Kyndryl completed its spin-off from International Business Machines and has started trading as an independent company on the New York Stock Exchange under the ticker symbol KD.
The New York-based company – the managed infrastructure services division of IBM’s global technology services unit – became an independent, publicly traded company by ringing the opening bell at the US exchange on Thursday.
Last year, IBM said it would spin off Kyndryl, and its board of directors approved the deal last month. The new company has about 90,000 employees.
We look forward to the path ahead, with a flatter and faster company that is at the heart of progress for our customers and for the world
Martin Schroeter,
Kyndryl's chairman and chief executive
“We are thrilled that Kyndryl is today an independent company … with 90,000 of the best and brightest professionals, a strong balance sheet and a path to growth”, said Martin Schroeter, Kyndryl's chairman and chief executive.
Shareholders do not need to take any action to receive shares of Kyndryl common stock, which they are entitled to as IBM stockholders, the company said.
Nearly 80.1 per cent of Kyndryl shares were distributed to the shareholders of IBM, who received one Kyndryl share for every five IBM shares owned.
IBM has temporarily retained a 19.9 per cent equity stake in Kyndryl following this distribution. It aims to exchange those shares for IBM debt during the 12-month period following the distribution, subject to market considerations, the company said.
“There is a large and growing need for digital transformation services … our expertise in creating, managing and modernising mission-critical information systems positions us well in a market that will expand to more than $500 billion by 2024,” Mr Schroeter said.
“We look forward to the path ahead, with a flatter and faster company that is at the heart of progress for our customers and for the world.”
IBM reported a 33.5 per cent dip in third-quarter net profit to $1.1bn on October 21, as the company posted flat sales growth in the three months to September 30.
Sales at the global technology services unit, which included Kyndryl before the spin-off, dropped about 5 per cent to $6.2bn in the July-September period.
Industry analysts said that IBM separated its slower-growth business so it could focus on the boom in demand for cloud services and compete better with Amazon and Microsoft.
This spin-off is a “milestone for IBM, its employees and its shareholders as we enter a new era of growth”, IBM’s chairman and chief executive Arvind Krishna said last month.
“The separation of Kyndryl is a significant step in the continued evolution of IBM, a company now squarely focused on delivering powerful hybrid cloud and AI [artificial intelligence] solutions and capabilities to enterprises around the world,” he said.
Kyndryl has more than 4,600 global customers in 115 countries in the financial services, telecoms, retail, aviation and automotive sectors. Its clients include 75 of the US Fortune 100 companies, the largest public and private companies in the US based on revenue.
Revenue at Kyndryl dropped last year by more than 4 per cent annually to $19.4bn, after falling nearly 6.8 per cent in 2019, according to a Securities and Exchange Commission filing.
It generated $4.75bn in sales in the three months ended June 30, compared with $4.73bn for the corresponding quarter last year.
Kyndryl did not disclose the names of its clients in the Middle East.
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
'Saand Ki Aankh'
Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars
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MATCH INFO
Asian Champions League, last 16, first leg:
Al Jazira 3 Persepolis 2
Second leg:
Monday, Azizi Stadium, Tehran. Kick off 7pm
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
if you go
The flights
Emirates flies to Delhi with fares starting from around Dh760 return, while Etihad fares cost about Dh783 return. From Delhi, there are connecting flights to Lucknow.
Where to stay
It is advisable to stay in Lucknow and make a day trip to Kannauj. A stay at the Lebua Lucknow hotel, a traditional Lucknowi mansion, is recommended. Prices start from Dh300 per night (excluding taxes).
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
UAE currency: the story behind the money in your pockets
Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
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BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
SEMI-FINAL
Monterrey 1
Funes Mori (14)
Liverpool 2
Keita (11), Firmino (90 1)
