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Drama aplenty as SMRT shareholders vote yes on Temasek buyout

Posted on 30 September 2016 by VRS  |  Email |Print

After nearly four hours in an extraordinary general meeting and scheme meeting which were chock-full of incidents — a technical glitch hitting the voting system, shareholders jeering and a disgruntled investor berating the chief executive — an overwhelming majority of SMRT shareholders supported the privatisation offer by parent firm Temasek Holdings on Thursday (Sept 29).
A total of 84.8 per cent of SMRT’s minority shareholders, or 3,747 of them, voted in favour of the buyout offer from Temasek. Only 670 shareholders voted against the bid. The thumbs-up came after 98.8 per cent voted to approve the assets sale to the Land Transport Authority (LTA) as part of the transition to the new rail financing framework (NRFF)………………………………………Full Article: Source

SMRT shareholders give thumbs-up to Temasek buyout offer, after voting to sell rail assets to Government

Posted on 30 September 2016 by VRS  |  Email |Print

SMRT Corp shareholders have given the thumbs-up to the privatisation offer by Temasek Holdings. This was the second meeting of the day, coming after a vote to sell off SMRT’s train and other rail assets to the Government as part of the New Rail Financing Framework deal struck in July. That vote also went through with an overwhelming majority.
The voting in the first meeting was delayed due to a computer glitch in the electronic voting system and a longer-than-expected meeting that saw some frustrated shareholders walk out………………………………………Full Article: Source

How Goldman Sachs Lost $1.2 Billion of Libya’s Money

Posted on 30 September 2016 by VRS  |  Email |Print

When Wall Street’s most aggressive bank took on the world’s most incendiary client, someone was going to make a killing. Moammar Qaddafi’s Libya was a miserable place for a business trip.In 2008, a few years after renouncing its nuclear and chemical weapons program, the desert nation remained a menacing and ugly place, with cratered highways, awful restaurants with no booze, and Qaddafi’s leathery visage everywhere, staring balefully down from billboards.
The dreary capital, Tripoli, sat at the edge of the Sahara, in the least barren sliver of a country defined in the West by dictatorship, terrorism, and billions of dollars’ worth of oil………………………………………Full Article: Source

SOFAZ to reduce transfers to state budget in 2017

Posted on 30 September 2016 by VRS  |  Email |Print

Transfers of Azerbaijan’s state oil fund SOFAZ to the state budget is expected at the level of 6.1 billion manats (1.6252 AZN/USD on Sept. 29) in 2017 that is by 1.515 billion manats (19.9 percent) less than in 2016, according to the presentation of the state and consolidated budget projects for 2017 that was made public Sept. 29 by the country’s Finance Ministry.
According to the project, SOFAZ’s revenues are forecasted at the level of 8.37 billion manats in 2017 that is by 4.89 billion manats (2.4 times) more than the forecast for 2016. Expenses of SOFAZ are expected at the level of 6.95 billion manats in 2017 that is by 34.6 percent (3.685 billion manats) less than the forecast for 2016………………………………………Full Article: Source

SOFAZ revenues forecasted to increase by 2.4 times

Posted on 30 September 2016 by VRS  |  Email |Print

Revenues of the State Oil Fund of Azerbaijan (SOFAZ) are forecasted to be AZN 8,370,600,000, up AZN 4,889,100,000 or 2.4 times from 2016. According to the Ministry of Finance, of this AZN 7,550,700,000 or 90.2% will be receipts from profit oil and gas sale.
Expenditures will stand at AZN 6,951,300,000, down AZN 3,685,000,000 or 34.6% in comparison with 2016. Of this, AZN 6.1 billion or 87.8% will be transfers to the state budget. AZN 822 million or 11.8% will be spent directed to financing the several infrastructural projects (improvement of social-economic condition of refugees and internally displaced persons……………………………………..Full Article: Source

Azerbaijan’s Oil Fund and Central Bank oversupply market with currency: their total supply exceeds demand 3.1-fold at currency auction

Posted on 30 September 2016 by VRS  |  Email |Print

The State Oil Fund (SOFAZ) and the Central Bank increased the currency oversupply during its centralized sale of foreign currency to banks. SOFAZ reports that today the Central Bank (CBA) has held the next foreign exchange auction.
“At the auction SOFAZ, putting an order for $100 million, sold $48.9 million to 14 banks,” SOFAZ said. In its turn, the CBA announced the putting the application for $50 million………………………………………Full Article: Source

Amount of 2016 Permanent Fund Dividend to be $1022

Posted on 30 September 2016 by VRS  |  Email |Print

The amount of this year’s Alaska Permanent Fund Dividend was announced by the Governor on Friday, September 23: every Alaskan will receive $1,022, less than half the amount of last year’s dividend.
Since 1982, the State of Alaska has distributed annual cash dividends to all of its residents, including children, funded from income from the state’s sovereign wealth fund. Because the payment is universal and unconditional, it has often been discussed as a “real world” example of a basic income. Last year, the Permanent Fund Dividend (PFD) reached its peak amount of $2,072………………………………………Full Article: Source

KIA, GIC in groups bidding for Philippine power plant stake

Posted on 29 September 2016 by VRS  |  Email |Print

A group comprising the Kuwait Investment Authority (KIA) and private equity firm CVC Capital Partners is among final bidders for Sithe Global Power’s stake in a Philippine power plant that could fetch at least US$500 million (S$680 million), people with knowledge of the matter said.
A consortium of GIC, Malaysian power company Malakoff and an infrastructure investment fund managed by Macquarie Group also made a binding offer, said the people, who asked not to be identified………………………………………Full Article: Source

Finance firms upend HKMA’s lending caps on property, adding fuel to red hot market

Posted on 29 September 2016 by VRS  |  Email |Print

Two finance firms are challenging the Hong Kong Monetary Authority’s mortgage lending caps , offering more financing than current bank loans to attract new borrowers ahead of a possible interest rate increase in December.
Convoy Global Holdings, the largest of Hong Kong’s listed finance firms, and ETC Finance teamed up with Centaline Property Agency, Midland Realty and Ricacorp Properties to lend up to 90 per cent of the value of apartments above HK$8 million, agents said………………………………………Full Article: Source

Oil Fund and Central Bank of Azerbaijan hold currency oversupply

Posted on 28 September 2016 by VRS  |  Email |Print

The State Oil Fund (SOFAZ) and the Central Bank hold the currency oversupply during its centralized sale of foreign currency to banks. SOFAZ reports that today the Central Bank (CBA) has held the next foreign exchange auction. “At the auction SOFAZ, putting an application for $100 million, sold $70.2 million to 20 banks,” SOFAZ said.
In its turn, the CBA announced the putting the application for $50 million. As a result, total application from these two organizations made up $150 million, exceeding the demand at the auction by 2.14-fold. At the previous auction their total supply exceeded the demand by 2.44-fold……………………………………Full Article: Source

UBS Shareholder GIC Voices Rare Rebuke

Posted on 28 September 2016 by VRS  |  Email |Print

Singapore’s sovereign wealth fund GIC is UBS’ largest shareholder, amassing a 6.4 percent stake in the Swiss bank during the financial crisis. The discreet fund’s head has some stern words over recent scandals.
Singapore’s Government Investment Corporation (GIC) manages the city-state’s more than $100 billion in financial reserves. It became UBS’ largest shareholder in a series of cash injections in 2007 and 2008, before the Swiss government finally stepped in with a rescue package……………………………………Full Article: Source

Fed Okays Fortis Inc. and GIC Acquisition of ITC Holdings Corp

Posted on 28 September 2016 by VRS  |  Email |Print

Fortis Inc, ITC Holdings Corp. and GIC Private Limited (GIC) announced that the Federal Energy Regulatory Commission (FERC) has authorized the acquisition of ITC by Fortis and a subsidiary of GIC. “This ruling from FERC is a key milestone toward finalizing the transaction,” said Barry Perry, President and Chief Executive Officer of Fortis. “We appreciate the FERC’s conclusion that the transaction is consistent with the public interest.”
“In keeping with Fortis’ operating model, ITC will remain a standalone transmission company, led by their strong, experienced management team and employees. At the same time we remain committed to meeting the energy needs of our existing and future customers and communities,” added Perry. (Press Release)

Khazanah sees continuation of pro-growth, pro-society focus

Posted on 27 September 2016 by VRS  |  Email |Print

Khazanah Nasional Bhd sees a continuation of a pro-growth and pro-society focus in the upcoming Budget 2017. Managing Director Tan Sri Azman Mokhtar said the budget would also like to be fiscally responsible on the back of a challenging global economic environment.
He added that the country needs to keep the growth engine going to support its development. “The global conditions are quite challenging, but I think Malaysia has many strengths, with geography being one. “I think we can build on that and we look forward to playing our part,” he said. …………………………………….Full Article: Source

CIC said to review Engie SA’s unit stake

Posted on 26 September 2016 by VRS  |  Email |Print

Sovereign fund China Investment Corp is reviewing options for its 30 percent stake in French multinational electric utility Engie SA’s exploration and production business, which it had bought for 2.3 billion euros in 2011.
According to people familiar with the matter, in July, the unit was seen having a potential to fetch about $4 billion. The French utility, which operates in the fields of electricity generation and distribution, natural gas and renewable energy, is pushing ahead with a sale…………………………………….Full Article: Source

An Asean Government Investment Fund Lost RM73 Billion Last Year

Posted on 26 September 2016 by VRS  |  Email |Print

One of the Asean region’s biggest soveriegn fund has been hit by its first loss in 7 years. While local detractors of Malaysia’s ruling government have continued their smear campaign against state-owned investment fund 1MDB and making it appear as a huge failure due to losses, it is Singapore’s state investment giant Temasek Holdings which announced an astounding SG$24 billion (RM73 billion) loss for its last financial year.
Singapore’s sovereign wealth-fund company Temasek Holdings reportedly lost SG$24 billion in its latest financial year report FY2016 dating March 31. The news which saw the investment arm of the country’s CPF retirement funds lost 9.02% was announced only 3 months later on July 7. Temasek Holdings lost SG$24 billion to SG$242 billion from SG$266 billion a year ago, Straits Times Review had reported earlier this year…………………………………….Full Article: Source

Libyan sovereign fund recovers $127 million from Lehman, Cornhill Capital

Posted on 26 September 2016 by VRS  |  Email |Print

Libya’s $67 billion (£51.6 billion) sovereign wealth fund has recovered $73 million from the bankrupt Lehman Brothers and $53.8 million from Cornhill Capital after lengthy legal battles, the fund said in a statement.
The Libyan Investment Authority (LIA) is involved in a number of disputes with Western firms, not least its $3.3 billion claims against investment banks Goldman Sachs and Societe Generale, which are being pursued in London courts…………………………………….Full Article: Source

Pretty Much Every Norwegian Citizen Is a Millionnaire

Posted on 23 September 2016 by VRS  |  Email |Print

Norway’s “Pension Fund Global” is the biggest sovereign-wealth fund in the world, worth an estimated $882B (more than double the national GDP). Not bad for a country with a population of just over 5m people.
It owns 2% of all listed shares in Europe and over 1% globally. Plus, contrary to the way most funds are structured, it’s incredibly transparent by detailing every investment it makes online. The fund refuses to invest in firms with products deemed “unethical,” such as tobacco and weapons. It also acts as an activist of sorts by “blacklisting” corrupt companies, including those that misuse water and energy or engage in child labor………………………………………Full Article: Source

Alaska Permanent Fund board rejects idea of investing in oil-tax credits

Posted on 23 September 2016 by VRS  |  Email |Print

The corporation that manages the $54 billion Alaska Permanent Fund is rejecting a proposal from the Walker administration to invest in the oil and gas tax credits issued by the state. The corporation does not view the idea as “an attractive investment opportunity,” said Paulyn Swanson, communications manager for the Alaska Permanent Fund Corp., in an email on Tuesday.
Swanson said the “proposed structure and related returns do not justify taking on the associated risks.” Craig Richards, Walker’s former attorney general and under contract to the governor as a private attorney, pitched the idea to the corporation’s board of trustees at its Sept. 2 work session………………………………………Full Article: Source

Robert De Niro doesn’t ‘give a s—-’ about Malaysian corruption scandal

Posted on 23 September 2016 by VRS  |  Email |Print

Robert De Niro is unconcerned after being linked to a Malaysian corruption scandal. Back in July, the U.S. Department of Justice filed to seize the assets of a Malaysian sovereign wealth fund called 1MDB, set up by the country’s Prime Minister Najib Razak. It is claimed more than $1 billion was embezzled and misappropriated from the fund - including $100 million which was used from the fund to finance Leonardo DiCaprio’s 2013 movie The Wolf of Wall Street.
Now, The Hollywood Reporter has revealed Robert De Niro is the latest star to be embroiled in the corruption scandal, with the actor’s Tribeca Film Institute reportedly taking a donation from the Jynwel Foundation, which is linked to the 1MDB fund………………………………………Full Article: Source

Senator files suit against Governor’s veto of half of Permanent Fund Dividend

Posted on 23 September 2016 by VRS  |  Email |Print

On Friday, September 16, Alaska senator Bill Wielechowski filed a lawsuit contesting Governor Bill Walker’s veto of half of the funding for the Permanent Fund Dividend.
Last June, Alaska Governor Bill Walker vetoed half of the funds that the state legislature had approved for the annual payout of the Permanent Fund Dividend (PFD). This unprecedented decision caps the size of the dividend at $1000 per resident. The amount vetoed–over $666 million–is to remain in the Permanent Fund, where it may be used for future payouts…………………………………….Full Article: Source

Kazakh wealth fund says 34 firms sold in privatisation drive

Posted on 22 September 2016 by VRS  |  Email |Print

Kazakhstan’s $65 billion sovereign wealth fund Samruk-Kazyna has sold 34 small and mid-sized companies by public auction as part of its privatisation drive, a managing director of the fund said on Wednesday.
Baljeet Grewal declined to say who had bought the companies, or how much has been raised in the first phase of an ambitious five-year plan which will culminate in public offerings of stakes in some of the country’s biggest companies. The oil-rich Central Asian nation was hit hard by the collapse in world oil prices from a high of $115 in June 2014 to a trough of $27 in January 2016…………………………………….Full Article: Source

Fall in global equities sees NZ Super Fund record worst performance since 2012

Posted on 22 September 2016 by VRS  |  Email |Print

A fall in global equities has seen the annual return of the NZ Super Fund fall to its lowest level since 2012. The sovereign wealth fund, established to help cover New Zealand’s retirement costs, said on Wednesday that a drop in the June month meant its value stood at $30.1 billion at June 30, an increase of 1.89 per cent over 12 months.
In 2012 the fund returned 1.21 per cent. In the year to June 30, 2015, the fund returns more than 14.6 per cent, making it one of the world’s best performing sovereign wealth funds. Since the end of the financial year the fund has surged in value, climbing to $31.4b by the end of August…………………………………….Full Article: Source

New Zealand Super reports 1.89% gain for financial year

Posted on 22 September 2016 by VRS  |  Email |Print

New Zealand Superannuation Fund reported a 1.89% investment gain for its financial year ended June 30, lifting the value of its portfolio to NZ$30.1 billion ($21.4 billion). In a news release Thursday, New Zealand Super said strong gains by the Auckland-based sovereign wealth fund’s active investments in timber and infrastructure helped it outperform its passive reference portfolio by 52 basis points for the year.
Even so, negative returns of just less than 2% by global developed and emerging markets equities left the fund’s gains for the latest year well below the 14.6% advance New Zealand Super enjoyed for its prior financial year, and well off the annualized pace of 9.44% the fund has maintained from its launch in 2003 through June 30…………………………………….Full Article: Source

A mountain of cash: How Norway spends its $882 billion global fund

Posted on 22 September 2016 by VRS  |  Email |Print

It’s tough for a small democracy to run the world’s biggest sovereign-wealth fund. Two decades after Norway’s government paid a first deposit into its sovereign-wealth fund, the country is learning how to manage a behemoth.
The vehicle, which is used to invest abroad the proceeds of Norway’s oil and gas sales, has amassed a bigger fortune than anyone expected, thanks to previous, bumper oil prices. As the direct benefits of oil decline—around 46% of Norway’s expected total haul of oil and gas is gone—the relative importance of the fund will grow. Annual revenues from it now regularly exceed income from oil sales…………………………………….Full Article: Source

Angolan sovereign wealth fund releases Q1 results

Posted on 22 September 2016 by VRS  |  Email |Print

The Fundo Soberano de Angola (FSDEA), Angola’s sovereign wealth fund, released its first quarter investment update for 2016, showing total assets of $4.56 billion. FSDEA Chairman José Filomeno dos Santos said that as of 31 March 2016, the Fund had approximately 60 per cent of its portfolio allocated in private equity funds dedicated to both domestic and regional investments.
“Despite the current regional economic fluctuations, we will continue to invest capital across selected industries and asset classes to gain from the upcoming rebound of Africa’s business cycle,” he said…………………………………….Full Article: Source

LIA recovers $53.8 million from Cornhill Capital, $73 million from Lehman bankruptcy

Posted on 22 September 2016 by VRS  |  Email |Print

The Tripoli-based Libyan Investment Authority (LIA) has successfully recovered $53.8 million from Cornhill Capital Limited after three years of battle. The LIA said in a statement on Tuesday that the fundamental factor in the issue was Cornhill Capital’s reliance on international sanctions imposed against some of the assets of the LIA.
Cornhill, a leading independent investment company based in London, was able in the courts of Bermuda to delay the redemption on the grounds that such redemption would have constituted a violation of these sanctions regulations…………………………………….Full Article: Source

How Norway spends its $882 billion global fund

Posted on 21 September 2016 by VRS  |  Email |Print

It’s tough for a small democracy to run the world’s biggest sovereign-wealth fund. Two decades after Norway’s government paid a first deposit into its sovereign-wealth fund, the country is learning how to manage a behemoth. The vehicle, which is used to invest abroad the proceeds of Norway’s oil and gas sales, has amassed a bigger fortune than anyone expected, thanks to previous, bumper oil prices.
As the direct benefits of oil decline—around 46% of Norway’s expected total haul of oil and gas is gone—the relative importance of the fund will grow. Annual revenues from it now regularly exceed income from oil sales………………………………………Full Article: Source

Azerbaijani banks buy over $70M from State Oil Fund

Posted on 21 September 2016 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) sold $72.4 million to 20 banks through an auction held by the Central Bank of Azerbaijan (CBA) Sept. 20, SOFAZ said in a message. As much as $100 million was put up for the auction.
SOFAZ will continue selling foreign currency through auctions in 2016. The foreign currency is sold as part of SOFAZ’s transfers to the Azerbaijani state budget, which are envisaged to stand at 7.615 billion Azerbaijani manats in 2016. SOFAZ was established in 1999 with assets of $271 million………………………………………Full Article: Source

Oil Fund sells less than half of its application through Central Bank’s auction

Posted on 21 September 2016 by VRS  |  Email |Print

The State Oil Fund (SOFAZ) and the Central Bank continue centralized sale of foreign currency to banks. SOFAZ reports that today the Central Bank (CBA) has held the next foreign exchange auction.
“At the auction SOFAZ, putting an application for $100 million, sold $72.4 million to 20 banks,” SOFAZ said. In its turn, the CBA announced the putting the application for $50 million. As a result, total application from these two organizations made up $150 million, but foreign currency was bought only by 48.3% of application………………………………………Full Article: Source

Fall in global equities sees NZ Super Fund record worst performance since 2012

Posted on 21 September 2016 by VRS  |  Email |Print

A fall in global equities has seen the annual return of the NZ Super Fund fall to its lowest level since 2012. The sovereign wealth fund, established to help cover New Zealand’s retirement costs, said on Wednesday that a drop in the June month meant its value stood at $30.1 billion at June 30, an increase of 1.89 per cent over 12 months.
In 2012 the fund returned 1.21 per cent. In the year to June 30, 2015, the fund returns more than 14.6 per cent, making it one of the world’s best performing sovereign wealth funds. Since the end of the financial year the fund has surged in value, climbing to $31.4b by the end of August………………………………………Full Article: Source

These Difficult Investment Conditions Can Stretch For The Next 10 Years

Posted on 21 September 2016 by VRS  |  Email |Print

The words in the title of this article are an exact quote from Lim Chow Kiat, the deputy group president and group chief investment officer of GIC, one of Singapore’s sovereign wealth funds.
GIC manages over S$460 billion worth of assets that are located around the globe and is estimated to be the world’s eighth largest sovereign wealth fund. Lim’s statement came in late July after the fund reported a dip in its 20-year annualised real rate of return from 4.9% in fiscal 2015 (fiscal year ended 31 March 2015) to just 4% in fiscal 2016………………………………………Full Article: Source

Libyan Investment Authority successfully recovers $126.8 million from Cornhill Capital and the Lehman bankruptcy

Posted on 21 September 2016 by VRS  |  Email |Print

The Libyan Investment Authority (LIA), under the chairmanship of Mr AbdulMagid Breish, has now after a three year battle successfully recovered $53.8 million that had been managed by Cornhill Capital.
A fundamental factor in the issue was Cornhill Capital’s reliance on international sanctions imposed against some of the assets of the LIA. Cornhill was able in the courts of Bermuda to delay the redemption on the grounds that such redemption would have constituted a violation of these sanctions regulations………………………………………..Full Article: Source

Mubadala said to mull redistribution of $2bn portfolio

Posted on 21 September 2016 by VRS  |  Email |Print

Abu Dhabi sovereign wealth fund Mubadala is considering re-distributing some of its $2bn worth of investments to another vehicle as part of the creation of an investment fund, according to Bloomberg.
Mubadala is looking at establishing a new investment fund that would co-invest with partners and is in discussions with “a number of world-class partners to explore the idea of joining us,’’ Mubadala spokesman Brian Lott reportedly told Bloomberg on September 19. He declined to comment further………………………………………Full Article: Source

Banking crisis brewing in China but Temasek confident

Posted on 20 September 2016 by VRS  |  Email |Print

BBC reported that the Bank for International Settlements (BIS), the global banking watchdog, is concerned about the mounting risks of a Chinese banking crisis. BIS monitors the international flow of money and credit.
Temasek Holdings is very confident of the Chinese financial industry. It is now the biggest foreign investor in Chinese banks. Last year, it raised its stake in Industrial & Commercial Bank of China (ICBC) to 10 percent of the company’s Hong Kong-listed shares after a stock market rout drove the world’s largest bank to record-low valuations……………………………………….Full Article: Source

Wyoming considers changes in investment strategy

Posted on 20 September 2016 by VRS  |  Email |Print

As Wyoming turns over financial rocks looking to ease its budgetary shortfall, the Legislature and state Treasurer’s office have focused their attention on the crown jewel of the state’s revenue system: the Permanent Wyoming Mineral Trust Fund.
Created in 1975, the fund receives 2.5 percent of all severance taxes collected from minerals in Wyoming. The permanent fund has a current market value of $7.3 billion……………………………………….Full Article: Source

CIC Said to Review Options for Engie Exploration Stake Amid Sale

Posted on 16 September 2016 by VRS  |  Email |Print

Sovereign fund China Investment Corp. is reviewing options for its 30 percent stake in Engie SA’s exploration business as the French utility pushes ahead with a sale, according to people familiar with the matter.
The $814 billion wealth fund has reached out to banks to seek pitches for a strategic review of its stake in the Engie business, which has assets spanning Europe and Africa, the people said. CIC, based in Beijing, is unlikely to sell its holding and is leaning toward increasing it, the people said, asking not to be identified because the information is private. The unit could fetch about $4 billion, people familiar with the talks said in July………………………………………..Full Article: Source

Kuwait’s budget forecast to swing back to surplus by 2019

Posted on 16 September 2016 by VRS  |  Email |Print

Kuwait will post only temporary fiscal deficits, and the budget balance will turn back to surpluses by 2019, on the back of recovering oil prices, according to a new report by BMI Research, a Fitch company. Kuwait will implement only limited reforms because its parliament will block many of the government’s targeted cuts while very large foreign reserves will limit the risk of a full-blown fiscal crisis.
Foreign assets held by the sovereign wealth fund stood at $592 billion at the end of 2015, according to the Sovereign Wealth Fund Institute, more than enough to cover the forecasted temporary budget deficits, it added………………………………………..Full Article: Source

ADIA puts Edinburgh’s Saltire Court up for sale

Posted on 16 September 2016 by VRS  |  Email |Print

Abu Dhabi Investment Authority has put Saltire Court in Edinburgh up for sale for £69m – a 6.54% yield. The Middle Eastern sovereign wealth fund’s asset manager, Aberdeen Asset Management, has appointed Cushman & Wakefield to market the 180,000 sq ft office building.
If sold, it will be the first time the building will have traded for 23 years and represents the largest real estate investment opportunity currently available in Scotland. ADIA bought the building from Scottish Metropolitan in 1993 for £53m. ADIA is understood to be looking to tidy up its portfolio by exiting from its smaller holdings………………………………………..Full Article: Source

Tottenham Hotspur open talks with Qatar Investment Authority over stadium naming-rights deal

Posted on 15 September 2016 by VRS  |  Email |Print

Tottenham Hotspur have reportedly entered into negotiations with the Qatar Investment Authority (QIA) over a naming-rights deal for the redeveloped White Hart Lane. The North London club are looking to secure a big-name partner for their new stadium, which is set to open at the start of the 2018-19 season.
Spurs feel that their hand has been strengthened by impressive ticket sales for their opening Champions League fixture against Monaco this evening (14 September). The club have already sold in excess of 80,000 tickets for their return to Europe’s premier club competition………………………………………..Full Article: Source

Qatar linked with $198m sponsorship deal for Tottenham Hotspur stadium

Posted on 15 September 2016 by VRS  |  Email |Print

Qatar Investment Authority has been linked with a possible sponsorship deal with Premier League club Tottenham Hotspur regarding naming rights for club’s stadium. The north London club is currently redeveloping its famed White Hart Lane ground, which will open for the start of the 2018-19 season.
The UK Times newspaper reports that club officials have opened talks with representatives from the sovereign wealth fund over a possible deal to secure naming rights for Tottenham’s home ground………………………………………..Full Article: Source

Azeri state fund Sofaz sells $78 mln on market

Posted on 15 September 2016 by VRS  |  Email |Print

Azerbaijan’s state oil fund Sofaz has sold $78 million on foreign exchange market on Wednesday, fully meeting demand, the fund said.
It had offered $150 million at the Wednesday auction. Sofaz sold $200 million at the previous auction last Thursday when demand reached $402.56 million. On Friday, Azeri central bank raised its main interest rate to 15 percent from 9.5 percent………………………………………..Full Article: Source

Oil Fund sells only half of its application through Central Bank’s auction

Posted on 15 September 2016 by VRS  |  Email |Print

The State Oil Fund (SOFAZ) and the Central Bank continue centralized sale of foreign currency to banks. SOFAZ reports that today the Central Bank (CBA) has held the next foreign exchange auction.
“At the auction SOFAZ, putting an application for $150 million, sold $78 million to 22 banks,” SOFAZ said. At the previous auction it was sold $200 million to 22 banks. The Fund will continue participation in currency auctions………………………………………..Full Article: Source

GLP deal a boon for Future Fund

Posted on 14 September 2016 by VRS  |  Email |Print

Singapore-listed Global Logistic Properties has delivered a windfall to Australia’s Future Fund in a deal to buy a portfolio of distribution centres in the United States from Hillwood Development for $US1.1 billion ($1.46bn).
The Australian sovereign wealth fund in 2014 boosted its exposure to the US real estate market, teaming with Dallas-based group Hillwood, which is controlled by Ross Perot Jr, in a $US1bn industrial property partnership. The pair, which had worked on earlier projects, then flagged plans to make direct and indirect investments in industrial real estate, mainly large warehouses, across North America………………………………………..Full Article: Source

Singapore’s GLP buys logistics portfolio, expands in U.S.

Posted on 14 September 2016 by VRS  |  Email |Print

Singapore-based logistics provider Global Logistic Properties announced Tuesday that it was acquiring a $1.1 billion U.S. logistics portfolio from Hillwood Development Company, expanding its reach in America.
GLP, together with Singapore’s sovereign wealth fund GIC, entered the U.S. in 2015 with a whopping $8.1 billion acquisition from private equity fund Blackstone Group. Most of GLP’s stakes were eventually sold to institutional investors from Asia and North America………………………………………..Full Article: Source

Malaysian sovereign fund Khazanah selling stake in utility Tenaga

Posted on 13 September 2016 by VRS  |  Email |Print

Malaysian sovereign wealth fund Khazanah Nasional Bhd is divesting part of its stake in national power utility Tenaga Nasional, two sources familiar with the matter told Reuters on Thursday.
Khazanah is looking to sell 82 million shares of Tenaga, or about 1.5 percent of the total shares outstanding, which could raise up to US$294 million, according to a termsheet seen by IFR, a Thomson Reuters publication. The fund is looking to sell the stake at RM14.30-RM14.56 per share, according to the termsheet. Tenaga’s shares closed at RM14.56 on the Kuala Lumpur stock exchange on Thursday………………………………………..Full Article: Source

Qataris let Sainsbury’s stake fall over Argos deal

Posted on 13 September 2016 by VRS  |  Email |Print

Qatar Investment Authority’s stake in J Sainsbury has fallen by 3 per cent after the sovereign wealth fund declined to pour money into new shares to help to fund the grocer’s purchase of Home Retail Group.
In a move that might raise questions about how supportive the Qataris are of Sainsbury’s swoop on Home Retail, owner of Argos, a public filing yesterday disclosed that QIA’s shareholding had fallen from 25 per cent to 22 per cent………………………………………..Full Article: Source

China Sovereign Fund Eyes Asian Hedge Funds to Boost Returns

Posted on 12 September 2016 by VRS  |  Email |Print

China’s $814 billion sovereign wealth fund may increase investments in hedge funds in Asia, betting they can beat rivals trading in developed markets. Hedge fund managers face fewer competitors in Asia, where markets are less efficient and mature than in the U.S. and Europe, said Roslyn Zhang, managing director of fixed income and absolute-return investments at China Investment Corp.
Money will probably be allocated to the funds in the next six to 12 months, she said. “Over the last few years we’ve seen the quality of talent improve a lot,” Zhang said………………………………………..Full Article: Source

New contracts awarded for Oman Antimony Roaster

Posted on 12 September 2016 by VRS  |  Email |Print

London-based Tri-Star Resources, a major investor in a joint venture antimony roaster project under development at Sohar Port and Freezone, has awarded key contracts for the Oman project.
The company has a 40 per cent equity interest in SPMP. The balance is held by Oman Investment Fund, a sovereign wealth fund of the sultanate with a 40 per cent equity, and DNR Industries (20 per cent), a private company with interests in the mining and energy sectors………………………………………..Full Article: Source

Malaysian sovereign fund Khazanah selling stake in utility Tenaga

Posted on 09 September 2016 by VRS  |  Email |Print

Malaysian sovereign wealth fund Khazanah Nasional Bhd is divesting part of its stake in national power utility Tenaga Nasional, two sources familiar with the matter told Reuters on Thursday. Khazanah is looking to sell 82 million shares of Tenaga, or about 1.5 per cent of the total shares outstanding, which could raise up to US$294 million (S$395 million), according to a termsheet seen by IFR, a Thomson Reuters publication.
The fund is looking to sell the stake at 14.30 ringgit-14.56 ringgit (S$4.76-S$4.84) per share, according to the termsheet. Tenaga’s shares closed at 14.56 ringgit on the Kuala Lumpur stock exchange on Thursday………………………………………..Full Article: Source

Azeri State Oil Fund sells $200M to local banks

Posted on 09 September 2016 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) sold $200 million to 22 banks through an auction held by the Central Bank of Azerbaijan (CBA) Sept. 8, SOFAZ said in a message Sept. 8.
SOFAZ will continue to sell foreign currency through auctions in 2016. The foreign currency is sold as part of SOFAZ’s transfers to the Azerbaijani state budget, which are envisaged to stand at 7.615 billion Azerbaijani manats in 2016. SOFAZ was established in 1999 with assets of $271 million………………………………………..Full Article: Source

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