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Sovereign Wealth Funds Briefing 11.Jun 2013

Posted on 11 June 2013 by VRS |  Email |Print

Dangote Cement Plc (DANGCEM), the Nigerian industrial company owned by Africa’s richest man, sold a 1.5 percent stake to an unidentified sovereign wealth fund, according to Renaissance Capital, which helped manage the sale.
The stake was sold at 179 naira share, valuing the deal at 45.8 billion naira ($289 million) and giving the Lagos-based company an implied market capitalization of $19.3 billion, Moscow-based Renaissance Capital said in an e-mailed statement. The stake was sold by Dangote Industries Ltd., which owns 95 percent of the company, according to data compiled by Bloomberg………………………………………..Full Article: Source

Posted on 11 June 2013 by VRS |  Email |Print

South American metals and energy producer Suriname, which signed deals last week with U.S. and Canadian miners, said on Monday that it plans to improve safeguards for investors and set up a sovereign wealth fund.
Suriname also plans to set up a sovereign wealth fund, which would use revenues from resources such as gold and oil, Sapoen said, to invest in sectors such as agriculture and tourism………………………………………..Full Article: Source

Posted on 11 June 2013 by VRS |  Email |Print

Government of Singapore Investment Corp., which manages more than $100 billion of the nation’s reserves, is planning to open a Sao Paulo office next year after investing in Brazil, a person familiar with the matter said.
The sovereign wealth fund, known as GIC, has hired Gastao Valente as senior vice president and Marcos Freitas as assistant vice president for its Brazilian investments, the person said, asking not to be identified as the information is confidential. The two executives are now working at its New York office, the person said. Mah Lay Choon, a GIC spokeswoman, declined to comment on the plan………………………………………..Full Article: Source

Posted on 11 June 2013 by VRS |  Email |Print

In a block deal on BSE, Indivest, an affiliate of Government of Singapore Investment Corporation sold 1.94 Cr shares of Adani Ports & Special Economic Zone at a price of R150 per share aggregating to around R290 Cr.
As on quarter ending March’13, Indivest held 3.55 crore shares, equivalent to 1.78% stake in Adani Ports, while Mavi Investments Fund held 2.2 Cr shares, equivalent to 1.1% stake………………………………………..Full Article: Source

Posted on 11 June 2013 by VRS |  Email |Print

China Investment Corp’s return on overseas investments hit 11% in 2012, boosting the total fund size to $500 billion, President Gao Xiqing told Chinese newswires. According to the Xinhua News Agency, the higher return on overseas investments was in part due to its diversified investment portfolio.
“The investment return in the past five years has surpassed previous expectations a little bit, but not that much,” Gao said. Created in 2007, the sovereign wealth fund was tasked to earn higher returns from riskier investments using part of China’s foreign exchange reserves, which at $3.44 trillion are the world’s largest………………………………………..Full Article: Source

Posted on 11 June 2013 by VRS |  Email |Print

India’s finance ministry, the central bank and market regulators on Monday discussed loosening rules for investment by foreign sovereign wealth funds in response to a sharply falling rupee and a wide current account deficit that are hurting the economy.
Two senior ministry officials, who declined to be named, said the aim was to attract more capital flows from wealth funds in Middle East countries. Finance Minister P Chidambaram has visited the Middle East in recent months to drum up investment………………………………………..Full Article: Source

Posted on 11 June 2013 by VRS |  Email |Print

Norway’s oil fund has purchased a GBP 250m portfolio of suburban warehouses in the U.K. as it moves forward with plans to increase its property assets. The Norwegian Pension Fund Global, the world’s largest sovereign wealth fund, is buying 11 warehouses to be used as distribution centres for retailers such as Tesco, Primark and the Co-op, according to the Financial Times.
The warehouses, which are being bought from LondonMetric - a property group merged between London & Stamford and Metric Property Investments - have a total floor area of 2.4 million square feet………………………………………..Full Article: Source

Posted on 11 June 2013 by VRS |  Email |Print

Norway’s sovereign wealth fund (SWF) is competing for half of the Broadgate office and London’s main business district. Two other contenders are fighting for the 50% stake, which is being sold off by asset manager Blackstone: Canadian developer Brookfield and Deutsche Bank’s property investment arm Rreef.
According to the FT, if the deal goes ahead, it is expected to net Blackstone a hefty profit on its 2009 investment in the four-mile square foot estate, which was valued at £2.1 billion at the time by its owner British Land………………………………………..Full Article: Source

Posted on 11 June 2013 by VRS |  Email |Print

Investment Corp of Dubai (ICD), the holding company for some of the emirate’s best-known companies, has signed an upsized $2.55bn, five-year loan facility, it said in a statement. The new deal, which was arranged by a group of eight local and international banks, refinances an existing $2bn facility which is due to mature in August.
Bankers said last month that the new loan had attracted heavy demand from lenders, with ICD considering an increase on its original $2bn target. In total, 17 lenders participated in the deal, the statement said. The loan had been marketed since mid-March………………………………………..Full Article: Source

Posted on 11 June 2013 by VRS |  Email |Print

Bahrain’s sovereign wealth fund has launched Mumtalakat Lunch and Learn, an innovative series of industry-focused seminars designed to bring together business leaders in the kingdom. The first seminar is set to take place on June 30 and will be focusing on Mumtalakat’s Industrial Cluster, which includes food, manufacturing and aluminium, in addition to others.
Mumtalakat will present the strategic direction for each sector and an overview of select investment opportunities that are of potential interest to local and regional partners and investors………………………………………..Full Article: Source

Posted on 11 June 2013 by VRS |  Email |Print

A new market survey has revealed that large institutional investors and SWFs in the Middle East are showing a greater appetite for alternative investments, such as private equity and hedge funds. The survey, by asset management arm of French bank Natixis shows that there has been a paradigm shift in the investment pattern of Middle East investors.
Interest in these investments has encouraged some of the world’s largest sovereign wealth funds to set up offices in the Gulf region. About 69 percent of the polled Middle Eastern institutional investors expected to increase fund allocations to alternatives and other assets not related to the global market trends. Sovereign funds, like the Abu Dhabi Investment Authority, prefer to invest in private equity funds as they try to balance short and long-term investment objectives………………………………………..Full Article: Source

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