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Sovereign Wealth Funds Briefing - Archive | January, 2012

Foreign reserves: Time to consider new options

Posted on 23 January 2012 by VRS  |  Email |Print

Over the past few years, Saudi Arabia has accrued significant budget surpluses resulting from increased oil production and higher oil prices. Some of those surpluses have been used as foreign reserves of the Saudi Arabian Monetary Agency (SAMA).
With new leadership at the helm of SAMA, it may be time to revisit the rather costly policy of maintaining high levels of reserves. We should explore options to manage those surpluses, now that they have grown way beyond the strict needs of monetary policy………………………………………..Full Article: Source

CIC buys Thames Water stake

Posted on 20 January 2012 by VRS  |  Email |Print

China Investment Corporation (CIC) is poised to buy a stake in the holding company that owns Thames Water, the water network that serves London, the Financial Times reported on Friday.
The newspaper cited one person familiar with the situation as saying China’s $410 billion sovereign wealth fund is close to agreeing the acquisition of up to 10 percent of the UK utility with its holding company Kemble Water………………………………………..Full Article: Source

TPG Capital backs China’s Li Ning

Posted on 20 January 2012 by VRS  |  Email |Print

Global private equity fund TPG Capital and Singapore sovereign wealth fund GIC will invest about 750 million yuan ($115 million) in convertible bonds in Hong Kong-listed China sportwear brand Li Ning Co Ltd, the company said on Friday.
TPG has agreed to subscribe to 561 million yuan of convertible bonds from Li Ning, while GIC’s affiliate has agreed to subscribe to 189 million yuan of convertible bonds from the company, Li Ning said in a statement………………………………………..Full Article: Source

Li Ning raises funds in convertible bond sales

Posted on 20 January 2012 by VRS  |  Email |Print

Li Ning Co. said Thursday that it sold 750 million yuan ($119 million) in convertible bonds to U.S. buyout firm TPG Group and Singaporean sovereign-wealth fund Government of Singapore Investment Corp., as the Chinese sportswear maker grapples with tough competition and inventory problems.
The bonds, if converted, would give TPG a 7.6% stake in Li Ning, and would give the Singaporean fund, known as GIC, a 7.9% stake, up from its current 6% stake, according to a filing late Thursday with the Hong Kong Stock Exchange and a company spokeswoman. TPG would also get two board seats………………………………………..Full Article: Source

Norway’s sovereign wealth fund buys 1pct stake in SKS

Posted on 20 January 2012 by VRS  |  Email |Print

India’s largest microfinance firm SKS appears to have a new investor joining the company’s list of backers. The Norwegian sovereign wealth fund – Government Pension Fund Global – figures among the list of prominent shareholders of the company. As per the latest disclosure, the sovereign wealth fund held 1.03 per cent in the microfinance firm as of December 31, 2011.
However, Government Pension Fund Global did not figure among the company’s shareholders till the quarter ended September 30, 2011………………………………………..Full Article: Source

National Fund assets made USD 43.3 bln in December 2011

Posted on 20 January 2012 by VRS  |  Email |Print

The National Fund of Kazakhstan, which was established on the instructions of the President of Kazakhstan in 2000, is called on to ensure effective distribution and use of revenues from natural resources.
The National Fund ensures accumulation of the funds for next generations as well as reduces the dependence of the national economy on the impact of external unfavorable factors………………………………………..Full Article: Source

Khazanah makes‘modest’ gain

Posted on 20 January 2012 by VRS  |  Email |Print

Khazanah Nasional Bhd will book a modest divestment gain from selling its 42.7% strategic stake in Proton Holdings Bhd for RM5.50 per share or a total cash consideration of RM1.29 billion.
Speaking to the media during Khazanah’s annual review, managing director Tan Sri Azman Mokhtar maintained that Khazanah’s entry cost into Proton in 2002 was lower than RM8 as reported………………………………………..Full Article: Source

Sovereign wealth fund hits $1bln as FG, states reach compromise

Posted on 20 January 2012 by VRS  |  Email |Print

The Federal and state governments have finally agreed to withdraw the sum of $1 billion from the Excess Crude Account (ECA) into the Sovereign Wealth Fund Account.
Ngozi Okonjo-Iweala, Finance Minister and Co-ordinating Minister for the Economy, who disclosed this at the ongoing Investigative Public Hearing on Fuel Subsidy Management in Abuja , added that the total sum of $1.001 billion was accrued into the account domiciled with the Central Bank of Nigeria (CBN)………………………………………..Full Article: Source

Libya not planning to increase UniCredit investment

Posted on 20 January 2012 by VRS  |  Email |Print

The Libyan government has no plans to inject fresh cash into its foreign investments, including Italian bank UniCredit, as it needs the money for reconstruction efforts, the country’s central bank Governor, Saddeq Omar Elkaber, said.
Elkaber said the government was working on creating an investor-friendly environment in Libya after it emerged in October from a nine-month civil war that ended the rule of dictator Muammar Qaddafi………………………………………..Full Article: Source

Qatari bank eyes majority stake in Moroccan lender

Posted on 20 January 2012 by VRS  |  Email |Print

Qatar National Bank says is planning to buy a majority stake in Morocco-based lender Union Marocaine des Banques as it looks to expand its presence in Africa.
State-backed QNB said Wednesday the deal must still be approved by the UMB’s board and regulators. Financial details weren’t provided. Qatar’s sovereign wealth fund, the Qatar Investment Authority, controls QNB through a 50 percent stake………………………………………..Full Article: Source

Korea sovereign wealth fund CIO says Europe assets ‘attractive’

Posted on 19 January 2012 by VRS  |  Email |Print

Scott KalbKorea Investment Corp., the nation’s $43 billion sovereign wealth fund, said European assets are “attractive” amid the region’s sovereign debt crisis, and it plans to buy more real estate.
Europe “got to sell off assets to try to alleviate the burden,” Chief Investment Officer Scott Kalb said in an interview in Seoul yesterday. “We just want to be in a position to buy those assets when attractive opportunities arise. We want to be ready to take advantage of it.”……………………………………….Full Article: Source

Malaysia Khazanah’s portfolio falls to 108 bln ringgit

Posted on 19 January 2012 by VRS  |  Email |Print

The investment portfolio of Malaysia’s state strategic investment arm, Khazanah Nasional, fell slightly to 108.1 billion ringgit ($35 billion) at the end of last year from 112.6 billion ringgit at the end of 2010, its managing director Azman Mokhtar said on Wednesday.
Khazanah has been aggressively scaling back its holdings in the Southeast Asian country’s top companies as part of a government strategy to boost liquidity in the stock market and lighten the state’s heavy hand in the economy………………………………………..Full Article: Source

Khazanah assets slide 7pct, underperforms on markets

Posted on 19 January 2012 by VRS  |  Email |Print

Khazanah Nasional Bhd., Malaysia’s state investment company, said the value of its portfolio fell 7 percent last year, dragged down by “soft” markets.
The net asset value of Khazanah’s investments slid to 70 billion ringgit ($22.5 billion) at the end of 2011 from 75.2 billion ringgit a year earlier, the Kuala Lumpur-based fund said in a statement. The benchmark FTSE Bursa Malaysia KLCI Index climbed 0.8 percent, the smallest annual gain in three years………………………………………..Full Article: Source

Khazanah’s profit up on divestments

Posted on 19 January 2012 by VRS  |  Email |Print

Khazanah Nasional Bhd’s profit before tax for the financial year ended Dec 31, 2011 surged 156% to RM5.33bil from RM2.08bil in the previous year due to divestments in its stable of companies.
Khazanah MD Tan Sri Azman Mokhtar said that it had paid out dividends totalling RM3bil last year to the Government. “This is our best performance to date (in terms of profit growth) since our inception eight years ago,” Azman said………………………………………..Full Article: Source

Temasek sells off 200mln Shin shares

Posted on 19 January 2012 by VRS  |  Email |Print

A unit of Singapore’s state-owned investment company Temasek Holdings is selling 200 million shares of Shin Corporation in a deal that could raise as much as US$261 million (7.8 billion baht).
The 6.2% stake is being sold at 40.1 baht to 41.60 baht a share, according to a report by Reuters. The Temasek unit, Cedar Holdings Ltd, has a 44.2% stake in Shin and the sale will increase Shin’s free float to 20.4%………………………………………..Full Article: Source

Temasek’s Cedar dilutes stake in Thai Shin Corp

Posted on 19 January 2012 by VRS  |  Email |Print

Thai telecoms group Shin Corp Pcl said on Thursday that Cedar Holdings, a unit of Singapore Temasek Holdings, had sold 200 million shares, or 6.2 percent of Shin.
The sale would dilute Cedar’s holding in Shin to 37.99 percent, the Thai firm told the stock exchange. That comfirmed an IFR report late on Wednesday………………………………………..Full Article: Source

Temasek, GIC in exit mode from ICICI Bank

Posted on 19 January 2012 by VRS  |  Email |Print

Temasek Holdings and Government of Singapore Investment Corp (GIC), Singapore’s sovereign wealth funds, are looking to sell a part or all of their holding in ICICI Bank, India’s biggest private sector lender by assets.
Temasek and GIC are looking to sell a part or all of their holding in ICICI Bank through block deals on stock excha-nges, according to brokers familiar with the matter. JP Morgan has been given the mandate to do the block deals, they said………………………………………..Full Article: Source

Nigeria: Okonjo-Iweala not opposed to sovereign wealth fund

Posted on 19 January 2012 by VRS  |  Email |Print

The Coordinating Minister for the Economy and Minister of Finance, Dr Okonjo Iweala, is not opposed to the Sovereign Wealth Fund and was the driving force for its take-off, a Lagos-based Centre for Service Integrity has disclosed.
Reacting to a story published in the Nigerian Tribune on Wednesday, the Executive Secretary of the centre,Kennedy Apagi, described the story as “a misrepresentation of the reality with respect to the take-off of the fund in which Dr Okonjo-Iweala took courageous step and decisions………………………………………..Full Article: Source

Tiny Qatar wielding powerful political punch

Posted on 19 January 2012 by VRS  |  Email |Print

From its startling winning bid to host the 2022 football World Cup and mediating roles in Middle East and African conflicts to its role leading Arab efforts to isolate Syria, tiny Qatar is aspiring to an ambitious role: global power broker.
The country’s sovereign wealth fund, estimated to have assets worth around $70 billion, has poured more than $20 billion in recent years into stakes in German carmakers Porsche and Volkswagen, Agricultural Bank of China, Santander Brasil, Spain’s Iberdrola and German builder Hochtief………………………………………..Full Article: Source

Qatar National Bank to buy majority stake in Morocco’s Union Marocaine des Banques

Posted on 19 January 2012 by VRS  |  Email |Print

Qatar National Bank says is planning to buy a majority stake in Morocco-based lender Union Marocaine des Banques as it looks to expand its presence in Africa.
Qatar’s sovereign wealth fund, the Qatar Investment Authority, controls QNB through a 50 percent stake. The deal comes a day after another government-owned Gulf investor, Abu Dhabi’s Aabar Investments, agreed to raise its stake in Italian lender UniCredit to 6.5 percent from about 5 percent now………………………………………..Full Article: Source

Kazakhstan puts over $ 75 bln for rainy day

Posted on 19 January 2012 by VRS  |  Email |Print

The international reserves of the country, including the National Fund assets increased by 27.3 percent and amounted to $75.4 billion in January-November 2011, the official website of the Kazakh Prime Minister said with the reference to the Ministry of Economic Development and Trade.
The growth occurred despite the funds to the amount of 1.2 trillion tenge (over $ 8 billion) were raised from the National Fund amid the global financial crisis of 2008-2009 to maintain the stability of the economy………………………………………..Full Article: Source

Sri Lanka in deals with Qatar sovereign fund, real estate unit

Posted on 18 January 2012 by VRS  |  Email |Print

Sri Lanka has signed co-operation deals with Qatar Holdings LLC, a sovereign wealth fund and its wholly owned real property unit following a visit to the island by the Emirate’s ruler, the foreign ministry said.
Qatar Diar Real Estate Investment Company has signed a deal with Sri Lanka’s Board of Investment. Sri Lanka has also signed other agreements on air services, tourism, legal, cultural and technical co-operation………………………………………..Full Article: Source

Abu Dhabi fund backs UniCredit

Posted on 18 January 2012 by VRS  |  Email |Print

After a rocky start, UniCredit SpA’s €7.5 billion ($9.5 billion) share sale has gained some positive momentum as more investors wade in, highlighted by a big investment in the Italian bank by an Abu Dhabi-based fund.
The share sale, known as a rights issue, is being watched as a barometer of investors’ willingness to recapitalize Europe’s troubled banking sector………………………………………..Full Article: Source

UniCredit gaining investor support for $9.6 bln rights issue

Posted on 18 January 2012 by VRS  |  Email |Print

Aabar Investments, an investment vehicle for Abu Dhabi’s sovereign wealth fund, said on Tuesday that it would increase its stake in the Italian bank UniCredit to 6.5 percent from 5 percent after the Milan-based firm completes a so-called rights offering at the end of the month. The deal would make Aabar the largest individual investor in UniCredit.
The announcement comes as UniCredit is expected to gain investor backing to raise 7.5 billion euros, or $9.6 billion, in a rights issue, which allows shareholders to buy new stock in a company at a discount, according to people with knowledge of the matter………………………………………..Full Article: Source

ADIA delegation meets Indian minister, explores investment opportunities in the Urban Sector

Posted on 18 January 2012 by VRS  |  Email |Print

Abu Dhabi Investment Authority (ADIA) has expressed a keen interest in investing in Urban infrastructure sector in India. A delegation led by Sheikh Hamed bin Zayed Al Nahyan, Managing Director of ADIA met the Urban Development Minister Mr. Kamal Nath to discuss investment opportunities in the urban sector.
Mr. Kamal Nath informed the delegation about the over whelming contribution of the urban sector in India’s growth story – accounting for around 60% of GDP which is likely to further increase to around 70% in the next decade. Over 70% of the new jobs shall be created in the urban centres. (Press Release)

Qatar eyeing investments in Philippines

Posted on 18 January 2012 by VRS  |  Email |Print

A team of 20 businessmen from Qatar were in the Philippines earlier this week to explore making investments to the tune of $1bn in different fields in the South East Asian country, according to a report in the Philippines Star newspaper.
The paper quoted the country’s Trade and Industry Undersecretary Cristino L Panlilio as saying that a Qatar delegation led by Director for Asia and Africa Affairs of Qatar Investment Authority Zayid Rashid Al and head of legal counsel Tarik Muslib held talks with the local officials in Manila………………………………………..Full Article: Source

Birla hires Abu Dhabi fund’s Vora to head offshore business

Posted on 18 January 2012 by VRS  |  Email |Print

Birla Sun Life Asset Management Co., the Indian venture of Canada’s third-largest insurer, has hired Mihir Vora to manage its offshore equity funds. Vora, who has worked at the Abu Dhabi Investment Authority since March 2009, will manage 35 billion rupees ($686 million) at the Indian asset manager.
Saman Khan, a spokeswoman for Birla Sun Life, a venture between Indian billionaire Kumar Mangalam Birla’s Aditya Birla Group and Sun Life Financial Inc. (SLF), confirmed the hiring……………………………………….Full Article: Source

Temasek to sell 3.5pct stake in ICICI Bank

Posted on 18 January 2012 by VRS  |  Email |Print

Temasek Holdings, an investment arm of the Government of Singapore, is looking to offload nearly 3.5% of its stake in ICICI Bank, worth about Rs 3,000 crore, or about $600 million at current market prices.
The Singapore government arm has been looking for buyers for about three months, but two foreign broking houses which were mandated by the firm are yet to find a suitable institution willing to acquire this chunk at a price that is acceptable to both the buyer and the seller, market sources said………………………………………..Full Article: Source

Governors demand $3.5bln from Excess Crude Account

Posted on 18 January 2012 by VRS  |  Email |Print

Governors are asking the Federal Government to remit the $3.5 billion from the Excess Crude Account (ECA) agreed upon in their previous meeting to the Federation Account for sharing among the three tiers of government.
In the minute of Monday’s Federation Account Allocation Committee (FAAC) meeting made available to reporters in Abuja, the Chairman, Commissioners Forum and member from Anambra State, Eze Echesi, “complained that there was delay in releasing the additional $2 billion and the second tranche of $500 million from the ECA to the states after the last meeting.”……………………………………….Full Article: Source

Kazakh BTA creditors forming committee after bond default

Posted on 18 January 2012 by VRS  |  Email |Print

An ad hoc group of creditors holding Eurobonds issued by Kazakhstan’s BTA Bank said on Tuesday they would appoint a formal committee after the bank missed a 10-day grace period to pay $160 million in bond coupons and fell into official default.
The default on the bank’s $2 billion 2018 Eurobond comes just 18 months after a first round of restructuring cut the bank’s debt by two-thirds. Investors are enraged as they contend that BTA, owned by Kazakhstan’s $78 billion sovereign wealth fund, has enough money to pay debt………………………………………..Full Article: Source

BTA may skip payment on capital gap, bank-run risk, CEO says

Posted on 18 January 2012 by VRS  |  Email |Print

BTA Bank may skip a $166 million coupon payment due tomorrow because it has an “acute need to restore capital” and faces the risk of a run on deposits, acting Chief Executive Officer Askhat Beisenbayev said.
A group of unidentified creditors has demanded that BTA make the payment before discussing the proposed restructuring. The coupon payment would reduce the exposure of BTA and Kazakh sovereign-wealth fund Samruk-Kazyna to the risk of claims of securities-law violations……………………………………….Full Article: Source

Abu Dhabi fund to invest in India

Posted on 17 January 2012 by VRS  |  Email |Print

Sheikh Hamed Bin Zayed Al NahyanThe world’s largest sovereign wealth fund, Abu Dhabi Investment Authority (ADIA), with investible funds of more than $600 billion (Rs 30,60,000 crore), has decided to invest in India’s ambitious Delhi-Mumbai Industrial Corridor (DMIC) and other infrastructure projects.
ADIA will set up either a wholly-owned subsidiary or a joint venture with Indian financial institutions such as IDFC or IL&FS for long-term investment in infrastructure………………………………………..Full Article: Source

Abu Dhabi seeks investment opportunities in India

Posted on 17 January 2012 by VRS  |  Email |Print

Abu Dhabi Investment Authority (ADIA), the sovereign wealth fund of the UAE, on Monday expressed “keen interest” in increasing investment in India, especially in infrastructure. “This is an opportunity to enter this huge market,” said Sheikh Hamed Bin Zayed Al Nahyan, managing director of Abu Dhabi Investment Authority, who is on a visit here.
Hamed discussed the investment opportunities with Commerce and Industry Minister Anand Sharma. “We will be very happy to see your participation in India’s infrastructure building,” Sharma said………………………………………..Full Article: Source

Qatar eyes $1bln investments in Philippines

Posted on 17 January 2012 by VRS  |  Email |Print

Qatar is planning to pour $1 billion of investments in the Philippines’ food, mining, real estate, petrochemical and steel industries, according to Trade Undersecretary Cristino Panlilio.
Panlilio said a $1 billion Investment Fund Agreement will be part of the mutual protection of investments agreement and avoidance of double taxation agreement to be signed by the Department of Trade and Industry and the Qatari Investment Authority (QIA) during the visit………………………………………..Full Article: Source

Khazanah to sell stake in car maker Proton to DRB-Hicom for $411.9 mln

Posted on 17 January 2012 by VRS  |  Email |Print

Malaysian sovereign wealth fund Khazanah Nasional Bhd is selling its 42.7-per cent stake in domestic car maker Proton Holdings Bhd to conglomerate DRB-Hicom for $411.9 million.
In a statement today, Khazanah said the decision was made following due deliberation and detailed evaluation of various proposals in order to bring the national auto maker to the next level of strategic growth in line with the industrial development of the national automotive sector………………………………………..Full Article: Source

Khazanah’s 42.74 pct stake in Proton to go to DRB-Hicom

Posted on 17 January 2012 by VRS  |  Email |Print

Khazanah Nasional Bhd has announced that it will divest its 42.74 per cent stake in Proton Holdings Bhd (Proton) to DRB-Hicom Bhd (DRB-Hicom) via a conditional sale with a price consideration of RM5.50 per share or RM1.291 billion.
In a statement yesterday, Khazanah said the decision was made following due deliberation and detailed evaluation of various proposals to ensure that due process was observed, proper financial value was received and that the new shareholder would be able to bring the national auto maker to the next level of strategic growth in line with the aspirations of the industrial development of the national automotive sector………………………………………..Full Article: Source

Singapore govt builds 1 pct stake in India’s Reliance

Posted on 17 January 2012 by VRS  |  Email |Print

The government of Singapore held a stake of just over 1 percent in Reliance Industries , the energy-based conglomerate controlled by Mukesh Ambani, India’s richest person. Reliance is India’s most valuable company, and the Singapore government’s stake would be worth about $498 million based on the company’s Monday closing price.
Singapore operates two of Asia’s biggest sovereign wealth funds, the Government of Singapore Investment Corp, known as GIC, and Temasek Holdings………………………………………..Full Article: Source

Irish pensions reserve fund loses EUR8bln despite positive portfolio return

Posted on 17 January 2012 by VRS  |  Email |Print

The National Pensions Reserve Fund (NPRF) has seen its assets under management fall by €8bn over the past year, with its holdings in two troubled Irish banks to blame for the 36% decline in value.
However, despite the negative overall return, the fund’s discretionary portfolio – still controlled by the NPRF Commission, unlike the directed portfolio targeted at recapitalising Bank of Ireland (BoI) and Allied Irish Banks (AIB) – earned a preliminary return of 1.6%, outperforming Irish managed pension funds, according to the fund’s own estimates………………………………………..Full Article: Source

ADIA chief to visit India to explore investments

Posted on 16 January 2012 by VRS  |  Email |Print

Sheikh Hamed bin Zayed Al NahyanManaging Director of Abu Dhabi Investment Authority (ADIA), one of the world’s largest sovereign wealth funds, will pay a visit to India from tomorrow to explore investment opportunities.
“Sheikh Hamed bin Zayed Al Nahyan, Hamed will be meeting several ministers, top financial and monetary authorities and leading members of the private sector during his visit to New Delhi, Mumbai and Bangalore. He will be accompanied by a high level delegation of senior officials of ADIA,” India’s Ambassador to the UAE, M K Lokesh said………………………………………..Full Article: Source

Asian SWFs targets London offices

Posted on 16 January 2012 by VRS  |  Email |Print

James BeckhamSovereign wealth funds from Asia may have led the push into the London office market in 2011 but a diverse range of Asian investors is gearing up to gain a foothold there this year.
‘High-net-worth individuals and families from Malaysia and Indonesia are also looking for exposure to London offices,´ James Beckham, director - city investment at Jones Lang LaSalle,said………………………………………..Full Article: Source

George Osborne: UK to be ‘home of Asian investment’

Posted on 16 January 2012 by VRS  |  Email |Print

The Chancellor is to meet the head of China’s sovereign wealth fund to promote investment in British infrastructure projects, prompting speculation that a major deal is imminent.
George Osborne will meet Lou Jiwei, chairman of the China Investment Corporation, during a three-day visit to China and Japan beginning Sunday………………………………………..Full Article: Source

China seeks viable, solid investment options in Europe

Posted on 16 January 2012 by VRS  |  Email |Print

China will most likely aim for viable and solid investments in Europe as a way to help the debt-ridden continent, analysts in Europe and China said. But they said these would occur not because of China’s large foreign exchange reserves, nor due to some moral obligation. Rather, they will be purely business decisions.
In November, Lou Jiwei, the head of China Investment Corporation (CIC), China’s sovereign wealth fund, said that CIC is keen to get involved in boosting infrastructure investment in the West, starting with the United Kingdom. “We at CIC believe that such an investment, guided by commercial principles, offers the chance of a ‘win-win’ solution for all,” Lou said………………………………………..Full Article: Source

Singapore ranks in top 10 for well-managed government wealth funds

Posted on 16 January 2012 by VRS  |  Email |Print

Two Singapore sovereign wealth funds were ranked sixth and seventh in the world for good governance and transparency by a US-based economic think tank. Tamasek Holdings was sixth, followed by the Singapore Government Investment Corp, The Straits Times said.
The rankings of 100 government investment funds by the Peterson Institute for International Economics put Norway’s Pension Fund-Global in the top position………………………………………..Full Article: Source

Bumi Resources to take care of debt ahead of schedule

Posted on 16 January 2012 by VRS  |  Email |Print

Bumi Resources, Indonesia’s biggest coal miner by production, plans to repay the second and third tranches of its debt to a Chinese sovereign wealth fund two years ahead of schedule.
Dileep Srivastava, the investment relations director at Bumi, said the Jakarta-based company plans to pay off $600 million in debt, which is the second tranche of payment to China Investment Corporation, in the fourth quarter of this year, two years early………………………………………..Full Article: Source

Status of Khazanah’s stake in Proton to be known this week

Posted on 16 January 2012 by VRS  |  Email |Print

As the decision on the new owner of Khazanah Nasional Bhd’s (Khazanah) 42.7-per cent stake in Proton Holdings Bhd (Proton) is expected to be known early this week, there is deep concern by industry players that the move will have an impact on the development of the national auto industry.
Among the major areas concern would include the company’s vendor programme, which involves many vendors. They opined that the new shareholder should continue to outsource the manufacturing of parts and components for Proton vehicles, which Proton has been doing since its inception, spawning a brisk auto parts industry in the country………………………………………..Full Article: Source

Mumtalakat supports Think Pink

Posted on 16 January 2012 by VRS  |  Email |Print

Bahrain Mumtalakat Holding Company, National Bank of Bahrain and Durrat Khaleej Al Bahrain have announced their support for Think Pink Bahrain, a non-profit organisation which raises awareness and encourages early diagnosis of breast cancer.
The three companies will donate BD125,000 ($332,446) to the Think Pink MRI fund. The programme aims to raise funds for a digital MRI screening machine which will be used for early detection of breast cancer at the Salmaniya Medical Complex………………………………………..Full Article: Source

Expats welcome to Qatari investments in France

Posted on 16 January 2012 by VRS  |  Email |Print

French far-right presidential candidate Marine Le Pen defined Qatari investments in France as “dangerous”, but French nationals living in Doha appear to welcome the Qatari presence in their country.
Qatar Investment Authority in May bought 70 percent of the French capital’s sole first division club Paris Saint Germain in a deal reportedly worth up to $57m. Le Pen, who is challenging French President Nicolas Sarkozy in elections later this year, said that she was not happy with Qatar’s takeover of PSG………………………………………..Full Article: Source

Korean sovereign wealth fund gets China QFII license

Posted on 13 January 2012 by VRS  |  Email |Print

Sovereign wealth fund Korea Investment Corp. said Friday it has acquired a license to invest in Chinese securities, paving the way for the firm to further diversify its portfolio through purchases of Chinese Class A shares and bonds as early as this year.
A KIC official said the fund has received its Qualified Foreign Institutional Investor license and is waiting for the Chinese authorities to set its investment quota………………………………………..Full Article: Source

South Korea’s sovereign fund allowed to invest in China stocks

Posted on 13 January 2012 by VRS  |  Email |Print

South Korea’s sovereign wealth fund has received qualified investor status from China, opening the door for investment in its stock markets, the finance ministry said Friday.
Korea Investment Corp. (KIC) received the status of “qualified foreign institutional investor” (QFII) from the China Securities Regulatory Commission, according to the ministry. Under the Chinese law, a foreign investor should obtain the QFII status to directly invest in its mainland stock markets………………………………………..Full Article: Source

Manila eyes $1.5 bln investment from Gulf

Posted on 13 January 2012 by VRS  |  Email |Print

The Philippines said it expects investments totalling $1.5 billion from Qatar and Kuwait this year, with investors looking at opportunities in infrastructure, agribusiness, tourism and energy sectors.
Qatar’s sovereign wealth fund was taking a look at the Southeast Asian nation’s agriculture, energy and tourism sectors, Manila’s Trade Undersecretary Cristino Panlilio said. Panlilio said Qatar’s investment plans may be discussed during a state visit later this month by the Amir of Qatar………………………………………..Full Article: Source

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