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Sovereign Wealth Funds Briefing 27.May 2016

Posted on 27 May 2016 by VRS |  Email |Print

Kazakh sovereign wealth fund Samruk-Kazyna plans to raise more than $6 billion (4 billion pounds) from privatisations over the next five years, using the proceeds to help its companies repay debt, the fund’s managing director told Reuters on Thursday.
The sale will start with small companies. Public offerings of stakes in the fund’s crown jewels, such as national oil company KazMunayGaz, will be the last deals to happen and will take place after 2018, Berik Beisengaliyev said in an interview. “The balance sheet value of those assets (earmarked for privatisation) is between $6.0-7.3 billion at the current exchange rate,” Beisengaliyev said………………………………………..Full Article: Source

Posted on 27 May 2016 by VRS |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) sold $20 million to 11 banks through an auction held by the Central Bank of Azerbaijan (CBA), SOFAZ said May 26. Meanwhile, CBA itself acquired $30 million at the auction.
SOFAZ will continue selling foreign currency through auctions in 2016. The foreign currency is sold as part of SOFAZ’s transfers to the Azerbaijani state budget, which are envisaged to stand at 7.615 billion Azerbaijani manats in 2016………………………………………..Full Article: Source

Posted on 27 May 2016 by VRS |  Email |Print

Saudi Arabia is planning to create the world’s largest sovereign wealth fund by adding ownership of oil giant Saudi Aramco and other key assets to the Public Investment Fund. With a potential value of more than $2 trillion — mostly based on what Aramco is worth — the fund would be more than double the size of the Norwegian fund, the world’s largest.
Saudi Arabia is seeking to hire international bankers to help manage the fund and boost its investments overseas as part of a plan to reduce the kingdom’s reliance on oil………………………………………..Full Article: Source

Posted on 27 May 2016 by VRS |  Email |Print

Saudi Arabia is planning to expand its sovereign wealth fund into the world’s largest. The Public Investment Fund could eventually control more than $2 trillion, according to Deputy Crown Prince Mohammed bin Salman, making it big enough to buy the world’s four largest publicly traded companies.
The fund is at the center of efforts to diversify revenue from oil under an economic transformation plan known as Vision 2030. The 84-page Vision blueprint includes plans to restructure the country’s finances, administration and reshape oil giant Saudi Aramco into an industrial and energy conglomerate………………………………………..Full Article: Source

Posted on 27 May 2016 by VRS |  Email |Print

Saudi Arabia’s Public Investment Fund, the wealth fund headed by Deputy Crown Prince Mohammed bin Salman, is likely to make an offer next month to buy Riyadh’s unfinished financial hub as the government attempts to rehabilitate a project plagued by delays and cost overruns.
The fund may pay about 30bn riyals ($7.9bn) – the amount already spent on the King Abdullah Financial District by the Saudi Public Pension Agency – plus the cost of undeveloped plots, a person with knowledge of the matter said, asking not to be identified as discussions are private. The plan includes a new company to oversee the project’s completion and management………………………………………..Full Article: Source

Posted on 27 May 2016 by VRS |  Email |Print

Abu Dhabi Investment Authority, the sovereign wealth fund of the emirate of Abu Dhabi, is in final talks with the Hyderabad-based Greenko Group to invest $170-$200 million for a minority stake. The transaction is expected to close at a $1 billion post-money valuation, The Economic Times reported citing sources.
Greenko, formerly listed on London’s AIM exchange, also had $800 million debt as on December 2015, implying an enterprise value of $1.6 billion. GIC of Singapore owns about 84% of Greenko while the renewable energy company’s two founders, Anil Chalamalasetty and Mahesh Kolli, hold the rest………………………………………..Full Article: Source

Posted on 27 May 2016 by VRS |  Email |Print

Mainland sovereign wealth fund China Investment Corporation has made its first significant US real estate investment, acquiring a 49 percent interest in the 1 New York Plaza office tower from Brookfield Property Partners for $700 million, according to reports in the New York press.
CIC, as it is popularly known, has been China’s biggest investor in overseas properties, and has acquired or invested more than $7 billion into real estate assets outside of China since 2012, according to data compiled by Mingtiand……………………………………….Full Article: Source

Posted on 27 May 2016 by VRS |  Email |Print

An audit of a key energy group sold by troubled state investment fund 1Malaysia Development Bhd. to a Chinese state-owned nuclear-power company flagged deep uncertainty over the company’s viability.
Notes from auditor Deloitte in the 140-page financial accounts of Edra Global Energy Bhd. for the year ended March 31, 2015, said the audit found “an existence of a material uncertainty which may cast significant doubt about the group’s and company’s ability to continue as a going concern.”……………………………………….Full Article: Source

Posted on 27 May 2016 by VRS |  Email |Print

In a massive revelation, the Swiss financial market supervisory authority FINMA has conclusively linked troubled bank BSI AG and its Singapore branch, to the global scandal surrounding Malaysian sovereign wealth fund 1MDB. FINMA said through business relationships and transactions linked to the corruption scandals surrounding 1MDB, BSI AG committed serious breaches of money laundering regulations.
It said in the case of 1MDB, there were deliberate management decisions made by the bank that led FINMA to reach its conclusions of corruption and money laundering accusations. Transactions involving 1MDB were executed within the client group and with THIRD PARTIES without the bank adequately clarifying their commercial justification………………………………………..Full Article: Source

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The world’s largest sovereign wealth fund, Norway’s Pension Fund, with assets worth a staggering $ 800 billion, appears to be bullish on investing in Sri Lanka, having built a small yet growing portfolio of listed equities.
Recently, the Norwegian Embassy revealed that its Pension Fund has invested $ 31 million in shares of 12 Sri Lankan listed companies engaged in industrials, finance, telecommunications and consumer goods sectors. It didn’t reveal what the companies are but suggested it was the first step with analysts hopeful of an expanded engagement with the Sri Lankan capital market in the long term………………………………………..Full Article: Source

Posted on 27 May 2016 by VRS |  Email |Print

Norway will take a first step this week towards using its $850 billion sovereign wealth fund, the world’s biggest, as a tool to combat the use of tax havens, two key members of parliament’s finance committee told Reuters on Wednesday.
The country’s right-wing minority government will be asked to take a two-pronged approach to regulation, examining both the fund’s own use of ownership structures designed to cut its liability for tax on its foreign investments as well as that of companies it invests in, the politicians said. The move follows the Panama Papers leaks in April, which revealed details of corporate and individual tax evasion and triggered a global backlash against tax havens………………………………………..Full Article: Source

Posted on 27 May 2016 by VRS |  Email |Print

Alaska Permanent Fund Corp., Juneau, approved a private markets pacing plan for fiscal year 2017 starting July 1, said a news release from the $52.7 billion sovereign wealth fund. Under the pacing plan approved at this week’s board meeting, $900 million total would be committed to traditional private equity funds and co-investments in fiscal year 2017, with co-investments limited to $225 million.
This allocation could increase by $200 million based on market opportunities. Additionally, the pacing plan calls for up to $350 million total for structured private equity, which could increase by $200 million based on market opportunities………………………………………..Full Article: Source

Posted on 27 May 2016 by VRS |  Email |Print

The Alaska Permanent Fund’s investment returns rose in the third quarter of fiscal year 2016 ended March 31, though performance is still down year-to-date. Due in part to the U.S. dollar’s strength impacting international investments, the Alaska Permanent Fund came in relatively flat in the third quarter of fiscal year 2016 at 1.2 percent compared to the performance benchmark of 2.3 percent.
Year-to-date, the Permanent Fund was down 0.9 percent as of March 31 at a total value of $52.5 billion, about $331 million less than the end of the 2015 fiscal year last June 30………………………………………..Full Article: Source

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