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Sovereign Wealth Funds Briefing 30.Jan 2015

Posted on 30 January 2015 by VRS |  Email |Print

Directors of Canary Wharf Group are in line for a £23m windfall following the £2.6bn Qatari-led takeover of the property firm’s parent. Sir George Iacobescu, the head of Canary Wharf Group, will get the biggest share, £3.8m, from the sale of his Songbird shares to the Qatari Investment Authority and Canadian firm Brookfield Properties.
In 2013, Iacobescu was awarded more shares that have not been released yet and would be worth a further £2.3m, taking his potential total windfall to £6.1m. A Romanian engineer who escaped Nicolae Ceauşescu’s communist regime in the 1970s, Iacobescu has been involved in the construction of the Docklands financial district in east London from its beginnings in the late 1980s……………………………………….Full Article: Source

Posted on 30 January 2015 by VRS |  Email |Print

Ending years of efforts to find a new owner, Ssangyong Engineering & Construction signed an acquisition deal with the Investment Corporation of Dubai on Thursday. “The company’s credibility is expected to increase significantly as one of the world’s sovereign wealth funds will become the largest shareholder of the construction firm,” said Ssangyong, Korea’s 19th-largest building firm by construction capacity.
Under the deal, the Dubai-based state-run sovereign wealth fund will acquire newly issued Ssangyong shares, worth 200 billion won ($183 million). The ICD boasts the second-most assets under management in the United Arab Emirates, controlling assets of $160 billion……………………………………….Full Article: Source

Posted on 30 January 2015 by VRS |  Email |Print

With India’s foreign exchange reserves touching an all-time high of $322-billion, the country’s Department of Fertilisers has revived a three-year-old proposal to create a sovereign fund for the acquisition of mineral assets overseas.
An official said that the proposal was still at a nascent stage and yet to be discussed with the Finance Ministry and, as a result, he could not comment on the size of the fund aimed at securing foreign assets. Four years ago, the Department of Fertilisers completed the groundwork for creating a $1-billion sovereign fund for ensuring fertiliser supply security, establishing linkages with mineral assets overseas……………………………………….Full Article: Source

Posted on 30 January 2015 by VRS |  Email |Print

Businessman T. Ananda Krishnan (AK) is understood to have firmed up an agreement to loan beleaguered 1Malaysia Development Bhd (1MDB) as much as RM2 billion to help the strategic investment fund settle a debt obligation to Malayan Banking Bhd (Maybank) and RHB Bank Bhd due at the end of this month, sources say.
It is understood that the loan, however, is merely an interim measure. “It (the loan) is more for 1MDB to clear this obstacle – the two banks – than anything else. The two (AK and 1MDB) are still looking at how to resolve the issue,” the source said……………………………………….Full Article: Source

Posted on 30 January 2015 by VRS |  Email |Print

1Malaysia Development Berhad’s (1MDB) future looks really bleak. If, as according to this report, that it has to sell its stake in order to pay its debt every month, then eventually it will have nothing left when all its properties are sold.
Secondly, it seems like a desperate measure of a person who is about to go bankrupt, when it (1MDB) sells its property (Edra Global Energy Bhd) back to the same person, T Ananda Krishnan, who sold the property to them two years ago……………………………………….Full Article: Source

Posted on 30 January 2015 by VRS |  Email |Print

CIMB Investment Bank Bhd and Credit Suisse (Singapore) Ltd, as joint bookrunners, have today successfully completed a placement of 112 million existing shares, representing a 2% stake in Tenaga Nasional Bhd.
The shares were placed out at RM14.50 each, and raised gross proceeds of RM1.62 billion for Khazanah Nasional Bhd. The placement price represents a 2% discount to the closing market price on Jan 28, 2015, of RM14.80 per share……………………………………….Full Article: Source

Posted on 30 January 2015 by VRS |  Email |Print

According to operative data, revenues of Azerbaijan’s state budget amounted to 18.4 billion manats, while expenditures-to over 18.699 billion manats in 2014, Finance Ministry said on January 28. The country’s state oil fund SOFAZ transferred 9.3 billion manats to the state budget as well.
Some 24 percent or 4.5 billion manats of expenditures were used for spending of social means, which is 9.9 percent or 403.9 million manats more compared to 2013……………………………………….Full Article: Source

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