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Sovereign Wealth Funds Briefing 11.Jan 2010

Posted on 11 January 2010 by VRS |  Email |Print

From Businessweek.com: SouthGobi Energy Resources Ltd may raise as much as C$459 million ($446.6 million) in a Hong Kong share sale. China Investment Corp., the nation’s sovereign wealth fund, and Temasek Holdings Pte, the Singapore government-owned investment company, have each agreed to buy $50 million worth of shares, sources say.

SouthGobi is raising capital to finance exploration, expand, and build production plants and infrastructure as it aims to increase output and supply customers in China. The company plans to sell 27 million new shares, or a 16.8 percent stake, an e- mail sent to fund managers on Jan. 4 said…………………………………..Full Article: Source

Posted on 11 January 2010 by VRS |  Email |Print

From Temasekreview.com: Singapore’s Government Investment Corp. (GIC) faces potential losses of more than SGD$1 billion dollars in another failed overseas investment, this time in an upscale apartment complex in New York – Stuyvesant Town.

The sprawling Manhattan apartment complex known as Peter Cooper Village and Stuyvesant Town was acquired for $5.4 billion in 2006 by Tishman Speyer Properties and a unit of BlackRock Inc…………………………………..Full Article: Source

Posted on 11 January 2010 by VRS |  Email |Print

From Gulf-daily-news.com: Abu Dhabi-based Aabar Investments wants to acquire 70 per cent of Arabtec through convertible bonds, Aabar said, in a $1.7 billion deal which would provide both cash and potential new contracts for the Dubai builder.

Aabar’s board “has resolved to make an offer to Arabtec to acquire 70pc of the share capital of Arabtec by way of a mandatory convertible bond to be issued by Arabtec Holding to Aabar Investments at a conversion price of 2.3 UAE dirhams ($0.626) per share”, Aabar said…………………………………..Full Article: Source

Posted on 11 January 2010 by VRS |  Email |Print

From Dailytimes.com.pk: Agricultural Bank of China, China’s third-biggest bank by assets, said that it plans to list this year, but denied a report it was planning a $22 billion initial public offering as early as April. Central Huijin, the domestic investment arm of China’s sovereign wealth fund, owns half of AgBank following a $19 billion capital injection in 2008.
The China Daily, China’s main English-language newspaper, reported on Tuesday the size and potential timeframe for the highly anticipated IPO, adding that AgBank had failed to forge strategic partnerships with any domestic or foreign financial institutions…………………………………..Full Article: Source

Posted on 11 January 2010 by VRS |  Email |Print

From Scotsman.com: Australian investment bank Macquarie is understood to have teamed up with the Canadian Pension Plan and the Abu Dhabi Investment Authority to bid for an electricity network.
The consortium is believed to be working on a £4 billion bid for a network – owned by French utility EDF – that distributes power to millions of homes in the south of England…………………………………..Full Article: Source

Posted on 11 January 2010 by VRS |  Email |Print

From Juneauempire.com: Two lawmakers from Anchorage are proposing a constitutional amendment to place the Permanent Fund Dividend under the protection of Alaska’s Constitution. The idea is laughable but it makes for good campaign fodder.

This is not the first time and not likely the last when the PFD is used as a political football to be punted around just to get name recognition in an election year…………………………………..Full Article: Source

Posted on 11 January 2010 by VRS |  Email |Print

From Globalarabnetwork.com: The year 2009 was a turbulent time for global business, with the UAE in particular facing some stiff challenges. To say that Ras Al Khaimah (RAK) sailed through the economic hurricane untouched would be false, but thanks to sound economic planning, 2009 was a year of stable progress for the emirate.

The authorities have encouraged the development of the manufacturing sector, part of a long-standing policy aimed at diversifying the economy that has resulted in industry contributing more than 8% to RAK’s GDP…………………………………..Full Article: Source

Posted on 11 January 2010 by VRS |  Email |Print

From Globes.co.il: The value of the reserves fell in December even though the Bank of Israel bought $132 million.
Israel’s foreign exchange reserves totaled $60.62 billion at the end of 2009, $927 million less than at the end of November, the Bank of Israel reported today…………………………………..Full Article: Source

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