Daily Archives: June 6, 2019

Moab Partners Supports Fir Tree Proposals For JR Kyushu

NEW YORK and TOKYO, June 06, 2019 (GLOBE NEWSWIRE) — Moab Capital Partners, LLC (“Moab”), a significant shareholder of Kyushu Railway Company (TYO: 9142) (“JR Kyushu” or the “Company”), with ownership of approximately 1% of JR Kyushu’s outstanding shares, announces its support of the shareholder proposals at the upcoming AGM.

Moab intends to vote FOR the shareholder proposals (“Agenda Items 7-12”). Moab strongly supports the proposed share buyback and the addition of three truly independent and exceptionally qualified independent directors.

The Company released its medium-term plan on March 19, 2019, which provided limited detail on 210 billion Yen of proposed capital investments over the next three years. Return on invested capital should be disclosed for investments representing 41% of the Company’s total market capitalization. Further, we believe the contemplated investments should be more evenly balanced with a return of the Company’s excess capital to shareholders. With numerous communications from Moab and other shareholders to this effect, we are disillusioned that our feedback was largely ignored by JR Kyushu’s management and board. It is evident that we are not alone in our disappointment—since the medium-term plan announcement on March 19, JR Kyushu’s total return of negative 15.8% compares unfavorably vs. the JR peers’ average decline of only 3.3%.

Moab is a long-term shareholder of JR Kyushu—our position was established in January 2017. Our substantial investment in JR Kyushu reflects 1) the company’s extraordinary portfolio of assets, particularly its spectacular real estate portfolio, 2) the strong economic and fundamental tailwinds that the company’s businesses are positioned to benefit from, 3) the company’s exceptionally compelling valuation, and 4) the company’s pristine balance sheet, which provides the flexibility to both execute on medium-term plan growth investments while simultaneously capitalizing on the aforementioned discounted valuation and improving the company’s cost of capital and return on equity.

We believe a host of issues are preventing JR Kyushu from reaching its full potential: 1) unbalanced capital allocation priorities, 2) significant uncertainty surrounding underwriting criteria for acquisitions and growth capital expenditures, 3) a capital structure that is inappropriate for an asset heavy business that generates significant and stable cash flows, 4) corporate governance issues ranging from lack of management economic alignment to a shortage of truly independent and exceptionally qualified board members, and 5) inadequate and confusing financial disclosures.

Moab has maintained an active dialogue with the company since establishing our investment, but the company has failed to address our serious concerns with any urgency, which is why we are now going public with our support for change at JR Kyushu and FOR the shareholder proposals (“Agenda Items 7-12”).

About Moab Capital Partners, LLC

Moab is an SEC-registered independent investment advisor founded in 2006 and is located in New York, NY.

Investor contact:
Michael Rothenberg
Managing Member
Moab Capital Partners, LLC
212-981-2647
mr@moabpartners.com

Skybox Security Wins Best Vulnerability Management at SC Europe Awards

Skybox takes home the SC Europe Award for Best Vulnerability Management Solution at London ceremony

SAN JOSE, Calif., June 06, 2019 (GLOBE NEWSWIRE) — Skybox® Security, a global leader in cyber risk management, won the SC Awards Europe 2019 for Best Vulnerability Management. The announcement was made Tuesday, June 5, 2019, at the SC Awards Gala in London, presented by SC Media.

In addition, Skybox took home the SC Award for Best Risk and Security Policy Management in the 2019 US ceremony, as well as the 2018 US and Europe ceremonies.

The recognition of Skybox as a best-in-class vulnerability management solution is of particular importance as it takes a unique approach to solve challenges typical in scan-and-patch programs. In order to fix the right vulnerabilities — those most likely to be used in an attack — Skybox:

  • Collects information from a customer’s scanners, asset repositories, networking and security devices to provide a context-rich view of the environment in which vulnerabilities exist
  • Creates a complete, current and centralized repository of vulnerabilities in the customer environment, including those in on-prem, multi-cloud and OT networks
  • Matches vulnerabilities with available and active exploits in the wild
  • Determines a vulnerability’s exposure by modeling the environment and analyzing potential attack paths to vulnerable assets
  • Identifies best response options including patches and IPS signatures, as well as configurations or access changes

Skybox® Vulnerability Control not only provides all of these capabilities in a single solution, but also intelligently automates these processes to move through the workflow from discovery to targeted action the same day.

“Being different can be a blessing and curse,” said Skybox VP Products Amrit Williams. “On one hand, our unique way of handling vulnerability management has filled a need in enterprise security programs that’s long been ignored and, for that, we’re extremely proud of our solution. On the other, being in a class of your own can make it hard to gain recognition for what you’re doing. While we’ve been a finalist in this SC Award category many times before, the win shows that the mindset is shifting, and the insights we provide to vulnerability exposure and exploitability are paramount to reducing risk in the face of an increasingly hostile threat environment, compliance initiatives and constant change.”

“The Vulnerability Management Award win is fantastic news,” said Gidi Cohen, CEO and founder of Skybox. “Using network context and attack simulation to find risk exposures was the original product that started Skybox back in 2002, and it was a big deviation from the scanning approaches that were around at the time and are still in use today. We’ve continued to hone this product line, adding in capabilities to manage risk in cloud networks and reduce exposures in industrial control systems, and, overall, to simplify the answer of ‘what do I fix today?’ Recognition of our unique approach from a gold standard like SC Media is great validation and much appreciated.”

To learn more about Skybox solutions for vulnerability management as well as security policy, firewall and change management, visit our website or schedule a demo today.

About Skybox Security

www.skyboxsecurity.com

Skybox provides the industry’s broadest cybersecurity management platform to address security challenges within large, complex networks. By integrating with more than 130 networking and security technologies, the Skybox® Security Suite provides comprehensive attack surface visibility and the context needed for informed action. Our analytics, automation and intelligence improve the efficiency and performance of security operations in vulnerability and threat management and firewall and security policy management for the world’s largest organizations.

© 2019 Skybox Security, Inc. All rights reserved. Skybox Security and the Skybox Security logo are either registered trademarks or trademarks of Skybox Security, Inc., in the United States and/or other countries. All other trademarks are the property of their respective owners. Product specifications subject to change at any time without prior notice.

Tweet This: The Best #VulnerabilityManagement Solution @SCMagazine Awards 2019 goes to @SkyboxSecurity! http://ow.ly/rOlK30oTqFp

PR CONTACT INFORMATION

Victoria Davis Schmidt
Corporate Communications for Skybox Security
+1 571 340 0181 | Victoria.Schmidt@skyboxsecurity.com

Allison + Partners for Skybox Security
United Kingdom: Daniel Couzens
+44 (0)20 7437 0227 | danielc@allisonpr.com

Germany: Stephanie Thoma
+49 (0)89 388 892 012| stephaniet@allisonpr.com

France: Xavier Delhôme
+33 1 41 31 75 09 | xavierd@allisonpr.com

Alliance Public Relations Pvt. Ltd.
India: Meenakshi Lenka
+91-9810577773 | meenakshi@proalliancepr.com

Maybank wants to link up Golf Cooperation Council, Asean with Islamic banking

KUALA LUMPUR, June 6 (Bernama) � Maybank Islamic Bhd (MIB), the largest Islamic bank by asset in ASEAN, wants to be the bridge for the Islamic banking sector between the Gulf Cooperation Council (GCC) and the

region after its Dubai branch starts its operation by June this year. Chief executive officer Datuk Mohamed Rafique Merican expressed confidence that the company would be able to play the role in facilitating the trade, as well as flow of funds for financial activities between the two regions, given MIB’s strong footprints in Islamic finance, particularly in Malaysia, Indonesia and Singapore. For instance, Malaysia purchases oil and gas or other products from GCC and vice versa. With that, we can increase the trade flows not only between the two countries, but also between the regions, he told Bernama recently. Last year, MIB announced that it might receive regulatory approvals to set up its Dubai branch in the first half of this year. Being the largest Islamic bank in Malaysia (accounting for 30 per cent market share) and one of the five largest Islamic banks globally, MIB, a wholly-owned, full-fledged licensed Islamic bank of Malayan Banking Bhd (Maybank), has about RM225 billion worth of assets as at Dec 31, 2018 (FY18). Its total gross financing for FY18 advanced 8.1 per cent year-on-year to RM176.8 billion, and its Islamic financing contributed 58.7 per cent to the group’s total loans and financing. Commenting on the country’s Islamic financing growth outlook, Mohamed Rafique expected the growth rate to remain flat at 11 per cent for 2019, similar to that of 2018, owing to Malaysia’s development level that stood somewhere in the middle between Singapore and Indonesia. For a developed nation like Singapore, where there is no huge demand for new infrastructure or public transport, the growth rate (usually) would be slower, or grow in tandem with the country’s GDP (gross domestic product). Whereas in countries like Indonesia, where there is still much more to be done, the Islamic financing might grow by 1.5 times or a multiple more than that of the GDP growth, as the country still needs to invest in its infrastructure or housing projects, he said. Besides, he said the moderate growth of the country’s GDP, forecast at between 4.3 to 4.8 per cent this year, is also anticipated to lead to the flattish performance of Islamic financing expansion this year. Mohamed Rafique, however, pointed out that the projected Islamic financing growth of 11 per cent was still higher than the conventional loans growth, which stood at about three to four per cent last year. On sukuk’s prospects, of which Malaysia took the top spot in global sukuk issuance in the first quarter of 2019, he expected the issuances to remain flat this year. This is in line with most of the global ratings agencies’ forecast amid the global economic uncertainty, as the challenging environment would lead to rising cost of funding for sukuk issuances. However, he said MIB would continue to look for opportunities to arrange sukuk, be it in the country or in ASEAN, moving forward. For this year, I think sukuk issuance by the government would be about RM100 billion to RM110 billion, while on the corporate side, it would be about RM80 billion to 90 billion for 2019, fairly flat compared to that of 2018, he said. MIB is one of the leading sukuk arrangers in Bloomberg’s Global Sukuk League Table 2018 which took up an 8.8 per cent global market share with a book of 145 issues worth US$3.94 million. The Securities Commission Malaysia’s 2018 Annual Report showed government and corporate sukuk issuances stood at RM199.90 billion in 2018, of which RM72.68 billion were issued by the corporate sector. On the prospects of Malaysia’s green sukuk issuances this year, Mohamed Rafique was upbeat that it would continue to be on the uptrend this year, but declined to provide any forecast for the growth. It is very difficult to say, as it depends on the intention of the issuers due to the higher compliant standard for green sukuk, he said. However, in light of the increased environmental, social and governance (ESG) awareness among investors, he believed green sukuk or green financing would grow in tandem with the consciousness in the future. For instance, in the past, developers of power generation assets might want to build coal or gas power stations, but now there are also have hydro, solar or wind power stations. Therefore, if (demand for) renewable energy is going to grow, by virtue green sukuk or green financing will also grow in tandem with that (the demand), he said, expressing confidence that Malaysia would continue to be the leader in the green Islamic bond market. Malaysia has asserted itself on the world’s green sukuk map after Tadau Energy Sdn Bhd and Quantum Solar Park Semenanjung Sdn Bhd emerged as the first and second entities in the world to issue green sukuk worth RM250 million and RM1 billion, respectively, in 2017. �

Source: NAM News Network