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Abu Dhabi Said to Explore $2 Billion Sale of Fund Stakes

Posted on 10 July 2014 by VRS  |  Email |Print

Abu Dhabi Investment Authority, one of the world’s largest sovereign-wealth funds, is said to be considering selling as much as $2 billion in private-equity fund stakes.
ADIA, which invests on behalf of the government of Abu Dhabi, hired Cogent Partners to advise on the sale, two people with knowledge of the deal said. The portfolio consists mostly of positions in buyout funds, said the people, who asked not to be identified because the information is private………………………………………..Full Article: Source

Bahrain fund open to McLaren stake sale

Posted on 10 July 2014 by VRS  |  Email |Print

The chief executive of Bahrain’s sovereign wealth fund, Mumtalakat Holding Company, has confirmed that while there were no talks with Honda about buying its stake in U.K. automaker McLaren, a sale of the luxury sports car group was still an option.
“Our stake in McLaren, you know, we are happy to have it there. If there is a business opportunity for somebody to buy from us we look at it commercially, but there is no talk at the moment directly with them (Honda) no,” Mahmood Al Kooheji said………………………………………..Full Article: Source

Upbeat Temasek profit unchanged

Posted on 09 July 2014 by VRS  |  Email |Print

Singapore’s state-investment firm remained upbeat on Asian economies, where it sealed half its new investments in the past fiscal year, even as it trawled the US and Europe for investments. It continues to favour companies in the financial services, life ­sciences, energy and consumer-product sectors.
Fiscal-year net profit rose slightly to $S10.9 billion ($9.3bn) from $S10.6bn a year earlier, Temasek said. Its portfolio value during the period grew 3.7 per cent to a record $S223bn, from $S215bn a year earlier…………………………………..Full Article: Source

Temasek’s portfolio growth slows; holdings hit record $179 bln

Posted on 09 July 2014 by VRS  |  Email |Print

Singapore state investor Temasek Holdings Pte Ltd said its portfolio grew by 3.72 percent in the last financial year, slower than the previous year, due to a drop in the value of its bank holdings which include Standard Chartered PLC.
Temasek reported on Tuesday its portfolio size had increased to a record S$223 billion ($179 billion) in its last financial year that ended in March. Last financial year, Temasek’s portfolio grew 8.6 percent…………………………………..Full Article: Source

Leakages, political bickering threaten Nigeria SWF goals

Posted on 09 July 2014 by VRS  |  Email |Print

The goals of Nigeria’s Sovereign Wealth Fund (SWF), which include providing a countercyclical rainy day fund, as well as savings for future generations is being threatened by political bickering and oil revenue leakages.
While the SWF announced last month that it made capital gains of N1.2 billion ($7.75 million) in the first quarter (Q1) of 2014 representing 0.5 percent return on total capital of $1.55 billion, the need to grow the fund through regular monthly transfers by the Government has failed to materialise…………………………………..Full Article: Source

Temasek set to show slower asset growth on banks holdings

Posted on 08 July 2014 by VRS  |  Email |Print

Temasek Holdings Pte’s assets probably grew at a slower pace in the year to March because the value of some of its biggest financial assets declined. Singapore’s state-owned investment company, which releases its annual review tomorrow, may have increased the value of its holdings by about 4 percent to a record S$224 billion ($180 billion) in the year to March 31, according to CIMB Research Pte and Institutional Investor’s Sovereign Wealth Center.
That compares with an 8.6 percent gain in the previous year.China Construction Bank Corp. and Industrial & Commercial Bank of China Ltd., among the top four lenders in Temasek’s portfolio, declined as China’s economy heads for the weakest expansion in 24 years amid rising debt and a clampdown on shadow banking……………………………………..Full Article: Source

Abu Dhabi’s ADIA sells shares worth $70 mln in India’s Kotak Mahindra

Posted on 08 July 2014 by VRS  |  Email |Print

Abu Dhabi Investment Authority (ADIA), one of the world’s biggest sovereign wealth funds, sold 4.21 billion rupees ($70.2 million) worth of shares in India’s Kotak Mahindra Bank Ltd in stock market deals on Monday, exchange data showed.
ADIA sold about 4.8 million shares at 874.55 rupees a piece, according to data from the Bombay Stock Exchange. Kotak Mahindra shares ended down 1.3 percent at 870.90 rupees, while the main Mumbai market index rose 0.5 percent……………………………………..Full Article: Source

Banks line up 1.5 bln euro loan to buy TDF unit

Posted on 08 July 2014 by VRS  |  Email |Print

Bankers are lining up a 1.5 billion euro ($2.05 billion) debt financing to back a potential formal bid for broadcasting masts group TDF’s French unit by Canadian pension fund PSP Investment, banking sources said on Monday.
TDF owners TPG, Ardian, Charterhouse and French sovereign wealth fund FSI decided last year to sell the company, hiring Goldman Sachs and Rothschild to manage the process. They hoped to fetch 4 billion euros to be able to repay TDF’s 3.8 billion euro debt pile and avoid a costly restructuring……………………………………..Full Article: Source

The UK must start helping oil giants, not hindering them

Posted on 08 July 2014 by VRS  |  Email |Print

Lady Thatcher was Britain’s greatest post-war leader but in one area of economic policy she erred. In the 1980s, as oil prices continued to skyrocket following the Islamic revolution in Tehran and the so-called “tanker war” in the Gulf, her government failed to realise the long-term benefits for the UK’s economy from the creation of a sovereign wealth fund (SWF) to recycle the tax revenues from Brent.
Without the involvement of these companies, which can use the very latest technology to find and then extract more oil from the North Sea, the hope of ever creating a UK sovereign wealth fund will be lost for ever…………………………………….Full Article: Source

Kazkommertsbank, BTA Bank complete merger in Kazakhstan

Posted on 08 July 2014 by VRS  |  Email |Print

Kazkommertsbank (KKB), one of the largest banks in Kazakhstan and Central Asia, has announced the completion of the acquisition of BTA Bank shares. In accordance with previous agreements, on 30 June, 2014, Kazkommertsbank and Kenes Rakishev, a 34-year-old entrepreneur and venture investor from Kazakhstan, each acquired 46.5% of BTA Bank’s shares from Kazakhstan’s state-owned Sovereign Wealth Fund Samruk-Kazyna, KKB said.
Simultaneously, Samruk-Kazyna transferred its remaining 4.26% stake in BTA to KKB in accordance with the Trust Agreement. This provided KKB with more than 50% of voting rights and operational control of BTA……………………………………..Full Article: Source

Temasek Set to Show Slower Asset Growth on Banks

Posted on 07 July 2014 by VRS  |  Email |Print

Temasek Holdings Pte’s assets probably grew at a slower pace in the year to March because of losses on some of its biggest financial assets.
Singapore’s state-owned investment company, which releases its annual review tomorrow, may have increased the value of its holdings by about 4 percent to a record S$224 billion ($180 billion) in the year to March 31, according to CIMB Research Pte and Institutional Investor’s Sovereign Wealth Center. That compares with an 8.6 percent gain in the previous year………………………………………..Full Article: Source

Bumi transfers 19% KPC stake to China’s CIC in debt deal

Posted on 07 July 2014 by VRS  |  Email |Print

Coal miner Bumi Resources confirmed the transfer of a 19 per cent stake in Kaltim Prima Coal (KPC) valued at US$950 million (RM3.03 billion) to China Investment Corporation as part of the debt-to-equity deal agreed to in October last year, Bumi said in a statement last Thursday.
The coal miner said it owes US$1.99 billion to the Chinese sovereign wealth fund in the form of a principal loan, deferred interest and make-whole costs. With the share transfer, its debt to CIC has been further reduced to US$1.04 billion………………………………………..Full Article: Source

Indonesia’s Bumi Transfers 19% KPC Stake to China’s CIC

Posted on 04 July 2014 by VRS  |  Email |Print

Coal miner Bumi Resources confirmed a transfer of a 19 percent stake in coal mining Kaltim Prima Coal valued at $950 million to China Investment Corporation as part of the debt-to-equity deal agreed on October 2013, Bumi said in a statement on Thursday.
The coal miner said it owes $1.99 billion to the Chinese sovereign wealth fund in the form of a principal loan, deferred interest and make-whole costs. With the share transfer, its debt to CIC has been reduced to $1.04 billion………………………………………..Full Article: Source

FG Withdraws N1.9tn From Excess Crude Account

Posted on 04 July 2014 by VRS  |  Email |Print

Reports obtained from the Budget Office of the Federation has revealed that the Federal Government withdrew the sum N1.99tn from the Excess Crude Account in the 2013 fiscal year.
The office, in its 2013 consolidated budget implementation report jointly signed by the Minister of Finance, Dr. Ngozi Okonjo-Iweala, and the Director-General, BoF, Dr. Bright Okogu, said the amount was used to settle various obligations of the Federal Government owing to its inability to meet its revenue targets. The withdrawals for 2013 were marginally lower than the N2.07tn taken in the 2012 period by N800m or 3.86 per cent………………………………………..Full Article: Source

Australian Super backtracked on airport valuation: Future Fund

Posted on 02 July 2014 by VRS  |  Email |Print

The Future Fund has accused AustralianSuper of backtracking on its own valuation of the Perth Airport, a dispute which is at the heart of the legal case one of the country’s biggest superannuation funds is waging against Australia’s sovereign wealth fund. According to the defence the Future Fund has lodged with the Supreme Court of Victoria, AustralianSuper had previously agreed with the now disputed valuation and it believes AustralianSuper may be pursuing the legal action in a bid to achieve a commercial settlement.
A spokesperson for the Future Fund told Financial Standard that the “Future Fund is pleased to have finally been provided with the opportunity to lodge its defence with the Victorian Supreme Court. We have consistently and strongly maintained that Future Fund has acted appropriately at all times, and we totally reject the allegations of wrongful conduct that have been made. “Future Fund remains confident in its position and will vigorously defend this matter.”……………………………………….Full Article: Source

Azerbaijan plans to gain financial benefit from replacement of Oil Fund allocations with the loans from foreign markets

Posted on 26 June 2014 by VRS  |  Email |Print

Replacement of the State Oil Fund (SOFAZ) allocations with the loans from foreign markets promises to provide a financial benefit for Azerbaijan. According to the informed sources, Azerbaijan’s government plans to take advantage of such loans’ benefits.
“Today the markets demonstrate profitable financial conditions and this effect is enhanced by Azerbaijan’s financial stability and solvency. Many lenders and investors are ready to provide finances to Azerbaijan. In this regard, governmental experts believe that today it’s quite possible to get foreign loans at the rate of LIBOR level or LIBOR +0…% and we should take this opportunity”, - the source said………………………………………..Full Article: Source

Oil Fund’s relations with budget of Azerbaijan may change drastically

Posted on 26 June 2014 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) can change the system of relations with the state budget, known as the system of annual transfers. The new format of SOFAZ ties is still considering by government experts.
The article is disseminated only on condition of close subscription. If you are interested, contact with marketing service of news agency Fineko………………………………………..Full Article: Source

Oman Fund Held Talks With Bulgaria About Corpbank Rescue

Posted on 26 June 2014 by VRS  |  Email |Print

Oman’s sovereign wealth fund held talks with the Bulgarian government and central bank on Tuesday about recapitalising Corporate Commercial Bank (Corpbank), Oman’s honorary consul in Sofia told Reuters on Wednesday.
Bulgaria plans to nationalise the bank, which suffered a run on deposits last week and was subsequently taken over by the central bank, if talks with shareholders including Oman fail. That prospect looked the most likely outcome after Prime Minister Plamen Oresharski said on Tuesday that shareholders were “unlikely” to rescue the country’s fourth-largest lender………………………………………..Full Article: Source

Nigeria: NSIA Rakes in N1.2 Billion By Investing 20 Percent of SWF

Posted on 26 June 2014 by VRS  |  Email |Print

As a result of its investment strategies, the Nigerian Sovereign Investment Authority (NSIA) has revealed that it earned N1.2 billion as at the end of the first quarter of 2014 by investing only 20 per cent of the Sovereign Wealth Fund (SWF).
The agency stated that its first quarter 2014 performance was wholly in line with its projections. The Managing Director, NSIA, Mr. Uche Orji, who revealed this while briefing the media in Lagos also said that the agency’s audited net profit for the period stood at N1.2 billion. He pointed out that with the changing interest rate landscape in key global markets, the NSIA would be adjusting its asset allocation strategies to take advantage of inherent benefits………………………………………..Full Article: Source

Sovereign Wealth Fund Records Modest Q1 Outing

Posted on 26 June 2014 by VRS  |  Email |Print

Buoyed by its humble performance at the end of its first full year of operation, the management of the Nigerian Sovereign Investment Authority (NSIA) at the weekend announced a net profit of N1.2 billion for its operations in the first quarter of 2014, which is more than double the N525 million reported for the whole of last year.
The NSIA, which started out with seed funding of $1 billion from the federal and state governments, reported the 2013 profit on the back of a total investment income of N1.466 billion………………………………………..Full Article: Source

NSIA Rakes in N1.2bn by Investing 20% of SWF

Posted on 25 June 2014 by VRS  |  Email |Print

As a result of its investment strategies, the Nigerian Sovereign Investment Authority (NSIA) has revealed that it earned N1.2 billion as at the end of the first quarter of 2014 by investing only 20 per cent of the Sovereign Wealth Fund (SWF). The agency stated that its first quarter 2014 performance was wholly in line with its projections.
The Managing Director, NSIA, Mr. Uche Orji, who revealed this while briefing the media in Lagos also said that the agency’s audited net profit for the period stood at N1.2 billion. He pointed out that with the changing interest rate landscape in key global markets, the NSIA would be adjusting its asset allocation strategies to take advantage of inherent benefits………………………………………..Full Article: Source

Heritage Fund earns $852 million more than expected in 2013

Posted on 25 June 2014 by VRS  |  Email |Print

The Alberta Heritage Savings Trust Fund earned $2.1 billion in interest in 2013-14, with a record 16-per-cent return on investment. The heritage fund is Alberta’s long-term savings account. It currently holds roughly $17.5 billion. Established in 1976, it was originally meant to save non-renewable resource revenue for future generations.
In recent years, the government has transferred most of the interest to general revenues to be spent. In total, interest from the fund has contributed roughly $36.5 billion to pay Alberta’s annual expenses. Over the next three years, however, the money taken out of the fund will be gradually reduced to zero………………………………………..Full Article: Source

Alberta heritage fund earned $2.1B in 2013-14

Posted on 25 June 2014 by VRS  |  Email |Print

The Alberta government says its nest egg earned $2.1 billion in the last fiscal year — a 16 per cent rate of return. The value of the Heritage Savings Trust Fund now sits at $17.5 billion.
Most of the money earned is being moved into general revenue to pay for government programs. Just under $200 million is being kept in the fund, as required by law, to protect against inflation………………………………………..Full Article: Source

Luye Pharma, Owners Seek Up to $764 Million From Hong Kong IPO

Posted on 24 June 2014 by VRS  |  Email |Print

Luye Pharma Group Ltd., a Chinese drugmaker backed by Singapore’s sovereign wealth fund, and existing owners are seeking to raise as much as $764 million from a Hong Kong initial public offering.
The company and its investors are selling 999.6 million shares at HK$5.38 to HK$5.92 each, according to terms for the deal obtained by Bloomberg News. The shareholders include GIC Pte as well as Chinese private equity firms CDH Investments Fund Management Co. and Citic Private Equity Funds Management Co., the terms show………………………………………..Full Article: Source

Nigeria: Sovereign Wealth Fund yields N1.2bn profit in Q1

Posted on 23 June 2014 by VRS  |  Email |Print

The Nigeria Sovereign Investment Authority has announced a profit of N1.2bn from its investment of the Sovereign Wealth Fund for the first quarter of this year, up from the N525m made in the 15-month period ended December 31, 2013.
In what may be considered a justification of the decision of the Federal Government to set up the SWF to save some portion of the money realised from the sale of crude oil, the NSIA also expressed optimism that it would match if not surpass the first quarter profit margin when the result of the second quarter audit was ready………………………………………..Full Article: Source

China’s CIC Vows to Improve Management After Irregularities Uncovered

Posted on 20 June 2014 by VRS  |  Email |Print

China Investment Corp., the nation’s sovereign-wealth fund, said Thursday that it plans to improve the management of its overseas investments after it was publicly criticized by the government’s auditing agency for a string of irregularities that led to unspecified losses.
China’s National Audit Office said Wednesday that CIC was found to have management shortcomings that resulted in overseas losses on six projects between 2008 and 2012. The extent of the losses wasn’t given. The auditing agency blamed the losses at CIC on dereliction of duty by management, insufficient due diligence and poor post-investment management……………………………………….Full Article: Source

Audits hit home at CIC

Posted on 20 June 2014 by VRS  |  Email |Print

China Investment Corp, the nation’s US$575 billion (HK$4.48 billion) sovereign wealth fund, said it is improving how it manages overseas investments after state auditors said mismanagement led to losses. The fund has drafted plans to rectify issues identified by the National Audit Office, analyzed the causes, and is amending related mechanisms and procedures, Beijing-based CIC said.
CIC will also strengthen due diligence for overseas deals and enhance post-investment management, and standardize the selection of external managers. An audit last year found dereliction of duty by managers and inadequate due diligence and management in 12 investments made abroad between 2008 and 2013, leading to losses………………………………………..Full Article: Source

$5b-plus irregularities at China fund, banks

Posted on 20 June 2014 by VRS  |  Email |Print

Irregularities amounting to more than $5 billion have been found at China’s sovereign wealth fund and two large state-owned banks, according to the state auditor, offering a glimpse into the opaque management of government-controlled firms.
China Investment Corporation (CIC), Bank of China and Agricultural Development Bank of China violated regulations in areas including asset selling, loan issuance and fraudulent invoicing, according to the National Audit Office (NAO). “The audit found CIC breached rules on overseas investment and risk control, domestic subsidiaries operation and financial management,” the NAO said in a statement………………………………………..Full Article: Source

Closer Look: Audit of CIC Shows Its Corporate Governance Must Be Enhanced

Posted on 20 June 2014 by VRS  |  Email |Print

China Investment Corp. (CIC), the country’s US$ 575 billion sovereign wealth fund, has been blamed by the state auditor for flaws in its management of both domestic and overseas investment projects, leading to losses. On June 18, the National Audit Office issued a report on CIC’s operations in 2012. It criticized CIC for a series of irregularities in investment assessments, subsidiary operations, and personnel and financial management.
Internal and external supervision are crucial for a sovereign wealth fund like CIC. The auditor’s report rings the alarm and should prompt the sovereign wealth fund to reexamine itself. However, assessing the investment performance of a sovereign wealth fund is not straightforward………………………………………..Full Article: Source

Chinese sovereign wealth fund mismanaged investments

Posted on 19 June 2014 by VRS  |  Email |Print

China Investment Corp failed to conduct adequate due diligence on overseas investments which led to losses, the mainland’s auditor finds. The mainland’s US$575 billion sovereign wealth fund mismanaged some of its overseas investments between 2008 and last year that led to losses, the National Audit Office said yesterday without specifying the size of the loss.
It said some employees of China Investment Corp (CIC) did not conduct adequate due diligence before investing in 12 overseas projects in the past six years. And they subsequently also failed to track the performance of those investments, it said………………………………….Full Article: Source

Auditor blames CIC

Posted on 19 June 2014 by VRS  |  Email |Print

Mismanagement at China Investment Corp, the nation’s US$575 billion sovereign wealth fund, led to overseas investment losses that could widen, according to the National Audit Office.
A dereliction of duty by managers and inadequate due diligence and post- investment management were identified in 12 investments made abroad by the fund between 2008 and 2013, according to results of an audit conducted last year. Six of the deals were unprofitable, four of them had unrealized losses, and two may potentially lose money. The report released yesterday did not name the investments or disclose their size………………………………….Full Article: Source

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

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