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Sovereign Wealth Funds Briefing 30.Apr 2013

Posted on 30 April 2013 by VRS |  Email |Print

France’s FSI sovereign-wealth fund said it had bought a stake in Technicolor to support the digital video specialist’s plan to cut debt and boost cash flow by 2015.The FSI fund gave no financial details, but said in a statement on Monday that it and state bank Caisse des Depots together now held 7.5 percent of Technicolor’s share capital.Caisse des Depots owned 6.3 percent of Technicolor as of March 20, implying the FSI has purchased a 1.2 percent stake.
Technicolor is in the midst of a strategic plan to cut its 1 billion-euro ($1.31 billion) debt pile and boost earnings by investing in new products including consumer media-sharing applications and digital ad services………………………………………..Full Article: Source

Posted on 30 April 2013 by VRS |  Email |Print

Singaporean sovereign wealth fund GIC is seeking to swap a $250 million portion of its holding in Glencore International Plc convertible bonds into shares in the company, in a vote of confidence as the commodities trader wraps up its takeover of miner Xstrata Plc .
Just days ahead of a May 2 completion date for Glencore’s tie-up with Xstrata, GIC, a shareholder in both, said it wanted to sell part of its investment in Glencore’s 2014 bond via an accelerated bookbuild………………………………………..Full Article: Source

Posted on 30 April 2013 by VRS |  Email |Print

Sovereign wealth fund Government of Singapore Investment Corp. Tuesday said that it has raised US$250 million through sale of convertible bonds of Glencore International AG.The 5% guaranteed convertible bonds 2014 issued by Glencore Finance (Europe) S.A. were guaranteed by Glencore International and Glencore AG, GIC said in a statement.GIC intends to use part of the net proceeds from the sale of the bonds to acquire ordinary shares of Glencore International.
The Singapore sovereign wealth fund, which according to analysts manages assets worth US$300 million, had subscribed to the convertible bonds of Glencore ahead of its IPO multbillion-dollar initial public offering in 2011………………………………………..Full Article: Source

Posted on 30 April 2013 by VRS |  Email |Print

The Government of Singapore Investment Corporation (GIC) is launching an accelerated bookbuilding for the sale of Glencore Guaranteed Convertible Bonds worth US$250 million.
The Government of Singapore Investment Corporation (GIC) is launching an accelerated bookbuilding for the sale of Glencore Guaranteed Convertible Bonds worth US$250 million.These 5 per cent convertible bonds issued by Glencore Finance and guaranteed by each of Glencore International and Glencore AG will be due in 2014………………………………………..Full Article: Source

Posted on 30 April 2013 by VRS |  Email |Print

Qatar Holding, the Gulf country’s rich sovereign wealth fund, has made a “binding” commitment to invest in VTB Bank’s $3bn public share offering, according to the Russian lender.
VTB, Russia’s second largest lender, is issuing 2.5 trillion new shares to help boost its equity capital and strengthen its shareholder base with new strategic investors. It is expected to raise RUB102.5bn ($3.28bn)………………………………………..Full Article: Source

Posted on 30 April 2013 by VRS |  Email |Print

VTB Bank, Russia’s second largest lender by assets, has secured firm commitments from three sovereign wealth fund investors for its Secondary Public Offering (SPO) worth 102.5 billion rubles ($3.3 billion), the lender said on Monday.
“VTB Bank has received firm and binding commitments from a group of investors comprising existing and new shareholders, including three prominent sovereign wealth funds: Norges Bank Investment Management (the Kingdom of Norway); Qatar Holding LLC (the State of Qatar); and the State Oil Fund of Azerbaijan, SOFAZ (the Republic of Azerbaijan), to subscribe for the entire amount of the offering,” VTB said in a statement………………………………………..Full Article: Source

Posted on 30 April 2013 by VRS |  Email |Print

Russia’s second-largest lender VTB Bank said Monday its secondary public offering, scheduled for May, attracted demand from the sovereign wealth funds of energy giants Norway, Qatar and Azerbaijan.
VTB said in a statement it received “firm and binding commitments” from existing and new shareholders, including bids from Norges Bank Investment Management, Qatar Holding LLC and the State Oil Fund of Azerbaijan.VTB is planning to issue 2.5 trillion of new ordinary shares worth 102.5 billion rubles ($3.23 billion) to meet capital adequacy targets and provide funding for the continued growth of the business………………………………………..Full Article: Source

Posted on 30 April 2013 by VRS |  Email |Print

State Oil Fund of Azerbaijan, Qatar Sovereign Fund and Norway Sovereign Fund were selected as strategic investors in placement of additional share emission of VTB Bank.According to APA-Economics, the volume of the issue is RR 102.5 bln (quantity – 2.5 trilions, face value – RR 0.041).
Note that the emission has already been registered by Russian Bank. The prices are 9% lower than market quotations………………………………………..Full Article: Source

Posted on 30 April 2013 by VRS |  Email |Print

Azerbaijan’s state oil fund,SOFAZ, is not going to use gold for speculative purposes, SOFAZ Executive Director Shahmar Movsumov told reporters.According to him, speculative activity involves the purchase of gold and its sale at a higher price in the shortest possible time.
“We do not speculate. Our decision on the purchase of gold is of strategic importance. Through diversification of the state’s foreign exchange reserves we have invested some funds in gold and do not intend to sell it,” Movsumov said………………………………………..Full Article: Source

Posted on 30 April 2013 by VRS |  Email |Print

On April 26, 2013, the Supervisory Board of VTB Bank announced that it had resolved to attract new capital in amount of up to Rub 102.5bn through the issuance of 2.5 trillion new ordinary shares (”New Shares”) by way of an open subscription at a price of Rub 0.041 per Share (the “Offering”), VTB said.
The Bank of Russia has registered the decision on issue of the New Shares and the Russian prospectus on April 26, 2013………………………………………..Full Article: Source

Posted on 30 April 2013 by VRS |  Email |Print

Bahrain sovereign fund Mumtalakat said on Monday that it has no plans to sell stakes in domestic companies and could even increase its investments.
One of the smaller sovereign wealth funds in the Gulf region with $7.1 billion of assets under management at the end of September, the fund holds stakes in 40 firms in the state’s non-oil sector, including Bahrain Telecommunications Co and Aluminium Bahrain (Alba).Last year, chief executive Mahmood al-Kooheji said Mumtalakat could divest stakes in these firms to raise cash to invest in Bahrain’s economy, such as through public share sales - Alba was listed in 2010, for example………………………………………..Full Article: Source

Posted on 30 April 2013 by VRS |  Email |Print

Bahrain sovereign fund Mumtalakat said on Monday that it has no plans to sell stakes in domestic companies and could even increase its investments – but not in Gulf Air.
One of the smaller sovereign wealth funds in the Gulf region with USD$7.1 billion of assets under management at the end of September, the fund holds stakes in 40 firms in the state’s non-oil sector, including Bahrain Telecommunications and Aluminium Bahrain (Alba).Last year, chief executive Mahmood al-Kooheji said Mumtalakat could divest stakes in these firms to raise cash to invest in Bahrain’s economy, such as through public share sales - Alba was listed in 2010, for example………………………………………..Full Article: Source

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