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Angola’s Sovereign Wealth Fund Targets Mine, Timber Investments

Posted on 27 February 2015 by VRS  |  Email |Print

Angola’s $5 billion sovereign wealth fund is seeking investments in mining, timber, health and agriculture as it seeks to diversify its asset base and increase returns. “A large portion of the portfolio is invested in international securities,” Jose Filomeno dos Santos, the fund’s chairman, said in an interview with Bloomberg Television in Cape Town on Thursday.
“We are looking at several opportunities. We wouldn’t want to give away these opportunities by disclosing what they are before they are completely settled,” he said.The fund, which is managed by Zug, Switzerland-based Quantum Global Investment Management Ltd., was established to invest surplus state funds and promote development in Africa’s largest crude oil producer after Nigeria………………………………………..Full Article: Source

Russian Direct Investment Fund Consortium to Acquire Shares in Vladivostok International Airport

Posted on 26 February 2015 by VRS  |  Email |Print

The consortium comprising the Russian Direct Investment Fund (RDIF), a $10 billion fund established to make equity investments into Russian economy, Changi Airports International (CAI), a wholly-owned subsidiary of the world’s leading airport operator Changi Airport Group, and Basic Element, one of Russia’s diversified industrial groups, has been announced as the winner of the tender to acquire shares in Vladivostok International Airport in Russia’s Far East. Each member will hold an equal share in the consortium.
The consortium’s bid was recognised as the best based on the strength of the technical, legal and financial components in the submission. The transaction will be closed after regulatory approvals are received. Vladivostok International Airport is strategically important for the development of the air transportation system in the region due to its geographical location - the crossing of two air routes between the Russian Far East and the Asia Pacific region. (Press Release)

Sovereign Wealth Fund Direct Infrastructure Investments, 2003-2014

Posted on 26 February 2015 by VRS  |  Email |Print

Sovereign wealth funds surpassed US$ 7 trillion in assets before the end of 2014. These institutional investors typically have unique liabilities compared to public pensions. Many of the large sovereign wealth funds, funds with over US$ 30 billion in assets, seek long-term investments. When it comes to infrastructure, sovereign wealth funds pursue accommodating investment regimes, low political risk, assurances from government and opportunities to earn stable financial returns.
According to our research, Asia and Europe top the list as the largest recipients of direct infrastructure investment by sovereign wealth funds, followed by Australia and New Zealand. The Americas ranks dead last, even behind Africa. Breaking apart the Americas, South America has few large direct infrastructure investments by sovereign funds, the bulk going to North America………………………………………..Full Article: Source

Iran to spend up to $4.8 billion from sovereign fund on oil development

Posted on 25 February 2015 by VRS  |  Email |Print

Iran will withdraw up to $4.8 billion from its sovereign wealth fund to spend on developing its oil and gas fields next fiscal year under a proposal approved by parliament on Tuesday. The decision to dip into the National Development Fund underlines the heavy financial pressure which Iran faces from low oil prices and international economic sanctions over its disputed nuclear program.
The hard currency allocation, which will supplement other budgetary allocations for the sector, also shows the large sums which Iran needs to spend to modernize its ageing oil fields and crumbling energy infrastructure………………………………………..Full Article: Source

Sovereign Wealth Fund Investments Hold Steady Amid Oil Shock

Posted on 25 February 2015 by VRS  |  Email |Print

Tired of having its economy whipsawed by big swings in oil prices, Norway in 1996 pened a rainy-day fund to save oil earnings for future generations and cushion the government’s budget from volatility in crude prices. Today the Government Pension Fund Global, as its called, is the world’s largest sovereign wealth fund, with $870 billion in assets.
Its massive size can easily offset the fiscal hit from the recent drop in global oil prices or help prevent “Dutch disease” - the tendency of natural-resource revenues to strengthen local currencies and weaken economic competitiveness- should oil prices rebound………………………………………..Full Article: Source

Temasek participates in Chinese edu site’s $100m Series D round

Posted on 25 February 2015 by VRS  |  Email |Print

Chinese K-12 online learning and teaching platform – 17zuoye.com has raised $100 million in a Series D round of funding that was led by H Capital, the company told local media.
The other investors in the round include Singapore state-fund Temasek Holdings, DST Advisors and Shunwei Capital Partners. The latest financing deal values the startup at $600 million. 17zuoye, which means “let’s do homework together” in Chinese, was launched in 2011 and provides an interactive platform for students to learn their subjects………………………………………..Full Article: Source

Sovereign Wealth Fund Direct Infrastructure Investments, 2013-2014

Posted on 25 February 2015 by VRS  |  Email |Print

Sovereign wealth funds surpassed US$ 7 trillion in assets before the end of 2014. These institutional investors typically have unique liabilities compared to public pensions. Many of the large sovereign wealth funds, funds with over US$ 30 billion in assets, seek long-term investments. When it comes to infrastructure, sovereign wealth funds pursue accommodating investment regimes, low political risk, assurances from government and opportunities to earn stable financial returns.
According to our research, Asia and Europe top the list as the largest recipients of direct infrastructure investment by sovereign wealth funds, followed by Australia and New Zealand. The Americas ranks dead last, even behind Africa. Breaking apart the Americas, South America has few large direct infrastructure investments by sovereign funds, the bulk going to North America………………………………………..Full Article: Source

Sovereign Wealth Funds Investing at Home – Opportunity Fraught with Risk

Posted on 24 February 2015 by VRS  |  Email |Print

Following the recent discoveries of large oil and gas deposits in East Africa, a number of countries in the region are in the process of establishing, or are discussing the creation of, sovereign wealth funds (SWFs) as a means to stabilise the effect of volatile currency inflows and to save for future generations.
Additionally, like several other SWFs established over the last decade, some East African governments are considering a role for the planned funds in economic development, as strategic investors in the national economy. The use of SWFs as a tool for strategic domestic investments opens up a range of new possibilities for deepening undercapitalised domestic financial markets and crowding in private capital to infrastructure in priority sectors such as power and transport………………………………………..Full Article: Source

Sovereign Wealth and Pension Money Flow Into Energy Funds

Posted on 24 February 2015 by VRS  |  Email |Print

Private equity firms are still raising institutional investor capital to target investments in the U.S. energy sector. The Blackstone Group had total commitments of US$ 4.5 billion for its second energy fund, Blackstone Energy Partners II. Some large pensions invested in the fund include: New Jersey Division of Investment and Teacher Retirement System of Texas (TRS).
Meanwhile, smaller funds and platforms are raising capital. Dallas-based PetroCap raised US$ 350 million in PetroCap Partners II, a fund focusing on oil & gas investments in the US$ 20 million to US$ 70 million range. On the debt side, EIG Global Energy Partners and Winter Park-based Triloma Financial Group have formed Triloma EIG Global Energy Fund, an unlisted investment company that will allocate capital to privately originated energy company and project debt………………………………………..Full Article: Source

Abu Dhabi fund buys hotel in Miami Beach for $230 million

Posted on 23 February 2015 by VRS  |  Email |Print

An investment group from the United Arab Emirates bought the newly-opened Miami Beach Edition hotel for $230 million. Hotel company Marriott International had developed the beach property, which opened in December and $1,000-per-night rates. It sold the 294-room hotel to companies owned by the Abu Dhabi Investment Authority, according to The Miami Herald newspaper.
Maryland-based Marriott had announced in 2013 that it intended to sell three Edition hotels — in Miami Beach, London and New York — to the sovereign wealth fund for a total of $800 million, while retaining long-term management agreements, the newspaper said. The Abu Dhabi Investment Authority invests money on behalf of the government of the oil-rich emirate of Abu Dhabi in the Persian Gulf. By some estimates, its assets now top $800 billion………………………………………..Full Article: Source

Abu Dhabi to buy New York Edition hotel

Posted on 20 February 2015 by VRS  |  Email |Print

The Abu Dhabi Investment Authority, the sovereign wealth fund of the oil-rich emirate, is buying the upcoming Edition hotel at Madison Square Park, seller Marriott International announced. Marriott and hotelier Ian Schrager launched the Edition brand in 2008. The property, located at 5 Madison Avenue, is expected to wrap up construction by the end of the first quarter. An Edition in Times Square is also in the cards for 2017.
The Abu Dhabi Investment Authority, which bought the London Edition hotel last year, closed today on the purchase of the Miami Beach Edition in South Florida for $230 million. The New York deal is slated to close in the first quarter of 2015 at a yet-undisclosed price………………………………………..Full Article: Source

Marriott sells Miami Beach Edition hotel for $230M

Posted on 20 February 2015 by VRS  |  Email |Print

Marriott International has sold the Miami Beach Edition hotel for $230 million to the Abu Dhabi Investment Authority (ADIA), a sovereign wealth fund owned by Emirate of Abu Dhabi. The Maryland-based company announced Thursday that the property at 2901 Collins Avenue in Miami Beach is one of three Edition properties being sold to ADIA. The first was the London Edition sold in January 2014 and Marriott expects to sell the third Edition hotel, New York Edition, in the first quarter of 2015.
Marriott is currently developing Florida’s first AC Hotel nearby at 2912 Collins Avenue in Miami Beach with Robert Finvarb Companies, which is set to open in April. As previously reported, the Miami Beach hotel opened in November and doubled its budgeted profitability during the first two months of operations, said Ian Schrager who worked with Marriott to build the property………………………………………..Full Article: Source

Temasek-controlled NOL sells $1.2b APL

Posted on 18 February 2015 by VRS  |  Email |Print

Neptune Orient Lines Ltd. is selling its profitable logistics business to a Japanese logistics-service provider for $1.2 billion, as the Singaporean firm narrows its focus on its struggling container-shipping business.
Neptune Orient Lines, or NOL, which is 65% owned by Singapore state-investment company Temasek Holdings Pte. Ltd., said it has agreed to sell APL Logistics Ltd. to Kintetsu World Express Inc., a company involved in air and ocean freight forwarding………………………………………..Full Article: Source

Temasek sold 7.3 million shares in Alibaba during rally

Posted on 17 February 2015 by VRS  |  Email |Print

Temasek Holdings sold shares in Alibaba Group Holding in the fourth quarter as the Chinese Internet firm’s shares rallied following its initial public offering in September. The Singapore investment firm sold 7.3 million American Depositary Receipts (ADR) in Alibaba, leaving it with 10.7 million shares, according to a filing with the US Securities and Exchange Commission (SEC).
The value of Temasek’s holding in Alibaba declined by US$487.5 million (S$660 million), the biggest decrease among the firm’s US-listed holdings. “They must have made about US$300 million through that sale,” said Mr Enrico Soddu, an analyst at Institutional Investor’s Sovereign Wealth Centre in London………………………………………..Full Article: Source

Temasek, JTC to merge units to create a S$5b entity

Posted on 17 February 2015 by VRS  |  Email |Print

Investment giant Temasek Holdings and industrial developer JTC Corp yesterday said they had entered into an agreement to merge four of their operating subsidiaries into a mega-entity worth about S$5 billion to tap opportunities from rapid urbanisation across Asia.
Plans for the merger, a bid to build scale and capacity to take on urban solutions and infrastructure projects in Asia and other markets, were first announced last September. Besides the estimated value revealed yesterday, more details about the new corporate structure were also unveiled………………………………………..Full Article: Source

Temasek unit gives local firm a shot in the arm

Posted on 13 February 2015 by VRS  |  Email |Print

A unit of Temasek Holdings has invested an undisclosed amount in local construction firm Deluge Fire Protection to allow it to expand further overseas. The capital injection by Heliconia, which focuses on helping local small and medium-sized enterprises, will underpin the firm’s expansion into Indonesia and the Philippines amid rapid urbanisation across the region.
The company has already moved abroad with offices in Malaysia, Myanmar, Thailand and Vietnam, along with a pre-fabrication factory in Johor. Deluge managing director Vincent Cheo said the investment could help the firm double its overseas revenue in the next three to five years……………………………………….Full Article: Source

Norway’s sovereign fund buys 45% of Manhattan’s 11 Times Square Tower

Posted on 12 February 2015 by VRS  |  Email |Print

Norway’s sovereign-wealth fund bought a stake in 11 Times Square, a 40-story office tower in midtown Manhattan, in a deal the seller says values the building at $1.4-billion (U.S.). Norges Bank Investment Management purchased the 45-per-cent interest from developer SJP Properties and Prudential Financial Inc., according to SJP.
Foreign investors are snapping up real estate in New York City, pushing prices to records. Construction of the 1.1-million-square-foot (102,000-square-meter) skyscraper in Times Square began before the property market collapsed in 2008, without any space leased. It landed its first tenant in 2010, when it was one month from completion. It is now about 85 per cent occupied by tenants including law firm Proskauer Rose LLP and Microsoft Corp………………………………………..Full Article: Source

State Oil Fund of Azerbaijan did not buy physical gold for 3 quarters at a run

Posted on 12 February 2015 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) did not buy physical gold over three quarters in a row (2nd, 3rd and 4th quarters of 2014). The Fund informs that as of 1 January 2015 it owned physical gold worth $1.15 bn which was equivalent to 3.13% of its investment portfolio ($36.7 bn).
“By the reported date SOFAZ had 30.17 tons of gold (970,146 ounces of gold),” SOFAZ said in a statement. This level of reserves conformed to the indicator by 1 April 2014………………………………………..Full Article: Source

Temasek unit invests in local construction firm

Posted on 11 February 2015 by VRS  |  Email |Print

A unit of Temasek Holdings has invested an undisclosed amount in local construction firm Deluge Fire Protection to allow it to expand further overseas, said the Straits Times, citing an executive of the firm.
The capital injection by Heliconia, which focuses on helping local small and medium-sized enterprises, will underpin the firm’s expansion into Indonesia and the Philippines amid rapid urbanisation across the region, it said………………………………………..Full Article: Source

Temasek eyes Crompton Greaves’ fan biz

Posted on 10 February 2015 by VRS  |  Email |Print

Singapore state fund Temasek Holdings is a frontrunner to buy a $200-million stake in the about to be demerged consumer products business of India-based Crompton Greaves, which is controlled by billionaire Gautam Thapar, a media report said, quoting ‘multiple sources directly familiar with the matter’.
According to the Times of India, the Singapore fund has entered into exclusive negotiations with Crompton Greaves’ promoter, to acquire around 20 per cent stake in the company, ahead of rivals such as General Atlantic Partners and Bain Capital………………………………………..Full Article: Source

Qatar’s Hassad Food buys stake in Oman poultry project

Posted on 10 February 2015 by VRS  |  Email |Print

Hassad Food Co, the agricultural investment arm of Qatar’s sovereign wealth fund, on Monday announced it has acquired a significant minority equity interest in Oman-based A’Saffa.
A’Saffa Foods, formerly A’Saffa Poultry Farms, was established in 2001 and is the largest integrated poultry project in Oman, Hassad said in a statement. Over a 40 sq km farm area in Thumrit, southern Oman, the project produces fresh and frozen poultry meat products………………………………………..Full Article: Source

Gulf institutional funds favor Japan, Asia, shun Europe

Posted on 09 February 2015 by VRS  |  Email |Print

Gulf institutional investors are putting their money into Asian equities, in particular Japanese stocks, but are shunning European shares after years of underperformance, the Middle East head of Pictet Asset Management said. Many of these Middle Eastern entities, including some of the world’s largest sovereign wealth funds, have traditionally been regarded as significant investors into European developed markets.
Qatar for example, through Qatar Investment Authority and its subsidiaries, has in recent years embarked on an aggressive expansion spree which has seen it buy up stakes in major companies such as Volkswagen and Siemens, as well as real estate and infrastructure on the continent………………………………………..Full Article: Source

Singapore’s GIC buys over $1 billion stake in Nielsen

Posted on 09 February 2015 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC has bought a 5 per cent stake in Nielsen NV, a leading provider of TV audience ratings data, for an undisclosed amount, according to a regulatory filing.
A report in the Wall Street Journal (WSJ) said the deal is valued at over US$800 million (S$1.1 billion). GIC Private Ltd disclosed its holding of common stock in Nielsen, which has a market value of $16.7 billion, in a US Securities and Exchange Commission filing dated Feb 4………………………………………..Full Article: Source

GIC buys 5% stake in TV ratings firm Nielsen in S$1.1b deal

Posted on 06 February 2015 by VRS  |  Email |Print

GIC has snapped up a 5 per cent stake in Nielsen, a leading provider of TV audience ratings data, the Singapore sovereign wealth fund said in a United States regulatory filing late on Wednesday, in a deal estimated at more than US$800 million (S$1.1 billion).
GIC said in the filing with the US Securities and Exchange Commission that it had bought 18.7 million shares in New York-listed Nielsen, giving it slightly more than 5 per cent of the firm, which has a market capitalisation of US$16.7 billion. GIC spokesperson confirmed the investment, but declined to disclose further details, including the price paid for the shares………………………………………..Full Article: Source

Singapore State Fund Eyes Misys Software Deal

Posted on 06 February 2015 by VRS  |  Email |Print

A powerful Singaporean state fund is plotting a takeover bid for Misys, one of the UK’s biggest software companies. Sky News understands that Temasek Holdings is among a number of potential acquirers examining offers for Misys, which was a member of the FTSE-250 index before it was taken private in 2012.
Misys specialises in the sale of software to banks, and counts 47 of the world’s biggest lenders among its customer base, according to the company’s website. The UK-based business endured a troubled period before its sale nearly three years ago to Vista Equity Partners, a private equity firm which focuses on acquiring software companies, in a deal worth more than £800m………………………………………..Full Article: Source

China operationalises USD 40 billion to Silk Road fund

Posted on 06 February 2015 by VRS  |  Email |Print

China has appointed top officials to manage a USD 40 billion fund to finance its most ambitious global plan - the Silk Roads and Maritime Silk Road - to build major infrastructure projects aimed to enhance its strategic influence and blunt the US’ big push into Asia-Pacific.
China Investment Corp, the country’s sovereign wealth fund, will hold 15 per cent stake in the Silk Road Fund. Two other State-owned financial institutions - the Export-Import Bank of China and China Development Bank Capital Co - will hold the rest of the stake, the daily said………………………………………..Full Article: Source

Norway Oil Fund Divests Risky Assets

Posted on 06 February 2015 by VRS  |  Email |Print

Norway’s sovereign-wealth fund on Thursday said it divested itself from 49 risky assets in 2014 due to uncertainty about the sustainability of their business models. The world’s biggest fund, which has been built on the country’s oil and gas revenues, said it divested from companies that could be exposed to new climate and environmental regulations. The companies were predominantly in coal and gold mining.
“We have gradually increased the scope of risk-based divestments, both geographically and thematically,” said the fund’s Chief Executive Yngve Slyngstad. “In total, we have divested from 114 companies in the past three years.”……………………………………….Full Article: Source

Norway oil fund reveals divestments and resolution rejections

Posted on 06 February 2015 by VRS  |  Email |Print

Norway’s $860bn oil fund laid out its growing clout as a responsible investor as it revealed that it had divested itself from more than 100 companies in the past three years and voted against tens of thousands of resolutions at annual meetings.
Yngve Slyngstad, chief executive of what is the world’s biggest sovereign wealth fund, said it had divested from 49 companies last year — predominantly in coal and gold mining — as it worried about the sustainability of their business models. Since 2012, it has sold out of 114 companies………………………………………..Full Article: Source

Abu Dhabi Considers Investment in Deutsche Bank Site

Posted on 06 February 2015 by VRS  |  Email |Print

Abu Dhabi Investment Authority, the world’s second-biggest sovereign wealth fund, may invest in a Frankfurt property development set to cost more than 1 billion euros ($1.1 billion).
ADIA, which owns stakes in construction projects in London and Lucerne, Switzerland, is examining the site known as the Deutsche Bank Triangle, said Ralf Klann, a manager in ADIA’s real estate and infrastructure department. The site, which once contained the headquarters for Germany’s largest bank, spans 20,000 square meters (215,000 square feet)………………………………………..Full Article: Source

Offer for Canary Wharf Owner Has Enough Support to Proceed

Posted on 06 February 2015 by VRS  |  Email |Print

Qatar’s sovereign wealth fund and Brookfield Property Partners said on Thursday that they had received enough support from investors to move ahead with their $3.9 billion offer for the owner of the Canary Wharf office and retail development.
Investors holding more than 94 percent of the outstanding shares of Songbird Estates have agreed to accept the offer, including a 28.6 percent stake held by the wealth fund, the Qatar Investment Authority. Songbird Estates is the controlling owner of Canary Wharf Group, which operates the complex in the east of London………………………………………..Full Article: Source

Australia’s $85 Billion Sovereign Fund Cuts Stocks to Add Cash

Posted on 05 February 2015 by VRS  |  Email |Print

Australia’s Future Fund, the country’s sovereign wealth manager, moved more of its A$109.2 billion ($85 billion) into cash and pared equity holdings in anticipation of continued volatility in global markets.
The Melbourne-based fund lowered its allocation to global stocks to 30.3 percent as of Dec. 31, down 2.8 percentage points from a year earlier, according to an e-mailed statement today. Cash holdings rose 3.8 percentage points to 12.8 percent. Private equity and property allocations also increased, while the fund reduced investments in debt and Australian shares. The Future Fund posted a 13.2 percent return in 2014………………………………………..Full Article: Source

Gulf countries to invest in Egypt sovereign fund

Posted on 05 February 2015 by VRS  |  Email |Print

Saudi Arabia, the United Arab Emirates and Kuwait are considering investing in a multibillion-dollar “sovereign fund” to finance projects in Egypt, according to a senior government official in Cairo. Al-Youm al-Sabei, an Egyptian newspaper, reported on Wednesday that the Gulf countries would invest $10bn in the fund ahead of a high-profile international investment conference in Sharm el-Sheikh next month.
The official, who would not confirm the sums involved, said the “sovereign fund . . . would invest in renewable energy, infrastructure projects and job creation schemes” in Egypt. He added: “It will also fund projects in health and education. There is a lot of attention to the social dimension of the economic reform process”………………………………………..Full Article: Source

Why are SWF’s shy of African investments?

Posted on 04 February 2015 by VRS  |  Email |Print

Sovereign Wealth Funds (SWFs) could easily resolve Africa’s infrastructure funding issues, or go a long way toward doing so. So why are they so hesitant toward investments in Africa and what are the chances for change?
There is no lack in money. SWFs are keen to diversify into real assets with long-term growth prospects – ample opportunities for which exist in many parts of Africa. Indeed, if SWFs – large state owned investment funds – were to steer a mere 1.3 per cent to 1.5 per cent of their total assets into sub-Saharan Africa, they could close the region’s infrastructure deficit over the coming years………………………………………..Full Article: Source

Qatar Airways Acquires $1.7bn Stake In British Airways

Posted on 04 February 2015 by VRS  |  Email |Print

Owned by the country’s sovereign wealth fund, Qatar Airways has bought a stake worth about £1.15 billion ($1.7 billion) in the owner of British Airways and Iberia, International Consolidated Airlines Group (IAG), aiming to forge closer links to a group with two major European hubs and strong transatlantic networks.
According a Reuters report, Qatar Airways disclosed a 9.99 per cent holding in IAG on Friday. It already partners the mega airlines owner in the oneworld alliance and has limited code-sharing deals and a freight partnership with British Airways. Buying the stake could deepen the relationship, giving Qatar greater access to destinations served by the IAG’s London and Madrid hubs, particularly transatlantic, with North America well served by British Airways and South and Central America by Iberia………………………………………..Full Article: Source

India courts sovereign funds to finance infra

Posted on 04 February 2015 by VRS  |  Email |Print

The government on Tuesday made a strong bid before 20-odd sovereign wealth funds and pension funds to finance large infrastructure projects, given that they are looking to deploy large amounts of long-term capital and seek high returns in emerging market economies like India.
Sources said a team of ministers and officials led by finance minister Arun Jaitley made the pitch during a closed-door meeting, India Investor Summit, organized by Blackrock and the finance ministry. They added railway minister Suresh Prabhu, for instance, listed out possible investments in nearly half-a-dozen railway PSUs and suggested that they were attractive propositions as they have capacity to raise more resources in terms of debt……………………………………….Full Article: Source

Temasek leads investment round of Rs 370 crore in Manthan Systems, buys out IDG stake

Posted on 04 February 2015 by VRS  |  Email |Print

Singapore’s Temasek Holdings has led an investment round of Rs 370 crore in data mining company Manthan Systems, buying out the stake of IDG Ventures, one of the early venture funds to back the Bengaluru company. Norwest Venture Partners, an existing investor also participated in this round.
“I just liked the personal chemistry with Temasek, I have been around and I have learnt that no arithmetic will work out if chemistry is not right,” said Atul Jalan, founder and chief executive of Manthan. The 44-year old, who has built and sold three earlier ventures, said his company had attracted bids from three investors. “(One of them) bet a box of cigars saying it (bidding) does not happen in India, but in companies like Google and Facebook,” said Jalan who after winning the wager distributed cigars to his team in the US………………………………………..Full Article: Source

Russia to spend $7.9 bln from wealth fund on infrastructure projects-minister

Posted on 04 February 2015 by VRS  |  Email |Print

Russia’s economy minister said on Tuesday the government planned to spend 525 billion roubles ($7.9 billion) from the state’s National Wealth Fund to support infrastructure projects including one to produce liquefied natural gas, Yamal LNG.
The money from the fund will not be used for state anti-crisis spending programme, the minister, Alexei Ulyukayev, told reporters after President Vladimir Putin met officials at a residence outside Moscow……………………………………….Full Article: Source

Sovereign wealth funds in talks to back $15 billion O2 deal

Posted on 03 February 2015 by VRS  |  Email |Print

Some of the world’s biggest sovereign wealth funds are in talks to provide financial backing for Hutchison Whampoa’s (0013.HK) acquisition of Telefonica’s (TEF.MC) British mobile business, the Telegraph newspaper reported, citing unidentified sources.
The 10 billion pound ($15 billion) move by Li Ka Shing’s Hutchison to merge its Three Mobile network with Telefonica’s O2 UK will make the group the top mobile operator in the country. The Telegraph said sovereign wealth funds including China Investment Corporation, Singapore’s Temasek and GIC, and one of Qatar’s big government-sponsored vehicles were in talks to provide a significant portion of the financing………………………………………..Full Article: Source

GIC & Temasek among funds in race to pick stake in merged British telcos

Posted on 03 February 2015 by VRS  |  Email |Print

Singapore’s sovereign wealth fund GIC and its state investment arm Temasek Holdings are among the leading global funds that are that are in the race to pick up to 30% stake in the merged British mobile phone giants – 02 and Three – a report said.
Telefonica that owns O2 and Three’s owner, Hutchison Whampoa, controlled by the Hong Kong tycoon Li Ka-shing, recently unveiled plans to merge the two entities. As per the contours of the deal, Hutchison Whampoa will pay £9.25 billion in cash for Three , with an additional £1bn in deferred payments when the combined business hits certain cash flow targets………………………………………..Full Article: Source

Qatar Airways Takes $1.7 bn Stake In British Airways

Posted on 02 February 2015 by VRS  |  Email |Print

Qatar Airways has bought a stake worth about 1.15 billion pounds ($1.7 billion) in the owner of British Airways and Iberia, aiming to forge closer links to a group with two major European hubs and strong transatlantic networks. The Gulf airline, which disclosed a 9.99 per cent holding on Friday, already partners International Consolidated Airlines Group (IAG) in the oneworld alliance and has limited code-sharing deals and a freight partnership with BA.
Buying the stake could deepen the relationship, giving Qatar greater access to destinations served by IAG’s London and Madrid hubs, particularly transatlantic, with North America well served by British Airways and South and Central America by Iberia………………………………………..Full Article: Source

Why Qatar Airways bought a 10% stake in IAG

Posted on 02 February 2015 by VRS  |  Email |Print

Qatar’s European asset shopping spree isn’t showing any signs of slowing down. State-owned Qatar Airways has bought a 9.99% stake in International Airlines Group (IAB), the holding company formed in 2011 through the merger of British Airways and Iberia. The shares appear to have been bought piecemeal on the open market, which caught analysts napping.
Qatar Airways said the purchase, which is worth £1.1bn at current prices and makes it the largest shareholder in IAG, was ‘part of efforts to enhance operations and strengthen existing commerical ties’ between them. Both airlines are already part of the Oneworld Alliance, collaborating on ticketing and transfers, and have codesharing agreements where they each market the same flights under their respective brands………………………………………..Full Article: Source

Qatar extends UK buying spree with Canary Wharf, IAG deals

Posted on 02 February 2015 by VRS  |  Email |Print

After a pause in dealmaking, Qatar is back, and the world’s richest country per capita has once again picked the UK as the top destination to deploy its billions. A Qatari-led group succeeded in buying London’s Canary Wharf on Friday, ending a battle for control of the financial district that began in November.
Qatar Airways, meanwhile, announced that it bought 9.99% of British Airways parent IAG for £1.15bn ($1.7bn). One twist this time around: While most of Qatar’s stakes have been purely financial investments, the IAG purchase is driven by corporate operational strategy………………………………………..Full Article: Source

ICD takes controlling stake in ailing South Korean construction company

Posted on 02 February 2015 by VRS  |  Email |Print

Investment Corporation of Dubai (ICD) has acquired a controlling stake in the troubled South Korean construction firm Ssangyong Engineering & Construction, according to media reports.
The Seoul-based JoongAng Ilbo newspaper and Yonhap News Agency reported last week that the Dubai sovereign wealth fund behind Emirates Airline, Emaar Properties and Emirates NBD signed a deal last Thursday to acquire the construction company for 200 billion Korean won (Dh667.7 million). ICD was named as preferred bidder for the construction company in December, according to reports in the Korean press, ahead of the Korean companies Samra Midas Group and Steel & Resources………………………………………..Full Article: Source

Sovereign wealth funds interested in buying a stake in the merged O2 and Three

Posted on 02 February 2015 by VRS  |  Email |Print

A group of the world’s biggest sovereign wealth funds are interesting in acquiring shares in a merged O2 and Three – which is expected to become the largest British mobile phone operator. Hutchison Whampoa, a Hong Kong conglomerate, announced its intention to take over O2 for £10.25 billion and merge it with Three UK, the smallest mobile network that it currently owns.
According to Sky News, investors from China, Singapore and the Middle East have been in talks with Hutchison Whampoa about purchasing shares in the new merged company. The talks are at an early stage, but reports say that there have been approaches from the Government Investment Corporation of Singapore and various Canadian pension funds………………………………………..Full Article: Source

Chinese money flows into UK

Posted on 02 February 2015 by VRS  |  Email |Print

Chinese companies are increasingly investing in the United Kingdom’s infrastructure sector, with the potential to invest 105 billion pounds ($170 billion) in the energy, property and transport sectors by 2025. In the years following the outbreak of the global financial crisis, Chinese companies and sovereign wealth funds have invested in UK infrastructure projects as financial investors.
In 2012, China Investment Corp, the country’s sovereign wealth fund, bought an 8.68 per cent stake in Thames Water Utilities Ltd and a 10 per cent stake in Heathrow Airport Holdings. In 2011, Cheung Kong Infrastructure Holdings purchased the UK utility company Northumbrian Water for 2.4 billion pounds. ……………………………………….Full Article: Source

Ssangyong E&C acquired by Dubai wealth fund

Posted on 02 February 2015 by VRS  |  Email |Print

After eight years and eight attempts to find a new owner, Ssangyong Engineering and Construction was finally acquired by the Investment Corporation of Dubai (ICD). According to Korea’s 19th-largest builder, which is currently under court protection, the Seoul Central District Court on Wednesday approved ICD’s investment plan and the contract was signed Thursday. However, the details of the contract, including the price, were not disclosed.
ICD, a sovereign wealth fund owned by the government of Dubai in the United Arab Emirates, was selected as the preferred bidder for Ssangyong E&C on Dec. 18 and has been conducting due diligence from Jan. 5 to 26 to purchase the builder, which is best known for building the landmark resort hotel Marina Bay Sands in Singapore………………………………………..Full Article: Source

Canary Wharf Group directors to pocket £23m from Qatari-led takeover

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

SOFAZ to invest $500 million in yuan

Posted on 29 January 2015 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) is planning to invest $500 million in Chinese yuan assets. SOFAZ also is looking to diversify its assets within real estate markets in Asia, the U.S.-Azerbaijan Chamber of Commerce said Monday. “We’ll continue to look at South Korea for properties,” SOFAZ Executive Director Shahmar Movsumov said.
“We’re looking at Japan, Hong Kong, Singapore and China. All the main hubs in Europe are in our agenda. We’re looking for very prime assets, which are intended to actually replace our very low-yield bonds that we have in our portfolio.” China has one of the largest economies on the global stage. The yuan has multiple prospects as an attractive investment currency………………………………………..Full Article: Source

Malaysia’s Khazanah selling Tenaga stake worth up to $454 mln-term sheet

Posted on 29 January 2015 by VRS  |  Email |Print

Malaysian state investor Khazanah Nasional Bhd is selling 112 million shares worth up to $454 million in Malaysia’s largest power group Tenaga Nasional Bhd, according to a term sheet seen by Reuters on Wednesday.
The shares are being priced at between 14.40 and 14.60 ringgit per share, according to the sheet, which is equivalent to a discount of about 1.35 to 2.7 percent to the closing price of Tenaga’s shares on Wednesday………………………………………..Full Article: Source

GIC, MPIC buying 12 hospitals

Posted on 28 January 2015 by VRS  |  Email |Print

Metro Pacific Investments Corp. plans to acquire 12 hospitals this year, which will bring its current network of medical facilities to 20. MPIC, together with GIC, Singapore’s sovereign wealth fund through its private equity arm, announced last year they were looking at opportunities in the healthcare industry in the Asean region while plans were also underway for domestic expansion.
MPIC and GIC earlier signed a definitive partnership agreement to facilitate the further expansion of the hospital group of MPIC………………………………………..Full Article: Source

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