Thu, Sep 18, 2014
A A A
Welcome sandeep.kottawar@wns.com
RSS

Sovereign Wealth Funds Briefing - Category | Investment more

UniCredit seen picking talks partner for Pioneer end-Sept-sources

Posted on 18 September 2014 by VRS  |  Email |Print

UniCredit, Italy’s biggest bank by assets, is expected to pick a partner for exclusive talks to buy a stake of up to 50 percent in its asset management division Pioneer towards the end of September, two sources familiar with the matter said.
The sources said on Wednesday Spanish bank Santander and a consortium comprising private equity fund CVC Capital Partners and Singapore sovereign fund GIC were the two strongest contenders, even though U.S. fund Advent was also in the frame. The proposal by CVC and GIC, who are advised by Deutsche Bank, aims to boost Pioneer’s expansion across the United States, Europe and Asia and make the asset manager less reliant on UniCredit, according to one of the sources……………………………………Full Article: Source

Russia’s biggest bank looks East

Posted on 17 September 2014 by VRS  |  Email |Print

The turmoil that is engulfing Ukraine and chilling ties between Russia and the West could have an unexpected silver lining for Singapore as companies caught up in the crossfire look East. A change in direction appears especially enticing for giant lender Sberbank.
Sberbank is no stranger to Singapore, having worked with major local institutions like Temasek Holdings and sovereign wealth fund GIC, which is one of its largest foreign investors…………………………………Full Article: Source

CCI gives thumbs-up to Temasek’s 10.16% stake buy in Intas

Posted on 16 September 2014 by VRS  |  Email |Print

Fair trade regulator CCI has cleared Singapore government investment arm Temasek Holding’s proposed acquisition of 10.16 per cent stake in Indian firm Intas Pharmaceuticals, saying the deal will not raise anti-competition concerns.
Under the proposed deal, Dunearn Investments (Mauritius) Pte. Ltd-a indirect subsidiary of Temasek-would acquire the stake from Mozart Ltd-a wholly owned subsidiary of ChrysCapital III LLC. In an order, the Competition Commission of India (CCI) said “that the proposed combination is not likely to have an appreciable adverse effort on competition in India”………………………………………..Full Article: Source

Dubai’s ICD buys $300 million stake in Dangote Cement

Posted on 16 September 2014 by VRS  |  Email |Print

Sovereign fund Investment Corp of Dubai (ICD) has bought a 1.4 percent stake in Dangote Cement, Nigeria’s biggest company by market capitalisation, for $300 million, a Dangote spokesman said on September 08. Dangote Cement spokesman Carl Franklin confirmed the sale, but provided no further details.
Stockbrokers in Lagos told Reuters 243 million shares of Dangote Cement were transferred to ICD, which holds stakes in some of the emirate’s top companies, at 200 naira each, a 12 percent premium to Dangote Cement’s price of around 223 naira on September 08………………………………………..Full Article: Source

GIC, others invest S$885m in XPO Logistics

Posted on 15 September 2014 by VRS  |  Email |Print

Singapore’s sovereign wealth fund GIC and two other investors will invest US$700 million (S$885.57 million) in US-listed XPO Logistics to help the transport company grow at a faster pace. XPO Logistics facilitates more than 31,000 deliveries a day as one of the fastest growing providers of transportation logistics services in North America, according to the firm’s website. The firm operates out of 203 locations and has about 10,400 employees.
The Public Sector Pension Investment Board, one of Canada’s largest pension investment managers, and Ontario Teachers’ Pension Plan are the other new investors in XPO Logistics………………………………………..Full Article: Source

Africa sovereign funds tread tricky path on investments

Posted on 12 September 2014 by VRS  |  Email |Print

As the oil producers of sub-Saharan Africa rush to create sovereign wealth funds, competing pressures to boost living standards now while saving for the future can throw up as many problems as they solve.
Jose Filomeno dos Santos, chairman of Angola’s fledgling $5 billion fund, noted that while his country has one of Africa’s highest economic growth rates, it still has one of the continent’s highest child mortality rates. “(Angola) still lacks doctors, it still lacks hospitals,” he told sovereign wealth fund conference at London’s Chatham House last week………………………………………..Full Article: Source

Singapore’s GIC invests US$700 million in XPO Logistics

Posted on 12 September 2014 by VRS  |  Email |Print

Singapore’s sovereign fund GIC is joining PSP Investments and Ontario Teachers’ Pension Plan in together investing US$700 million (RM2.2 billion) in XPO Logistics Inc, the US company said, adding it plans to use proceeds for unspecified acquisitions.
In a statement released in the United States, XPO said the deal will be carried out through the sale of newly issued common stock and preferred stock to the investors, who will hold about 22% of XPO after conversion. Greenwich, Connecticut-based XPO, a provider of freight transportation services, has a market value of US$1.8 billion………………………………………..Full Article: Source

Kazakh fund Samruk-Kazyna puts 14 companies on sale

Posted on 12 September 2014 by VRS  |  Email |Print

Samruk-Kazyna group of companies concludes assets presale preparation scheduled to be transferred in the private sector in September 2014, the deputy chairman of the Samruk-Kazyna National Welfare Fund Elena Bakhmutova told Trend Sept. 10. “The fund plans to auction 14 companies in September 2014. Assessment procedure on the current assets is being finalized,” Bakhmutova said, speaking to reporters in Astana.
However, she noted that nine companies will be put on the sale as part of Kazakhstan Temir Joly NC JSC, two companies of Kazakhstan Engineering NC JSC, a subsidiary of KazMunaiGas NC JSC and two companies of Samruk-Kazyna………………………………………..Full Article: Source

RKIF to invest in Children’s World

Posted on 12 September 2014 by VRS  |  Email |Print

Russia-China Investment Fund (RKIF) has reached an agreement in principle to invest in the company, “Children’s World”, is a major player in the sector of specialized network of trade in goods for children in Russia. To date, 100% of the share capital of the company is controlled by AFK “System”. Created by the Russian Direct Investment Fund and China Investment Corporation,RKIF focuses on cross-border transactions.
Under the deal, a large part of the proceeds will be directed to further development, in particular, the opening of new stores and the construction of additional logistics centers, which will significantly improve the operational efficiency of the company, which has the largest network of children’s goods in Russia………………………………………..Full Article: Source

Sovereign wealth’s new investment tactics

Posted on 11 September 2014 by VRS  |  Email |Print

Since mid-year statistics revealed that sovereign wealth funds (SWFs) are making direct investments at a rate never seen before , attention has turned to their new profile in the M&A landscape.An increasing number of state-owned funds are shunning their reputation as long-term, passive investors by acquiring private companies direct and even investing in exchange-traded funds.
While their push into higher-yielding assets has sparked some concern, their growing sophistication and preparedness to look at alternative strategies is here to stay………………………………………..Full Article: Source

CIC’s investment in Alibaba quadruples in two years

Posted on 10 September 2014 by VRS  |  Email |Print

China Investment Corporation (CIC), which invested in e-commerce giant Alibaba two years ago, has quadrupled the value of its investment, reports our Chinese-language sister paper China Times.
The sovereign wealth fund’s shares in Alibaba are estimated at US$5 billion and the Hangzhou-based company has been a much better investment than Blackstone, though the US company has produced a 35% return. CIC started to invest in Alibaba in September 2012, when Alibaba was purchasing part of Yahoo for US$7.6 billion………………………………………..Full Article: Source

Russia-China investment fund buys stake in retailer Detsky Mir

Posted on 10 September 2014 by VRS  |  Email |Print

The Russia-China Investment Fund (RCIF) said on Tuesday it had agreed to buy a minority stake in Russian children’s goods retailer Detsky Mir, controlled by oil-to-telecoms conglomerate Sistema.
RCIF, a joint venture between Russia Direct Investment Fund (RDIF) and China Investment Corp (CIC), said the bulk of the funds will be used by Detsky Mir to fund its expansion, including the opening of new shops and construction of additional logistics centres………………………………………..Full Article: Source

Nigeria SWF to buy stake in gas processing plant

Posted on 10 September 2014 by VRS  |  Email |Print

The Nigeria Sovereign Investment Authority (NSIA) will in a couple of weeks announce a major investment in gas processing plants with the aim of solving the problem of gas in the power sector of the economy, says Uche Orji, chief executive, NSIA, managers of the nation’s sovereign wealth fund.
“In the next three weeks, a big investment in gas processing will be announced by the NSIA,” said Orji. Orji, who spoke in Lagos at the launch of “The Nigerian Banking Sector Report” by Afrinvest, said that the investment would be made out of the $200million for gas to power by the federal government………………………………………..Full Article: Source

Dubai Investment Fund Pays $300m For Stake in Dangote Cement

Posted on 10 September 2014 by VRS  |  Email |Print

Sovereign fund Investment Corporation of Dubai (ICD) has bought a 1.4 percent stake in Africa’s leading manufacturer Dangote Cement for $300 million, the cement company’s spokesman Carl Franklin disclosed on Monday.
According to Akinbamidele Akintola, an African equity sales executive at Renaissance Capital, quoted by Reuters, the investment of ICD in Dangote signals the investment corp’s intention of diversifying its portfolio into the West African market which, he adds, bodes well for future investments into Nigeria from the Middle East………………………………………..Full Article: Source

Dubai’s Wealth Fund Invests $300 Million in Nigeria’s Dangote

Posted on 09 September 2014 by VRS  |  Email |Print

Dubai’s sovereign-wealth fund said on Monday it is buying a minority stake in Nigeria’s Dangote Cement for $300 million as the Gulf emirate makes it first major investment in Africa’s largest economy.
Dangote Cement, which is listed on the Nigeria Stock Exchange and has a market value of around $23 billion, was founded and is still controlled by Nigerian business magnate Aliko Dangote. It is a leader in its domestic market and plans to nearly double production capacity by 2018 and expand abroad with new plants scheduled in South Africa, Senegal, Zambia, Cameroon and Sierra Leone………………………………………..Full Article: Source

Africa’s Richest Man Aliko Dangote To Sell Stake In Cement Firm To UAE Sovereign Wealth Fund

Posted on 09 September 2014 by VRS  |  Email |Print

Africa’s richest man Aliko Dangote is selling a stake in his cement company to a sovereign wealth fund owned by the government of Dubai, United Arab Emirates. According to a report by the Financial Times, the Investment Corporation of Dubai (ICD) will invest $300 million in Dangote Cement, West Africa’s largest company, for a minority stake. Mohammed Al-Shaibani, CEO of the UAE-based company is expected to sign the deal on Monday with Aliko Dangote. ICD, which was established in 2006, owns stakes in Emirates Group, Dubai World Trade Center and the Emirates National Oil Company.
It is not yet clear whether the ICD will be acquiring the stake at a discount or premium to Dangote Cement’s current market price. Dangote Cement, which is listed on the Nigerian Stock Exchange, has a current market cap of $24.5 billion. At its current value, ICD’s $300 million injection would give it a 1.28% stake approximately………………………………………..Full Article: Source

Oman sovereign fund, Shell co-lead $53m investment in GlassPoint Solar

Posted on 09 September 2014 by VRS  |  Email |Print

GlassPoint Solar, the leader in solar enhanced oil recovery (EOR), has announced a $53 million equity investment from the State General Reserve Fund (SGRF), the largest sovereign wealth fund in Oman, Royal Dutch Shell (Shell) and GlassPoint’s existing investors. The funding will be used to accelerate the deployment of GlassPoint’s solar steam generators, which can reduce an oilfield’s natural gas consumption by up to 80 per cent.
“Solar-powered oil production will save valuable gas resources that can be used to establish new industries and create new jobs for Omanis. The support from Oman’s largest sovereign wealth fund and Shell’s corporate venture arm, Shell Technology Ventures, validates solar enhanced oil recovery (EOR) and its role in driving economic growth,” said Rod MacGregor, president and chief executive officer of GlassPoint………………………………………..Full Article: Source

China’s sovereign fund, Boyu, selling some Alibaba shares

Posted on 09 September 2014 by VRS  |  Email |Print

Alibaba Group Holding Ltd’s initial public offering could raise more than $21 billion, valuing the Chinese e-commerce giant at up to $163 billion. Yahoo Inc, the company’s second-largest shareholder, had already disclosed it will sell part of its stake in the IPO, but several other companies and individuals were unveiled as sellers in Alibaba’s latest filing released on Friday.
Alibaba directors and executive officers as a group would make up the second-biggest sellers of stock after Yahoo, potentially raising $1.23 billion from their stakes. The company did not break down the names of each executive selling shares. Other sellers include Chinese sovereign wealth fund China Investment Corporation (CIC), Singapore state investor Temasek Holdings, Saudi Arabia’s Olayan Group and several private equity firms………………………………………..Full Article: Source

Khazanah may divest Westports stake

Posted on 08 September 2014 by VRS  |  Email |Print

Khazanah Nasional is said to be looking to divest its stake in Westports Holdings Bhd, a move that resonates with its policy to reduce stakes in companies that are deemed as non-strategic in its portfolio of investments. Sources said the state investment arm was looking at placing out its entire 4.74% shareholding in Westports to other funds through a book building exercise.
Although the funds were not identified, Westports’ current shareholders include AIA Bhd, Hwang Investment Management Bhd and Genesis Group. Other big-name government-linked funds in Westports are Kumpulan Wang Persaraan, Employees Provident Fund, Skim Amanah Bumiputera, Lembaga Tabung Haji and Permodalan Nasional Bhd………………………………………..Full Article: Source

Temasek to invest Rs 400cr in KFC, Pizza Hut operator

Posted on 05 September 2014 by VRS  |  Email |Print

Singapore state investor Temasek Holdings is likely to make an investment of about Rs 400 crore in KFC, Pizza Hut and Costa Coffee store operator Devyani International, upping its play in the country’s fast-growing consumer sector.
The four-decade-old fund, with assets worth $173 billion globally, will purchase a significant minority stake in the New Delhi-based company, owned by soft drink bottling king Ravi Jaipuria. If the transaction materializes, Temasek will be the second private equity investor in Devyani after ICICI Venture, which had invested Rs 250 crore for a 10% stake in 2011………………………………………..Full Article: Source

Angola’s Sovereign Wealth Fund Ready To Invest $5 Bln Across Africa

Posted on 05 September 2014 by VRS  |  Email |Print

Angola’s fledgling sovereign wealth fund has identified direct investments in sub-Saharan Africa, and is poised to start deploying up to a third of the $5 billion it has been endowed by the government, its chairman said. Jose Filomeno dos Santos said the fund had set up a series of special purpose vehicles to identify opportunities in commercial infrastructure, energy, mining, agriculture and real estate.
He was speaking to Reuters in London as the Fundo Soberano de Angola (FSDEA), set up in 2012 to invest Angola’s oil wealth, announced it now has assets of $5 billion following a final top-up of $1.35 billion made in June. The fund will also deploy another third of its endowments, around $1.66 billion, to “opportunistic” investments around the world, seeking to buy up companies with a focus on sectors that could complement its activities in Angola and elsewhere in Africa………………………………………..Full Article: Source

Khazanah Eyes Investment Opportunities In Eastern Europe

Posted on 04 September 2014 by VRS  |  Email |Print

Khazanah Nasional Bhd is considering broader investment opportunities in Eastern Europe, following the opening of its office in Istanbul, Turkey, last November. Executive Director and Chief Financial Officer Mohd Izani Ghani said the office was established to tap investment opportunities around Turkey, North Africa and Eastern Europe.
He, however, said Khazanah planned to issue a foreign currency sukuk in the region but this cannot be realised yet as it had no assets in Eastern Europe. “We haven’t quite covered Europe yet as an investment haven………………………………………..Full Article: Source

China state investment fund Huijin eyes European banks investment

Posted on 04 September 2014 by VRS  |  Email |Print

Central Huijin Investment Ltd., the state-owned holding company for China’s largest financial institutions, is seeking European bank investments to diversify its domestic holdings, vice-chairman Li Jiange said on Wednesday.
“When we invest in China, efficiency and investment return has gone down,” Jiange said at a banking conference in Germany. “If we can then expand abroad, then we are highly interested in looking into European banks,” he said, speaking through a translator. “We would really be interested in profitable objects.”……………………………………….Full Article: Source

Angola’s $5 billion sovereign fund nearing African, global private equity-style deals

Posted on 04 September 2014 by VRS  |  Email |Print

Angola’s fledgling sovereign wealth fund has identified direct investments in sub-Saharan Africa, and is poised to start deploying up to a third of the $5 billion it has been endowed by the government, its chairman said. Jose Filomeno dos Santos said the fund had set up a series of special purpose vehicles to identify opportunities in commercial infrastructure, energy, mining, agriculture and real estate.
He was speaking to Reuters in London as the Fundo Soberano de Angola (FSDEA), set up in 2012 to invest Angola’s oil wealth, announced it now has assets of $5 billion following a final top-up of $1.35 billion made in June………………………………………..Full Article: Source

Norway’s Oil Fund, Prologis Buy Property in Madrid, Barcelona

Posted on 03 September 2014 by VRS  |  Email |Print

Norges Bank Investment Management, which manages the world’s biggest sovereign wealth fund, bought a portfolio of real estate in Madrid and Barcelona through a joint venture with Prologis Inc. (PLD). Prologis European Logistics Partners Sarl bought more than 1.6 million square feet of logistics facilities and development land in the two Spanish cities from SABA Parques Logisticos, Prologis said.
“Demand for logistics infrastructure in Spain is rising while construction of new facilities is at an historic low,” Philip Dunne, president of Prologis Europe, said in the statement. “We are pleased to acquire this well-located portfolio at a discount to replacement costs.”……………………………………….Full Article: Source

Norway’s oil fund buys logistics properties in Spain

Posted on 03 September 2014 by VRS  |  Email |Print

Norway’s sovereign wealth fund has acquired a 50 percent stake in a series of Spanish logistics properties for 242 million euros ($317.6 mln) through its joint venture with Prologis, the fund said on Tuesday.
The deal includes eight buildings with a total leasable area in excess of 150,000 square meters and two land parcels totaling 14.9 hectares in Madrid and Barcelona, it added. Prologis will perform the asset management……………………………………….Full Article: Source

Russia Funnels More Billions Into its Sovereign Wealth Funds

Posted on 03 September 2014 by VRS  |  Email |Print

Russia’s two oil revenue-funded sovereign wealth funds swelled by 353.3 billion rubles ($9.4 billion) last month to reach combined reserves of 6.54 trillion rubles ($177 billion), boosting the state’s financial firepower as the West applies the economic screws on Russia over the Ukraine crisis.
Russia’s Reserve Fund, which hoards U.S. dollars, euros and pounds sterling to insulate Russia against falling oil and gas prices, had assets worth 3.4 trillion ($91.7 billion) on Sept. 1, up 292 billion rubles, or 9.4 percent, from the start of August, according to the Finance Ministry………………………………………..Full Article: Source

‘Priority investors’ sell Royal Mail shares

Posted on 03 September 2014 by VRS  |  Email |Print

Many of the “priority investors” in Royal Mail, brought in supposedly to remain long term, stable holders of the privatised service, quietly sold millions of their shares over the summer. The Independent’s analysis of share trading data shows priority firms JPMorgan, Schroders and Abu Dhabi’s sovereign wealth fund also slashed their holdings in recent months. The Kuwait Investment Authority, another sovereign wealth fund, sold more than £8m of shares. It remains a major investor.
JPMorgan sold £1.3m of shares last month, taking its holding down to one million shares, the Abu Dhabi sovereign wealth fund sold nearly half of its one million shares and Schroders sold more than 40 per cent of its holding for more than £2.1m – a sale likely to have profited it to the tune of more than £500,000………………………………………..Full Article: Source

GIC joins 2 lead investors to fund North Sea oil firm

Posted on 02 September 2014 by VRS  |  Email |Print

The Republic’s sovereign wealth fund, GIC, is investing in a new North Sea oil-and-gas exploration and production company, Siccar Point Energy Limited. Affiliates of heavyweights - Blue Water Energy and Blackstone Energy Partners - are pumping in an initial investment of up to US$500 million in the new firm, making it one of the largest ever private equity investments in North Sea oil.
The deal includes funding from GIC, which is investing alongside Blue Water Energy. Scotland-based Siccar Point Energy will participate across the full value chain, from exploration through to production………………………………………..Full Article: Source

GIC invests in Siccar Point Energy

Posted on 02 September 2014 by VRS  |  Email |Print

GIC, the Singapore sovereign wealth fund, is investing in Siccar Point Energy, a new North Sea-focused oil company based in Aberdeen, Scotland. Private equity funds Blue Water Energy and Blackstone Energy Partners are leading the investment of up to US$500 million (S$624 million). Siccar Point plans to participate across the full value chain, from exploration through to production. For a start, it will focus on opportunities in the UK Continental Shelf.
Chief Executive Officer Jonathan Roger said: “This is a great time to build a business in the North Sea for a well-capitalised and experienced team with a focused strategy. It is a period during which some of the largest upstream companies are cutting back on capital expenditures and consolidating their global asset portfolios. We believe that selective capital deployment and efficient operations can deliver attractive returns in this environment”………………………………………..Full Article: Source

Kuwait Investment Authority: Why we must invest in Morocco?

Posted on 02 September 2014 by VRS  |  Email |Print

The Kuwait Investment Authority is a Kuwaiti sovereign fund manager surpluses Kuwaiti state, primarily related to oil exports. Established in 1953, it remains today one of the 10 largest sovereign wealth fund in the world. ‘All over the 6 countries of the Gulf Cooperation Council’ GCC ‘, there is an objective belief that Morocco is now a single economic power in the Maghreb facing Africa.
Thus said Waleed Al Fehaid ‘Senior Investment Manager at Kuwait Investment Authority (KIA). (Translated)……………………………………….Full Article: Source

GIC’s US$104m music bet raises hopes for regional start-ups

Posted on 01 September 2014 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC’s US$104 million investment in Taiwan’s KKBOX has raised hopes about investor appetite for start-ups, and comes as the music streaming industry is becoming a force to be reckoned with. GIC said on Thursday that it had taken an equity investment in KKBOX, a Taiwan music streaming service that claims more than 10 million users in Taiwan, Japan, Hong Kong, Singapore, Malaysia and Thailand.
KKBOX co-founder and chief executive Chris Lin said the proceeds of the investment would be used to fund the company’s overseas expansion and to improve technology and service……………………………………….Full Article: Source

Singapore’s GIC reduces stake in Parkson

Posted on 29 August 2014 by VRS  |  Email |Print

Parkson Holdings Bhd announced via Bursa that Singapore’s sovereign wealth fund, GIC Private Ltd, ceased to be a substantial shareholder in the company. GIC sold 5.74 million shares or 0.5% on the open market, leaving it with a 4.57% interest in Parkson. According to Bursa filings, GIC had been continually selling the company’s shares since April.
At least one research house, AllianceDBS Research, had issued a sell call on the counter. “Parkson’s FY14 results missed consensus (-12%) but beat our expectations (+8%). Net profit plunged 42% year-on-year (yoy) despite revenue growth of 1.4%. Q4FY14 earnings were dragged down by weak China operations (under Parkson Retail Group [PRG]) with earnings before income tax (Ebit) dropping 29% yoy despite revenue rising 1%………………………………………..Full Article: Source

GIC makes huge investment in KKBOX

Posted on 29 August 2014 by VRS  |  Email |Print

The Government of Singapore Investment Corp (GIC) has invested US$104 million in the popular Taiwan-based music streaming service KKBOX Inc. The investment plans to boost KKBOX’s business across Asia, the two sides said.
A joint statement said GIC’s investment would be used to fund KKBOX’s “overseas expansion, as well as refine its technology and service.” The investment underlines GIC’s “confidence in the long-term growth potential of KKBOX given its unique music streaming service and strong franchise in its home markets,” it said………………………………………..Full Article: Source

Direct Institutional Investors: Why Sovereign Wealth Funds and Pensions are Important

Posted on 29 August 2014 by VRS  |  Email |Print

The Sovereign Wealth Fund Institute (SWFI) tracks direct public asset owner investment flows. Public asset owners are becoming bigger players in the capital markets. Increasingly, public asset owners are increasing assets, investing more directly, hiring more internal staff and acquiring more services. Public funds, particularly sovereign wealth funds, have grown enormously over the past decade.
In higher frequency, governments, asset managers, bankers and private equity funds have sought more information regarding these sovereign investors. As of August 2014, sovereign wealth funds are a US$ 6.7 trillion investor class. When combined with public funds over US$ 10 billion in assets, the figure surpasses US$ 22 trillion………………………………………..Full Article: Source

GIC invests $130m in music streaming services provider KKBOX

Posted on 28 August 2014 by VRS  |  Email |Print

GIC has invested US$104 million (S$130 million) in KKBOX, a provider of music streaming services in Asia, the two companies said in a joint statement on Wednesday. KKBOX, which was established in 2004 by a group of Taiwanese software programmers, will use the funds to expand overseas and improve its technology and service, said the company’s co-founder and chief executive Chris Lin.
GIC said it has “confidence in the long-term growth potential of KKBOX given its unique music streaming service and strong franchise in its home markets”. “With the rising demand of consumer technology in the region, there will be exciting opportunities for the company as it embarks on its expansion,” the sovereign wealth fund and KKBOX said in the statement………………………………………..Full Article: Source

Singapore’s GIC sees tough investment climate in next decade

Posted on 27 August 2014 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC, which manages more than $100 billion of the city-state’s foreign reserves, warned in its annual report of a tough investment outlook over the next decade as global central banks withdraw ultra-easy monetary policies. According to GIC, prices of all major asset classes have been inflated by the massive stimulus measures, and now face weak future returns.
“Global financial markets have been recovering strongly from the 2008/09 global financial crisis, supported by low interest rates and unconventional monetary policies,” GIC indicated in the report. As central banks unwind monetary stimulus measures and interest rates increase, “financial assets will see diminished returns”, it said………………………………………..Full Article: Source

Corpbank majority owner working with Oman wealth fund on restructuring plan

Posted on 26 August 2014 by VRS  |  Email |Print

The majority owner of Bulgaria’s troubled Corporate Commercial Bank (Corpbank) said yesterday it was working with Oman’s sovereign wealth fund and other interested investors to restructure the lender. Corpbank’s fate has been in limbo since June, when a run on deposits prompted the central bank to seize control of it and close its operations, sparking the worst banking crisis in the poor Black Sea state since 1990s.
Tsvetan Vassilev’s Bromak owns just over half of Corpbank, the Balkan country’s fourth-largest lender. Oman’s sovereign wealth fund is the second-biggest shareholder with a stake of about 30%. The central bank said on Friday it had asked the two shareholders to unveil plans for the bank’s rescue by the end of August………………………………………..Full Article: Source

Norway Buys Yen Bonds as Local Pension Fund Cuts: Japan Credit

Posted on 25 August 2014 by VRS  |  Email |Print

Norway’s wealth fund, the world’s biggest, is diving into Japanese sovereign bonds, even as Japan’s government retirement fund prepares to cut holdings. The Oslo-based Government Pension Fund Global increased Japanese sovereign allocations 15 percent to 160.8 billion kroner ($26 billion) in June from the end of 2013, its biggest debt holding after U.S. Treasuries, the investor said.
Japan’s Government Pension Investment Fund, the world’s largest pool of retirement money, has signaled it will put more of its $1.23 trillion into domestic and overseas equities………………………………………..Full Article: Source

China fund buys stake in FieldAware

Posted on 25 August 2014 by VRS  |  Email |Print

Irish technology start-up FieldAware has secured a multi-million cash injection from the Chinese government. The China Investment Corporation, a sovereign wealth fund with $200bn in reserves, has snapped up a large stake in the Trinity College spin-off.
It is the first time the Chinese government has invested in an Irish technology company. Two more similar deals are due to be announced in the coming weeks. Unlike their US and British counterparts, Chinese investors have funded relatively little of Ireland’s booming tech start-up scene - but this may mark the beginning of a new relationship between the two countries………………………………………..Full Article: Source

SOFAZ to invest in China’s market

Posted on 22 August 2014 by VRS  |  Email |Print

Azerbaijan s state oil fund SOFAZ intends to invest in the Chinese market with the government debt securities, SOFAZ told Trend Agency on August 14. China as the second largest economy in the world remains an attractive market for the growing number of foreign investors. Prospects of the Chinese Yuan as an additional investment currency attract considerable interest of various categories of investors, including sovereign wealth funds.
SOFAZ has recently applied to the People s Bank of China to use broad investment opportunities in the Chinese market, SOFAZ said. The decision was made after careful evaluation of investments in the context of the overall investment portfolio. Currently the fund is at the stage of negotiation with the Chinese authorities on the approval of the quota. The outcomes of the negotiations will be released after the signing of agreements between Azerbaijan and China………………………………………..Full Article: Source

World’s largest wealth fund slows investment into new markets

Posted on 21 August 2014 by VRS  |  Email |Print

Norway’s US$880 billion (RM2.7 trillion) sovereign wealth fund, the world’s largest, is slowing its expansion into emerging markets as it scales back a two-year mission to tap into the fastest growing markets.“We are gradually picking up some new markets but at a less rapid pace than we did at the beginning of the year,” Yngve Slyngstad, the fund’s chief executive officer, said yesterday in an interview after a press conference in Oslo.
The fund has been pouring into emerging markets since 2012, when it won permission to step up its investment. At the time, the government approved a plan to reduce holdings in Europe to 41 per cent from 54 per cent of the total portfolio………………………………………..Full Article: Source

Dubai and South Korea sign joint investments deal

Posted on 19 August 2014 by VRS  |  Email |Print

Dubai and South Korea are teaming up to fund joint investments as the emirate cements its role as the business launch pad for the Middle East and Africa.
Investment Corporation of Dubai, the emirate’s state holding company, on Monday signed a memorandum of understanding (MoU) for an alliance with the Export-Import Bank of Korea, the official trade finance agency of South Korea………………………………………..Full Article: Source

Arab investors to pump huge funds to Europe

Posted on 19 August 2014 by VRS  |  Email |Print

Arab investors are increasingly looking to the UK and continental Europe’s commercial real estate markets to pump their huge funds. Europe is the preferred target of Arab investors with 80 percent of the expected $180bn Arab investment flowing in to UK and Europe over the next 10 years. In the UK, London is the preferred destination.
According to the Arab news portal, the Middle East Sovereign Wealth Funds (SWFs), which makes up 35 percent of SWFs assets under management are among the world’s largest source of capital………………………………………..Full Article: Source

China faces buyer’s remorse in Canada’s oil patch

Posted on 19 August 2014 by VRS  |  Email |Print

Chinese companies have shelled out more than $30-billion in Canada’s energy industry, but many of those investments have been hit with operational problems, delays and weak returns, leading to growing impatience in some quarters in China.
PetroChina Co. Ltd., Sinopec, CNOOC Ltd., China Investment Corp. and other state-owned enterprises made a raft of big bets on oil sands projects, shale developments and domestic companies since 2005 and many have yet to pay off. There is “absolutely” some buyer’s remorse stemming from many of China’s big-ticket acquisitions, said Samir Kayande, vice-president of energy research at ITG Investment Research, who has done intensive studies of some of the deals………………………………………..Full Article: Source

Bengal Finmin meets GIC top brass to attract investment

Posted on 19 August 2014 by VRS  |  Email |Print

West Bengal Finance Minister Amit Mitra today met the top brass of Singapore-based global investment firm GIC to attract investments. A West Bengal government delegation headed by Chief Minister Mamata Banerjee is on a 5-day tour to Singapore to attract investment for the state. GIC is one of the world’s largest global investors.
“We met the top brass of GIC and the meeting is fruitful,” Mitra told a TV channel over phone from Singapore. He said the GIC team consisted of 11 members, including managing director, analysts, PE fund managers, economists among others while from the state government several officials including the Chief Secretary was present………………………………………..Full Article: Source

Hopeful of Singapore’s GIC Group investing in Bengal: Mitra

Posted on 19 August 2014 by VRS  |  Email |Print

After holding a “fruitful” meeting with Singapore’s leading investment fund - the GIC Group, West Bengal Finance Minister Amit Mitra on Monday exuded confidence of securing big ticket investment for the state. Led by Chief Minister Mamata Banerjee, a delegation of ministers, bureaucrats and entrepreneurs are camping in the city state scouting for investment.
“Quite aware of Bengal and looking at the list of those who are investing in our state, they ended the meeting with a positive intent. The biggest thing is they have asked us to send them projects and if they found them bankable, they will invest,” Mitra said after holding a meeting with GIC representatives………………………………………..Full Article: Source

Singapore’s GIC ramps up Brazil assets

Posted on 18 August 2014 by VRS  |  Email |Print

The Government of Singapore Investment Corporation (GIC) has acquired an 18.5% stake in Brazilian education company Abril Educacao for an undisclosed price, in its latest move to increase exposure to Latin American assets. Based on the closing share price of Abril, a leading player in the Brazilian primary and secondary education market, on August 14, the stake was worth about US$265 million.
Abril employs about 7,000 staff and operates schools in Sao Paulo and Rio de Janeiro, as well as publishing textbooks and providing learning systems. It focusses on the so-called K-12 segment, which covers primary and secondary education………………………………………..Full Article: Source

SOFAZ to invest in China’s market

Posted on 18 August 2014 by VRS  |  Email |Print

Azerbaijan’s state oil fund SOFAZ intends to invest in the Chinese market with the government debt securities, SOFAZ said. China as the second largest economy in the world remains an attractive market for the growing number of foreign investors. Prospects of the Chinese Yuan as an additional investment currency attract considerable interest of various categories of investors, including sovereign wealth funds.
“SOFAZ has recently applied to the People’s Bank of China to use broad investment opportunities in the Chinese market,” SOFAZ said………………………………………..Full Article: Source

Singapore’s GIC takes 18.5% stake in Brazil education firm

Posted on 15 August 2014 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC said on Friday it has acquired an 18.5 per cent stake in Brazilian education services company Abril Educacao. GIC did not say how much it paid for the stake in Abril, a leading player in Brazil’s primary and secondary education market.
Based on Abril’s latest closing share price, the stake is worth about US$265 million (S$330 million). Funds managed by Brazilian buyout firm Tarpon Investimentos in June also took a significant stake in Abril……………………………………….Full Article: Source

banner
September 2014
M T W T F S S
« Aug    
1234567
891011121314
15161718192021
22232425262728
2930