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China Audit Found Irregularities at Wealth Fund, Two State Banks

Posted on 19 June 2014 by VRS  |  Email |Print

China’s government auditing agency said Wednesday that last year it found financial irregularities at two big state banks and the nation’s sovereign-wealth fund and that all three need to tighten their management.
The National Audit Office said it had uncovered management failures related to investments at China Investment Corp., the country’s sovereign-wealth fund, as well as irregular lending at Bank of China Ltd and Agricultural Development Bank of China.The auditor said that CIC and the state banks had largely addressed the problems as of May………………………………….Full Article: Source

Caltex and Goodman attract close scrutiny for block trades

Posted on 19 June 2014 by VRS  |  Email |Print

The largest shareholders of oil refiner Caltex and property developer Goodman Group are under close scrutiny for potential block trades worth a collective $3.8 billion after Shell’s $6.1bn exit from Woodside Petroleum this week.
Should sovereign wealth fund China Investment Corporation and energy giant Chevron exit Goodman Group and Caltex, they will follow Royal Dutch Shell’s selldown of its 19 per cent stake in Woodside Petroleum on Tuesday, $3.2bn of which was subject to a block trade………………………………….Full Article: Source

Batista seeks Mubadala refinancing after Óleo success, sources say

Posted on 19 June 2014 by VRS  |  Email |Print

The successful restructuring of bankrupt oil producer Óleo e Gás Participações SA will allow Brazilian tycoon Eike Batista to move forward with plans to cut his own debt, three sources with direct knowledge of the situation said.
Batista and his EBX holding company have been in talks to renegotiate about $2 billion owed to Abu Dhabi sovereign wealth fund Mubadala Development Co PJSC, the sources said. Batista may offer assets, including stakes in firms he either controls or has a stake in, to speed up the process, they said………………………………….Full Article: Source

Nigeria: ECA rises to N3.73bn as govts share N648.349bn in May

Posted on 19 June 2014 by VRS  |  Email |Print

Federal Government announced N3.73 billion as the balance in the Excess Crude Account saying that the amount rose from N3.6 billion in April to the level in May. Addressing newsmen in Abuja, the Accountant General of the Federation, Mr Jonah Otunla, also revealed N648.349 billion was the total allocation shared by the three ters of government.
The amount represented N582.934 billion Statutory Allocation and N65.415 billion realised from the Value Added Tax (VAT), making the total distributable revenue for the month to be N648.349 billion which when compared to last month, is N49.177 billion higher, adding that the total allocation to SURE-P as ususaI, is N35.55 billion………………………………….Full Article: Source

ECA rises to N3.73bn as govts share N648.349bn in May

Posted on 18 June 2014 by VRS  |  Email |Print

Federal Government announced N3.73 billion as the balance in the Excess Crude Account saying that the amount rose from N3.6 billion in April to the level in May. Addressing newsmen in Abuja, the Accountant General of the Federation, Mr Jonah Otunla, also revealed N648.349 billion was the total allocation shared by the three ters of government.
The amount represented N582.934 billion Statutory Allocation and N65.415 billion realised from the Value Added Tax (VAT), making the total distributable revenue for the month to be N648.349 billion which when compared to last month, is N49.177 billion higher, adding that the total allocation to SURE-P as ususaI, is N35.55 billion………………………………………..Full Article: Source

Abu Dhabi’s Mubadala In Talks To Cut Debt Owed by Eike Batista

Posted on 17 June 2014 by VRS  |  Email |Print

The biggest investor in Brazilian businessman Eike Batista’s holding company is still struggling to reduce its exposure to the troubled industrial group. Mubadala Development Co., Abu Dhabi’s sovereign-wealth fund, on Monday confirmed that it continues to negotiate ways to reduce debt that it is owed by the Brazilian businessman, a process that started last year.
“Discussions are continuing,” Brian Lott, the executive director of Group Communications at Mubadala, said in a telephone interview. “Mubadala continues to look for strategic assets and opportunities that align with our portfolio,” he added without providing further details………………………………………..Full Article: Source

Oil fund may profit from Thai prawn slavery

Posted on 13 June 2014 by VRS  |  Email |Print

Norway’s oil fund may be forced to divest its 250m kroner stake in the Thai food company CP Foods, after the UK’s Guardian newspaper reported that the company sources prawns from ships that employ slave labour.
According to Norway’s Aftenposten newspaper, the Government Pension Fund of Norway, as the oil fund is known, holds a 0.54 percent stake in the company, making it one of the largest international shareholders………………………………………..Full Article: Source

Fondo Italiano di Investimento makes first exit with Eco Eridania sale

Posted on 12 June 2014 by VRS  |  Email |Print

Italian sovereign wealth fund Fondo Italiano di Investimento has sealed its first divestment by selling its stake in waste management business Eco Eridania to fellow backers including Xenon Private Equity.
FII picked up a minority stake in the business for €10m in 2011, with Xenon coming on-board through a €14.3m financing alongside FSI in November 2012. Eco Eridania was launched in 1988 as an environmental services and consultancy company, and has since altered its business to specialise in disposing of animal and vegetable waste and hazardous materials from hospitals………………………………………..Full Article: Source

SOFAZ earned huge money from Shah Deniz, ACG projects

Posted on 11 June 2014 by VRS  |  Email |Print

Azerbaijan’s state oil fund SOFAZ has gained about $1.853 billion from 2007 to June 1, 2014 by implementing the development project of the giant Shah Deniz gas condensate field in the Caspian Sea. SOFAZ earned some $256 million as part of the Shah Deniz project from January 1 to June 1, SOFAZ told Trend Agency.
The Shah Deniz field, one of the world’s largest gas-condensate fields, was discovered in 1999. Its reserves are estimated at 1.2 trillion cubic meters of gas. Overall, the field has proved to be a secure and reliable supplier of gas to Azerbaijan, Georgia, Turkey, and Europe………………………………………..Full Article: Source

Khazanah registers higher pre-tax profit of RM3.1 billion for 2013

Posted on 11 June 2014 by VRS  |  Email |Print

Khazanah Nasional Bhd registered a higher pre-tax profit of RM3.1 billion for the financial year ended December 31, 2013 from RM2.1 billion recorded in the 2012 financial year. In a statement, Khazanah Nasional said total revenue for the 2013 financial year amounted to RM7.6 billion which comprised dividend income of RM6.6 billion.
The government’s strategic investment fund today released the “Khazanah Report 2013″ and “GLC Transformation Programme Progress Review 2014″ at the Invest Malaysia 2014 conference………………………………………..Full Article: Source

Mubadala Development Co beefs up Tabreed stake

Posted on 11 June 2014 by VRS  |  Email |Print

Mubadala Development Company has taken a greater slice of National Central Cooling Company (Tabreed) after converting bonds into equity. The Abu Dhabi state investment fund has turned AED 134mn ($36.5mn) worth of bonds into close to 80 million new shares.
Tabreed’s outstanding number of shares now stands at 738.5 million following the exercise, according to a statement to the Dubai Financial Market. The conversion price is AED 1.6856 per share, which was the agreed upon price at the time of the issuance of the bonds. Mubadala is currently the biggest shareholder in Tabreed with a 14.3% stake………………………………………..Full Article: Source

SOFAZ earns over $100 bln over 13 years

Posted on 06 June 2014 by VRS  |  Email |Print

Azerbaijan’s State Oil Fund (SOFAZ) has earned more than $100 billion ($1 = 0.78390 AZN) in the period of 2001-2013. This was said in fund’s last report released on June 4.
About 64 percent, or $64.23 billion of SOFAZ revenue earned in the past 13 years were allocated for investment, while the remaining 36 percent ($35.88 billion) were deposited in the saving account of the fund. Meanwhile, the volume of fund’s income amounted to $17.33 billion in 2013, which is slightly lower than 2012 ($17.41 million)………………………………………..Full Article: Source

Oil Fund of Azerbaijan lags behind economic growth for the first time in history

Posted on 05 June 2014 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) is growing more slowly than the country’s economy for the first time in history. According to the SOFAZ 2013 annual report, last year the Fund’s assets increased from $34.13 bn up to $35.88 bn or by 5.12%, while the economic growth in Azerbaijan reached 5.8%. For comparison, in 2012 the Fund’s assets increased by 14.53%.
The visible lagging from the economic growth rate has already led to reduction of the Fund’s role. Last year its assets ratio to Azerbaijan’s GDP reduced from 48.9% to 48.8% of GDP………………………………………..Full Article: Source

Long-term assets of SOFAZ exceed $1,5 bln in 2013

Posted on 05 June 2014 by VRS  |  Email |Print

Assets of Azerbaijani State Oil Fund (SOFAZ) amounted to about 28,31 billion manat in 2013, compared to over 26,89 billion manat in 2012, the company’s official report said on June 4.
According to the report, some 27,09 billion manat from the overall assets accounted for current assets, while about 1,22 billion - for long-term assets. As stated in the report, SOFAZ received 13,6 billion manat (against the approved 11,48 billion manat in the fund’s budget)………………………………………..Full Article: Source

Bahrain’s Mumtalakat Ends Losing Streak, CEO Says Profits To Stay

Posted on 05 June 2014 by VRS  |  Email |Print

Bahrain’s Mumtalakat will remain profitable from now on, its chief executive told Reuters on Wednesday, as the sovereign fund ended five straight years of losses in 2013 due to improved performance at Gulf Air and lower impairments.
The fund, fully owned by the Bahraini state but run on a commercial basis, made a net profit of KD82.7 million ($219 million) in 2013 compared with a net loss of KD181.7 million in the previous year, a statement said………………………………………..Full Article: Source

Watsons sells 25% stake to Singapore’s Temasek

Posted on 04 June 2014 by VRS  |  Email |Print

Hong Kong business tycoon Li Ka-shing has sold a nearly 25% stake in Hutchison Whampoa’s Watsons to Temasek Holdings of Singapore for HK$44 billion (US$5.5 billion) after speculation arose that the beauty retailer was planning to go public this year.
The Watsons deal for a 24.95% stake was equivalent to the current market valuation of HK$176.4 billion (US$22.8 billion), which was lower than the market expectation, however, the Watsons spinoff may result in a higher-value public listing………………………………………..Full Article: Source

Abu Dhabi set for windfall from $3.35bn RAC listing

Posted on 03 June 2014 by VRS  |  Email |Print

Abu Dhabi’s Mubadala Development Company could be set for a multi-million dollar windfall as rumours gather pace that British breakdown firm RAC is about launch a listing which could double its value to around $3.35bn.
RAC was bought by US-based private equity firm Carlyle Group for £1bn ($1.67bn) in 2011 and it was reported by the Express newspaper that the firm was currently in the process of hiring investment banks ahead of a forthcoming listing………………………………………..Full Article: Source

Sovereign funds of Russia and Azerbaijan begin co-financing

Posted on 03 June 2014 by VRS  |  Email |Print

Russia is ready to increase investments in the Azerbaijani economy. Today in Baku Economic Development Minister Alexei Ulyukayev has stated that Russia is going to invest in Azerbaijan in such projects as wagon-production, oil production and oil transportation equipment, creation of logistics centers.
“From the Azerbaijani side investments are planned in the logistics sector, in particular, in the logistics center in Yekaterinburg. We’ve already discussed the use of the opportunities of sovereign funds, in particular the State Oil Fund of Azerbaijan (SOFAZ) and the National Welfare Fund of Russia, Azerbaijan Investment Company and the Russian Direct Investment Fund for co-investing in mutually beneficial projects, opening in Azerbaijan,” the Russian minister said………………………………………..Full Article: Source

UAE SWF assets to increase to Dh3.57trn

Posted on 02 June 2014 by VRS  |  Email |Print

The UAE sovereign wealth fund assets are expected to reach $975 billion (Dh3.578trn) this year, making up 43 per cent the total SWF assets held by the GCC countries.
According to global trade credit insurance company Euler Hermes, the Gulf Cooperation Council (GCC) countries’ sovereign wealth fund assets are forecast to reach $2.25 trillion (Dh8.25trn) in 2014. The UAE is followed by Saudi Arabia with SWF assets totalling $680 billion (Dh2.49 trillion), followed by Kuwait, Qatar, Oman and Bahrain…………………………………..Full Article: Source

Kazakh Wealth Fund Calls Alliance Bank Creditors to Save Lender

Posted on 02 June 2014 by VRS  |  Email |Print

Kazakhstan’s sovereign wealth fund urged creditors of Alliance Bank to support its proposed debt restructuring, saying the lender may otherwise face bankruptcy at the hands of regulators.
Alliance Bank, seeking to overhaul its debt for a second time since 2010, is “in a critical financial situation,” Yelena Bakhmutova, a deputy chief executive officer at sovereign wealth fund Samruk-Kazyna, said today by phone from the Kazakh capital Astana. “We are not ready to save Alliance Bank alone,” she said…………………………………..Full Article: Source

Oman-India fund to raise $350 million

Posted on 02 June 2014 by VRS  |  Email |Print

The Oman-India Joint Investment Fund (OIJIF) plans to raise around $350 million for a new fund that will invest in a number of sectors, including single-brand retail, specialty chemicals, pharmaceuticals and industrials, according to a report in India’s leading financial daily Livemint.
OIJIF, a equal joint venture between State Bank of India (SBI) and the State General Reserve Fund (SGRF), a sovereign wealth fund of the Sultanate of Oman, will start raising the money later this year, the paper said. Established in 2010, OIJIF was launched with a corpus of $100 million. The fund has made five investments since 2011. Its current investments include National Commodity and Derivatives Exchange Ltd, ING Vysya Bank Ltd and Solar Explosives Ltd…………………………………..Full Article: Source

Oman-India fund to raise $350 million

Posted on 30 May 2014 by VRS  |  Email |Print

The Oman India Joint Investment Fund (OIJIF) will be raising about $350 million for a new fund, two people close to the development said. OIJIF, a equal joint venture between State Bank of India (SBI) and State General Reserve Fund (SGRF), will start raising money from December. SGRF is Oman’s sovereign wealth fund.
Some of the other sovereign funds investing in India include Government of Singapore Investment Corp. (GIC), Singapore’s Temasek Holdings (Pvt.) Ltd, Abu Dhabi’s Mubadala Development Co. and the Abu Dhabi Investment Council………………………………………..Full Article: Source

Kazakh Alliance Bank debt restructuring talks break down

Posted on 30 May 2014 by VRS  |  Email |Print

Talks with creditors of Kazakhstan’s wealth fund-controlled Alliance Bank have broken down without agreement, the bank’s chief executive said on Thursday. “Negotiations have broken down, no agreement was reached,” Timur Isatayev said.
Alliance is 51 percent owned by local sovereign wealth fund Samruk-Kazyna, which has reduced its stake in recent weeks………………………………………..Full Article: Source

GIC to Sell Florida Golf Course Bought From Paulson Group

Posted on 29 May 2014 by VRS  |  Email |Print

Singapore’s GIC Pte is planning to sell the Great White Course, a 130-acre golf property adjacent to Trump National Doral Miami that may fetch $200 million as real estate prices surge in southern Florida.
The sovereign wealth fund hired CBRE Group Inc. to market the course, which it bought in February 2013 as part of its $1.5 billion acquisition of bankrupt resorts owned by a group led by hedge fund Paulson & Co. The land has permits for residential, office and retail development, according to CBRE Vice Chairman Robert Given and Senior Vice President Gerard Yetming……………………………………….Full Article: Source

Temasek may get cheaper financing for Olam: analyst

Posted on 27 May 2014 by VRS  |  Email |Print

Olam International, controlled by a unit of Singapore investment company Temasek Holdings, may be able to cut annual borrowing costs after a change in ownership control, according to Jefferies Group LLC. Spreads on Olam’s 5.75 per cent US dollar-denominated bonds due in 2017 have narrowed 147 basis points since March 14, according to BNP Paribas SA prices.
The cost of financing Olam’s about $7 billion in debt will shrink by about $100 million a year based on the spread narrowing 140 basis points, Abhijit Attavar, a Singapore-based Jefferies analyst, said. Breedens Investments Pte, a unit of Temasek, and its related parties own or control 80 per cent of Singapore-based Olam, they said in a statement on May 23 after a takeover offer closed. Breedens on March 14 had offered $2.23 each for the shares of Olam it didn’t own, valuing one of the world’s top three coffee and rice traders at $5.3 billion………………………………………..Full Article: Source

North Dakota oil tax fund about to top $2 billion

Posted on 23 May 2014 by VRS  |  Email |Print

North Dakota’s oil tax savings account is about to top $2 billion. The Legacy Fund gets 30 percent of the state’s oil tax collections. The money can’t be touched before 2017 and it would still take a two-thirds vote of the Legislature for the state to dip into the fund.
North Dakota voters approved the fund in 2010. It received its first deposit of $34.3 million in September 2011. Monthly deposits have averaged $61 million, and the fund surpassed $1 billion in April 2013. This month’s transfer of $81.7 million will put the account over the $2 billion mark, State Treasurer Kelly Schmidt said………………………………………Full Article: Source

1MDB secures second extension on US$1.9b bridge loan

Posted on 22 May 2014 by VRS  |  Email |Print

State investor 1Malaysia Development Bhd (1MDB) has won a six-month extension on a US$1.9 billion (RM6.1 billion) bridge loan, giving it more time to launch a planned initial public offering (IPO) of its power assets to cut debt, people familiar with the matter said.
The IPO, which aims to raise as much as US$2 billion and is seen as critical to reducing the fund’s debt load, is now expected in the second half of this year, the people said. Bankers had initially said the IPO could come by mid-year, but it has been pushed back due to delays related to a tender to build a coal-fired power plant that it ultimately won, as well as delays in publishing its financial accounts after a change in auditors…………………………………….Full Article: Source

SOFAZ revenues exceed 3 billion manats

Posted on 22 May 2014 by VRS  |  Email |Print

The budget revenues of Azerbaijan’s state oil fund SOFAZ reached 3.005 billion manats in the first three months of 2014. SOFAZ’s budget expenditures amounted to over 2.443 billion manats in the mentioned period.
The revenues were received from the implementation of oil and gas agreements, including over 2.99 billion manats from the sale of profit oil and gas, 2.3 million manats for transit payments, and 13.3 million manats for bonus payments, SOFAZ said on May 20…………………………………….Full Article: Source

Temasek’s StanChart stake dips after it takes dividend in cash

Posted on 21 May 2014 by VRS  |  Email |Print

Singaporean sovereign wealth fund Temasek’s stake in Standard Chartered has dipped to just below 18 percent after it opted to take the bank’s latest dividend in cash, while a majority of other investors took their payouts in shares.
Temasek has been Standard Chartered’s biggest investor since 2006. It said on Tuesday its holding had dipped to 17.75 percent, from 18.06 percent at the end of December. Any change in holding through a percentage point needs to be disclosed…………………………………Full Article: Source

Zimbabwe: Electoral & Wealth Fund Bills & Investment Agreements

Posted on 21 May 2014 by VRS  |  Email |Print

Sovereign Wealth Fund Bill The Order Paper for 20th May lists the Committee Stage of this Bill – the stage during amendments can be made while the Bill is being considered clause by clause.
The Minister of Finance and Economic Development, who is the Minister responsible for the Bill, has given notice that he will propose amendments affecting two of the Bill’s clauses: clause 6 [to reduce the size of the Sovereign Wealth Fund Board from the originally proposed 16 to 7] and clause 30 [to delete the clause entirely, because it provides for something already enacted into law by section 30 of the Finance Act 2014,………………………………..Full Article: Source

SOFAZ gets 2.07% rise in assets

Posted on 21 May 2014 by VRS  |  Email |Print

State Oil Fund of Azerbaijan has made public information on revenues and expenditures for January-March, 2014. SOFAZ told APA-Economics that the budget revenues for the period of January-March, 2014 reached 3,005.0 million manats, while budget expenditures constituted 2,443.3 million manats.
Revenue of 3,006.8 mln. manats was received from the implementation of oil and gas agreements, including 2,991.2 mln. manats from the sale of profit oil and gas, 2.3 mln. manats as transit payments, 13.3 mln. manats as bonus payments…………………………………Full Article: Source

The assets of the State Oil Fund of Azerbaijan exceeded $36.6 bn and gold assets – 30.1 tons

Posted on 21 May 2014 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) announces about growth of its assets by 2.07% in Q1 2014. According to the SOFAZ, over the first quarter its assets have grown from $35.877 bn up to $36.618 bn.
“Starting from the first quarter of 2012 the Oil Fund has begun purchase of gold and the amount of purchased gold as of April 1, 2014 was 30 tons 175 kg (970 146 ounces)”, - the SOFAZ informs. As of April 1, the total investment portfolio of the SOFAZ was estimated at the level of $36.343 bn…………………………………Full Article: Source

Russia-China fund puts $1b into deals

Posted on 20 May 2014 by VRS  |  Email |Print

The Russia-China Investment Fund has sunk about $1 billion into three infrastructure, tourism and logistics deals, and a senior executive told China Daily that investing in agriculture and natural resources sectors will be next on the agenda.
“China is Russia’s largest trading partner and an important partner of RDIF,” Kirill Dmitriev, CEO of the Russian Direct Investment Fund, said on Monday. “With deals in infrastructure, tourism and logistics made, we will pay attention to opportunities in sectors including agriculture and natural resources.”…………………………………….Full Article: Source

UAE’s sovereign wealth funds seen at $975 billion

Posted on 19 May 2014 by VRS  |  Email |Print

The volume of syndicated assets of the UAE sovereign wealth funds (SWF) touched $975 billion by the end of last April. By this, the UAE is the second richest country in the world in terms of the value of assets of sovereign wealth, according to the latest releases by the Washington-based Sovereign Wealth Fund Institute.
Abu Dhabi Investment Authority (ADIA) also maintained its position as the world’s second largest sovereign wealth fund with assets of $773 billion. Across the UAE, the Investment Corporation of Dubai ranked second with assets estimated at $70 billion, followed successively by the International Petroleum Investment Company (IPIC) with $65.3 billion, Mubadala Development Company with $55.5 billion, Emirates Investment Authority with 10 billion and RAK Investment Authority with $1.2 billion…………………………………..Full Article: Source

Wealth Fund Growth Boosts Norway’s Budget as Economy Slows

Posted on 15 May 2014 by VRS  |  Email |Print

Norway’s new government is tapping more oil revenue than previously estimated this year to support a slowing expansion in Scandinavia’s richest nation.
The government will use a record 140.9 billion kroner ($24 billion), of its oil revenue to plug budget deficits, up from 139 billion kroner estimated in November, according to a budget handed out in Oslo today. That’s equal to 2.8 percent of the wealth fund, down from a 2.9 percent estimate in November………………………………………..Full Article: Source

Norway to slightly increase govt spend in revised budget -NTB

Posted on 15 May 2014 by VRS  |  Email |Print

Norway’s revised 2014 budget, to be unveiled later on Wednesday, will increase spending by 1.9 billion crowns ($320 million) compared to a November proposal, news agency NTB reported, citing government documents.
The structural budget deficit is now seen at 2.8 percent of the $860 billion sovereign wealth fund, known as the oil fund, below a November forecast of 2.9 percent, NTB added. The government can spend up to 4 percent of the oil fund each year and even though spending has been rising in nominal terms, it has been on a decline as a percentage of the fund because of its rapid growth………………………………………..Full Article: Source

CBN seeks compulsory contribution to SWF

Posted on 15 May 2014 by VRS  |  Email |Print

As the country continues to bask in the euphoria of the proclaimed economic growth, the Central Bank of Nigeria (CBN) has suggested that contributions into the Sovereign Wealth Fund (SWF) should be made mandatory to all stakeholders.
The Acting Governor of the CBN, Dr. Sarah Alade made the submission the submission in Abuja when she appeared before the National Conference Committee on Economy, Trade and Investment. She said if “contributions into the Sovereign Wealth Fund is made mandatory, the economy would function at the optimal level.”……………………………………….Full Article: Source

Olam International 3Q Net Profit S$396.1 Mln Vs. S$108.5 Mln

Posted on 15 May 2014 by VRS  |  Email |Print

Olam International Ltd.’s third-quarter net profit more than doubled year over year on exceptional gains including a revaluation of stevia-sweetener producer PureCircle Ltd., Olam said Thursday. Temasek Holdings Pte. Ltd is the arge shareholder of the commodity trader.
Net profit for the three months ended March 31 was 396.1 million Singapore dollars (US$316.8 million) compared with 108.5 million Singapore dollars, Olam said in a statement to the Singapore Exchange. Revenue rose 2.5% to 4.84 billion Singapore dollars, it said………………………………………..Full Article: Source

Citycon to Raise EUR 400 Million in New Capital CPPIB to Become a Strategic Shareholder in Citycon

Posted on 14 May 2014 by VRS  |  Email |Print

Gazit-Globe, one of the world’s leading multi-national real estate companies focused on the acquisition, development and redevelopment of supermarket-anchored shopping centers in major urban markets, announced today that its Finnish subsidiary, Citycon Oyj (CTY), is raising approximately EUR 400 million in new capital.
Approximately 77.9 million shares (for an aggregate amount of approximately EUR 206 million at a price of EUR 2.65 per share) will be issued in the form of a directed share issuance to the CPP Investment Board European Holdings S.àr.l (CPPIBEH), a wholly owned subsidiary of the Canada Pension Plan Investment Board, the strategic investor that joint ventured with CTY in December 2012 to acquire Kista Galleria in Stockholm, Sweden………………………………………..Full Article: Source

Singapore fund GIC sells GPT stake for $505m

Posted on 13 May 2014 by VRS  |  Email |Print

The Government Investment Corporation of Singapore has sold its 8 per cent stake in GPT Group for $505 million in a deal that is likely to reap the sovereign wealth fund a windfall of up to $400m. GIC first bought its 12 per cent interest in 2008 for as little as 60c a share, and its selldown last night will take the value of block trades in the Australian listed real estate sector to at least $1 billion in the past year as investors ride the wave of improving market conditions.
Investment bank UBS has managed the selldown, which was under way last night with the shares offered at $3.81, a 2.7 per cent discount to yesterday’s closing price of $3.90………………………………………..Full Article: Source

Dubai fund ICD’s financial results disclosed as it readies bond sale

Posted on 09 May 2014 by VRS  |  Email |Print

Investment Corporation of Dubai’s revenue rose 18 percent in the first half of 2013, the fund said in financial results made available before its debut bond offering.
The fund, which holds stakes in some of the emirate’s top companies, had revenue of 91.2 billion dirhams ($24.8 billion) for the six months ending June 30, 2013, compared with 77.3 billion dirhams in the same period in 2012, according to a prospectus for the bond sale obtained by Reuters………………………………………..Full Article: Source

Emirates Group brings Dh1bn gain for Investment Corporation of Dubai

Posted on 09 May 2014 by VRS  |  Email |Print

Investment Corporation of Dubai (ICD) has netted a Dh1 billion windfall from Emirates Group after its profits grew by almost a third. The dividend is similar to the one paid in the previous financial year, Emirates Group said.
Dubai’s main carrier, Emirates Airline, reported a 43 per cent increase in profit as it added more passengers and fuel prices fell. Emirates is part of ICD, one of the big three government-related holding companies in the emirate. ICD generated revenue of US$43.8bn in 2012……………………………………….Full Article: Source

Asia-Pacific funds to hit $14 trln by 2018, yielding $66 bln in fees - consultant

Posted on 09 May 2014 by VRS  |  Email |Print

Assets managed by money managers in the Asia-Pacific region will surge 40 percent to $14 trillion by 2018, generating fees worth $66 billion, consultant Casey, Quirk & Associates LLC said in a study released Thursday.
Sovereign wealth funds and government entities, on the other hand, will prove harder clients to target as they move to manage assets internally, the consultant said………………………………………..Full Article: Source

Investment Corporation of Dubai reveals first financial results

Posted on 08 May 2014 by VRS  |  Email |Print

Dubai’s state holding company has for the first time revealed financial results, as the Gulf emirate seeks to tempt investors back to its reviving economy.
The Investment Corporation of Dubai (ICD), owner of many of Dubai’s corporate jewels, such as the Emirates airline, the airport duty-free business and Emaar, a property developer, unveiled the detailed numbers as part of a move to raise about $750m in its first Islamic bond issue………………………………………..Full Article: Source

Temasek Holdings will not raise offer for Olam International

Posted on 06 May 2014 by VRS  |  Email |Print

Temasek Holdings said on Monday there will be no further raises to their offer for commodities firm Olam International. Its offer stands at $2.23 per share, a premium of 11.8 per cent over the last traded price before the announcement.
It is also offering US$850.37 for every US$1,000 principal amount of convertible bonds, and 64.6 Singapore cents for each warrant. Temasek added it reserved the right to revise terms if a competing offer for Olam is announced, or if any other competitive situation in relation to Olam arises………………………………………..Full Article: Source

Citi wins Norway fund business from JPMorgan

Posted on 05 May 2014 by VRS  |  Email |Print

Citigroup has been chosen to safeguard the securities of the world’s biggest sovereign wealth fund after wooing away one of the largest custodian mandates from its rival JPMorgan. The transfer of the Norwegian oil fund’s $865bn portfolio to its US competitor is a setback for JPMorgan, which is one of the top three competitors in the rapidly growing custodian business.
The award of a seven-year contract, set to be announced this week, comes as both US banks have been integrating their securities holding businesses more closely with their investment banks as a way to reduce costs and cross-sell products………………………………………..Full Article: Source

Norway SWF returns 1.7 per cent in Q1 2014

Posted on 05 May 2014 by VRS  |  Email |Print

The Sovereign Wealth Fund returned ‘a moderate’ NOK 78bn (1.7%) in the first quarter of 2014, according to a statement. Fixed-income investments returned 2 per cent and equity investments 1.5 per cent, say Norges Bank Investment Management.
The return on these investments was just 0.01 per cent higher than the return on benchmark indices, whilst investments in real estate returned 2 per cent. “All asset classes contributed positively to the result, and there were only minor differences between them. The return was boosted by lower interest rates in the fund’s main markets,” said NBIM managing director Yngve Slyngstad………………………………………..Full Article: Source

Bahrain wealth fund about to see spectacular growth

Posted on 05 May 2014 by VRS  |  Email |Print

Bahrain’s national holding company and sovereign wealth fund has weathered several years of losses and is about to see spectacular growth, the charismatic Chief Executive Officer Mahmoud Hashim Al Kooheji told Gulf News. He says that Mumtalakat’s major loss maker Gulf Air is being turned round, Alba remains on track with substantial profit, and the whole group is benefiting from the discipline of Mumtalakat’s insistence on good governance and transparency.
Al Kooheji backs his infectious optimism with hard numbers, and says that despite Mumtalakat’s assets dropping from just over 5 billion Bahraini dinars (Dh48.71 billion) in 2012 to just over 4 billion dinars in 2010, he expects them to double to 8 billion dinars in 2019………………………………………..Full Article: Source

Assets of Iran’s National Development Fund reach $60 bln

Posted on 05 May 2014 by VRS  |  Email |Print

Assets of the National Development Fund (NDF) of Iran amount to $60 billion, the deputy director general of the fund has announced. “The NDF’s reserves were around $54 billion when president Hassan Rouhani took the office last August, and since then the figure has reached $60 billion, deputy director general of the NDF,” Qasem Hosseini told Trend on May 2.
Hosseini went on to say that the fund isn’t facing any problems, and the situation is desirable. The NDF is Iran’s sovereign wealth fund. It was founded in 2011 to replace Oil Stabilization Fund………………………………………..Full Article: Source

Malaysia Sovereign Wealth-Fund Seeks Debt

Posted on 02 May 2014 by VRS  |  Email |Print

1Malaysia Development Bhd, the Malaysian state fund that came under fire for bonds it arranged through Goldman Sachs a couple of years ago, is back in the market to raise funds.
Also known as 1MDB, the company requested fresh proposals for financing from bankers, according to people familiar with the matter, to refinance a 6.17 billion ringgit ($1.89 billion) syndicated bridge that must be paid by May 22. 1MDB’s financing also is urgent because of the delay in its initial public offering—of US$1.5 billion—to later this year, which could have raised funds that go toward paying off debt………………………………………..Full Article: Source

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