Daily Archives: September 4, 2019

Virtusa Wins Three Gold Stevie® Awards in 2019 International Business Awards®

Virtusa Recognized for Leadership in Financial Services, Life Sciences and DevOps

SOUTHBOROUGH, Mass., Sept. 04, 2019 (GLOBE NEWSWIRE) — Virtusa Corporation (NASDAQ GS:VRTU), a global provider of digital strategy, digital engineering and IT services and solutions that help clients change and disrupt markets through innovation engineering, was named the winner of Gold Stevie® Awards in three categories in The 16th Annual International Business Awards® today.

The International Business Awards are the world’s premier business awards program. All individuals and organizations worldwide – public and private, for-profit and non-profit, large and small – are eligible to submit nominations. The 2019 IBAs received entries from organizations in 74 nations and territories.

Stevie Award winners were determined by the average scores of more than 250 executives worldwide who participated in the judging process from May through early August. A record total of more than 4,000 nominations in virtually every industry were submitted this year for consideration in a wide range of categories.

The three Virtusa winning nominations include:

  • Redefining the Banking and Financial Services Business Models: Virtusa’s Open Innovation Platform is a Game Changer in Attacking the Digital Disruption Journey in the Platform as a Service category. The platform is a cloud-based, gamified sandbox environment that enables ideation, building and publishing of applications. Comments from the judges included: “Banking and Financial Services need to innovate to compete with Fintechs. This solution is a great concept.”
  • Virtusa’s AIRIS DevOps solution in the DevOps Solution Category. AIRIS is an intelligent requirement capturing platform. Comments from the judges included: “Smart requirement capture platform intended to overcome the difficulties of standard requirement collection techniques allowing a full and precise derivative of the present state of business process workflow. Under various functional criteria, the framework can be configured to assess various instruments that align with use cases and provide a comparative suitability rating.”
  • Virtusa’s vLife™ platform in the Best New Product or Service of the Year – Health & Pharmaceuticals – Product category. vLife™ is a ready-to-use collaborative platform, built on a large clinical data lake that models disease progression or population-level risk categorization. Comments from the judges included: “Unifying Data, AI, IOT is definitely attractive to a lot of legacy enterprises. Virtusa is hitting on the key pain points in the healthcare market.”

“Virtusa excels in paring deep industry and technology expertise to digitally transform the customer experience,” said Kris Canekeratne, Chairman and CEO, Virtusa. “Our gold-winning entries in the International Business Awards validate this strategy.”

“The IBA judges from across the world were highly impressed with the nominations they reviewed this year. With the level of achievement documented in the nominations from 74 nations, the Stevie Awards are proud to honor organizations that demonstrate a high level of achievement in a variety of industries,” said Michael Gallagher, president and founder of the Stevie Awards. “We received more nominations than ever and look forward to honoring the Stevie winners at our gala in Vienna, Austria this October.”

Learn more about Virtusa’s Open Innovation Platform here: virtusa.com/solution/open-banking/open-innovation-platform/

Learn more about Virtusa’s AIRIS- DevOp solution here: eraplatform.virtusa.com/tools/airis/

Learn more about Virtusa’s vLife™ platform here: virtusa.com/vlife

About Virtusa Corporation
Virtusa Corporation (NASDAQ GS: VRTU) is a global provider of digital business strategy, digital engineering, and information technology (IT) services and solutions that help clients change, disrupt, and unlock new value through innovation engineering. Virtusa serves Global 2000 companies in Banking, Financial Services, Insurance, Healthcare, Communications, Media, Entertainment, Travel, Manufacturing, and Technology industries.

Virtusa helps clients grow their business with innovative products and services that create operational efficiency using digital labor, future-proof operational and IT platforms, and rationalization and modernization of IT applications infrastructure. This is achieved through a unique approach blending deep contextual expertise, empowered agile teams, and measurably better engineering to create holistic solutions that drive business forward at unparalleled velocity enabled by a culture of cooperative disruption.

© 2019 Virtusa Corporation.  All rights reserved.

Virtusa, Accelerating Business Outcomes, BPM Test Drive, and Productization are registered trademarks of Virtusa Corporation.  All other company and brand names may be trademarks or service marks of their respective holders.

About the Stevie Awards
Stevie Awards are conferred in seven programs: the Asia-Pacific Stevie Awards, the German Stevie Awards, The American Business Awards®, The International Business Awards®, the Stevie Awards for Women in Business, the Stevie Awards for Great Employers, and the Stevie Awards for Sales & Customer Service. Stevie Awards competitions receive more than 12,000 nominations each year from organizations in more than 70 nations. Honoring organizations of all types and sizes and the people behind them, the Stevies recognize outstanding performances in the workplace worldwide. Learn more about the Stevie Awards at www.StevieAwards.com.

Contact:
Ron Favali
Conversion Marketing
ron@conversionam.com
727-512-4490

PRA Health Sciences, Inc. Announces Pricing of Secondary Offering and Concurrent Share Repurchase

RALEIGH, N.C., Sept. 04, 2019 (GLOBE NEWSWIRE) — PRA Health Sciences, Inc. (the “Company”) (NASDAQ: PRAH) today announced the pricing of the previously announced secondary offering of shares of its common stock.  KKR PRA Investors L.P. (the “Selling Stockholder”), has agreed to sell an aggregate of 6,666,684 shares of the Company’s common stock in an underwritten public offering at a price of $97.50 per share. The offering is expected to close on September 6, 2019, subject to customary closing conditions.

In addition, the Company announced that, subject to the completion of the offering, it intends to repurchase from the underwriter, out of 6,666,684 shares of common stock, a number of shares having an aggregate purchase price of $300 million at a price per share equal to the price at which the underwriter will purchase the shares from the Selling Stockholder. The closing of the share repurchase is conditioned on, and expected to occur simultaneously with, the closing of the offering, subject to the satisfaction of other customary conditions. The offering is not conditioned upon the completion of the share repurchase. The Company intends to fund the repurchase of common stock from the Selling Stockholder with the proceeds of a $300 million incremental term loan under its existing credit facilities.

It is anticipated that, upon completion of these transactions, the Selling Stockholder will have disposed of all of its remaining shares of common stock of the Company.

Goldman Sachs & Co. LLC acted as the underwriter for the offering.

The Company has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, as well as the prospectus supplement related to this offering and other documents the Company has filed with the SEC for more complete information about the Company and this offering. You may obtain these documents for free by visiting EDGAR on the SEC Web site at: www.sec.gov. Alternatively, copies of the prospectus supplement and accompanying prospectus relating to the offering, when available, may be obtained from:

Goldman Sachs & Co. LLC
Attention: Prospectus Department
200 West Street
New York, NY 10282
Telephone: 866-471-2526
Facsimile: 212-902-9316
Prospectus-ny@ny.email.gs.com

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Contact:

PRA Health Sciences, Inc.
Laurie Hurst
Director, Communications and Public Relations
919-786-8435
HurstLaurie@prahs.com

Mike Bonello
Chief Financial Officer
919-786-8270
InvestorRelations@prahs.com

Forward-Looking Statements

This press release contains forward-looking statements that reflect, among other things, the Company’s current expectations and anticipated results of operations, all of which are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, market trends or industry results to differ materially from those expressed or implied by such forward-looking statements. For this purpose, any statements contained herein that are not statements of historical fact may constitute forward-looking statements. Without limiting the foregoing, words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “should,” “targets,” “will” and the negative thereof and similar words and expressions are intended to identify forward-looking statements. Actual results may differ materially from the Company’s expectations due to a number of factors, including that most of the Company’s contracts may be terminated on short notice and that the Company may be unable to maintain large customer contracts or to enter into new contracts; the Company may underprice contracts, overrun its cost estimates, or fail to receive approval for or experience delays in documenting change orders; the historical indications of the relationship of backlog to revenues may not be indicative of their future relationship; if the Company is unable to achieve operating efficiencies or grow revenues faster than expenses, operating margins will be adversely affected; the Company may be unable to attract suitable investigators and patients for its clinical trials; the Company could be subject to employment liability with its embedded and functional outsourcing solutions as it places employees at the physical workplaces of its clients; the Company may lose key personnel or be unable to recruit experienced personnel; changes in accounting standards may adversely affect the Company’s financial statements; the Company’s effective income tax rate may fluctuate which may adversely affect its operations, earnings, and earnings per share; the Company may be unable to maintain information systems or effectively update them; a failure or breach of the Company’s IT systems could result in customer information being compromised or otherwise significantly disrupt the Company’s business operations; client or therapeutic concentration or competition among clients could harm the Company’s business; the Company’s business is subject to risks associated with international operations, including economic, political and other risks such as compliance with a myriad of laws and regulations, complications from conducting clinical trials in multiple countries simultaneously and changes in exchange rates; the Company is subject to a number of additional risks associated with its business outside the United States, including changes in tax law, foreign currency exchange fluctuations and restrictive regulations, as well as the risks and uncertainties associated with the United Kingdom’s expected withdrawal from the European Union and the adoption of trade restrictions between the U.S. and other national governments; the Company may be unable to successfully develop and market new services or enter new markets; government regulators or customers may limit the scope of prescriptions or withdraw products from the market; government regulators may impose new regulations affecting the Company’s business; the Company’s failure to perform services in accordance with contractual requirements, regulatory standards and ethical considerations may subject it to significant costs or liability, damage its reputation and cause it to lose existing business or not receive new business; the Company’s services are related to treatment of human patients, and it could face liability if a patient is harmed; if the Company does not keep pace with rapid technological changes, its services may become less competitive or obsolete; the Company’s relationships with existing or potential clients who are in competition with each other may adversely impact the degree to which other clients or potential clients use its services; the Company may be unable to compete effectively with other players in the biopharmaceutical services industry; the Company may be unable to successfully identify, acquire and integrate businesses, services and technologies or to manage joint ventures; the Company may not realize the full value of its goodwill and intangible assets, and may be unable to use net operating loss carry-forwards; the Company’s disposal of hazardous substances and waste could give rise to liability; the Company may be unable to protect its intellectual property, patent and other intellectual property litigation could be time consuming and costly; biopharmaceutical industry outsourcing trends could change and adversely affect the Company’s operations and growth rate; current and proposed laws and regulations regarding the protection of personal data could result in increased risks of liability or increased cost or could limit the Company’s service offerings; circumstances beyond the Company’s control could cause industry-wide reduction in demand for its services; the Company has substantial indebtedness and may incur additional indebtedness in the future, which could adversely affect the Company’s financial condition; and other factors that are set forth in the Company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K filed with the SEC on February 28, 2019. The forward-looking statements in this release speak only as of the date hereof, and the Company undertakes no obligation to update any such statement after the date of this release, whether as a result of new information, future developments or otherwise, except as may be required by applicable law.

PRA Health Sciences, Inc. Announces $500 Million Share Repurchase Program

RALEIGH, N.C., Sept. 03, 2019 (GLOBE NEWSWIRE) — PRA Health Sciences, Inc. (the “Company”) (NASDAQ: PRAH) today announced that its Board of Directors (the “Board”) has authorized a $500 million share repurchase program, effective immediately.

Under the program, the Company is authorized to repurchase shares of its common stock through open market purchases, privately-negotiated transactions, secondary offerings, block trades or otherwise in accordance with all applicable securities laws and regulations, including through trading plans complying with the rules and regulations of the Securities and Exchange Commission (the “SEC”). The repurchase program expires on December 31, 2021.

In addition, the Company announced that, subject to the completion of the announced underwritten secondary offering of the Company’s common stock by KKR PRA Investors L.P. (the “Selling Stockholder”), it intends to repurchase from the underwriter in such offering, out of the 6,666,684 shares of common stock, a number of shares having an aggregate purchase price of $300 million at a price per share equal to the price at which the underwriter will purchase the shares from the Selling Stockholder. The closing of such share repurchase is conditioned on, and expected to occur simultaneously with, the closing of the secondary offering, subject to the satisfaction of other customary conditions. The Company intends to fund such share repurchase with the proceeds of a $300 million incremental term loan under its existing credit facilities. Following the completion of such share repurchase, the Company will have approximately $200 million of remaining availability under the share repurchase program.

Future repurchases under the Company’s share repurchase program will be funded by available liquidity, including available cash or borrowings under existing or future credit facilities. The share repurchase program does not obligate the Company to repurchase any particular amount of its common stock, and it may be modified, suspended or terminated at any time at the Board’s discretion. The timing and amount of any purchases of common stock will be based on the Company’s liquidity, general business and market conditions, debt covenant restrictions and other factors, including alternative investment opportunities.

Contact:

PRA Health Sciences, Inc.
Laurie Hurst
Director, Communications and Public Relations
919-786-8435
HurstLaurie@prahs.com

Mike Bonello
Chief Financial Officer
919-786-8270
InvestorRelations@prahs.com

Forward-Looking Statements

This press release contains forward-looking statements that reflect, among other things, the Company’s current expectations with respect to its announced share repurchase program, all of which are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, market trends or industry results to differ materially from those expressed or implied by such forward-looking statements. For this purpose, any statements contained herein that are not statements of historical fact may constitute forward-looking statements. Without limiting the foregoing, words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “should,” “targets,” “will” and the negative thereof and similar words and expressions, are intended to identify forward-looking statements. Actual results may differ materially from the Company’s expectations due to a number of factors, including that most of the Company’s contracts may be terminated on short notice and that the Company may be unable to maintain large customer contracts or to enter into new contracts; the Company may underprice contracts, overrun its cost estimates, or fail to receive approval for or experience delays in documenting change orders; the historical indications of the relationship of backlog to revenues may not be indicative of their future relationship; if the Company is unable to achieve operating efficiencies or grow revenues faster than expenses, operating margins will be adversely affected; the Company may be unable to attract suitable investigators and patients for its clinical trials; the Company could be subject to employment liability with its embedded and functional outsourcing solutions as it places employees at the physical workplaces of its clients; the Company may lose key personnel or be unable to recruit experienced personnel; changes in accounting standards may adversely affect the Company’s financial statements; the Company’s effective income tax rate may fluctuate which may adversely affect its operations, earnings, and earnings per share; the Company may be unable to maintain information systems or effectively update them; a failure or breach of the Company’s IT systems could result in customer information being compromised or otherwise significantly disrupt the Company’s business operations; client or therapeutic concentration or competition among clients could harm the Company’s business; the Company’s business is subject to risks associated with international operations, including economic, political and other risks such as compliance with a myriad of laws and regulations, complications from conducting clinical trials in multiple countries simultaneously and changes in exchange rates; the Company is subject to a number of additional risks associated with its business outside the United States, including changes in tax law, foreign currency exchange fluctuations and restrictive regulations, as well as the risks and uncertainties associated with the United Kingdom’s expected withdrawal from the European Union and the adoption of trade restrictions between the U.S. and other national governments; the Company may be unable to successfully develop and market new services or enter new markets; government regulators or customers may limit the scope of prescriptions or withdraw products from the market; government regulators may impose new regulations affecting the Company’s business; the Company’s failure to perform services in accordance with contractual requirements, regulatory standards and ethical considerations may subject it to significant costs or liability, damage its reputation and cause it to lose existing business or not receive new business; the Company’s services are related to treatment of human patients, and it could face liability if a patient is harmed; if the Company does not keep pace with rapid technological changes, its services may become less competitive or obsolete; the Company’s relationships with existing or potential clients who are in competition with each other may adversely impact the degree to which other clients or potential clients use its services; the Company may be unable to compete effectively with other players in the biopharmaceutical services industry; the Company may be unable to successfully identify, acquire and integrate businesses, services and technologies or to manage joint ventures; the Company may not realize the full value of its goodwill and intangible assets, and may be unable to use net operating loss carry-forwards; the Company’s disposal of hazardous substances and waste could give rise to liability; the Company may be unable to protect its intellectual property, patent and other intellectual property litigation could be time consuming and costly; biopharmaceutical industry outsourcing trends could change and adversely affect the Company’s operations and growth rate; current and proposed laws and regulations regarding the protection of personal data could result in increased risks of liability or increased cost or could limit the Company’s service offerings; circumstances beyond the Company’s control could cause industry-wide reduction in demand for its services; the Company has substantial indebtedness and may incur additional indebtedness in the future, which could adversely affect the Company’s financial condition; and other factors that are set forth in the Company’s filings with the SEC, including its most recent Annual Report on Form 10-K filed with the SEC on February 28, 2019. The forward-looking statements in this release speak only as of the date hereof, and the Company undertakes no obligation to update any such statement after the date of this release, whether as a result of new information, future developments or otherwise, except as may be required by applicable law.

PRA Health Sciences, Inc. Announces Secondary Offering and Concurrent Share Repurchase

RALEIGH, N.C., Sept. 03, 2019 (GLOBE NEWSWIRE) — PRA Health Sciences, Inc. (the “Company”) (NASDAQ: PRAH) today announced that KKR PRA Investors L.P. (the “Selling Stockholder”), intends to offer for sale in an underwritten secondary offering 6,666,684 shares of common stock of the Company pursuant to the Company’s shelf registration statement filed with the Securities and Exchange Commission. The Selling Stockholder will receive all of the proceeds from this offering. No shares are being sold by the Company. The last reported sale price of the Company’s common stock on September 3, 2019 was $97.59 per share. The offering is expected to close on September 6, 2019, subject to customary closing conditions.

In addition, the Company announced that, subject to the completion of the offering, it intends to repurchase from the underwriter, out of the 6,666,684 shares of common stock, a number of shares having an aggregate purchase price of $300 million at a price per share equal to the price at which the underwriter will purchase the shares from the Selling Stockholder. The closing of the share repurchase is conditioned on, and expected to occur simultaneously with, the closing of the offering, subject to the satisfaction of other customary conditions. The offering is not conditioned upon the completion of the share repurchase. The Company intends to fund the repurchase with the proceeds of a $300 million incremental term loan under its existing credit facilities.

It is anticipated that, upon completion of these transactions, the Selling Stockholder will have disposed of all of its remaining shares of common stock of the Company.

Goldman Sachs & Co. LLC will act as the underwriter for the offering.

The Company has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, as well as the prospectus supplement related to this offering and other documents the Company has filed with the SEC for more complete information about the Company and this offering. You may obtain these documents for free by visiting EDGAR on the SEC Web site at: www.sec.gov. Alternatively, copies of the prospectus supplement and accompanying prospectus relating to the offering, when available, may be obtained from:

Goldman Sachs & Co. LLC
Attention: Prospectus Department
200 West Street
New York, NY 10282
Telephone: 866-471-2526
Facsimile: 212-902-9316
Prospectus-ny@ny.email.gs.com

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Contact:

PRA Health Sciences, Inc.
Laurie Hurst
Director, Communications and Public Relations
919-786-8435
HurstLaurie@prahs.com

Mike Bonello
Chief Financial Officer
919-786-8270
InvestorRelations@prahs.com

Forward-Looking Statements

This press release contains forward-looking statements that reflect, among other things, the Company’s current expectations and anticipated results of operations, all of which are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, market trends or industry results to differ materially from those expressed or implied by such forward-looking statements. For this purpose, any statements contained herein that are not statements of historical fact may constitute forward-looking statements. Without limiting the foregoing, words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “should,” “targets,” “will” and the negative thereof and similar words and expressions, are intended to identify forward-looking statements. Actual results may differ materially from the Company’s expectations due to a number of factors, including that most of the Company’s contracts may be terminated on short notice and that the Company may be unable to maintain large customer contracts or to enter into new contracts; the Company may underprice contracts, overrun its cost estimates, or fail to receive approval for or experience delays in documenting change orders; the historical indications of the relationship of backlog to revenues may not be indicative of their future relationship; if the Company is unable to achieve operating efficiencies or grow revenues faster than expenses, operating margins will be adversely affected; the Company may be unable to attract suitable investigators and patients for its clinical trials; the Company could be subject to employment liability with its embedded and functional outsourcing solutions as it places employees at the physical workplaces of its clients; the Company may lose key personnel or be unable to recruit experienced personnel; changes in accounting standards may adversely affect the Company’s financial statements; the Company’s effective income tax rate may fluctuate which may adversely affect its operations, earnings, and earnings per share; the Company may be unable to maintain information systems or effectively update them; a failure or breach of the Company’s IT systems could result in customer information being compromised or otherwise significantly disrupt the Company’s business operations; client or therapeutic concentration or competition among clients could harm the Company’s business; the Company’s business is subject to risks associated with international operations, including economic, political and other risks such as compliance with a myriad of laws and regulations, complications from conducting clinical trials in multiple countries simultaneously and changes in exchange rates; the Company is subject to a number of additional risks associated with its business outside the United States, including changes in tax law, foreign currency exchange fluctuations and restrictive regulations, as well as the risks and uncertainties associated with the United Kingdom’s expected withdrawal from the European Union and the adoption of trade restrictions between the U.S. and other national governments; the Company may be unable to successfully develop and market new services or enter new markets; government regulators or customers may limit the scope of prescriptions or withdraw products from the market; government regulators may impose new regulations affecting the Company’s business; the Company’s failure to perform services in accordance with contractual requirements, regulatory standards and ethical considerations may subject it to significant costs or liability, damage its reputation and cause it to lose existing business or not receive new business; the Company’s services are related to treatment of human patients, and it could face liability if a patient is harmed; if the Company does not keep pace with rapid technological changes, its services may become less competitive or obsolete; the Company’s relationships with existing or potential clients who are in competition with each other may adversely impact the degree to which other clients or potential clients use its services; the Company may be unable to compete effectively with other players in the biopharmaceutical services industry; the Company may be unable to successfully identify, acquire and integrate businesses, services and technologies or to manage joint ventures; the Company may not realize the full value of its goodwill and intangible assets, and may be unable to use net operating loss carry-forwards; the Company’s disposal of hazardous substances and waste could give rise to liability; the Company may be unable to protect its intellectual property, patent and other intellectual property litigation could be time consuming and costly; biopharmaceutical industry outsourcing trends could change and adversely affect the Company’s operations and growth rate; current and proposed laws and regulations regarding the protection of personal data could result in increased risks of liability or increased cost or could limit the Company’s service offerings; circumstances beyond the Company’s control could cause industry-wide reduction in demand for its services; the Company has substantial indebtedness and may incur additional indebtedness in the future, which could adversely affect the Company’s financial condition; and other factors that are set forth in the Company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K filed with the SEC on February 28, 2019. The forward-looking statements in this release speak only as of the date hereof, and the Company undertakes no obligation to update any such statement after the date of this release, whether as a result of new information, future developments or otherwise, except as may be required by applicable law.

PM arrives in Vladivostok for Eastern Economic Forum, packed schedule awaits

VLADIVOSTOK Prime Minister Tun Dr Mahathir Mohamad has landed here to take part in the 5th Eastern Economic Forum.

This is his first working visit to Russia since assuming office as Malaysia’s seventh Prime Minister. His last official visit to Russia was in 2002.

The aircraft carrying Dr Mahathir and delegates landed at Vladivostok International Airport 6.30pm local time and was greeted on arrival by Vladivostok’s deputy governor Melnikov Oleg. The Prime Minister was in Cambodia for a three-day official visit before this.

Dr Mahathir’s visit to Russia was at the invitation of Russian President Vladimir Putin, in conjunction with the Eastern Economic Forum (EEF), held at the Far Eastern Federal University campus here.

The EEF was initiated by Putin in 2015 to support the economic development of Russia’s Far East and to expand international cooperation in the Asia-Pacific region.

The organiser has lined up a series of official engagements for the Prime Minister tomorrow including bilateral meetings with Putin and his Indian counterpart Narendra Modi.

He will also be interviewed by local media before proceeding to a working luncheon hosted by Putin which will be attended by several other leaders.

Prime Minister Tun Dr Mahathir Mohamad arrives at Knevichi International Airport for working visit to Vladisvostok, Federation of Russia for The Eastern Economic Forum (EEF) 2019 here today.

Later, Dr Mahathir and delegation will participate in the EEF’s Plenary Session, a key event of the forum.

He would be joined by other state leaders including Japan Prime Minister Shinzo Abe and Mongolian President Khaltmaagin Battulga.

Dr Mahathir is accompanied by Economic Affairs Minister Datuk Seri Mohamed Azmin Ali, Foreign Affairs Minister Datuk Saifuddin Abdullah and International Trade and Industry Minister Datuk Darell Leiking.

The EEF was established by a decree issued by Putin in 2015 to support the economic development of Russia’s Far East and to expand international cooperation in the region.

Organised by Roscongress Foundation, the forum has become a venue to discuss global economic issues and challenges, regional integration, new industries as well as technologies.

According to the foundation’s chief executive officer, Alexander Stuglev, several business dialogues would be held with leading partner countries in the region, particularly ASEAN, a key group of developing countries in South-East Asia.

He said over 6,500 participants from Russia and across the world could look forward to wide-ranging business meetings, exhibition, cultural and sporting programmes.

The exhibition features presentations by Russian federal government bodies on investment opportunities and incentives including major investment projects in the Far Eastern Federal District here, involving international cooperation.

Source: Office of the Prime Minster Malaysia

Dr Mahathir’s working visit to Russia to attend EEF 2019

KUALA LUMPUR� Tun Dr Mahathir Mohamad will make a three-day working visit to Russia beginning today to attend the 5th Eastern Economic Forum 2019 (EEF 2019) to be held in Vladivostok.

The Foreign Ministry said in a statement today that the Prime Minister’s visit was at the official invitation of Russian President Vladimir Putin, and Dr Mahathir is expected to deliver a keynote address during the EEF 2019 plenary session together with the Russian leader followed by a bilateral meeting between the Malaysian and Russian delegations.

The Prime Minister is also expected to have a bilateral meeting with the Russian President in Malaysia’s efforts to further strengthen friendship and cooperation with the Russian Federation, the statement said.

The statement added that during Dr Mahathir’s visit to Russia, he would be accompanied by Foreign Minister Datuk Saifuddin Abdullah, Economic Affairs Minister Datuk Seri Mohamed Azmin Ali, International Trade and Industry Minister Datuk Darrel Leiking and several senior government officials.

EEF is an annual international forum that was gaining increasing international attention. The forum will discuss the prospects of economic cooperation in line with the rapid economic development in East Asia.

According to the statement, Dr Mahathir’s visit will give an opportunity to Malaysia to discuss and exchange views on bilateral, regional and international issues of mutual interests.

It is also the best platform to provide more business, investment as well as new cooperation especially in the fields of science and technology in line with developments in the Industrial Revolution 4.0 (IR4.0) in the interest of national economic development, the statement added.

Source: Office of the Prime Minster Malaysia