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Sovereign Wealth Funds Briefing - Category | Investment more

Irish sovereign fund to invest up to EUR1 billion

Posted on 03 July 2015 by VRS  |  Email |Print

Between €500 million to €1 billion is to be invested this year by the Ireland Strategic Investment Fund (ISIF), bringing the total committed to €2 billion to €2.5 billion, its director, Eugene O’Callaghan has said. He was speaking at the launch of a report that said that at the end of 2014 €1.4 billion had been committed, of which €726 million had been drawn down.
The investments were into activities that employ 8,362 people directly or indirectly, with 48 per cent of the investment in Dublin and the rest spread elsewhere around the State. A total of 79-Irish-based companies or projects received funding. Four investments are made directly, with the rest by way of funds ISIF has itself invested in………………………………………..Full Article: Source

Overseas investors demand new deal on fees to expand Heathrow

Posted on 03 July 2015 by VRS  |  Email |Print

Chinese, Qatari, Canadian and Spanish infrastructure investors could be the big winners from the recommendation by Sir Howard Davies to build a new £18bn runway at Heathrow. A handful of the world’s biggest investors have been buying stakes in Heathrow Airport in recent years, in anticipation of permission being granted to expand the London airport’s capacity.
Heathrow’s investors include an arm of the Chinese government, one of Canada’s biggest pension funds, the Singaporean sovereign wealth fund and the Qatari sovereign wealth fund, as well as the main pension fund of British universities………………………………………..Full Article: Source

KazMunaiGas seeks to sell 50 pct of Kashagan stake to SWF

Posted on 02 July 2015 by VRS  |  Email |Print

Kazakh state oil company KazMunaiGas (KMG) said on Wednesday it plans to sell 50 percent of its stake in the Kashagan oilfield to the sovereign wealth fund Samruk-Kazyna and use the proceeds to reduce its debt.
KMG holds 16.81 percent in an international consortium which develops Kashagan in the Caspian Sea, the world’s biggest oil find in decades. The company expects to raise about $4.7 billion through the sale, KMG said in a statement on the Kazakhstan Stock Exchange. The sale is expected to close before the end of this year, it said………………………………………..Full Article: Source

Sovereign wealth fund buys big in Barangaroo

Posted on 02 July 2015 by VRS  |  Email |Print

One of the world’s largest sovereign wealth funds has acquired an interest in Barangaroo Tower 1 in Sydney. Qatar Investment Authority (QIA) has acquired a 37.5 per cent interest in the A$2 billion International Tower 1 at Barangaroo South in Sydney.
This is QIA’s first large-scale investment in Australian commercial property. The sovereign fund has previously invested in agricultural properties in NSW’s central west and beyond, under the group’s food security program, Hassad Food. International Tower 1 is one of the largest commercial office buildings to be built in Australia………………………………………..Full Article: Source

China Investment Weighs German Gas-Station Operator

Posted on 01 July 2015 by VRS  |  Email |Print

China Investment Corp. is in the running to buy a German highway rest-stop and gasoline-station company that could be valued at about €3 billion, or $3.37 billion, which would be by far the largest Chinese acquisition in Germany, according to people familiar with the matter. The potential bid is the latest sign of the sovereign-wealth fund’s ambitions to boost direct investments in overseas assets.
U.K.-based private-equity firm Terra Firma Capital Partners bought Tank & Rast in 2004 for €1 billion from investors led by Allianz Capital Partners, Apax Partners and Lufthansa. Terra Firma sold half of its stake in the company to Deutsche Bank’s investment arm RREEF. Both are asking suitors to place binding bids by the end of July, people familiar with the transaction said………………………………………..Full Article: Source

GIC unit to purchase Chennai land parcel for $86m

Posted on 01 July 2015 by VRS  |  Email |Print

Brigade Properties, a joint venture platform between realtor Brigade Group and Singaporean sovereign wealth fund GIC, will be purchasing a Chennai land parcel from Kansai Nerolac Paints for $86 million. The property is 15.86 acres and located in Perungudi, a Chennai suburb.
“The acquisition of the property would be done either directly by Brigade Properties or through its nominee or through a special purpose vehicle wherein Brigade Enterprises or its nominees and GIC Singapore through one of its affiliates would be the shareholders,” Brigade Properties said in an official statement. Final approval for the purchase is subject to legal due diligence………………………………………..Full Article: Source

Abu Dhabi Fund Boosts Mining Deals With Trafigura Venture

Posted on 30 June 2015 by VRS  |  Email |Print

Abu Dhabi-backed investment fund Mubadala Development Co. is buying a 50 percent stake in Trafigura Beheer BV’s Spanish copper business as part of an agreement to create a joint venture to invest in base metals mining.
Mubadala will purchase the stake in the commodity trader’s flagship Minas de Aguas Tenidas operations, which include three mines and processing facilities in southern Spain, the companies said Monday in a joint statement. Mubadala paid about $500 million, according to a person familiar with the matter, who asked not to be named because the price isn’t public………………………………………..Full Article: Source

Chinese Fund Vies for German Gas-Station Operator

Posted on 30 June 2015 by VRS  |  Email |Print

China Investment Corp. is in the running to buy a German highway rest-stop and gasoline-station company that could be valued at about €3 billion, or $3.35 billion, which would be by far the largest Chinese acquisition in Germany, according to people familiar with the matter.
The potential bid is the latest sign of the sovereign wealth fund’s ambitions to boost direct investments in overseas assets. U.K.-based private-equity firm Terra Firma Capital Partners bought Tank & Rast in 2004 for €1 billion from investors led by Allianz Capital Partners, Apax Partners and Lufthansa………………………………………..Full Article: Source

Brigade-GIC to buy Rs550 cr Chennai plot

Posted on 30 June 2015 by VRS  |  Email |Print

Brigade Properties Pvt. Ltd, a joint venture between Brigade Enterprises Ltd and sovereign wealth fund Government of Singapore Investment Corp. Pte Ltd (GIC), is set to buy a 15.8 acre plot in Chennai’s Perungudi area for Rs.550 crore from Kansai Nerolac Paints Ltd, the companies said on Monday.
Brigade Properties has entered into a “term sheet” with Kansai Nerolac, they said. Brigade and GIC entered into a joint venture last year, which invests in and acquires land for residential and mixed-use developments—including shopping malls and offices—in cities in southern India………………………………………..Full Article: Source

Temasek participates in Airbnb’s $1.5bn round

Posted on 30 June 2015 by VRS  |  Email |Print

Singapore’s sovereign wealth fund (SWF) Temasek Holdings has participated in home-rental service Airbnb Inc’s latest venture round, in which it raised $1.5 billion from 12 private equity firms. The deal values Airbnb at $25.5 billion, according to the report from the Wall Street Journal.
This new valuation places Airbnb as third in value behind similar venture-capital backed corporations valued at $1 billion or higher, like Chinese smartphone maker Xiaomi Corp. and US-based transport firm Uber. Airbnb’s revenue is expected to exceed $900 million for FY2015 and projected to reach $10 billion by 2020. For comparison, FY2013 saw it earn revenues of $250 million………………………………………..Full Article: Source

Canada’s Ivanhoe invests in Chinese warehouses

Posted on 30 June 2015 by VRS  |  Email |Print

The real estate arm of Canada’s second-largest pension fund said on Monday it will invest up to $180 million in Chinese warehouse properties, joining other institutional investors that are seeking to profit from China’s burgeoning e-commerce sector.
Ivanhoe Cambridge, part of the C$225.9 billion ($182.49 billion) Caisse de depot et Placement du Quebec fund, said it has launched a venture with U.S. real estate investor CBRE Global Investments to invest in LOGOS China Logistics Club, which owns and develops warehouse properties in hubs serving large Chinese cities. The Caisse joins Singapore sovereign wealth fund GIC and the Canada Pension Plan Investment Board in targeting China’s growing, yet fragmented logistics market………………………………………..Full Article: Source

Swedish investors attack governance record of Norway’s oil fund

Posted on 29 June 2015 by VRS  |  Email |Print

Norway’s oil fund has come under attack from several of Sweden’s largest investors over concerns that the world’s biggest sovereign wealth fund is not applying rigorous oversight to the companies it invests in. The criticism levelled at Norges Bank Investment Management (NBIM), which manages the oil fund’s $912bn of assets, comes in response to its perceived indifference to one of the biggest financial scandals in Sweden in recent history.
The scandal, which has tarnished Sweden’s image as a haven for ethical business practices, revealed corruption around expense claims and the misuse of corporate jets at SCA, the paper company………………………………………..Full Article: Source

China’s Silk Road infrastructure fund explores investment exit strategies

Posted on 29 June 2015 by VRS  |  Email |Print

China’s US$40 billion Silk Road infrastructure fund will use stock market listings and government transfers as exit strategies for divesting, in order to ensure financial returns from its investments, its chairwoman says. “When we make an investment decision, we will design an exit channel for it,” Jin Qi, the fund’s chief executive, told the Lujiazui Forum in Shanghai yesterday.
Capricious policymaking in those countries could prove a stumbling block to successful investments there, China Investment Corporation president Li Keping told the forum. “In those countries that lack a complete legal system, there will be discretionary policy changes,” the head of the country’s sovereign wealth fund said. ‘Therefore, uncertainties are increasing. Or, to be precise, risks are high.”……………………………………….Full Article: Source

LPC-CVC and Temasek to back Alvogen buy with existing $700 million loan

Posted on 26 June 2015 by VRS  |  Email |Print

European private equity fund CVC and Singaporean sovereign wealth fund Temasek are seeking to keep an existing $700 million leveraged loan financing for Alvogen in place to back their acquisition of a controlling stake in the pharmaceutical firm, banking sources said on Thursday.
CVC and Temasek agreed to buy the stake in a deal valuing the company at around $2 billion, it emerged earlier this week. Existing lenders to Alvogen have been asked to consent to a change of control provision, which would allow the seven-year term loan to remain in place, despite a change in ownership………………………………………..Full Article: Source

Responsible investment: Vice versus nice

Posted on 26 June 2015 by VRS  |  Email |Print

The movement to divest from fossil fuels has some powerful friends. Last month Norway’s sovereign wealth fund, the world’s biggest, announced that it would sell all its stock in coal companies, following an example set by several big university endowments, such as Stanford’s.
These big asset owners have huge influence over the fund management industry, and this month they were even joined by Pope Francis, whose encyclical on climate change nodded to the power of social boycotts………………………………………..Full Article: Source

Fossil-fuel divestment: No smoking

Posted on 26 June 2015 by VRS  |  Email |Print

The critics are right that it is hard to detect much impact from divestment campaigns on firms’ cost of capital. The first recruits to the fossil-fuel campaign were charities and universities with relatively small investments. Its biggest coup came earlier this year, when Norway’s vast sovereign-wealth fund resolved to sell its investments in coal and the dirtiest forms of oil production.
A few big pension funds, such as PFZW of the Netherlands, have promised to reduce the carbon footprint of their holdings. But the consequences for the share prices or bond yields of the spurned firms, if any, are not discernible amid the far bigger swings attributable to changes in the price of oil, gas and coal……………………………………….Full Article: Source

Qatar in $8bn bid to buy Formula One motor racing

Posted on 25 June 2015 by VRS  |  Email |Print

A Qatari investment vehicle is working together with an American company to buy a multi-billion dollar stake in Formula One (F1) racing, according to a report by the Financial Times. Qatar Sports Investments (QSI) and RSE Ventures have teamed up to purchase a 35.5 percent share of F1 from its holding company CVC Capital Partners and the sport’s chief executive Bernie Ecclestone.
QSI is a subsidiary of the Gulf state’s sovereign wealth fund, the Qatar Investment Authority, and its most well-known asset is French football club Paris Saint Germain, which was bought for $130mn in 2012. RSE Ventures is a sports and entertainment company that was founded by 75-year-old Stephen Ross in 2012 and owns the American football team Miami Dolphins……………………………………….Full Article: Source

How a US-Qatar takeover will take Formula 1 up a gear

Posted on 25 June 2015 by VRS  |  Email |Print

Reports are emerging that America’s RSE Ventures, owner of the Miami Dolphins, and Qatar Sports Investments (QSI), a sovereign wealth fund, are seeking to acquire the 35.5% of F1 owned by CVC Capital Partners. It is being predicted that any such deal would be worth between $7 billion and $8 billion.
Significantly, should the deal go through then it will probably also see F1 supremo Bernie Ecclestone selling his 5% holding in the sport. It is also being suggested that QSI will use its purchase of the two shareholdings to ultimately launch a complete takeover of F1………………………………………..Full Article: Source

Noble shares rise on buyback and China shareholder’s support

Posted on 25 June 2015 by VRS  |  Email |Print

Shares of Noble Group rose after the company bought more stock and its second-largest shareholder, China’s sovereign wealth fund, voiced support for the company for the first time in the wake of criticism of its accounting practices.
“As a major shareholder of Noble Group, we will continue to support its business,” Xie Ping, executive vice president of China Investment Corp., said in a Noble statement on Wednesday morning announcing the appointment of a new director. Noble, Asia’s largest commodity trader, rose as much as 4.3 per cent and at 10:50 a.m. local time was up 2.9 per cent to 71.5 Singapore cents, outpacing Singapore’s benchmark index………………………………………..Full Article: Source

Things are not looking good for the mining industry

Posted on 24 June 2015 by VRS  |  Email |Print

It is probably not news to most investors that the global mining industry is in trouble at this point. The Chinese, long one of the biggest buyers of mined commodities, are awash in steel, local debt, and ghost cities. Inevitably as sectors underperform, even the most stalwart investors will eventually get tired and jump ship. That appears to be happening now.
The Qataris are apparently tired of the poor returns in the mining industry and appear ready to throw in the towel on that market. The Qatar Investment Authority (QIA), Qatar’s sovereign wealth fund, are reportedly shifting away from the mining sector. Qatar is not the first sovereign wealth fund to back out of commodities, and they probably won’t be the last………………………………………..Full Article: Source

Saudi Public Investment Fund acquires stake in S.Korea’s Posco

Posted on 24 June 2015 by VRS  |  Email |Print

Clifford Chance advised the Saudi Public Investment Fund ( PIF ), the investment arm of the Saudi Government, on the acquisition of a 38% stake consisting of new and existing shares in Posco Engineering & Construction Co Ltd (Posco E&C), a leading Korean engineering and construction company with operations in Asia, the Middle East, South America and Europe.
The parties are also presently considering their strategic options for Saudi Arabia including the potential establishment of an EPC/construction company in the Kingdom of Saudi Arabia. Commenting on the deal, Lead Partner, Riyadh-based Omar Rashid said: “We were delighted to work with PIF on this landmark transaction which represents PIF ’s first significant outbound investment. Given the strength and depth of our Saudi practice, together with our renowned capabilities in Seoul, Clifford Chance was ideally placed to provide PIF with seamless advice on both the Korean and Saudi aspects of the transaction.”……………………………………….Full Article: Source

CVC and Temasek to buy Alvogen

Posted on 24 June 2015 by VRS  |  Email |Print

A consortium of investors led by CVC Capital Partners, and including Singapore-based sovereign wealth fund Temasek and Vatera Healthcare Partners,acquired a controlling stake in Alvogen, the US pharmaceutical company.
The bilateral deal values the privately held company at $2bn (£1.3bn), including debt. The shares come from Pamplona Capital Management’s stake, and the investment managers will retain a small interest. This is the latest pharma deal in a global trend which has seen $250bn worth of pharmaceutical mergers and acquisitions so far this year………………………………………..Full Article: Source

CVC and Temasek to buy US$2b generic drugs firm Alvogen

Posted on 23 June 2015 by VRS  |  Email |Print

European private equity fund CVC and Singaporean sovereign wealth fund Temasek are to buy a controlling stake in the pharmaceutical firm Alvogen, its chairman and chief executive said.
Robert Wessman, former CEO of Actavis, founded the New Jersey-based generic drugs firm in 2009. The size of the stake the consortium ‎purchased was not disclosed, but the deal values the company at around US$2 billion, a source familiar with the matter said on Monday………………………………………..Full Article: Source

S. Korea’s sovereign fund nixes plan to buy into LA Dodgers

Posted on 23 June 2015 by VRS  |  Email |Print

South Korea’s sovereign wealth fund has abandoned its plan to buy a stake in the Los Angeles Dodgers, a Major League Baseball club, as part of a broader move to diversify its investment portfolio, sources familiar with the matter said Sunday.
The Korea Investment Corporation (KIC), which manages assets entrusted by South Korea’s central bank, had been in talks to buy a 19-percent stake in the Dodgers from U.S.-based investment firm Guggenheim Partners since last year, a deal estimated at 400 billion won (US$361 million)………………………………………..Full Article: Source

S. Korea’s sovereign fund nixes plan to buy into LA Dodgers

Posted on 22 June 2015 by VRS  |  Email |Print

South Korea’s sovereign wealth fund has abandoned its plan to buy a stake in the Los Angeles Dodgers, a Major League Baseball club, as part of a broader move to diversify its investment portfolio, sources familiar with the matter said. The Korea Investment Corporation (KIC), which manages assets entrusted by South Korea’s central bank, had been in talks to buy a 19-percent stake in the Dodgers from U.S.-based investment firm Guggenheim Partners since last year, a deal estimated at 400 billion won (US$361 million).
According to the office of Rep. Park Won-suk of the minor opposition Justice Party and industry sources, the KIC recently backed down in the wake of a state audit into the investment plan. Last week, the Board of Audit and Inspection of Korea started looking into whether the KIC had made a decision to invest in the U.S. baseball club in a proper manner………………………………………..Full Article: Source

Bahrain Sovereign Fund plans more investments in 2015

Posted on 22 June 2015 by VRS  |  Email |Print

Bahrain Sovereign Fund plans to close a few more investments before the end of the year, and is looking to invest in GCC, Europe and the US, after making significant investments last year in its quest for diversification, its chief executive officer told Gulf News. Even as crude oil prices stabilise, Mumtalakat, which has a current portfolio f $7 billion through 38 portfolio companies, is currently studying “a number of investment opportunities.”
“We have been doing significant investments last year, and we hope to do significant investments this year. We are currently looking at a few investment opportunities, and hope one of them would materialise and would announce it shortly. We are currently looking at GCC, Europe and the US. We hope of make one or a few announcements before year-end,” Mahmoud Al Kooheji, chief executive officer of Mumtalakat told Gulf News………………………………………..Full Article: Source

Qatar’s USD256bn sovereign wealth fund to further invest in Asia

Posted on 22 June 2015 by VRS  |  Email |Print

The Qatar Investment Authority (QIA), the country’s USD256bn sovereign wealth fund, has announced new strategy that will see it allocate more money in Asia and the US. The move is part of QIA’s efforts to diversify its asset base to complement its strong based in Europe.
The Financial Times has quoted source as saying that QIA is diversifying into Asia and the US after making hefty investments in London and Paris. Last year, the QIA, which is considered the ninth largest fund the world, allocated USD15bn to USD20bn for investments into Asia, particularly in the healthcare, infrastructure and real estate sectors………………………………………..Full Article: Source

Oman fund targets stakes in tourism to shipping

Posted on 19 June 2015 by VRS  |  Email |Print

Oman is considering taking equity stakes in logistics, shipping and tourism as its sovereign wealth fund seeks to diversify government income from crude. Oman Investment Fund , which has holdings in Italy to Vietnam and is a shareholder of the Dubai Mercantile Exchange, wants to invest in companies in Oman and abroad that are mainly outside the oil industry, Dr Fabio Scacciavillani, chief economist at the state-owned fund, said in an interview in Dubai on Wednesday.
The fund is focusing on logistics, shipping and tourism as those industries are areas in which Oman has an advantage given its location on shipping routes connecting Europe and the Americas to Asia, he said. He didn’t disclose details on future investments………………………………………..Full Article: Source

GIC likely invest more into Bandhan

Posted on 19 June 2015 by VRS  |  Email |Print

International Finance Corporation (IFC) and the Singapore government-backed GIC are likely to raise their investments in Bandhan after it got the final banking licence by the Reserve Bank of India.
The global investors may pump in fresh Rs 500 crore equity, making it their second round of stake buy in the company this fiscal. IFC, GIC and state-run Small Industries Development Bank of India invested Rs 1,020 crore in the Kolkatabased small lender in May. Bandhan had receivedRs 640.87 crore from GIC in May, while IFC has put in Rs 344 crore. Sidbi has investedRs 35 crore in the Kolkata-based lender, which is India’s first microfinance company to transform into a bank……………………………………….Full Article: Source

Temasek invests $40m in healthcare venture Hello

Posted on 18 June 2015 by VRS  |  Email |Print

Singapore state-fund Temasek Holdings has invested $40 million into healthcare startup Hello in a venture round, less than a year after the company, on Kickstarter, had raised $2.4 million for their Sense sleep monitor.
Hello produces a Sleep Pill, a device which clips onto a pillow to assess sleep quality through movement, sending data to a Sense bedside orb that measures bedroom conditions such as light, temperature and noise. It also doubles as an alarm clock………………………………………..Full Article: Source

GIC & Temasek invest $590.1m in Citic Securities

Posted on 18 June 2015 by VRS  |  Email |Print

Singapore state fund Temasek Holdings and the country’s sovereign wealth fund GIC, alongside other sovereign funds, will be investing an additional S$739 million ($590.1 million) into Citic Securities, a broking firm, which is raising $3.495 billion in capital via a placement of new shares to 10 institutional investors.
China’s largest brokerage by market value, Citic is planning to sell 1.1 billion new Hong Kong-listed shares at HK$24.60 ($3.17) each. This is a 19 per cent discount from Monday’s closing price. Citic CLSA was the sole bookrunner, while Citic Securities International was the sole global coordinator of the deal. The 1.1 billion shares represent about 10 per cent of the total existing share capital at this time………………………………………..Full Article: Source

Oman Wealth Fund Looks Beyond Oil

Posted on 18 June 2015 by VRS  |  Email |Print

Oman, the largest Arab oil producer that’s not an OPEC member, is considering taking equity stakes in logistics, shipping and tourism as its sovereign wealth fund seeks to diversify government income from crude. Oman Investment Fund, which has holdings in Italy to Vietnam and is a shareholder of the Dubai Mercantile Exchange, wants to invest in companies in Oman and abroad that are mainly outside the oil industry, says Fabio Scacciavillani, chief economist at the state-owned fund.
The fund is focusing on logistics, shipping and tourism as those industries are areas in which Oman has an advantage given its location on shipping routes connecting Europe and the Americas to Asia, he said. He didn’t disclose details on future investments………………………………………..Full Article: Source

‘QIA keen on investing’ in Cardiff Airport transport, logistics hub

Posted on 18 June 2015 by VRS  |  Email |Print

The Qatar Investment Authority (QIA) has expressed keen interest in the proposed development of a logistics and transport hub around Cardiff Airport in South Wales, UK Trade & Investment chief executive Dominic Jeremy told Gulf Times.
Jeremy, who met with the QIA, Qatari Diar, and other investors in Doha, said the meeting revolved around the development of Cardiff Airport, which is part of the “northern powerhouse,” a proposal to drive economic growth in the north of England by the 2010-15 coalition government and the 2015-20 Conservative government in the UK………………………………………..Full Article: Source

Abu Dhabi sovereign wealth fund sells ACT hotel

Posted on 18 June 2015 by VRS  |  Email |Print

The Abu Dhabi Investment Authority has sold its CBD Canberra hotel for $77 million. The Novotel at 65 Northbourne Avenue was sold by the sovereign wealth fund owned by Emirate of Abu Dhabi.
According to Canberra Cityscope, the Novotel Canberra, which includes the Jolimont retail centre, was built in 1983. The six-storey building with basement parking is a 286-room hotel that was refurbished and extended in 2009. The property last traded at $10 million in 1998………………………………………..Full Article: Source

‘QIA keen on investing’ in Cardiff Airport transport, logistics hub

Posted on 17 June 2015 by VRS  |  Email |Print

The Qatar Investment Authority (QIA) has expressed keen interest in the proposed development of a logistics and transport hub around Cardiff Airport in South Wales, UK Trade & Investment chief executive Dominic Jeremy told Gulf Times. Jeremy, who met with the QIA, Qatari Diar, and other investors in Doha, said the meeting revolved around the development of Cardiff Airport, which is part of the “northern powerhouse,” a proposal to drive economic growth in the north of England by the 2010-15 coalition government and the 2015-20 Conservative government in the UK.
“We were talking about an investment proposition around Cardiff Airport that the Welsh government owns, including both the land and infrastructure around the airport. They’re pulling together quite a powerful proposition for a combined logistics, business, and transport hub based around Cardiff Airport………………………………………..Full Article: Source

Posco sells off a $1.1bn stake to Riyadh public investment fund

Posted on 17 June 2015 by VRS  |  Email |Print

South Korean steelmaker, Posco has agreed to sell $1.1bn (£710m) worth of shares in Posco E&C to Saudi Arabia’s Public Investment Fund (PIF). The deal gives Posco a 38 per cent stake, made up of 10.8m shares in Posco E&C, plus the issuance of 5.1m new shares, it said in a statement.
The parent company has been seeking to offload assets to help cope with the steel market downturn. Posco will retail control, with a 53 per cent stake. It hopes that the foreign capital injection will help reduce Posco C&E’s debt ratio, which it has been working on for the past three years………………………………………..Full Article: Source

POSCO Sells Builder’s Stakes to Saudi Sovereign Fund

Posted on 16 June 2015 by VRS  |  Email |Print

South Korea’s largest steelmaker POSCO said on June 16 that chairman Kwon Oh-joon signed a deal with the Gulf state’s Public Investment Fund (PIF) secretary-general Abdulrahman al Mofadhi, selling the 38 percent stake of POSCO Engineering and Construction (E&C) for 1.24 trillion won (US$1.12 billion).
The deal was known to be a move aimed at intensifying cooperation in infrastructure projects in the Middle East country as well as accelerating the corporate restructuring. The deal with Saudi Arabia’s sovereign wealth fund PIF includes a 26 percent stake owned by POSCO and a 12 percent share that POSCO E&C will get from issuing new shares………………………………………..Full Article: Source

Global Sovereign Wealth Funds Buy Into Chinese Brokers

Posted on 16 June 2015 by VRS  |  Email |Print

Are brokers a good way to buy into China’s sizzling hot stock market? Last week, Citic Securities said the National Council for Social Security Fund agreed to buy 640 million shares of the broker’s Hong Kong-listed stocks at 18 Hong Kong dollars each, in a deal that totals HK$11.5 billion ($1.5 billion). On Monday night, Citic Securities raised another $3.5 billion in a private placement, attracting sovereign wealth funds from around the world.
The Kuwait Investment Authority agreed to take up $476 million worth of the offering, while Malaysia’s state-owned investment fund Khazanah and Singapore’s Temasek each pledged $300 million. GIC, another sovereign fund from the city-state, agreed to purchase $249 million worth of shares in the mainland securities house………………………………………..Full Article: Source

HDFC makes affordable housing play; launches $1-billion global fund

Posted on 16 June 2015 by VRS  |  Email |Print

Some of the bulge-bracket global investors are betting on India’s affordable housing story with the country’s leading mortgage lender HDFC rolling out its $1-billion offshore fund to finance such projects.
The world’s second largest sovereign wealth fund the Abu Dhabi Investment Authority (ADIA), is one of the investors, according to two persons close to the development. Two European pension fund pools have also committed investments. The fund, according to a senior banker, has already completed its “first close” of $500 million — pooling a large share of it from the Gulf-based sovereign wealth fund (SWF)………………………………………..Full Article: Source

Top sovereign wealth fund puts €1.2bn bet on corporate Ireland

Posted on 15 June 2015 by VRS  |  Email |Print

The Government Pension Fund of Norway, the world’s biggest sovereign wealth fund, has built up a $1.34bn (€1.19bn) stake in Irish companies. The $916bn fund, which is financed by the sale of the country’s vast oil and gas reserves, has invested in 24 different Irish companies.
Norway is western Europe’s biggest oil exporter and levels up to 80pc tax rates on the profits from the sale of its oil and gas reserves. The fund, which is often referred to as the Oil Fund, invests abroad to avoid stoking inflation and pushing up interest rates and the krone. The largest of the fund’s Irish investments is a $486m stake in Smurfit Kappa, giving it control of a tenth of the paper and packaging business………………………………………..Full Article: Source

UAE SWFs major players globally

Posted on 15 June 2015 by VRS  |  Email |Print

According to the Sovereign Wealth Fund (SWF) Institute, GCC-based SWFs have a total of $2.6 trillion (Dh9.54 trillion) in assets — about 37 per cent of total SWF assets worldwide. Close to 80 per cent of SWF assets in GCC states are accounted for by three major players — the Abu Dhabi Investment Authority (Adia) with $773 billion, foreign holdings at the Saudi Arabia Monetary Authority (SAMA) at $757 billion and the Kuwait Investment Authority with $548 billion. By assets, Adia and Sama are the second and third largest SWFs globally.
The UAE has seven large SWFs in total: four in Abu Dhabi, one each in Dubai and Ras Al Khaimah, while the last is a federal fund. By number of funds, this is more than any other country in the GCC and globally, second only to the US which has several smaller-sized state-level SWFs………………………………………..Full Article: Source

1MDB seeks investors for Bandar Malaysia project

Posted on 15 June 2015 by VRS  |  Email |Print

1Malaysia Development Bhd (1MDB) is seeking equity investors for its 495-acre Bandar Malaysia project and will launch a request for proposal (RFP) in the next two weeks. 1MDB president and group executive director Arul Kanda Kandasamy said launch of the RFP for its subsidiary Bandar Malaysia Sdn Bhd comes on the heels of the rationalisation plan presented to Cabinet on May 29.
“Having generated considerable local and global interest, the objective of this RFP process is to select qualified equity investors to partner in the overall development,” its president and group executive director Arul Kanda said in a statement last Friday………………………………………..Full Article: Source

GIC Singapore scouts for more opportunities in West Bengal

Posted on 15 June 2015 by VRS  |  Email |Print

GIC Singapore, the sovereign wealth fund of the island nation, is trying to scout for more opportunities in West Bengal. “After investing USD 32.5 million in Kolkata Riverside, a 262-acre township, the fund is looking for more opportunities here,” Bengal Finance Minister Amit Mitra told PTI.
The GIC-invested PE fund, sponsored by HDFC Property and domiciled in Singapore, had signed a USD 32.5 million (Rs 200 crore) agreement with Hiland Group during the Bengal Summit inJanuary this year for Kolkata Riverside development………………………………………..Full Article: Source

GLP in talks to buy S$6b of US industrial property

Posted on 12 June 2015 by VRS  |  Email |Print

Global Logistic Properties (GLP), partly owned by Singapore sovereign wealth fund GIC, is in talks to acquire more than 200 warehouses in the United States valued at about US$4.5 billion (S$6.06 billion) as part of its push to expand in the world’s largest economy, a person with knowledge of the discussions said.
The talks with the owner of the properties, Industrial Income Trust, are preliminary and might not lead to an agreement, said the source, who asked not to be identified because the sales process is private. The assets under discussion total almost 58 million sq ft, the source added………………………………………..Full Article: Source

Qatar takes stake in Hong Kong energy trust

Posted on 12 June 2015 by VRS  |  Email |Print

Qatar Investment Authority (QIA) has ramped up exposure to Hong Kong stocks through its wholly-owned investment subsidiary with the acquisition of a stake in HK Electric Investments and HK Electric Investments Limited (collectively known as HKEI), an investment trust listed in the territory.
QIA, which is the State of Qatar’s sovereign wealth fund (SWF), has acquired a 16.53% stake in HKEI, backed by one of the two power producers in Hong Kong, for HK$7.68 billion (US$991 million) from Power Assets, which spun it off last year. In addition, it has bought a separate 3.37% stake in the trust from Cheung Kong Infrastructure, taking its total stake to 19.9%, according to a statement. Both sellers are companies controlled by Hong Kong tycoon Li Ka-shing………………………………………..Full Article: Source

GIC to more than double its stake in Franshion Properties to 6.54%

Posted on 11 June 2015 by VRS  |  Email |Print

Singapore’s sovereign wealth fund GIC will more than double its stake in Franshion Properties, after the latter placed 1.6 billion shares at HK$2.73 (S$0.50) per share as part of efforts to supplement the funding of its expansion and growth plan and broaden its shareholder base.
GIC, through the purchase of more than 425.9 million shares, will more than double its stake in the company, from 3.0 per cent to 6.54 per cent, making it the third-largest shareholder in the company. Meanwhile, New China Life Insurance Company will buy 1.014 billion shares, which will make it Franshion’s second-largest shareholder with a 9.5 per cent stake……………………………………….Full Article: Source

Middle East sovereign investors well prepared to meet funding challenges

Posted on 11 June 2015 by VRS  |  Email |Print

Middle East sovereign investors are well prepared to manage funding challenges arising out of steep fall in oil prices and potential withdrawals resulting from domestic economic compulsions, according to Global Sovereign Asset Management Study by Invesco.
“Funding is an issue for certain oil-rich sovereigns globally. Our study shows that the Middle East sovereign investors are better prepared to meet the sharp fall in oil prices than in the past although they could face increased withdrawal risks if the oil prices were to remain below $40 (Dh146) per barrel for more than two years,” Nick Tolchard, Chair of Invesco’s Global Sovereign Group & Head of Invesco Middle East, said………………………………………..Full Article: Source

Power Assets sells down stake in its Hong Kong electricity unit to Qatar sovereign wealth fund

Posted on 10 June 2015 by VRS  |  Email |Print

Power Assets Holdings, an international utilities firm controlled by tycoon Li Ka-shing, has sold a 16.5 per cent stake in HK Electric Investments (HKEI) to Qatar’s sovereign wealth fund for HK$7.68 billion. Power Assets will remain HKEI’s largest shareholder with a 33.37 per cent stake after the sale.
Together with a 3.37 per cent stake separately acquired earlier from Cheung Kong Infrastructure Holdings, Qatar Investment Authority will hold a 19.9 per cent stake in HKEI.“As we said at the time of HKEI’s initial public offering exercise, our intent has always been to maintain our stake in HKEI at between 30 per cent and 49.9 per cent,” said Power Assets chairman Canning Fok Kin-ning in a statement. “Placement of this 16.53 per cent stake is both consistent with that intent and allows us the opportunity to work closely with an important new strategic partner.”……………………………………….Full Article: Source

Qatar Fund Buys $1.2 Billion Stake in Hong Kong Utility

Posted on 10 June 2015 by VRS  |  Email |Print

Qatar Investment Authority, the Gulf state’s sovereign wealth fund, agreed to pay HK$9.3 billion ($1.2 billion) to buy a stake in Hong Kong billionaire Li Ka-shing’s electric utility as it boosts investments in Asia.
The fund’s Qatar Holding LLC unit will acquire a total 19.9 percent interest in HK Electric Investments & HK Electric Investments Ltd., controlled by Li’s Power Assets Holdings Ltd., according to a statement from the Hong Kong-based company………………………………………..Full Article: Source

Qatar fund buys $1.2 billion stake in Li’s Hong Kong utility

Posted on 10 June 2015 by VRS  |  Email |Print

Qatar Investment Authority, the Gulf state’s sovereign wealth fund, agreed to pay HK$9.3 billion (S$1.62 billion) to buy a stake in Hong Kong billionaire Li Ka-shing’s electric utility as it boosts investments in Asia. The fund’s Qatar Holding LLC unit will acquire a total 19.9 per cent interest in HK Electric Investments & HK Electric Investments Ltd, controlled by Li’s Power Assets Holdings Ltd, according to a statement from the Hong Kong-based company.
Qatar, which has invested in assets from German automaker Volkswagen AG to American Express Co’s business-travel division, plans to put as much as US$20 billion into Asia in the next five years and expand offices in Beijing and New Delhi………………………………………..Full Article: Source

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