports from Saudi Arabia rose 43 percent in April, making the Middle Eastern OPEC kingpin once again the top supplier to the world’s second-biggest economy, boosted by demand from new private refiners.
Saudi imports grew to 6.30 million tons, or 1.53 million barrels per day (bpd) on a daily basis, compared with 1.07 million bpd in the year ago period, according to data from the General Administration of Customs released on Saturday.
Saudi shipments were supported by higher refinery run rates at Hengli Petrochemical Co. Ltd, with production at the 400,000 bpd-capacity refinery in northeast China expected to reach optimal levels in late June. About 70 percent of the feedstock for Hengli came from Saudi Arabia.
Meanwhile Russian supplies were 6.12 million tons, or 1.49 million bpd, up from 1.35 million bpd in April last year.
China in April imported 3.24 million tons of crude oil from Iran, or 789,137 bpd, up from March’s 541,100 bpd, as companies ramped up buying before the scrapping of sanctions waivers the US had granted to big buyers of Iranian oil.
China Petrochemical Corp. (Sinopec Group) and China National Petroleum Corp. (CNPC), the country’s top state-owned refiners, are halting Iranian oil purchases for loading in May, three people with knowledge of the matter said.
Venezuela shipments stood at 1.9 million tons, or 462,813 bpd in April, up 85 percent versus 249,700 bpd in March, while crude imports from Iraq were 3.31 million tons, or 806,372 bpd, down from 904,500 bpd the previous month.