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Sovereign Wealth Funds Briefing 14.Oct 2010

Posted on 14 October 2010 by VRS |  Email |Print

From Edmontonjournal.com: Toronto-based Abacus Private Equity announced Wednesday it has signed a deal with a sovereign wealth fund client to find and purchase oil or oilsands companies or assets worth $1-billion-plus.
Chief investment officer Jean-Marc Bougie said the partnership deal will allow Abacus to buy in on the resulting purchase or joint venture agreement at a lower level than that taken by the sovereign fund. “We have an agreement with a sovereign wealth fund — so effectively extremely deep pockets — and the mandate we have with them is to identify $1-billion-plus oil plays where the objective would be to either take a participation or outright purchase of the entities or assets,” he said……………………………………….Full Article: Source

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Posted on 14 October 2010 by VRS |  Email |Print

From Reuters: Enel is actively seeking foreign long-term investors for Enel Green Power, and a source close to the deal said on Wednesday it is in touch with Middle Eastern and Asian sovereign wealth funds, hoping they will take stakes of 2 to 3 percent each.
A second source close to the operation had told Reuters in August that the company was sounding out sovereign wealth funds. Before then, Enel CEO Fulvio Conti had excluded talks with sovereign funds……………………………………….Full Article: Source

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Posted on 14 October 2010 by VRS |  Email |Print

From Reuters: Qatari Diar, a property arm of Qatar’s sovereign wealth fund, will build a tourism complex in southern Tunisia at the cost of $80 million, its managing director Mohamed al Hadfa said on Wednesday.
The planned complex, which will include a hotel, shopping centre and other leisure facilities, will be completed within two years over 40 hectares in the city of Tozeur — Tunisia’s main tourism destination at the gate of its desert Sahara south, he added……………………………………….Full Article: Source

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Posted on 14 October 2010 by VRS |  Email |Print

From Arabianbusiness.com: Qatar imports 95 percent of its food and has only two days’ worth of water reserves. So it relies heavily on imports and is constantly looking at options to gain additional food and water resources through Hassad Food, the agricultural arm of its sovereign wealth fund.
Qatar is in preliminary talks with the governments of Argentina and Ukraine to buy farmland for cereals production, the head of the Gulf Arab state’s national food security programme said on Wednesday……………………………………….Full Article: Source

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Posted on 14 October 2010 by VRS |  Email |Print

From Bloomberg: Mubadala Development Co., an investment unit of the Abu Dhabi government, raised its oil and natural gas output 14.3 percent, driven by growth in Bahrain.
Production is at 400,000 barrels of oil equivalent a day, up from 350,000 a year earlier, Maurizio la Noce, chief executive officer of Mubadala’s oil unit, said today at the Oil & Money conference in London……………………………………….Full Article: Source

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Posted on 14 October 2010 by VRS |  Email |Print

From Citifmonline.com: Tax Advisor at the Ministry of Finance, Dr Joe Amoako Tuffour has proposed that a number of funds be established for the judicious utilization of the revenue expected from the commercial exploitation of oil and gas in the last quarter of this year.
Prominent amongst these is what he terms a Stabilization Fund to serve as a buffer in times of price hikes on the international oil market and a Petroleum Account to receive all revenues from the oil production………………………………………Full Article: Source

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Posted on 14 October 2010 by VRS |  Email |Print

From Channelnewsasia.com: Temasek Holdings has said that it will support the share rights issue of British bank Standard Chartered (StanChart). A spokesman of the sovereign wealth fund had told MediaCorp that Temasek, StanChart’s biggest shareholder with a roughly 18 per cent stake, intends to take up its share of the Rights offered.
StanChart announced that it would raise 3.3 billion pounds or some 5.3 billion US dollars through a rights issue………………………………………Full Article: Source

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Posted on 14 October 2010 by VRS |  Email |Print

From Thestar.com.my: Khazanah Nasional Bhd’s recent disposal of 147 million shares, or a 2% stake, in CIMB Group Holdings Bhd is merely part of the sovereign wealth fund’s strategy to pare down its stakes in various government-linked companies (GLCs) to improve liquidity in the Malaysian capital market, some analysts said.
“It’s a known fact that the Government wants to reduce its direct involvement in business to enhance the local capital market’s appeal, particularly to foreign fund managers,” an analyst said……………………………………….Full Article: Source

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Posted on 14 October 2010 by VRS |  Email |Print

From Reuters: Shares in Malaysian highway operator Plus Expressways were suspended. Malaysian conglomerate UEM Group Bhd holds a 38.5 percent stake in Plus. Malaysia’s state investment fund Khazanah Nasional, which owns UEM Group, also has a 16.7 percent stake in Plus.
UEM Group has become an acquisition target for Kuala Lumpur-listed MMC Corp, which is owned by reclusive tycoon Syed Mokhtar Albukhary……………………………………….Full Article: Source

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Posted on 14 October 2010 by VRS |  Email |Print

From Adelaidenow.com.au: Australia’s largest superannuation fund, AustralianSuper, has been named fund of the year by researcher SuperRatings. AustralianSuper is an industry fund with $33 billion in funds under management and 1.5 million members.
It collected the top award at SuperRatings eighth annual Fund of the Year event in Melbourne on Tuesday night……………………………………….Full Article: Source

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Posted on 14 October 2010 by VRS |  Email |Print

From Kpbj.com: Alaska Airlines launched its permanent fund dividend sale, featuring air fares as low as $89 for travel between Anchorage and Fairbanks and $199 between Anchorage and Seattle, as well as discounts on freight shipping and Alaska Airlines Vacation packages.
The special rates are on select routes between Alaska and the Lower 48 states, Canada, Hawaii and Mexico for travel purchased by Oct. 23……………………………………….Full Article: Source

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Posted on 14 October 2010 by VRS |  Email |Print

From Newsminer.com: Last Thursday, as Alaskans checked their bank accounts, hoping to spy a direct deposit amount of $1,281, organizations across the state found out if they benefited from the Permanent Fund Dividend’s Pick. Click. Give. program. Many in Fairbanks and the Interior did.
The program released a list of 2010 PFD charitable contributions Thursday that totaled money donated for Fairbanks and the Interior, including Denali Park, Healy and Tok at about $77,500. The total amount donated in the state is approximately $925,000 with more than 9,500 donors……………………………………….Full Article: Source

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