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Sovereign Wealth Funds Briefing 14.Jan 2013

Posted on 14 January 2013 by VRS |  Email |Print

Saudi Arabian sovereign wealth fund Sanabil and the nation’s pension agency acquired 19 percent of ACWA Power International, a company that invests in power and water projects in the kingdom and regionally.
Riyadh-based ACWA issued 89.5 million new shares to Sanabil and the Saudi Public Pension Agency, each of which will have a seat on ACWA’s board of directors, the company said in an e- mailed statement yesterday. Morgan Stanley (MS) advised ACWA on the transaction, which will give Sanabil and the pension agency stakes of 13.7 percent and 5.7 percent, respectively. No financial details were given in the statement………………………………………..Full Article: Source

Posted on 14 January 2013 by VRS |  Email |Print

A rainy day fund managed by Kuwait Investment Authority (KIA) had assets currently worth more than $261 billion at the end of March last year, a local newspaper reported on Sunday citing a government audit.
Oil-producing Kuwait, one of the world’s richest countries per capita, puts a percentage of its annual revenues into the Future Generations Fund, a nest egg for when oil supplies diminish or for when the economy suffers other shocks………………………………………..Full Article: Source

Posted on 14 January 2013 by VRS |  Email |Print

Ahli United Bank, Bahrain’s largest listed lender, has sold most of its 33 percent stake in Qatar’s Ahli Bank to sovereign fund Qatar Foundation. The sale, involving all but 1,000 of Ahli United’s 37.38 million shares, still requires the approval of Ahli Bank shareholders, an Ahli Bank filing to the Qatar bourse said on Thursday.
No price was given but the stake would have been worth 1.93 billion riyals ($530.2 million) at Wednesday’s 51.70 riyals closing price. Ahli Bank, Qatar’s seventh-largest lender by market value, had said in November its strategic partner would offload its holding and that the proposed sale was being reviewed by the Qatar central bank. The purchase by a Qatari sovereign fund not known for investments in the financial sector could indicate a lack of interest among other commercial banks, a Dubai-based banker said………………………………………..Full Article: Source

Posted on 14 January 2013 by VRS |  Email |Print

Norway’s sovereign-wealth fund excluded U.S.-based engineering companies Babcock & Wilcox Co. (BWC) and Jacobs Engineering Group Inc (JEC) from its investment portfolio because of their production of nuclear arms components.
The $700 billion Government Pension Fund Global has sold its shares in both companies, the Finance Ministry said……………………………………….Full Article: Source

Posted on 14 January 2013 by VRS |  Email |Print

Approximately, 1 ton (32 150 troy ounces) of the purchased gold, conforming to the requirements of LBMA was transferred to Azerbaijan by UK’s Brink’s Global Services on January 11, 2013 and temporarily stored in the vaults of the Central Bank of the Republic of Azerbaijan, SOFAZ said.
Some 14 934 kg of gold (480 146 troy ounces) was included into SOFAZ investment portfolio as of December 31, 2012. The gold purchased by the Fund is temporarily stored in JP Morgan’s London vault considering its experience and competitive storage costs………………………………………..Full Article: Source

Posted on 14 January 2013 by VRS |  Email |Print

Morgan Stanley’s top mergers and acquisitions banker in Southeast Asia Jonathan Popper will join Singapore state investor Temasek Holdings to lead its M&A team, two sources with knowledge of the matter said on Friday.
Popper’s departure could affect the long-running battle for Fraser & Neave Ltd as he was involved in advising the Thai group that is keen to take over the Singapore property and soft drinks conglomerate………………………………………..Full Article: Source

Posted on 14 January 2013 by VRS |  Email |Print

Private equity firms including Singapore state investor Temasek Holdings and KKR & Co are separately in advanced talks to buy Warburg Pincus LLC’s majority stake in Indian tyre maker Alliance Tire Group for about $400 million, three sources with direct knowledge of the matter said.
Other interested bidders include US private equity firms Advent International and TPG Capital, said the sources, all of whom declined to be named as the details of a possible deal are not yet public. Alliance Tire aimed to generate sales of more than $600 million in 2012, its website showed………………………………………..Full Article: Source

Posted on 14 January 2013 by VRS |  Email |Print

Canada’s Sun Life Financial and Malaysian state investor Khazanah have agreed to buy Aviva’s Malaysian insurance joint venture with lender CIMB for about RM1.7 billion (S$690 million), sources said.
The deal will help the Canadian company expand its Asian footprint. The consortium of Sun Life Financial and Khazanah Nasional edged out rival Manulife Financial Corp to win the eight-month-old auction, sources familiar with the sale process said………………………………………..Full Article: Source

Posted on 14 January 2013 by VRS |  Email |Print

Former prime minister John Howard built a future fund during the boom period of the early 2000s and fossil fuel-rich Norway has a sovereign wealth fund which quarantines royalties for future generations.
A State Government spokesman said “some internal work” had been conducted on progressing the future fund concept, but it was likely outside experts would soon be called in. “The Government is now looking to commission a firm to provide advice on the establishment of a future fund and how it should sit in Government,” he said………………………………………..Full Article: Source

Posted on 14 January 2013 by VRS |  Email |Print

Canada is ready and overdue for new sovereign wealth funds to preserve its resource wealth for later generations, according to new report from the Canadian International Council.
“I think every province that has revenues from non-renewable resources should set one up,” Madelaine Drohan, the report’s author, said. “And the ones that have them should be putting away more money. When the Alberta Heritage Fund was started out in 1976, contributions were supposed to be 30% of oil and gas royalties. Now, if you compare Alberta’s contribution record with that of Norway’s, Alberta would look pretty bad.”……………………………………….Full Article: Source

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