Gas pipeline will begin operations next year - Mahama

http://www.ghanaweb.com/GhanaHomePage/NewsArchive/artikel.php?ID=291508

Ghana is expected to start producing its own gas from the Ghana Gas Infrastructure Project at Atuabo in the Western Region in May, 2014.

The project, which is to process 150 million standard cubic feet of raw gas per day from the Jubilee Oilfield, is billed to be completed by the end of April, 2014, four months beyond the original completion period of December, 2013.

The Chief Executive Officer (CEO) of the Ghana Gas Company, Dr George Sipa Yankey, told President John Dramani Mahama yesterday during an inspection of the project at Atuabo that the delay in the completion of the project was due to some technical challenges.

He told the President that the engineers had overcome the challenges and were working hard to finish the project by the end of April, 2014.

The overall Ghana Gas Infrastructure Project is 75 percent complete. The gas processing plant component is 60 percent complete while the onshore and the offshore pipelines are 94 percent and 95 percent complete respectively.

Aside from the processing of gas, the plant will separate raw gas into various components such as lean gas, liquefied petroleum gas (LPG), as well as other mineral residues such as propane and bitumen.

The lean gas will then be transmitted through the pipelines to the Aboadze Power Plant for power generation.

Sinopec of China is the lead contractor for the gas project.

Other petroleum companies working on the project are Aecom from the United States, Thermo Design Engineering from Canada, Yokogawa from Japan, Technip from France and Worley Parson from the United Kingdom.

Dr Yankey assured sceptics that the Ghana Gas Company and the government were committed to the execution of the gas project.

He said the completion of the project would reduce the cost of power generation and ensure reliable power supply in the country.

The Chairman of the Ghana Gas Company, Dr Kwesi Botchwey, said the company had resolved to deliver the gas project according to specification and with good quality.

In his remarks, President Mahama said the gas infrastructure project was critical for the country in terms of the numerous petrochemical products that the people would derive from it.

"I am convinced that by the middle of next year, we should start producing our own gas," he said.

The President commended the engineers and the management of the project for bringing it thus far.

"Do not rest on your laurels but rather work diligently to deliver the gas at the time that we have scheduled," he requested of them.

East Africa: Improve Logistics and Create More Jobs in East Africa

http://allafrica.com/stories/201311090226.html?viewall=1

AS all the negative reports of sibling rivalry bedevils the East African Community (EAC) integration process , one cannot help but see the numerous opportunities that may be missed out if one concentrated on the positive news emanating from the region.
East Africa has the highest logistics costs in the world and a reduction of transport logistic costs would mean higher growth which would translate into more jobs for East Africans, this is according to the recent World Bank Business report.
To be sure , each of the countries are pushing either for faster integration or step by step processes for their own reasons which can either be called selfish or self serving.
Uganda's Yoweri Museveni and Paul Kagame both have their own designs while Uhuru Kenyatta has the small matter of the ICC hanging around his neck like a milestone.
Tanzania is probably the only country that has been the more honest of the partner states because when any matter is brought before it, Tanzania scrutinises it with a fine tooth comb before going ahead. Let us call a spade a spade, the rest of East Africa says they are reciprocating on waving work permit fees, right?
What exactly are they saying? Does this mean that a Rwandan citizen can now work in Kenya without the need for a work permit? The answer to that question of course is no.
What the so called Coalition of the Willing seems to be sayings is that from January, next year, they shall abolish the need to pay a fee ranging anything between 900 to 3,000 US dollars that have been payable to date.
The requirements for a work permit is in place and the taste of the pudding is in the eating, let us wait and see whether Kenyans shall access work permits in Uganda and vice versa, easily, readily and without bureaucracy when they apply for them. When that time comes and there are results to show, we shall begin to believe.
In more positive news from the region, Tanzania has confirmed it's commitments and rubbished any attempts either to be sidelined from the regional body arguing that "sibling rivalry were normal things in every family and that, only good things could come out of the on-going talks."
This stance was taken by the Deputy Secretary General in charge of Finance and Administration, Dr Evans Bukuku during the launch of Logistics in Trade Innovation Fund (LIFT) that took place in Dar es Salaam this week. The funding agency that works in East Africa, Trade Mark East Africa, this week launched Lift amidst pomp and glory as the United Kingdom Minister for International Development, Justine Greening told the audience it was in the interest of East Africa to reduce the cost of logistic of trade.
In response to the compelling evidence that reducing transport costs is vital for its mission of growing prosperity through trade, TradeMark East Africa (TMEA) plans to enhance the efficiency of the logistics and transport industry in East Africa through innovation.
This will be delivered through a new instrument, the Logistics Innovation for Trade Fund (LIFT). LIFT's impact will be to reduce transport time along the main transport corridors in East Africa and to contribute to TMEAs objective of reducing transport time along the main transport corridors by 15 per cent by 2016.
LIFT will contribute to a significant reduction in transport times in order to increase competitiveness for the trading community in East Africa.
It will: . Leverage substantial private sector investment into cutting-edge freight and other logistics technologies and business processes into East Africa; - Stimulate and accelerate further innovation and research of transformational innovation in logistics and - Create systems for tracking industry performance and efficiency.
The gap which LIFT aims to fill is therefore to reduce the risk of investment through a matching grant in transformative technologies or improved practice that will have a significant impact on the efficiency of the overall transport and logistics sector across East Africa.
Early adopters will demonstrate the advantage of improved service offers, reliable deliveries and lower cost to a wider set of companies. The Innovation in Trade Fund joins TRAC Funds again another innovation from Trademark, Africa Development Banks Trade Development Fund and Investment Climate Facility's funding opportunity all as opportunities for businesses in the region and on the continent to access the much needed funds for development.
LIFT will achieve its objectives through the use of matching grants to private sector firms on a competitive basis. At least 50 per cent of the capital for LIFT projects will be contributed by the private sector itself. Grants will vary in size given the challenges a specific partnership will try to address, but typically grants will be upto US$500,000. Comments

Africa film festival aims to be continent's Cannes

http://www.nation.co.ke/business/Africa-film-festival-aims-to-be-continent-Cannes/-/996/2066314/-/ga76ee/-/index.html

The Africa International Film Festival (AFRIFF) opens in Nigeria on Sunday and although it is still in its infancy, organisers hope that with time it can become the continent's Cannes.

Seventy films from across the continent will be screened in a series of venues over seven days in the southern coastal city of Calabar, which Nigeria has tried to promote as an emerging cultural hub.

"For an African film to come out in Cannes or at (the) Toronto (International Film Festival) it has got to be pretty exceptional," said festival spokesman Julian Nwagboniwe.

"But on our platform, we can increase exposure" for artists who may struggle for recognition in Europe or North America, he told AFP.

"We are looking at Cannes and we think that AFRIFF can be the Cannes of Africa," Nwagboniwe went on, referring to the glitzy annual festival on the French Riviera that attracts the world's top film stars.

Nigeria is a logical host for a continental film festival: its cinema industry -- known as Nollywood -- pumps out about 1,000 titles every year and is thought to generate some $500 million (370 million euros) in annual revenue.

In 2007, Nigeria was the world's number one film producer with 1,559 titles, according to UNESCO figures, ahead of India (1,146) and US behemoth Hollywood (789).

Nollywood films, most of which are straight-to-DVD productions and are often hawked by roadside vendors for a dollar or two, are popular across Africa but their wider appeal has been limited by plotlines and performances which can be excessively dramatic and sometimes absurd.

And while such films remain the dominant commercial force in the African market, the Calabar festival seeks to highlight different kinds of work, said Nwagboniwe.

"We think Africa has a lot of talent, so many voices," he said. "We don't want the focus to be just Nigeria" or stories the could be considered typical of Nollywood.

Engaging Africans in the diaspora is a key to boosting exposure, Nwagboniwe said.

The 2013 festival's programmer and jury coordinator is Keith Shiri, a Zimbabwean-born film curator and advisor to the London Film Festival.

The AFRIFF however suffered a significant blow last month when the producers of "Half of a Yellow Sun", based on the bestselling novel by Chimamanda Ngozi Adichie about Nigeria's 1967-1970 Biafra civil war, pulled out.

The film with British producers premiered in Toronto in September and opened in London on October 19.

Calabar had been tipped as the site of its first African viewing and significant parts of the film were filmed in the city.

The AFRIFF said it was "shocked" by the producer's decision to withdraw.

The film's producers did not respond to AFP's queries on the reasons for its withdrawal.

Nwagboniwe said that alongside the screenings, the third AFRIFF will include a series of workshops on cinematography and acting for camera aimed at young people seeking to break into the industry.

The risk and gains of African expansion

http://www.bdlive.co.za/africa/africanbusiness/2013/11/07/the-risk-and-gains-of-african-expansion


SMALL-CAP punters have a lot to fear these days when companies accelerate their growth, especially when top-line momentum is driven by African expansion and big order books. Africa carries risks and fills order books, but that requires substantial funding for growth.
This week Marc Hasenfuss, editor at large at Financial Mail, talks about companies that are doing well in their African expansion and the hallmark signs investors should look out for when buying shares in companies that are expanding their footprint on the continent.

Tycoon Tests Africa's Business Limits

http://online.wsj.com/news/articles/SB10001424127887323687604578469201586515408

LAGOS, Nigeria—Three years ago, Africa's richest businessman planned to build his first factory outside his home country of Nigeria. Today, the cement plant remains a half-constructed shell on a Senegalese meadow as courts consider competing claims between the industrialist and the descendants of a Muslim holy man.

Aliko Dangote's cement company has flourished in Nigeria, helping to turn him into the continent's most wealthy industrialist. But the stalled Senegalese venture foreshadows what awaits Mr. Dangote and the rest of Africa's crop of multinational entrepreneurs as they expand beyond their home countries.

"It's not really been easy," the Dangote Group chief executive says in his office here, facing a wall-size map of Africa.

Like Africa's other aspiring multinational businessmen, Mr. Dangote is colliding with red tape and foreign competition in Africa's small-but-fast-growing markets. Their outward marches will test whether homegrown African businesses can compete against big foreign companies on the continent.

For nearly two decades, Mr. Dangote (pronounced DAHN go tay) thrived on Nigeria's tilted playing field. The country's past three presidents, whom Mr. Dangote counts as friends, restricted the flow of cement through the nation's ports. That lifted prices, along with Dangote Group's earnings. Nigerian cement sales drove Dangote's profit 24% higher last year to $1.9 billion, the company says.

Mr. Dangote wants to persuade other countries to tighten their ports, too, hoping to push up import prices and steer Africa's economic growth toward industry and away from consumption. It is a message he has taken into the roughly 20 African countries he is targeting for investment, aiming to build "the most profitable cement company ever," he says.

His expansion plans highlight a pivotal moment for business on the continent. A handful of African banks, retailers and cellphone companies are busting out of their home countries to ply products and services across the continent. South African telecom MTN Group Ltd. MTN.JO -0.97% , Togo-based Ecobank Transnational Inc. and South African retailer Massmart Holdings Ltd. MSM.JO -1.30% , a unit of Wal-Mart Stores Inc., WMT +0.58% lead the pack.

But industrial endeavors like Mr. Dangote's are still rare—and that is no surprise.

Kenyan power-equipment manufacturer Transcentury Ltd. opened a factory next door in Tanzania. But the operation has struggled to keep up with power cables offloaded from ships that came from China. Kenya's Bidco Oil Referies Ltd. built a cooking-oil plant in Tanzania—but that factory has been undercut by Asian imports, too.

Mr. Dangote has experienced similar setbacks. His textiles business had to close shop when Chinese garment mills began large-scale shipments to Nigeria. That worked out well for him; he turned to the cement industry in the 1990s just as construction began to boom.

Elsewhere, Africa's dictatorships were crumbling and democratic governments were abandoning socialist plans for top-down industrial development. To curry favor with foreign investors—and to appease poor voters clamoring for inexpensive imports—many governments relaxed import restrictions and unleashed a flood of goods from abroad.

But Africa's most populous—and oil-rich—country held firm to restrictions on international trade.

That has left Nigeria's retail price for cement among the world's highest, at $200 a metric ton, analysts say. Mr. Dangote says the environment has allowed him to make investments that have created jobs and made him a symbol of Nigerian aspiration.

Forbes pegs his net worth at $16 billion. A pop tune here, "Aliko Dangote Special," declares, "Cover of Forbes, he no be joke."

But Mr. Dangote so far hasn't been able to leverage that star power to persuade other African governments to ban, tax or otherwise limit cement imports from overseas.

Many countries have French-owned cement factories that are the legacy of colonial ties. Yet several of those have closed or scaled back amid a recent flood of inexpensive imports.

And restricting imports as Mr. Dangote has urged risks angering China, an important investor in Africa. China's trade with the continent hit $200 billion last year, according to Beijing.

And then there is Senegal.

Mr. Dangote has said his plant there would create 4,000 jobs. But Senegalese courts have ruled that his factory encroaches on a sacred forest owned by the grandchildren of Cheikh Amadou Bamba, whom millions of Senegalese consider a Muslim messiah. Local belief holds that he once drank tea with the Prophet Muhammad and floated across the Atlantic Ocean on a prayer rug.

Mr. Dangote ascribes the rulings to less-divine intervention. French Presidents François Hollande and Nicolas Sarkozy each lobbied his Senegalese counterpart to protect a local cement plant owned by France's Ciments Vicat, Mr. Dangote says. "The Senegalese, they dance to the tune of the French."

Abdou Abdel Thiam, a spokesman for Senegalese President Macky Sall, says the government didn't interfere in the litigation but also rules out a Nigeria-style block on imports. "Senegal is a free country," Mr. Thiam says.

In his office, Mr. Dangote predicts he soon will start selling cement in Senegal at just a razor-thin profit. "We've taken this thing very personally," he says.

On his desk a plaque reads, "Nothing Is Impossible."

Lenovo Posts Second Quarter 2013/14 Results

Strong execution in PCs and innovative PC Plus products drive opportunity and performance

HONG KONG - Thursday, November 7th 2013 [ME NewsWire]

    Widened lead as number one global PC maker for the second quarter with 17.7% market share
    Third largest “Smart Connected Device” maker, covering PCs, smartphones and tablets
    Lenovo sold a record 29 million total units or about four devices per second
    Record highs of US$265 million in pre-tax income, US$220 million in earnings and US$ 9.8 billion in revenue
    Basic EPS of 2.12 US cents, or 16.44 HK cents
    Net cash reserves of US$2.6 billion (as of September 30, 2013)

(BUSINESS WIRE) Lenovo Group today announced results for its second fiscal quarter ended September 30, 2013. Quarterly revenue was US$9.8 billion, a 13 percent increase year-over-year. Second quarter profit grew even faster with pre-tax income increasing 30 percent year-over-year to US$265 million, while earnings grew 36 percent year-over-year to US$220 million. Lenovo posted a record 29 million devices sold in the quarter, which is about four devices every second. The company’s strong global execution of its Protect and Attack strategy, innovative product portfolio and an increasing mix of PC Plus revenues drove the results.

For the second straight quarter, Lenovo was the world’s largest PC vendor*, with its highest-ever quarterly market share of 17.7 percent up 2 points year-over-year. Number one positions in five of the top seven PC markets – which cover one quarter of the world’s population – supported this strong performance. Lenovo’s PC shipments for the second fiscal quarter were 14.1 million units, again making it the fastest growing of the top five PC vendors. This was also the 18th quarter in a row that Lenovo outperformed the industry as a whole.

The company continues to diversify its business and build a strong foundation for the future in the PC Plus era with outstanding performance in PCs and mobile devices like tablets and smartphones. Lenovo’s second quarter mix of sales from Mobile Internet and Digital Home (MIDH) products, which includes smartphones, smart TV and much its tablet business, was 15 percent of total revenues, up from eight percent one year ago and four percent two years ago, with steadily improving profitability.

In fact, Lenovo ranked second in combined PC and Tablet shipments, and was the third-largest supplier of Smart Connected Devices, which includes PC, smartphone and tablet products, growing shipments 36 percent year-over-year. Lenovo’s combined shipments of smartphones and tablets surpassed those of PCs for the second quarter in a row. It also continued to be the world’s fourth largest smartphone supplier, rapidly expanding shipments 78 percent year-over-year. The Company’s China smartphone shipments continued with strong 64 percent year-over-year growth. Finally, Lenovo had a record high of 2.3 million global tablet shipments, up 4.2 times year-over-year, driven by sales outside China. Together, these results show Lenovo’s rapid ongoing transformation into a PC Plus company.

“Lenovo not only remains the top PC company in the world, but is also already the number four player in both smartphones and tablets worldwide and continues growing rapidly. At the same time, we have achieved record revenue and record profit, and improved profitability significantly.” said Yang Yuanqing, Chairman and CEO of Lenovo. “We are optimistic about the industry’s outlook. Benefiting from corporate refresh and China market improvement, the PC market is recovering, and tablet growth continues shifting to mainstream and entry-level segments, as well as emerging markets. These are Lenovo’s strength areas. We are confident that we will capture these opportunities and continue our strong growth.”

The Company’s gross profit for the second fiscal quarter increased 11 percent year-over-year to US$1.27 billion, with gross margin at 12.9 percent. Operating profit for the quarter grew 38 percent year-over year to US$283 million. Basic earnings per share for the second fiscal quarter was 2.12 US cents, or 16.44 HK cents. Net cash reserves as of September 30, 2013, totaled US$2.6 billion. Lenovo’s Board of Directors declared an interim dividend of 6 HK cents per share.

GEOGRAPHIC OVERVIEW

Lenovo’s China geography totaled US$3.8 billion in revenue in the second fiscal quarter, an increase of one percent year-over-year, which accounted for 40 percent of the Company’s worldwide revenue. Lenovo’s increased revenue growth in China was driven by strength in smartphones and tablets, which together grew 45 percent year-over-year. During the second quarter, Lenovo further strengthened its number-one position in China, resulting in an industry-leading market share in China of 33.9 percent, a 0.2 point year-over-year gain.

In the Asia Pacific geography, Lenovo’s revenue totaled US$1.5 billion for the second quarter, or 15 percent of the Company’s worldwide revenue, up one percent year-over-year. Solid execution drove strong growth of smartphone sales and profitability improvement in the geography. Lenovo saw a record in the Asia Pacific geography, with a PC market share at 14.5% up 0.1 point year-over-year. Driven by our continued leadership in Japan and our hyper-growth in consumer in India and Indonesia, we became number 1 in consumer PC's in Asia Pacific for the first time with 12.7 percent market share. In AP, we also reached a milestone of having shipped over a million smartphones and tablets.

Lenovo’s revenue in the Europe/Middle East/Africa (EMEA) geography continued its rapid growth with a 26 percent increase in the second fiscal quarter to reach US$2.3 billion, or 23 percent of Lenovo’s worldwide revenue. During the quarter, Lenovo had record PC shipments in EMEA at 15 percent, up 4.2 points year-over-year. Lenovo achieved number one position in PC across 12 EMEA countries, strengthening its number two position in the EMEA PC market.

The Americas geography revenue was US$2.2 billion for the second fiscal quarter, an increase of 37 percent year-over-year, comprising 22 percent of the Company’s worldwide revenue. PC volume in the Americas group was up 39% year-over-year allowing Lenovo to outperform the market by 43 percentage points. The Americas geography saw record market share of 11.3 percent an increase of 3.5 points year-over-year. This was Lenovo’s first time to achieve double-digit share in the Americas geography, as well as its first time reaching double digits in the US and Latin America region. With strong execution of its CCE acquisition and a new factory in Brazil, the world’s third-largest PC market, Lenovo achieved a number one position in that market as well.

PRODUCT OVERVIEW

During the second fiscal quarter, Lenovo’s Laptop computers were the largest contributor to the Company’s revenue worldwide, generating 51 percent of Lenovo’s total revenue. Across the industry, laptop shipments were down 12 percent year-over-year. Despite this challenging environment, consolidated sales for Lenovo’s laptop PC business worldwide in the second fiscal quarter totaled US$5.0 billion, an increase of eight percent year-over-year. The Company gained 2.6 share points and achieved a market share of 18.5 percent. At the annual IFA consumer electronics show held in Berlin during the second quarter, Lenovo introduced new models in its ThinkPad line of commercial laptops, with the ThinkPad T440 and X240, 20-percent thinner than their previous model namesakes, and all with added battery life. At the same time, Lenovo announced new dual-mode consumer laptops, the Flex 14 and 15 inch laptops with the ability to flip the screen 300 degrees into a stand mode for a more natural, comfortable touch experience.

Lenovo’s Desktop PC shipments grew 1 percent worldwide year-over-year during the second fiscal quarter, compared to an overall industry decrease of 6 percent. As a result, Lenovo gained 1.3 share points year-over-year and achieved a market share of 16.5 percent. Consolidated sales of Lenovo desktop PCs in the second quarter decreased 3 percent year-over-year to US$2.7 billion, or 28 percent of the Company’s total revenue. The second quarter saw Lenovo introduce several new additions to industry-leading all-in-ones lineup – ThinkCentre servers E93z, E73z and M73z – featuring optional multi-touch screens, improved cable management and new mounting options for vertical, rotate and tilt movements including a full-flat position optimized for touch. Also announced in the quarter was the next generation of Lenovo’s popular “Tiny” ThinkCentre M93p, known as the desktop PC that measures the same width as a golf ball.

Consolidated sales of Lenovo’s Mobile Internet Digital Home (MIDH) products, including smartphones and tablets increased 106 percent year-over-year during the second fiscal quarter to US$1.5 billion, representing 15 percent of the Company’s total revenue during the quarter. In China, Lenovo’s smartphone shipments increased by 64 percent year-over-year, helping the company maintain its strong position as the second largest smartphone supplier in that market. At the annual IFA consumer electronics show held in Berlin during the second quarter, Lenovo launched the Yoga 2 Pro, successor to the original 360-degree flip and fold Yoga, and the ThinkPad Yoga, a multimode convertible designed with business-focused features. Also at IFA, Lenovo wowed consumers with its new Vibe X smartphone, the newest member of Lenovo’s premium smartphone portfolio, and the new S5000 tablet, one of the slimmest tablets on the market at just 7.9mm.

Last week, in time for holiday sales, Lenovo launched its highly anticipated, multi-mode Yoga Tablet, with up to 18 hours of battery life. This product is the latest step in Lenovo’s ongoing consumer brand building effort. Lenovo is partnering with Ashton Kutcher – the well known actor and technology investor with 15 million Twitter followers – to showcase this cutting edge technology and innovation. Finally, Lenovo further advanced its brand with the launch of a second flagship store in Beijing in August, with plans for more stores to be opened in coming years.

*see Gartner and IDC data 3Q 2013

ABOUT LENOVO

Lenovo (HKSE: 992) (Pink Sheets: LNVGY) is a US$34 billion personal technology company – and the largest PC company in the world, serving customers in more than 160 countries. Dedicated to building exceptionally engineered PCs and mobile internet devices, Lenovo’s business is built on product innovation, a highly-efficient global supply chain and strong strategic execution. Formed by Lenovo Group’s acquisition of the former IBM Personal Computing Division, the company develops, manufactures and markets reliable, high-quality, secure and easy-to-use technology products and services. Its product lines include legendary Think-branded commercial PCs and Idea-branded consumer PCs, as well as servers, workstations, and a family of mobile internet devices, including tablets and smart phones. Lenovo, a global Fortune 500 company, has major research centers in Yamato, Japan; Beijing, Shanghai and Shenzhen, China; and Raleigh, North Carolina. For more information see www.lenovo.com.
                                   

LENOVO GROUP

FINANCIAL SUMMARY

For the fiscal quarter ended September 30, 2013

(in US$ millions, except per share data)
                                   
           

Q2 13/14
         

Q2 12/13
         

Y/Y CHG

Revenue
         

9,774
         

8,672
         

13%

Gross profit
         

1,265
         

1,139
         

11%

Gross profit margin
         

12.9%
         

13.1%
         

-0.2pts

Operating expenses
         

(982)
         

(933)
         

5%

Expenses-to-revenue ratio
         

10.0%
         

10.8%
         

-0.8pts

Operating profit
         

283
         

206
         

38%

Other non-operating expenses
         

(18)
         

(2)
         

936%

Pre-tax income
         

265
         

204
         

30%

Taxation
         

(51)
         

(41)
         

25%

Profit for the period
         

214
         

163
         

31%

Non-controlling interests
         

6
         

(1)
         

N/A

Profit attributable to equity holders
         

220
         

162
         

36%

EPS (US cents)
                                 

Basic
         

2.12
         

1.58
         

Diluted
         

2.10
         

1.55
         

Contacts

Lenovo

Hong Kong

Angela Lee, +852 2516 4810

angelalee@lenovo.com



Beijing

Eric Guo, +8610 5886 6114

guoty@lenovo.com



United States

Brion Tingler, +1 917 528 1992

btingler@lenovo.com





Permalink: http://www.me-newswire.net/news/9112/en

Rimini Street Plans to Conduct Registered Initial Public Offering of Its Common Stock

ME Newswire / Business Wire

LAS VEGAS - Wednesday, November 6th 2013

Rimini Street, Inc. today announced that it plans to conduct a registered initial public offering of its Class A common stock.

Rimini Street completed the confidential submission of its draft registration statement with the SEC on Monday, November 4, 2013. The offering is expected to commence after the SEC completes the review process and the Company determines other conditions are appropriate for the offering to commence.

This announcement is being made pursuant to and in accordance with Rule 135 under the Securities Act of 1933. As required by Rule 135, this press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

Rimini Street and the Rimini Street logo are trademarks of Rimini Street, Inc. All other company and product names may be trademarks of their respective owners. Copyright © 2013. All rights reserved.

Contacts

Rimini Street, Inc.

Alma Park, +1 323-229-7282

apark@riministreet.com