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Sovereign Wealth Funds Briefing 08.Feb 2013

Posted on 08 February 2013 by VRS |  Email |Print

Kazakhstan’s sovereign wealth fund, Samruk-Kazyna, has acquired a 29 percent stake in Glencore-controlled zinc producer Kazzinc, adding to its extensive holdings in the country’s mining sector.
“The Kazzinc deal is closed, and today we own 29 percent in this enterprise,” Kuandyk Bishimbayev, deputy head of the fund, told reporters. “These were borrowed funds,” he added without disclosing the price of the stake or giving further details………………………………………..Full Article: Source

Posted on 08 February 2013 by VRS |  Email |Print

Kazyna Sovereign Wealth Fund Head Umirzak Shukeev announced February 7 that it is feasible for the Fund to exit BTA, Alliance and Temir banks [that were bailed out following the spill of the global financial crisis] in 2013. “The situation in Alliance and Temir banks got substantially better in 2012. The current situation makes it feasible for the Fund to exit the three banks. Thus quasi-governmental structures will no longer be participating in the country’s banking sector”, Mr. Shukeev told the Fund’s sitting presided over by PM Serik Akhmetov.
He elaborated that the concerted efforts of the National Bank, the Fund and BTA Bank enabled to complete the second debt restructuring at BTA Bank, tackling major issues for the Bank………………………………………..Full Article: Source

Posted on 08 February 2013 by VRS |  Email |Print

The Kazakhstan Sovereign Wealth Fund, Samruk-Kazyna, is preparing a list of fields where licenses for development will be issued to potential investors after lifting a moratorium on the development of hydrocarbon fields, told chairman of the Kazakhstan Sovereign Wealth Fund Samruk-Kazyna, Umirzak Shukeyev, told a meeting of the Fund Board with the participation of Prime Minister Serik Akhmetov.
He said about 20 fields will be included in this list. “We are preparing a list of fields, probably 20 of which are planned to be given over for development,” Shukeyev said. According to Shukeyev, in parallel, proposals are being prepared to simplify procedures for issuing, as investors’ interest in fields remain for six or seven months and then becomes weak………………………………………..Full Article: Source

Posted on 08 February 2013 by VRS |  Email |Print

London’s campaign to enhance its position as a global financial centre could soon receive a boost from a group of large sovereign wealth funds. The International Forum of Sovereign Wealth Funds, an association of 24 funds, headed by China, Russia and the Gulf states, is planning to establish a permanent secretariat and many members favour London.
The forum, an informal grouping with combined assets of about $4tn, is planning to move out of its premises inside the International Monetary Fund’s headquarters in Washington………………………………………..Full Article: Source

Posted on 08 February 2013 by VRS |  Email |Print

London is set for a boost in its bid to remain the world’s global financial centre thanks to the interest of an association of large sovereign wealth funds. The International Forum of Sovereign Wealth Funds, a group of 24 funds led by China, Russia and the Gulf States that have combined assets of around $4tn, is planning to set up a permanent secretariat, with many members favouring London.
“Our members are considering London. We will make a decision soon,” Jin Liqun, chairman of the forum and of the China Investment Corporation……………………………………….Full Article: Source

Posted on 08 February 2013 by VRS |  Email |Print

Sovereign wealth funds sunk a record portion of their investments into property last year as trophy assets in London, Paris and Moscow proved more attractive than low-yielding bonds or choppy stocks.
The funds made 38 property investments valued at nearly US$10 billion (Dh36.7bn) during the year, according to data released yesterday by the Sovereign Investments Lab at Bocconi University in Milan, which has tracked sovereign fund investment since 1985. While the size of the investment was smaller than the $13.4bn invested the previous year, last year’s deals represented 21 per cent of total investments, the highest percentage on record………………………………………..Full Article: Source

Posted on 08 February 2013 by VRS |  Email |Print

Temasek Holdings, Singapore’s sovereign investment fund, and one of Asia’s oldest marquee private equity investor Baring Asia are among those shortlisted by French cement multinational Lafarge as potential buyers for a minority stake in its Indian arm Lafarge India.
Lafarge India — which plans to shed a minority stake of 20-30% to raise Rs 1,325 crore ($250 million) and fund its Rs 6,000-crore expansion plans — is looking to complete the stake sale process by March this year. Saddled with a highly-leveraged consolidated balance sheet at the parent level, Lafarge has decided not to raise more debt locally to fund capital expenditure. Instead it is looking at equity financing from financial sponsors………………………………………..Full Article: Source

Posted on 08 February 2013 by VRS |  Email |Print

Singapore commodities firm Olam International Ltd, backed by Singapore state investor Temasek Holdings Pte Ltd, which came under attack last November by short-seller Muddy Waters LLC, said it has begun a review of its business including it priorities, capital spending and free cash flow generation targets.
“The review is expected to be completed within the next three months after which a suitable announcement will be made,” Olam said in a statement after reporting its quarterly results………………………………………..Full Article: Source

Posted on 08 February 2013 by VRS |  Email |Print

Khazanah Nasional Bhd may list its leisure and tourism arm, Themed Attractions and Resorts Sdn Bhd, on Bursa Malaysia. This is one of the “strategic business opportunities” that Khazanah is exploring to grow TAR further, Malaysia’s Business Times reported on Wednesday.
Nearly RM1 billion (S$400.6 million) has so far been invested to build TAR’s park portfolio since its inception in 2009………………………………………..Full Article: Source

Posted on 08 February 2013 by VRS |  Email |Print

The Alabama House of Representatives took the first official steps Thursday to pay back $437 million that it withdrew from the Alabama Trust Fund to balance funding for agencies like Medicaid and the Department of Corrections. “We promised it would be the first bill passed and we did that today” Rep. Jay Love (R – Montgomery) said. Love sponsored the legislation.
Voters approved tapping the Alabama Trust Fund during a special election in September 18, 2012. House and Senate Republicans crafted the proposed constitutional amendment in the waning hours of the 2012 Regular Session earlier in the year. They neglected to add a pay-back provision………………………………………..Full Article: Source

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