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ShopUp and Sary Merge to Create SILQ, Gulf-Emerging Asia’s Largest B2B Commerce Platform, Secures USD$110M Funding
Together, ShopUp and Sary have served over 600,000 retailers, hotels, restaurants, cafes, and wholesalers, impacting tens of millions of customers in mom-and-pop shop communities since inception. To date, the combined network has made over $5 billion in transactions on their platforms and exceeded $750 million in embedded financing disbursements. Furthermore, the companies have facilitated a total of 100 million shipments. This will establish SILQ as the platform of choice that enables businesses to grow by increasing their efficiency through a combination of financial tools, logistic services, and commerce features.
Post-merger, both ShopUp and Sary brands will continue to operate in their respective geographies under their respective brand names, while leveraging SILQ‘s infrastructure and combined capabilities. The group will also establish SILQ Financial as its financing arm. It will be creating financial infrastructure, doubling down on the embedded financing scale of both markets and the Point-of-Sales (POS) business.
ShopUp‘s Founder & CEO, Afeef Zaman, will serve as SILQ Group CEO, while Sary‘s Founder & CEO, Mohammed Aldossary will lead SILQ Financial as CEO.
“Through this merger, we‘re entering what‘s set to become one of the world‘s largest trade corridors—projected to reach $682 billion. We‘re in the front seat to serve some of the most exciting, fast-growing economies that are set to shape global consumption in the coming decades, giving them greater access to products from around the world.”, said Afeef Zaman, CEO of SILQ Group.
“By merging our strengths, we’re not just expanding our reach – we’re revolutionizing how digital commerce serves Gulf’s merchants and South Asia manufacturers. This alliance brings together the best of both worlds: deep regional expertise and world-class technology to empower every business in our ecosystem where financial services are a cornerstone,” said Mohammed Aldossary, CEO of SILQ Financial.
“SILQ is poised to become a leading B2B commerce player both regionally and globally. It addresses numerous challenges faced by B2B businesses seeking a fully integrated platform that combines financial, logistics and commerce services. This merger will enhance SILQ‘s depth, expertise and scale. We remain committed to supporting the company‘s leadership to ensure this merger benefits all stakeholders,” said a spokesperson at Sanabil Investments.
“Saudi Arabia and the Gulf represent one of the most exciting economic stories in the world today. This merger reflects a bold vision to place these markets at the center of a new commercial ecosystem connecting with South Asia. With a leadership team that has consistently demonstrated courage and foresight, SILQ has the potential to define this category through ambition that matches the regions it serves,” said James Fitzgerald, Founding Partner at Valar Ventures.
SILQ is backed by renowned investors, including Sanabil Investments, a wholly owned company by Saudi Arabia‘s Public Investment Fund (PIF), Peter Thiel‘s Valar Ventures, Flourish Ventures, VSQ, MSA Capital, Rocketship VC, STV, Wafra Investment (owned by Kuwait PIFSS), Peak XV, Prosus, Tiger Global, Endeavor Catalyst, and Raed Ventures. This round will also see participation from new investors like Qatar Government owned Qatar Development Bank. SILQ is set to establish a strong presence in Qatar to extend its offering to SMEs in Qatar.
Hashtag: #ShopUp
The issuer is solely responsible for the content of this announcement.
About ShopUp
ShopUp is a B2B commerce company that connects mills, brands, and manufacturers to small neighborhood shops, creating a seamless distribution for food & essentials. Currently, millions of people in Bangladesh access food and essentials through ShopUp’s network of small shops.
For more information on ShopUp, visit: 
https://shopup.org/
LinkedIn: 
https://www.linkedin.com/company/shopfront-limited/
Facebook: 
https://www.facebook.com/ShopUpNow
About Sary
Sary is the leading B2B marketplace and services platform in the Gulf that connects small businesses with manufacturers and lenders to procure supplies efficiently.
For more information on Sary, visit: https://www.sary.com/en/
LinkedIn: https://www.linkedin.com/company/trysary/
About SILQ
SILQ is a platform dedicated to bridging economies and empowering businesses to trade, grow, and navigate new frontiers. By enabling seamless commerce, logistics, and finance, SILQ unlocks opportunities in emerging economies, fueling ambitions and redefining global trade.
For more information on SILQ, visit: https://www.SILQ.net/
About Sanabil Investments
Sanabil is a financial investment company, wholly owned by the Public Investment Fund (PIF) that commits more than USD 3 billion in capital per annum into global private investments that include VC/Growth. Sanabil is a dynamic, nimble, and highly experienced team of investment professionals. Sanabil provides partners with patient capital, the ability to invest across multiple funding rounds, and access to the region. At Sanabil, we invest in great ideas, great minds, and great companies.
About Valar
Valar Ventures is a venture capital fund based in the United States, founded by Andrew McCormack, James Fitzgerald and Peter Thiel. The firm seeks out exceptionally talented teams and invests globally in high-margin, fast-growing financial technology companies that are pursuing huge market opportunities, such as Xero, Wise (formerly TransferWise), N26, Bitpanda, Qonto, Bestow, Octane and Moss. Valar expects to follow-on significantly as the business scales.
For more information visit- https://valar.com/
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Armacell Deepens Asia‑Pacific Industry Engagement to Drive Energy Efficiency, Sustainability and Fire Safety
- Supporting Asia‑Pacific’s transition from BS 476 to the more comprehensive EN 13501‑1 fire‑classification framework
- ArmaPrene™‑based insulation, including ArmaFlex® Ultima, achieves significantly lower smoke emissions to support safer evacuation and fire‑engineering compliance
- ArmaLive Experience Centre builds industry capability through product insights, demonstrations, audits and hands‑on installation training
- Active collaborations with industry partners and relevant public-sector bodies to help shape safer built environments
- Long‑term commitment to safer, more energy‑efficient buildings through technical guidance, training and regional knowledge‑sharing
SINGAPORE – Media OutReach Newswire – 14 July 2026 – Armacell, a global leader in flexible equipment insulation and engineered foams, deepens its collaboration with industry stakeholders across Asia‑Pacific to enhance energy efficiency, sustainability and fire‑safety standards in the built environment.
Central to this expanded engagement is the ArmaLive Experience Centre, which serves as a regional hub for training, technical insight and hands-on demonstrations. The centre is designed to support engineers, consultants, installers and regulatory professionals as they respond to increasingly performance‑based compliance requirements—particularly in the areas of sustainability, energy efficiency and fire safety.
Supporting Asia‑Pacific’s transition to modern fire‑safety standards
Across Asia-Pacific, regulators and industry professionals are steadily moving from legacy BS 476 classifications to the more comprehensive EN 13501‑1 fire-performance framework. This shift reflects a growing focus on smoke‑performance—an essential advancement, as smoke inhalation remains one of the leading causes of fatalities in building fires.
To support this transition, Armacell provides data‑driven guidance, technical resources and targeted training that help stakeholders interpret performance criteria, understand material behaviour and assess system-level implications under the newer standard. These efforts are designed to enable informed specification decisions and support safer fire-engineering outcomes across a wide range of building applications.
A prime example of Armacell’s material innovation is ArmaFlex Ultima, developed using the company’s patented ArmaPrene technology. Generating about ten times less smoke than conventional elastomeric insulation, ArmaFlex Ultima achieves Euroclass B‑s1,d0 performance, enabling specifiers and fire engineers to significantly enhance safety in critical areas such as escape routes, mechanical services and other high-risk building zones.
ArmaLive Experience Centre: Strengthening regional technical capability
Located in Singapore, the ArmaLive Experience Centre delivers an expanded programme of learning and engagement designed to strengthen technical capability across the Asia-Pacific region and raise material and installation standards. The Centre offers a range of practical and knowledge-based initiatives, including:
- Product insight sessions showcasing compliance performance, system reliability and application-specific considerations.
- Energy and acoustic audits to support sustainable mechanical design and operational optimisation.
- Hands‑on installation training to help installers improve workmanship quality, reduce system losses and meet fire-safety and performance requirements.
- Live demonstrations and scenario‑based workshops focused on insulation selection, fire‑performance criteria and correct installation techniques.
Together, these programmes foster closer collaboration among developers, engineers, consultants, contractors and regulators, deepening their understanding of how insulation solutions contribute to energy efficiency, acoustic performance and fire safety.
Driving industry standards through technical partnerships
Armacell works closely with professional associations, technical bodies and relevant public-sector organisations across Asia‑Pacific to help advance technical standards and support a safer, more sustainable built environment.
Through seminars, joint technical exchanges and shared learning initiatives, the company shares expertise in insulation selection, performance benchmarks and comparative material behaviour—strengthening compliance awareness and improving the quality of building design and system specification.
By combining advanced materials knowledge with sustained industry engagement, particularly through the ArmaLive Experience Centre, Armacell supports informed specification practices, builds regional capability and reinforces its long‑term commitment to safer, sustainable and more resilient buildings across Asia-Pacific.
Hashtag: #Armacell
The issuer is solely responsible for the content of this announcement.
About Armacell
As the inventor of flexible foam for equipment insulation and a leading provider of engineered foams, Armacell develops innovative and safe thermal and mechanical insulation solutions that create sustainable value for its customers. Armacell’s products significantly contribute to driving energy efficiency worldwide.
With more than 3,100 employees and 26 production plants in 20 countries, Armacell operates two main businesses, Advanced Insulation and Engineered Foams. Armacell focuses on insulation materials for technical equipment, high-performance foams for acoustic and lightweight applications, recycled PET products, next-generation aerogel technology and passive fire protection systems.
For more information, please visit: www.armacell.com
- Revenue increased to US$113.2 million (up 23.8% YoY), driven by the 2 January 2026 acquisition of the Active Apparel Group Pty Ltd and Active Apparel Group (America) LLC (“AAG”) business which is now successfully integrated into the Group’s platform
- Net profit grew to US$ 5.4 million representing a 1.8% increase YoY, after absorbing one-off integration costs arising from the AAG acquisition
STRATEGIC DEVELOPMENT
- Deployed proprietary Product Lifecycle Management (“PLM”) system and in-house AI engine, advancing our transformation into a tech-enabled apparel platform and driving greater operating leverage
SHAREHOLDER RETURNS
- Interim dividend maintained at HK3.0 cents per share, reflecting confidence in cash generation
HONG KONG SAR – Media OutReach Newswire – 13 July 2026 – Lever Style Corporation (HKEX: 1346, “Lever Style”), the world’s premier apparel production platform, today reported financial results for the six months ended 30 June 2026.
For the first half of 2026, Lever Style recorded a return to top-line growth. Following a defensive strategy in 2025 aimed at managing credit risk, the Group recorded total revenue of US$113.2 million, representing a 23.8% increase compared to the same period last year. “This revenue expansion was driven by the 2 January 2026 acquisition of the AAG business, which has now been integrated into our operating platform, providing a broader foundation for our growth trajectory.” said William Tan, CEO of Lever Style.
Navigating Integration for Long-Term Value
“While revenue expanded substantially, net profit for the period grew to US$5.4 million, representing a by 1.8% increase, compared to the first half of 2025. This short-term pressure on our bottom line reflects one-off, upfront integration costs. These primarily included temporary staff duplication costs as we merged workflows, systems, and personnel. We regard these transitional costs as necessary investments to secure the structural, long-term profitability of the acquired business.” Mr. Tan added.
With the integration phase now largely completed, the group’s cost structure is better optimized, and the group will enjoy the operating leverage that enhanced scale provides.
Strategic Technology & In-House AI Solutions
The group’s platform-based strategy continues to progress, converting its operational capabilities from a traditional apparel supplier into a tech-enabled enterprise. During the period under review, Lever Style successfully developed and deployed its own PLM system, among other solutions. These internal enterprise systems are designed to enhance workflow transparency, accelerate speed-to-market, and reduce waste across the group’s asset-light supply chain.
Capitalizing on its expanding internal R&D capabilities, the group has also customized AI solutions to fit its specific business model. Rather than relying on generic off-the-shelf software, these proprietary tools support day-to-day merchandiser productivity and factory coordination, reinforcing Lever Style’s long-term competitive advantage.
Market Outlook: Premium Resilience in a K-Shaped Economy
“The US market—our primary market—has proven surprisingly resilient through the first half of 2026. However, underneath the headline figures lies a visible ‘K-shaped’ economic split: a highly promotional and pressured middle market where retail liquidity remains tight and consumers are value-sensitive, and a premium/affluent tier of high-income consumers whose discretionary spending remains relatively stable, sustaining steady demand for premium products and services.” Stanley Szeto, Executive Chairman of Lever Style, commented.
Lever Style remains largely insulated from mass-market volatility due to its focus on upscale designers and premium fashion brands. Because the group’s brand portfolio aligns with this more resilient premium sector of the market, it remains well-positioned to navigate current economic conditions.
Future Prospects & Financial Synergies
Looking toward the second half of 2026 and into 2027, the group’s strategic roadmap focuses on three primary operational and financial levers:
- AAG Bottom-Line Contribution: With major integration headwinds resolved, the AAG activewear business is expected to start contributing to the bottom line in H2 2026, with net profit margins of this business targeted to improve steadily, with the aim of approaching the margin profile of Lever Style’s legacy business in 2027.
- Targeting Operating Leverage: As expanded volume is funneled through the group’s upgraded digital platform, Lever Style is targeting synergies from operating leverage across its vendor network, allowing fixed overheads to be managed more efficiently.
- Pursuing M&A Opportunities: By integrating the AAG business, Lever Style has demonstrated the scalability of its own platform. Consequently, the group remains active in evaluating a pipeline of further value-accretive acquisitions to expand its product capabilities and geographical production footprint.
“The Group has completed the primary phases of integration, upgraded its technology base, and remains aligned with the more resilient segments of consumer demand. The Board remains confident in our underlying business model and our ability to deliver long-term value to shareholders.” Mr. Szeto concluded.
For more details, please visit: https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0713/2026071300602.pdf
Hashtag: #LeverStyle
https://www.leverstyle.com/en/home/
https://www.linkedin.com/company/lever-style-inc./
https://www.facebook.com/leverstyleofficial
https://www.instagram.com/leverstyle/
https://www.youtube.com/channel/UC2xFoI4FpTh5SOU6O63nNUQ
The issuer is solely responsible for the content of this announcement.
Lever Style Corporation
Listed on the Hong Kong Stock Exchange, Lever Style (HKEX 1346) is the world’s premier apparel production platform for premium contemporary and designer brands such as Alexander Wang, Theory, Todd Snyder, and Aimé Leon Dore; active and performance brands such as Arc’teryx, Columbia Sportswear, Helly Hansen, Spanx, Skims, and J.Lindeberg; and digitally native brands and platforms such as Mizzen+ Main and Bonobos.
Our supply chain solutions encompass fashion design, prototype development, raw material procurement, production, quality control, and logistics. Our innovative, modularized multi-country platform delivers high-mix, low-volume orders and reduces excess inventory and stockouts. Our versatile approach is rooted in decades of technical expertise gained from working with many of the world’s highest-quality and most demanding brands. We support production for 175 brands through a network of more than 150 factories across eight countries: Vietnam, China, Indonesia, Bangladesh, Cambodia, Sri Lanka, India and Thailand. A certified B Corp, Lever Style is a committed ESG leader in the apparel production sector.
Media OutReach
The Changsha Jiandu Museum launches its Digital Exhibition Hall, Allowing Visitors from All Over the World to Adopt Digital Collections with One Click
https://youtube.com/shorts/-fteWwIeVYs?is=NawE8eX4W-Ww43ol
In 1996, more than 100,000 bamboo and wooden slips from the Kingdom of Wu during the Three Kingdoms period were unearthed from an ancient well at Zoumalou in Changsha, filling a gap in historical records on local society during the Three Kingdoms period. On November 8, 2007, the Changsha Jiandu Museum officially opened to the public. To meet the needs of history and culture enthusiasts at home and abroad to explore bamboo slips up close, Changsha Evening News has developed and launched the Digital Bamboo Slips Exhibition Hall. Powered by digital technologies, the exhibition hall breaks the limitations of traditional physical exhibitions and creates an online museum space that remains open 24/7. It provides global audiences with a new, barrier-free way to appreciate and explore bamboo slips dating back thousands of years.
Integrating cutting-edge digital technologies such as XR and AI, the exhibition hall brings together multiple sections, including the digital exhibition hall, digital collections, panoramic virtual tours, historical neighborhood tours of ancient Changsha, and interactive bamboo slips games. Through an innovative “culture + technology” approach, it explores new pathways for the global communication of museum culture, allowing Three Kingdoms-era bamboo slips that have remained hidden for millennia to transcend geographical and physical exhibition constraints and open a window for people around the world to better understand Chinese history and culture.
Digital collections are a highlight of the online exhibition hall. Visitors can zoom in and out with simple gestures to examine the complete forms and details of bamboo slips in high definition. Through the integrated panoramic tour function, they can enjoy an immersive virtual visit to all exhibition halls of the Changsha Jiandu Museum, while also exploring landmark sites such as Tianxin Pavilion, the ancient city wall, and Baisha Ancient Well. With just one click, visitors can embark on a journey through the historical and cultural neighborhoods themed around bamboo slips. The smart guide system breaks down language barriers by providing multilingual interpretation services in Chinese, English, Japanese, Korean, Arabic, and French for visitors worldwide. Visitors can also take part in engaging interactive experiences, such as assembling bamboo slips and other activities.
Alongside the launch of the Digital Bamboo Slips Exhibition Hall, the Global Digital Bamboo Slips Collection Adoption Program was officially unveiled. By logging into the online exhibition hall, visitors at home and abroad can browse digital collections and create their own personalized digital collections with a single click. They can also share them instantly on major global social media platforms, providing a new model for the international digital dissemination of Changsha’s museum culture.
A representative of the Changsha Jiandu Museum said that, after three decades of cultural accumulation and research, the bamboo slips unearthed from the Zoumalou Site are now embracing new possibilities through digital dissemination, opening up a broader path for the innovative utilization of cultural heritage. Through this initiative, the Three Kingdoms-era bamboo slips preserved in Changsha will reach Chinese culture enthusiasts around the world, using digital museum platforms to tell compelling stories of China that are authentic, engaging and inspiring.
Hashtag: #ChangshaJianduMuseum
The issuer is solely responsible for the content of this announcement.
