Wed, Aug 24, 2016
A A A
Welcome mteam
RSS

Sovereign Wealth Funds Briefing - Category | Financials more

White House calls for Malaysian transparency in wake of fund scandal

Posted on 22 July 2016 by VRS  |  Email |Print

The White House urged Malaysia on Thursday to demonstrate good governance and a transparent business climate, a day after U.S. prosecutors sued to try and seize $1 billion in assets they said were bought with money stolen from a state development fund.
The civil lawsuits present a potentially thorny issue for the two countries that have grown closer during the administration of President Barack Obama, who has visited the southeast Asian nation twice in the last two years. The lawsuits will likely affect relations, but they did not come as a surprise, said a U.S. congressional aide. “It has been a concern of a lot of people for a long time. Corruption in Malaysia is a huge problem,” the aide said………………………………………..Full Article: Source

Malaysian State Fund Tied up in Money Laundering Scandal

Posted on 22 July 2016 by VRS  |  Email |Print

A spokesman for Malaysian premier stated that 1MDB has been the subject of multiple inquiries in Malaysia and “the attorney general found that no crime was committed.” US prosecutors are trying to seize more than $1 billion in assets they said were tied to money stolen from the Malaysian state fund, overseen by the prime minister and used to finance The Wolf of Wall Street film, and to buy property and works of art.
Civil lawsuits filed in federal court on Wednesday did not name Malaysian premier Najib Razak, referring instead to “Malaysian Official 1.” Some of the allegations against this official are the same as those in a Malaysian investigation over a $681 million transfer to his personal bank account………………………………………..Full Article: Source

US$731m siphoned from 1MDB to ‘Malaysian Official 1′ account, says DOJ

Posted on 22 July 2016 by VRS  |  Email |Print

US$731 million was allegedly siphoned from Malaysia’s sovereign wealth fund 1MDB into a bank account owned by the unnamed ‘Malaysian Official 1′, according to the lawsuit filed by the US Department of Justice (DOJ) yesterday.
DOJ did not name ‘Malaysian Official 1’ but described the individual as a “high-ranking official in the Malaysian government who also held a position of authority with 1MDB.” Upon its formation, Malaysian Official 1 assumed a position of authority with 1MDB, said DOJ………………………………………..Full Article: Source

US says $1bn siphoned from 1MDB fund to finance gambling debts, private jet

Posted on 22 July 2016 by VRS  |  Email |Print

The plot behind the 1Malaysia Development Berhad (1MDB) state fund scandal has thickened with the intervention of the United States government. Gambling debts in Las Vegas, a private jet, and funding for Oscar-nominated movie ‘The Wolf of Wall Street’ are among the opulent expenses allegedly bankrolled by the Malaysian sovereign wealth fund in a scandal involving billions of dollars of taxpayers’ money.
Amid colossal allegations of transborder graft and money laundering, the U.S. Department of Justice is looking to seize more than $1 billion in assets that federal officials say were misappropriated from the 1Malaysia Development Berhad (1MDB) wealth fund………………………………………..Full Article: Source

Singapore Seizures Ensnare Three Big Banks in Sovereign Fund Scandal

Posted on 22 July 2016 by VRS  |  Email |Print

The scandal surrounding Malaysia’s sovereign wealth fund 1MDB has roped in three major banks, with Singapore’s investigations alleging failures and weaknesses at DBS Bank (DBSDY), Standard Chartered (SCBFF) and UBS (UBS) . That comes right after the largest-ever forfeiture complaint by the kleptocracy unit of the U.S. Justice Department, which has filed to seize more than $1 billion in assets in the United States.
Singapore has seized S$240 million ($177 million) in suspicious bank accounts in the city, its forces said in a statement issued on Wednesday. Half of the money belongs to the Malaysian businessman Low Taek Jho — a socialite known as Jho Low — and his family………………………………………..Full Article: Source

Temasek-backed Godrej Agrovet weighs IPO

Posted on 22 July 2016 by VRS  |  Email |Print

Adi Godrej is considering an IPO of his group’s animal-feed unit as business thrives in the biggest milk-drinking country in the world. Billionaire Adi Godrej is considering an initial public offering (IPO) of his group’s animal-feed unit, the largest producer in India, as business thrives in the biggest milk-drinking country in the world.
An IPO of the unit, which is partly owned by Singapore’s Temasek Holdings Pte, would be the first such deal for the 119-year old conglomerate — whose businesses range from locks to soaps, appliances and real estate — since 2010. It would also come as rising stock prices increase the number of initial share sales in the world’s fastest-growing major economy………………………………………..Full Article: Source

Sovereign funds take a liking to Indian IPOs

Posted on 22 July 2016 by VRS  |  Email |Print

Primary markets are emerging as a new route to raise exposure to Indian equities for sovereign wealth funds (SWFs). Prominent SWFs such as Abu Dhabi Investment Authority (ADIA), Kuwait Investment Authority (KIA), Government Pension Fund Global (GPFG) of Norway and Monetary Authority of Singapore (MAS) invested in about 30% of the initial public offerings (IPOs) in the past 18 months. Narayana Hrudayalaya, InterGlobe Aviation, Parag Milk, VRL Logistics and Alkem Labs were some of the prominent investment targets.
In Parag Milk Foods IPO of May 2016, SWFs of Abu Dhabi and Norway cumulatively subscribed to 8% of the total book and nearly 18% of the total anchor book………………………………………..Full Article: Source

U.S. Sues To Recover Funds Allegedly Stolen From Malaysian Government Fund

Posted on 21 July 2016 by VRS  |  Email |Print

The U.S. Department of Justice has filed civil complaints seeking to recover a billion dollars’ worth of art, real estate and other assets bought with money allegedly stolen from a Malaysian sovereign wealth fund.
U.S. officials say a total of $3.5 billion, raised through bond offerings made by the investment fund 1MDB between 2009 and 2015, was laundered through a series of sham transactions and shell corporations by “high level officials” of the fund and their associates. The U.S. is seeking to reclaim only about $1 billion right now, because that’s how much officials have been able to trace through the system………………………………………..Full Article: Source

US moves to seize $1bn in Malaysia assets

Posted on 21 July 2016 by VRS  |  Email |Print

Van Gogh paintings, Beverly Hills properties and the rights to profits from the hit movie The Wolf of Wall Street were among $1bn in assets US prosecutors moved to seize on Wednesday as part of a sprawling anti-money laundering investigation into Malaysia’s sovereign wealth fund.
In one of the largest seizures in US history, federal law enforcement agents also appeared to link Najib Razak, Malaysia’s prime minister, to a web of corrupt officials receiving stolen funds………………………………………..Full Article: Source

US goes after more than $1B taken from Malaysian fund

Posted on 21 July 2016 by VRS  |  Email |Print

The United States moved Wednesday to recover more than $1 billion that federal officials say was stolen from a Malaysian economic development fund and that was used for high-end real estate, fancy artwork and production of the Hollywood film, “The Wolf of Wall Street.”
The diverted funds paid for luxury properties in New York and California, a $35 million private jet and expensive paintings by Vincent Van Gogh and Claude Monet, according to federal government complaints that demand the recovery and forfeiture of the ill-gotten assets………………………………………..Full Article: Source

Corrupt officials used Malaysia state fund 1MDB as private bank account

Posted on 21 July 2016 by VRS  |  Email |Print

US Attorney-General Loretta Lynch said on Wednesday (July 20) that a number of corrupt officials had treated Malaysia state fund 1Malaysia Development Berhad (1MDB) as their private bank account.
She was delivering prepared remarks to announce a new legal action to seize more than US$1 billion (S$1.36 billion) in assets including luxury real estate and a jet allegedly bought with money pilfered from the 1MDB state investment fund………………………………………..Full Article: Source

Goldman Sachs under spotlight in Malaysian fund scandal

Posted on 21 July 2016 by VRS  |  Email |Print

Goldman Sachs’ work with Malaysian sovereign wealth fund 1MDB is under the spotlight over U.S. government allegations that billions of dollars were diverted for the personal use of officials in the southeast Asian country.
The Wall Street bank helped 1MDB raise $6.5 billion in three bond sales in 2012 and 2013 to invest in energy projects and real estate to boost the Malaysian economy. Instead, more than $2.5 billion raised from those bonds was misappropriated by high-level 1MDB officials, their relatives and associates, U.S. Department of Justice civil lawsuits filed in court on Wednesday said………………………………………..Full Article: Source

Temasek Offers S$1.2 Billion to Buy Out SMRT 16 Years After IPO

Posted on 21 July 2016 by VRS  |  Email |Print

Singapore state investment firm Temasek Holdings Pte offered S$1.2 billion ($880 million) to buy out SMRT Corp., 16 years after the company became the first Asian subway operator outside of Japan to list shares.
The S$1.68 a share proposal, an 8.7 percent premium from the last traded price, values the rail operator at S$2.6 billion. The price is fair and final, Temasek President Chia Song Hwee said in Singapore Wednesday after the buyout, first reported by Bloomberg News this week, was made public………………………………………..Full Article: Source

India Drinks so Much Milk Temasek-Backed Feedmaker Weighs IPO

Posted on 21 July 2016 by VRS  |  Email |Print

Billionaire Adi Godrej is considering an initial public offering of his group’s animal-feed unit, the largest producer in India, as business thrives in the biggest milk-drinking country in the world. Godrej Agrovet Ltd. may be listed in the future, group Chairman Godrej said in a recent interview in Mumbai, without providing details on the timing or valuations.
An IPO of the unit, which is partly owned by Singapore’s Temasek Holdings Pte, would be the first such deal for the 119-year old conglomerate — whose businesses range from locks to soaps, appliances and real estate — since 2010. It would also come as rising stock prices increase the number of initial share sales in the world’s fastest-growing major economy………………………………………..Full Article: Source

Norway’s sovereign wealth fund has made a killing from Pokémon Go

Posted on 21 July 2016 by VRS  |  Email |Print

Norwegian’s should be happy about the arrival of Pokémon Go - not only because they seem to be the most active players of the game in the Nordics. The Norwegian sovereign wealth fund, the largest of its kind in the world, has made big bucks from the Pokémon Go hype.
Even with Nintendo stock declining 12% today, at the time of writing, after having doubled since the release of the augmented reality mobile game, the sovereign wealth fund has made Norwegian’s over $100 million, reports E24………………………………………..Full Article: Source

Aberdeen’s unfrozen property fund sells London asset to Norges Bank

Posted on 20 July 2016 by VRS  |  Email |Print

Norway’s sovereign wealth fund has acquired a prime London asset, capitalising on liquidity pressures facing open-ended property funds in the UK. Aberdeen Asset Management has sold a 59,000sqft retail and office building on Oxford Street from a fund that was recently closed to redemptions.
Norges Bank Real Estate Investment Management paid £124m (€149m) for 355-361 Oxford Street, known as Sedley Place, in London’s West End………………………………………..Full Article: Source

Azeri banks buy $50M from State Oil Fund at auction

Posted on 20 July 2016 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) sold $50 million to 29 banks through an auction held by the Central Bank of Azerbaijan (CBA), SOFAZ said July 19. As of July 1, 2016, SOFAZ’s assets increased by 4.6 percent and amounted to $35.1 billion as compared to $33.57 billion in early 2016.
SOFAZ will continue selling foreign currency through auctions in 2016. The foreign currency is sold as part of SOFAZ’s transfers to the Azerbaijani state budget, which are envisaged to stand at 7.615 billion Azerbaijani manats in 2016………………………………………..Full Article: Source

Azeri state oil fund’s assets up 4.6 pct in H1 to $35.1 bln by July 1

Posted on 19 July 2016 by VRS  |  Email |Print

The assets of Azeri state oil fund SOFAZ grew by 4.6 percent to $35.1 billion in the first six months of this year, the fund said on Monday. SOFAZ holds proceeds from oil contracts, oil and gas sales, transit fees and other revenue. It uses income from investments to pay for social spending and infrastructure projects.
SOFAZ revenues reached 3.99 billion manats ($2.6 billion) in the first half of 2016, while its expenditures totalled 2.26 billion manats, the fund said in a statement. SOFAZ assets dropped by 9.5 percent year-on-year in 2015 to $33.57 billion………………………………………..Full Article: Source

SOFAZ’s revenues hit 4B manats in Q2 2016

Posted on 19 July 2016 by VRS  |  Email |Print

Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-June, 2016 reached 3,991.0 million manat, while budget expenditures constituted 2,256.7 million manat, said a statement from SOFAZ July 18.
Revenue of 3,689.5 million manat was received from implementation of oil and gas agreements, including 3,680.6 million manat from the sale of profit oil and gas, 0.1 million manat as bonus payments and 8.8 million manat as transit payments………………………………………..Full Article: Source

Temasek Holdings set for deal to buy out SMRT: Sources

Posted on 19 July 2016 by VRS  |  Email |Print

Singapore state investor Temasek Holdings is set to announce a deal this week to buy out the remaining nearly 46 per cent of SMRT Corp that it doesn’t already own, two sources with knowledge of the matter said.
The deal caps a turbulent period for Singapore’s main rail operator. SMRT has come under heavy criticism in recent years after a series of train breakdowns led to public outcry in a country long known for an efficient and reliable public infrastructure………………………………………..Full Article: Source

Azerbaijan’s SOFAZ makes almost $120B from largest oil project

Posted on 18 July 2016 by VRS  |  Email |Print

Revenues of the State Oil Fund of Azerbaijan (SOFAZ) from the project for development of the Azeri-Chirag-Gunashli (ACG) block of fields totaled $119.314 billion from early 2001 to July 1, 2016, SOFAZ told Trend.
SOFAZ said its revenues from the project totaled $2.305 billion in H1 2016; out of this, $504 million accounted for June. A contract for development of ACG block of oil and gas fields was signed in 1994. The proven oil reserves of the block near one billion tons………………………………………..Full Article: Source

Temasek Holdings Leads Financing for PureLiFi in Tech Expansion

Posted on 15 July 2016 by VRS  |  Email |Print

Singapore’s state-owned investment firm Temasek Holdings Pte is the lead investor in the latest round of financing by Edinburgh-based telecommunications company pureLiFi as it expands its technology holdings.
The Series-B round brought pureLiFi’s total financing to more than $10 million, it said in an e-mailed statement. The funding will support the development of the firm’s technology that uses light-emitted diodes to provide wireless communication systems with the potential to be faster than current WiFi technology, according to the statement. Aedan Lai, a spokesman for Temasek, confirmed the investment and declined to comment further………………………………………..Full Article: Source

UBS ‘flagged shady 1MDB transactions’ to MAS

Posted on 15 July 2016 by VRS  |  Email |Print

UBS Group flagged suspicious transactions linked to 1Malaysia Development Berhad (1MDB) to the Monetary Authority of Singapore (MAS), prompting an investigation of the accounts involved, a person familiar with the matter said. The transactions were not immediately recognised by UBS as suspicious, said the person, who asked not to be identified because the matter is private.
At least US$1.24 billion (S$1.66 billion) was transferred in 2014 from the account of a 1MDB subsidiary held at BSI in Lugano, Switzerland, to a UBS account in Singapore held by what appeared to be a unit of an Abu Dhabi firm, investigative blog Sarawak Report said on July 11. A UBS spokesman declined to comment on the 1MDB transfers………………………………………..Full Article: Source

Azerbaijan’s Central Bank, State Oil Fund sell $100M to local banks at auction

Posted on 15 July 2016 by VRS  |  Email |Print

Azerbaijan’s State Oil Fund (SOFAZ) and Central Bank (CBA) each sold $50 million to 24 banks through an auction, SOFAZ said July 14. 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. As of April 1, 2016, SOFAZ’s assets increased by 2 percent and amounted to $34.25 billion as compared to $33.57 billion in early 2016………………………………………..Full Article: Source

UBS said to have flagged suspicious 1MDB transactions to MAS

Posted on 14 July 2016 by VRS  |  Email |Print

UBS Group flagged suspicious transactions linked to 1Malaysia Development Bhd (1MDB) to the Monetary Authority of Singapore (MAS), prompting an investigation of the accounts involved, a person familiar with the matter said.
The transactions were not immediately recognised by UBS as suspicious, said the person, who asked not to be identified because the matter is private. At least US$1.24 billion (S$1.67 billion) was transferred in 2014 from the account of a 1MDB subsidiary held at BSI SA in Lugano, Switzerland, to a UBS account in Singapore held by what appeared to be a unit of an Abu Dhabi company, UK-based investigative blog Sarawak Report said on July 11………………………………………..Full Article: Source

Ascott Limited, Qatar Investment Authority buy Docklands Quest

Posted on 13 July 2016 by VRS  |  Email |Print

The world’s biggest serviced-apartment operator and Qatar’s sovereign wealth fund have teamed up to acquire a new $71 million Quest apartment hotel, to be built at Melbourne’s Docklands.
Ascott Limited, a subsidiary of Singapore-listed real estate giant CapitaLand and the $337 billion Qatar Investment Authority will jointly acquire the new 221-room Quest NewQuay Docklands apartment hotel being developed by private developer MAB Corporation at its New Quay waterfront precinct………………………………………..Full Article: Source

SOFAZ not affected by Brexit - executive director

Posted on 13 July 2016 by VRS  |  Email |Print

Investments of State Oil Fund of Azerbaijan (SOFAZ) in pound sterling remained unchanged after Brexit referendum, SOFAZ Executive Director Shahmar Movsumov on Tuesday. He said SOFAZ was not affected by Brexit.
“The main reason for investing 5% of the portfolio in pounds sterling is diversification. We are attaching great importance to it. We save our money in different currencies for the portfolio not to be affected by the changes. Many people say the pound sterling devalued. However, if the pound sterling devalued, it means other currency overvalued. Here we mean dollar. Fifty percent of our portfolio is at USD. Thus, the portfolio overvalued 50%………………………………………..Full Article: Source

Sovereign wealth funds’ India holdings at a record high

Posted on 12 July 2016 by VRS  |  Email |Print

Sovereign wealth funds held Rs2.18 trillion in Indian equities and Rs330.16 billion worth of Indian debt in May. Anybody who thought that sovereign funds are on their way out may be in for a surprise.
An analysis of foreign portfolio investor (FPI) data by investor category shows that their holdings in Indian debt and equity securities has hit a new high. These funds from oil-rich countries were expected to be sellers in Indian markets because of the correction in crude and the resultant stress back home………………………………………..Full Article: Source

Kazakh privatisation under fire from international investors

Posted on 12 July 2016 by VRS  |  Email |Print

International investors warned they would shun Kazakhstan’s ambitious privatisation programme unless the government changes its attitude towards minority shareholders in the state oil company.
China’s sovereign wealth fund, CIC, will have a key role in the vote as it holds an 11 per cent stake in KMG EP — around a third of the total held by minorities. The Chinese group has not yet indicated its views on NC KMG’s proposals………………………………………..Full Article: Source

Temasek raises stake in China’s JD.com

Posted on 11 July 2016 by VRS  |  Email |Print

Temasek Holdings has raised its stake in Chinese e-commerce firm JD.com, taking advantage of a rout in its share price. Latest quarterly filings from the Securities Exchange Commission (SEC) in the United States show that Temasek raised its stake in JD.com from 0.54 per cent to about 0.64 per cent.
JD.com’s shares have dropped 36 per cent this year, wiping out almost US$16 billion (S$22 billion) in market value. The SEC filings show that among Temasek’s largest US-based investments is another Chinese e-commerce player, Alibaba, with a stake valued at about US$3.7 billion………………………………………..Full Article: Source

Temasek returns -9% in FY2016 - its worst showing since 2009

Posted on 08 July 2016 by VRS  |  Email |Print

Temasek continues to increase investments in technology-leveraged companies, as weakness in its listed investments, particularly its more traditional holdings in China and financial services, dragged the Singapore government-owned investment company to its first one-year negative return since 2009.
Its net portfolio value shrank by 9.02 per cent to S$242 billion in 2016. Over a three-year period, Temasek’s total shareholder return was 3.25 per cent in Singapore-dollar terms; over a 20-year period, total shareholder return was 6 per cent………………………………………..Full Article: Source

Temasek Assets Likely Fell First Time Since 2008 on China Rout

Posted on 07 July 2016 by VRS  |  Email |Print

Temasek Holdings Pte’s portfolio probably declined for the first time in seven years as stock markets plunged amid a slowing Chinese economy and uncertainty over U.S. Federal Reserve policy.
The value of the Singapore state investment firm’s holdings decreased by 13 percent to S$231 billion ($170.6 billion) in its fiscal year ended March 31, according to an estimate by CIMB Private Banking. That would be the first decline since the 12 months ended March 2009. Temasek’s assets rose to a record S$266 billion in the prior fiscal year………………………………………..Full Article: Source

Temasek-backed InnoVen Capital India extends $12m debt to 8 startups in Q1

Posted on 07 July 2016 by VRS  |  Email |Print

InnoVen Capital India, a venture debt firm backed by Singapore’s sovereign wealth fund Temasek Holdings Pvt. Ltd, has loaned around $12 million to eight start-ups in the June quarter, said a senior company executive, signalling that venture debt is becoming popular with start-ups looking to meet their working capital requirements.
In April 2015, Temasek Holdings acquired the Mumbai-headquartered SVB India Finance for an estimated Rs.300 crore, and renamed it InnoVen Capital………………………………………..Full Article: Source

Silk Road Fund Said to Mull Bid for $2 Billion Glencore Mine

Posted on 07 July 2016 by VRS  |  Email |Print

China’s Silk Road Fund, a $40 billion pool set up to invest along the nation’s ancient trade routes with Central Asia, is discussing a joint bid for Glencore Plc’s gold mine in Kazakhstan, people with knowledge of the matter said.
The Silk Road Fund is partnering with state-owned China National Gold Group Corp. on a possible joint offer for the Vasilkovskoye mine, which could fetch about $2 billion, according to the people. The Silk Road Fund was set up in 2014 with backing from the nation’s sovereign wealth fund, state-owned Export-Import Bank of China and policy lender China Development Bank Corp., according to its website………………………………………..Full Article: Source

Russia On Course to Drain $87 Billion Fund in 2017

Posted on 07 July 2016 by VRS  |  Email |Print

At some point in 2017, Russia will deplete one of its two sovereign funds, after running through some $87 billion since 2014, according to a Finance Ministry spending proposal seen by Reuters.
About a third of another fund, the National Welfare Fund, will be tapped to cover the budget deficit. The fund, holding about $73 billion at the start of July, was intended to be spent on the pension system rather than budget shortfalls, Reuters says. One third of the National Welfare Fund is tied up in the state development bank Vneshekonombank (VEB) and other projects, according to The Moscow Times………………………………………..Full Article: Source

Russia to empty one of its sovereign funds next year

Posted on 06 July 2016 by VRS  |  Email |Print

Russia will exhaust one of its two sovereign funds next year, according to a finance ministry proposal seen by Reuters, having by that point run through $87 billion since the beginning of 2014 to fill holes in the budget left by a slump in oil prices.
Russia will also spend over the next three years about a third of another of its funds on covering the budget shortfall, the proposal showed, even though that fund was originally intended to cover long-term deficits in the pension system. The finance ministry proposal, which contains recommendations on spending, has been submitted to the government for its consideration but not yet approved………………………………………..Full Article: Source

Qatari banks’ rising foreign liabilities not an ‘immediate concern’, says EIU

Posted on 06 July 2016 by VRS  |  Email |Print

Rapidly rising foreign liabilities of commercial banks in Qatar will not be an “immediate concern” as those can be “easily covered” by the sizeable assets held by the central bank (QCB) and the Qatar Investment Authority (sovereign wealth fund), shows a report by The Economist Intelligence Unit.
A widening gross external financing shortfall, amid low hydrocarbons revenue and tightening domestic liquidity, poses risks to the sovereign rating. Nevertheless, large stocks of foreign reserves at the Qatar Central Bank (QCB) and the Qatar Investment Authority (QIA) the sovereign wealth fund), should enable Qatar to honour its debt obligations even over a “prolonged period” of low oil prices………………………………………..Full Article: Source

TPG Capital partners three LPs for ICICI Home Finance deal

Posted on 06 July 2016 by VRS  |  Email |Print

TPG Capital has brought on board Temasek Holdings, Singapore’s GIC and HarbourVest Partners for the $320 million deal. Private equity firm TPG Capital has partnered three of its limited partners (LPs) to close its acquisition of ICICI Home Finance Co. Ltd for as much as $320 million.
TPG has brought on board Temasek Holdings Pvt. Ltd, an investment arm of the Singapore government, Singapore’s sovereign wealth fund GIC and US-headquartered HarbourVest Partners, a private equity fund of funds and one of the largest private equity investment managers in the world, the two added, asking not to be identified………………………………………..Full Article: Source

Azerbaijan’s SOFAZ sells $50M at auction to local banks

Posted on 06 July 2016 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) sold $50 million to 29 banks through an auction held by the Central Bank of Azerbaijan (CBA), SOFAZ said July 5.
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

Temasek Holdings could see drop in net portfolio value

Posted on 05 July 2016 by VRS  |  Email |Print

Temasek Holdings could report a decline in its net portfolio value for the first time since 2009, following a roller-coaster year in the global economy and financial markets. The Singapore investment company is expected to unveil its performance this week for the financial year ended March 31.
Analysts say Temasek’s exposure to China, as well as the financial service sector, likely left its portfolio battered by significant headwinds over the year, and also leaves it hard-pressed to replicate its strong performance in previous years………………………………………..Full Article: Source

Temasek Holdings could see drop in net portfolio value

Posted on 04 July 2016 by VRS  |  Email |Print

Temasek Holdings could report a decline in its net portfolio value for the first time since 2009, following a roller-coaster year in the global economy and financial markets. The Singapore investment company is expected to unveil its performance this week for the financial year ended March 31.
Analysts say Temasek’s exposure to China, as well as the financial service sector, likely left its portfolio battered by significant headwinds over the year, and also leaves it hard-pressed to replicate its strong performance in previous years………………………………………..Full Article: Source

SOFAZ reveals revenues from profit oil, gas sales

Posted on 04 July 2016 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) received revenues worth $7.23 billion in 2015 from the sale of profit oil and gas produced within the framework of PSA (production sharing agreement) contracts on onshore and offshore fields of the country, according to a report on the fund’s activity in 2015.
At the same time in 2015, the weighted average price of profit oil exported amounted to $54.31 per barrel, and the net price was $48.06 per barrel. According to the report, some $6.86 billion accounted for the Azeri-Chirag-Guneshli (ACG) block of fields, which amounts to 94.9 percent of revenues from the sale of profit oil in 2015………………………………………..Full Article: Source

IPIC posts 2015 net loss, records $3.5 bln provision for 1MDB guarantees

Posted on 01 July 2016 by VRS  |  Email |Print

2015 net loss for the year was $2.6 billion compared to a profit of $1.5 billion in 2014. Says revenue for 2015 fell by 30 pct compared to 2014 to reach $35.8 billion. Says profit after-tax before impairment losses was us $3.3 billion in 2015 compared to $2.3 billion in 2014.
Due to declining crude oil price, asset valuation in exploration & production segments were negatively impacted; record pre-tax impairment losses of $5.2 billion on its oil & gas assets……………………………………….Full Article: Source

Investment Corporation of Dubai posts annual net profit of AED27.5bn

Posted on 01 July 2016 by VRS  |  Email |Print

The Investment Corporation of Dubai (ICD), the sovereign wealth fund owned by the government of Dubai, has recorded a 12.8 per cent rise in its full-year profit from continuing operations for 2015 to reach AED25.2 billion, the fund said on Tuesday. This compares with a profit of AED22.3bn seen in the previous year.
The corporation has stakes in more than two dozen Dubai-based companies across various industries, including Emirates Airlines, Emirates National Oil Company (ENOC), Emirates NBD and Emaar Properties………………………………………..Full Article: Source

SOFAZ declares amount of revenues from two devaluations

Posted on 01 July 2016 by VRS  |  Email |Print

State Oil Fund of Azerbaijan earned AZN 23,217,800,000 from increase of value of currency and assets. This includes AZN 22,501,000,000 from rise of exchange rates of USD, EUR, GBP and other currencies and AZN 716.8 million from increase of gold portfolio due to reassessment of foreign currency and assets.
Moreover, SOFAZ’s extra budgetary expenses from difference of exchange rates of currencies and price of gold amounted to AZN 1,998,200,000………………………………………..Full Article: Source

SOFAZ earns AZN 91M from rental property

Posted on 01 July 2016 by VRS  |  Email |Print

State Oil Fund of Azerbaijan has made public amount of the incomes from rental properties in 2015. APA-Economics reports the Fund has earned AZN 19,896,204 or £9,648,048 from rental office located in 18 Saint James str., London.
Moreover, SOFAZ earned €5,860,400 or AZN 10,015,423 from rental property in n° 8, place Vendôme Paris, KRW 31,071,645,406 or AZN 41,542,790 from office complex in Pine Avenue Tower A in Seoul, South Korea………………………………………..Full Article: Source

SOFAZ unveils its profit oil and gas revenues

Posted on 01 July 2016 by VRS  |  Email |Print

The sale of Azeri-Chirag-Guneshli oil constituted 94.9% of all revenues. Last year the average estimated sale price of exported profit oil made $54.31, while the net profit price was on the level of $48.06.
According to Oxu.Az, the due figures are contained in the report on the State Oil Fund’s activity in 2015. In line with the Production Sharing Agreements on development of onshore and offshore fields in Azerbaijan, SOFAZ revenues from profit oil and gas amounted to $7,229,100,000 or AZN 7,369,600,000………………………………………..Full Article: Source

Sovereign wealth & buyout funds step up in June quarter

Posted on 01 July 2016 by VRS  |  Email |Print

Private equity (PE) entities invested $3,602 million across 129 deals during the quarter ended June, as against $4,278 mn across 169 transactions in the same period last year, about 16% less. According to Venture Intelligence, the investment was 7% lower than the immediate previous quarter ($3,890 mn across 169 transactions).
Singalore’s sovereign wealth fund, GIC, and Abu Dhabi’s ADIA and Malaysia’s Khazanah participated in mega investments. As with the renewable power-focused Greenko Group (that raised $230 mn from ADIA and GIC) and analytics BPO firm Fractal Analytics ($100 mn from Khazanah). Canada-based Fairfax Group committed $300 mn to chemicals manufacturer Sanmar Group (on the heels of its $321 mn bet in Bangalore International Airport, announced in March)………………………………………..Full Article: Source

Abu Dhabi state funds to complete merger by end-2017

Posted on 30 June 2016 by VRS  |  Email |Print

The merger of Abu Dhabi state funds Mubadala Development Co and International Petroleum Investment Co should be completed by the end of 2017, a source close to the discussions on the deal said on Wednesday.
The committee overseeing the process will study the deal for the next six to 12 months. The deal is being approached as a merger of equals, the source said, declining to be identified because of the sensitivity of the subject. The combined entity will have a greater ability to borrow money on international markets and have a more balanced debt-to-equity ratio, the source added………………………………………..Full Article: Source

Azerbaijan’s Oil Fund exits from losses of previous periods

Posted on 30 June 2016 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) has achieved the net profit in 2015. The PwC-audited report on SOFAZ activity for 2015 says that in 2015 SOFAZ net profit amounted to AZN 23.59 million against a loss of AZN 1.212 bn in 2014.
According to the auditor, SOFAZ operating income for the past year totaled AZN 23.619 million against operating loss of AZN 1.166 bn a year earlier. The main part bulk of income was received from exchange rate difference for almost AZN 22.46 million………………………………………..Full Article: Source

banner
banner
August 2016
M T W T F S S
« Jul    
1234567
891011121314
15161718192021
22232425262728
293031