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Sovereign Wealth Funds Briefing 04.Jun 2013

Posted on 04 June 2013 by VRS |  Email |Print

Severn Trent Plc (SVT), the second-largest publicly traded U.K. water utility, rejected a sweetened takeover proposal from a Canadian infrastructure investor and Kuwait’s sovereign wealth fund that valued the company at 5.2 billion pounds ($7.98 billion), saying the offer was too low.
The spurned approach, the second since May 14, values the utility at 2,079.49 pence a share because stockholders wouldn’t receive a 45.51 pence dividend, Coventry-based Severn Trent said today. LongRiver Partners, the bidding group, comprises the Kuwait Investment Office, Borealis Infrastructure Management Inc. and Britain’s Universities Superannuation Scheme………………………………………..Full Article: Source

Posted on 04 June 2013 by VRS |  Email |Print

The government’s total tax revenues from natural gas production will reach $2.9 billion by 2017, Governor of the Bank of Israel Prof. Stanley Fischer told the Knesset Science and Technology Committee during its first discussion of the bill to establish a sovereign wealth fund from the surplus profits from natural gas.
The government bill, which is being readied for its second and third Knesset readings, proposes channeling the Sheshinski tax revenues to a sovereign wealth fund. Fischer said, “There are three reasons for establishing a sovereign wealth fund………………………………………..Full Article: Source

Posted on 04 June 2013 by VRS |  Email |Print

Mubadala Development Company of Abu Dhabi and the Investment Corporation of Dubai (ICD) have announced the creation of $ 15 billion worth Emirates Global Aluminum (Emal), which will be the fifth-largest global aluminum company by production once Emal Phase II is complete in H1, 2014.
The new move, a jointly-held equal-ownership company, will integrate the businesses of Dubai Aluminum (DUBAL) and Emirates Aluminum with plans for significant local growth and international expansion. Both companies were discussing the merger of their smelters for more than six years………………………………………..Full Article: Source

Posted on 04 June 2013 by VRS |  Email |Print

The African Development Bank will launch a vehicle to help meet Africa’s $93bn annual infrastructure financing needs. The vehicle will probably target African central banks and sovereign wealth funds with its first bond issues, after which Mr Kaberuka hopes it will to go to the public debt markets.
With the African’s infrastructure financing needs growing as economic growth continues apace, the African Development Bank (AfDB) is launching a multi-billion dollar fund to finance infrastructure investment on the continent………………………………………..Full Article: Source

Posted on 04 June 2013 by VRS |  Email |Print

State investor Khazanah Nasional Bhd is selling 50 million shares worth up to 418.5 million ringgit ($135.04 million) in Malaysia’s largest power utility Tenaga Nasional Bhd, two banking sources said.
The shares are being priced at between 8.12 and 8.37 ringgit, said the sources who have direct knowledge of the deal, which is equivalent to a discount of about three percent to the closing price of Tenaga’s shares on Monday………………………………………..Full Article: Source

Posted on 04 June 2013 by VRS |  Email |Print

Central banks and sovereign-wealth funds have stepped up their buying of Scandinavian currencies for their reserves, as they seek to diversify away from dollars and euros. In recent months, central banks and sovereign-wealth funds from Poland, Russia, Indonesia and several East Asian countries, among others, have increased purchases of the Norwegian krone and Swedish krona.
Sovereign buyers also are likely to be attracted by the strong state of both countries’ public finances, said Alan Ruskin, global head of G-10 foreign-exchange strategy at Deutsche Bank in New York. Norway has a $740 billion sovereign-wealth fund, which helps make its fiscal accounts “extraordinary by almost any measure,” while Sweden’s is also “in very good shape,” he said………………………………………..Full Article: Source

Posted on 04 June 2013 by VRS |  Email |Print

The Asian Development Bank forecasts that Azerbaijan’s non-oil sector will be the major driver of growth in 2013 and the next few years. In its ‘Asian Development Outlook 2013: Asia’s Energy Challenge’ report, the bank said that growth is forecast to accelerate to 3.1% in 2013 and climb further to 4.8% in 2014, mainly because of public spending outside the oil sector and, in 2014, some increase in oil production.
“The State Oil Fund transfers should continue to provide about 60% of budget revenue. Salary increases, social development spending to support minimum living standards, the payment of pension plans inherited from the Soviet Union, and public investment outlays will be the main drivers of government expenditure in 2013,” the report reads……………………………………….Full Article: Source

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