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Sovereign Wealth Funds Briefing 26.Feb 2013

Posted on 26 February 2013 by VRS |  Email |Print

Singapore sovereign wealth fund GIC cut its stake in warehouse operator Global Logistic Properties (GLP) by about a quarter, selling around 596 million GLP shares at S$2.60 each, according to a term sheet seen by Reuters.
The sale, which raised about $1.25 billion, was at the bottom of a S$2.60-$2.66 per share indicative range. GLP closed at S$2.75 on Monday. The Government of Singapore Investment Corp (GIC) said in a statement on Tuesday that the sale was part of the sovereign fund’s “regular rebalancing activities for its overall portfolio” and that it remained a substantial long-term shareholder………………………………………..Full Article: Source

Posted on 26 February 2013 by VRS |  Email |Print

Government of Singapore Investment Corp. said its sale of a stake in Global Logistic Properties Ltd. (GLP) is part of its rebalancing of its holdings and that it remains a “substantial” long-term shareholder in the real estate company.
GIC, Singapore’s sovereign wealth fund that’s Global Logistic’s biggest shareholder, is raising S$1.5 billion ($1.2 billion) selling part of its stake in GLP, according to a term sheet obtained by Bloomberg News today………………………………………..Full Article: Source

Posted on 26 February 2013 by VRS |  Email |Print

Global Logistic Properties Ltd. (GLP) fell the most in almost 17 months in Singapore trading after Government of Singapore Investment Corp. said it is selling a stake in the biggest owner of industrial properties in Japan.
Shares of the company, also known as GLP, declined as much as 7.3 percent to S$2.55 and traded at S$2.56 as of 10:40 a.m. in Singapore, set for the biggest drop since Oct. 4, 2011………………………………………..Full Article: Source

Posted on 26 February 2013 by VRS |  Email |Print

An idea born more out of hubris than good sense is bound to die an unsung death. And so it is with the much-touted India sovereign wealth fund (SWF). The idea was dusted up in the first years of UPA-2, where the government assumed that 9-10 percent growth was a given, and thus India can dream big on the world stage, buying this oilfield and that coalfield. But we now know that the dream was unreal.
Living consistently beyond our means has impoverished not only the exchequer, but the country as well. We are now down to a new normal growth of 5 percent………………………………………..Full Article: Source

Posted on 26 February 2013 by VRS |  Email |Print

China Investment Corporation, a Chinese sovereign fund that boasts around $500 billion in assets, threw its weight behind Chengdu Tianqi’s $847-million takeover of Talison Lithium, a major lithium miner listed in Canada and Australia.
The massive sovereign wealth fund is to buy a 35-percent stake in Chengdu Tianqi’s Australian subsidiary, Windfield Holdings, for $300 million, providing nearly half the remaining funds Chengdu Tianqi, a lithium processor, needs to takeover Talison through Windfield………………………………………..Full Article: Source

Posted on 26 February 2013 by VRS |  Email |Print

German car maker Daimler does not expect Chinese sovereign wealth fund China Investment Corp to take a 10 per cent stake in the company, its chief financial officer told a German newspaper. “No, I don’t expect this to happen. There is a lot of speculation about us looking for another anchor shareholder in addition to Kuwait, but that’s not true,” Bodo Uebber told Handelsblatt in an interview published on Monday.
In January, shares in Daimler rose following a Chinese media report that CIC, the country’s investment vehicle, was interested in buying a stake of between 4 and 10 per cent stake in Daimler………………………………………..Full Article: Source

Posted on 26 February 2013 by VRS |  Email |Print

East Timor’s Oil Fund grew by US$720.94 million in the fourth quarter of 2012 and ended the year with a total value of US$11.777 billion, said the East Timor Central Bank. The report on the last three months of 2012, available on the East Timor Central Bank’s website and dated 12 February, said that the “capital of the fund increased from US$11.054 billion to US$11.777 billion.”
Capital added to the fund from taxes, royalties and other revenue totalled US$1.234 billion and a total of US$590.4 million had been taken out of the fund………………………………………..Full Article: Source

Posted on 26 February 2013 by VRS |  Email |Print

The Egyptian Financial Supervisory Authority (EFSA) has approved the offer presented by Qatar National Bank (QNB) to buy 100% of National Société Générale Bank (NSGB). QNB is 50%-owned by the Qatar Investment Authority (QIA), the sovereign wealth fund spearheading Qatar’s international acquisitions lately, including stakes in Barclays, Volkswagen and Harrods.
The Qatari Bank submitted a mandatory tender offer (MTO) for 100% of the NSGB shares, according to a statement by EFSA, after being required by the authority to buy the totality of the shares rather than its originally planned 77% stake, which it announced in December………………………………………..Full Article: Source

Posted on 26 February 2013 by VRS |  Email |Print

Recently the media has highlighted raising controversy surrounding the activities of Sovereign Wealth Funds (SWFs). Potential investments by the Chinese SWF in U.S. assets have been blocked, supposedly due to concerns over national security. People fear politically motivated investments and accuse SWFs of insufficient transparency in their actions.
While these concerns are valid (and very applicable to some players in the market), condemning SWFs all together would be fatal for some countries that desperately need them to support and stabilize their economy. Think about this: Why do commodity-exporting countries succumb to the so-called resource curse? Why is it that despite all the resource abundance, countries like Nigeria have not been able to capitalize on this? The perplexing question has a simple answer. It is poor, or even, wicked revenue management. That’s why a sovereign wealth fund (SWF) should be the tools of choice to overcome the resource curse………………………………………..Full Article: Source

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