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Sovereign Wealth Funds Briefing 22.Dec 2009

Posted on 22 December 2009 by VRS |  Email |Print

From Eurasiac.com: Mongolia is becoming an attractive investment destination for Asian and Middle Eastern sovereign wealth funds (SWFs) that seek gaining exposure to massive untapped natural resources in this frontier land, strategically located at the doorsteps of China, the world’s largest consumer of commodities.
Following the landmark deal between the Mongolian government and Ivanhoe Mines and Rio Tinto over Oyu Tolgoi (the world largest undeveloped copper-gold mine), Mongolia has captivated attention of global resource companies and investors alike. In the last three months, Ulaanbaatar, Mongolia’s capital witnessed the visits by senior executives of eight sovereign wealth funds including from China, Singapore, Korea, the UAE, Kuwait, Libya and others………………………………….Full Article: Source

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Posted on 22 December 2009 by VRS |  Email |Print

From People.com.cn: Sovereign wealth fund China Investment Corp (CIC) may get a $200 billion capital injection by the first quarter of next year, after approvals from the relevant authorities, according to sources familiar with the fund.

It would also be the second time that the fund is getting additional funds after it got the same amount when it was set up in 2007………………………………….Full Article: Source

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Posted on 22 December 2009 by VRS |  Email |Print

From Dow Jones: People’s Bank of China Vice Gov. Hu Xiaolian said Tuesday she is unaware of any government plans to inject fresh capital into China Investment Corp.

She made the comment to Dow Jones Newswires on the sidelines of a financial forum, after the Financial Times reported Monday that Beijing may inject as much as US$200 billion from the country’s foreign-exchange reserves into the sovereign-wealth fund………………………………….Full Article: Source

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Posted on 22 December 2009 by VRS |  Email |Print

From Business-standard.com: China’s sovereign wealth fund is to have its coffers restocked possibly with as much as $200 billion. This could end up being a further boost for the global commodities sector.
China Investment Corporation had $297 billion of assets at the end of 2008. Now its cash reserves need replenishing after a spending spree this year, according to people close to the fund………………………………….Full Article: Source

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Posted on 22 December 2009 by VRS |  Email |Print

From WSJ: Discussion is heating up again about an expected influx of fresh funds for China Investment Corp., possibly as much as the $200 billion chunk of foreign exchange reserves it was handed the first time around, more than two years ago.
CIC chief Lou Jiwei said publicly in August that the sovereign wealth fund might ask for more capital, and a new allotment makes sense, if for no other reason than that CIC has already invested most of its initial cash pile………………………………….Full Article: Source

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Posted on 22 December 2009 by VRS |  Email |Print

From Asiaone.com: Singapore Airlines and Temasek Holdings will not be divesting their Tiger Airways shares during the budget carrier’s upcoming initial public offering (IPO), according to a draft prospectus filed yesterday.

Indigo, which owns 24 per cent of Tiger, will divest part of its stake, while the family that owns Ryanair and 16 per cent of the Singapore budget carrier will cut its stake if an overallotment option is triggered………………………………….Full Article: Source

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Posted on 22 December 2009 by VRS |  Email |Print

Verenex Energy Inc. completed the previously announced plan of arrangement. The Arrangement was carried out pursuant to the arrangement agreement dated November 5, 2009 among Verenex, the Libyan Investment Authorityand a subsidiary of the LIA.
Under the Arrangement, the LIA, through its subsidiary, acquired all of the issued and outstanding Verenex shares at a price per share equal to $7.0906 plus an additional working capital amount per share in the amount of $0.1976………………………………….Full Press Release: Source

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Posted on 22 December 2009 by VRS |  Email |Print

From Automotiveworld.com: Qatar’s sovereign investment fund, Qatar Holding, has announced it has exercised its options to acquire Volkswagen ordinary shares and increased its voting stake from 6.8% to 17% as planned.
As a result, Volkswagen has announced that its preferred shares will replace the company’s ordinary shares in the DAX stock index effective 23 December 2009………………………………….Full Article: Source

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Posted on 22 December 2009 by VRS |  Email |Print

From WSJ: Dubai World’s bid to restructure about $22 billion of debt kicked off Monday, but an initial meeting with creditors delivered little hope of a quick settlement.
Bankers representing more than 90 lenders gathered at the Dubai World Trade Center’s Sheik Maktoum conference hall to hear an initial presentation from Dubai World’s restructuring team but there was no formal proposal for a standstill of the conglomerate’s debts………………………………….Full Article: Source

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Posted on 22 December 2009 by VRS |  Email |Print

From Thepeninsulaqatar.com: The fallout from the global credit crisis is changing, or perhaps correcting, the perception that sovereign wealth funds (SWFs) or state-owned investors will always patiently ride out paper losses on their investment.
Sovereign funds lost an estimated $600bn over the past two years as the credit crisis sent global stock markets into tailspin and large stakes in Western banks imploded………………………………….Full Article: Source

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Posted on 22 December 2009 by VRS |  Email |Print

From Monitor.co.ug: The acting Managing Director of the National Social Security Fund (NSSF), Mr Martin Bandebiire, will not return to his position as corporation secretary when the government appoints a new team to manage the Fund early next year.
Daily Monitor has learnt that Mr Bandebiire notified Finance Minister Syda Bbumba of his intention to end his contract with NSSF in October this year………………………………….Full Article: Source

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