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Sovereign Wealth Funds Briefing 08.Oct 2012

Posted on 08 October 2012 by VRS |  Email |Print

Qatar Telecom (Qtel) is set to control more than 90 percent of Kuwait’s Wataniya after the Gulf state’s sovereign wealth fund tendered its entire stake in the unit, two sources familiar with the situation said on Saturday.
Qtel, which operates in 16 countries across the Middle East, Africa and Asia, offered $2.2 billion in August for the 47.5 percent of Wataniya it does not already own. The tender offer expired on October 4………………………………………..Full Article: Source

Posted on 08 October 2012 by VRS |  Email |Print

Beleaguered Kazakh bank BTA looks likely to complete its second restructuring in 2-1/2 years after creditors agreed to a deal that will see them receive an estimated 21.1% of their US$11.2bn claims, mostly in cash. The cash-based offer surprised the market, with the senior notes rallying on the news from 24 cents on the dollar to around 40 cents.
“Creditors wanted some credit enhancement and the best you can get is cash,” said Francis Fitzherbert-Brockholes, a partner at law firm White & Case, which advised BTA on the negotiations………………………………………..Full Article: Source

Posted on 08 October 2012 by VRS |  Email |Print

Discomfort over some proposed changes to Standard Chartered Bank’s board, notably the inclusion of too many executive directors on the board, was one of the reasons its major shareholder, Temasek Holdings Pte Ltd, had abstained from voting at the bank’s May meeting.
The Singapore investment body preferred strong independent boards and did not want a situation where a small group of individuals dominates the board’s decision-making. This is likely to happen with an overwhelming number of executive directors, BT understands………………………………………..Full Article: Source

Posted on 08 October 2012 by VRS |  Email |Print

Returns are great and all, but institutional investors could be doing more for their current and future members, a new paper out of Norway asserts. As authors Alexander Cappelen and Runa Urheim see it, when a pension or sovereign wealth fund (SWF) purchases a sizeable stake in a corporation, they’re buying influence in addition to equity. The paper, “Pension Funds, Sovereign Wealth Funds and Intergenerational Justice,” argues that asset owners in general could be leveraging that power on behalf of their members much more effectively, and lays out how.
For pension and sovereign wealth funds, “the combination of a diversified portfolio and a long time horizon creates incentives to internalize intergenerational externalities,” Cappelen and Urheim write………………………………………..Full Article: Source

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