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Sovereign Wealth Funds Briefing 18.Jun 2013

Posted on 18 June 2013 by VRS |  Email |Print

1Malaysia Development Bhd, a Malaysian sovereign-wealth fund, plans to raise about $1 billion from an initial public offering of its power assets in the country in the first half of next year, two people familiar with the development said.
The proposed share sale comes after the government fund came under scrutiny earlier in the year for its debt-fueled acquisitions of assets, including these power assets that will be in the pending IPO. The IPO will also be the latest planned after pending elections that returned the ruling coalition to power made many companies put their listing plans on hold, earlier in the year………………………………………..Full Article: Source

Posted on 18 June 2013 by VRS |  Email |Print

Temasek Holdings Pte, Singapore’s state-owned investment company, said it has set up a U.K.-based unit that will focus on investments in the region.
John Cryan, president of Europe and co-head of the portfolio and strategy group, was named as one of the two directors of the new unit, Financial News reported earlier today. Stephen Forshaw, a spokesman for the investment company, confirmed in an e-mailed statement that the creation of the “U.K-incorporated entity” will help Cryan’s role………………………………………..Full Article: Source

Posted on 18 June 2013 by VRS |  Email |Print

Central Huijin Investment Ltd., a unit of China’s sovereign wealth funds, increased its stakes in the nation’s four biggest banks last week. Central Huijin bought 19.3 million yuan-denominated A shares in Industrial & Commercial Bank of China Ltd. (601398), 24.5 million in China Construction Bank Corp. (939), 18.5 million in Bank of China Ltd. (3988) and 42.9 million in Agricultural Bank of China Ltd. (601288) on June 13, the four lenders said.
Central Huijin will continue to buy shares in the banks in the following six months, according to the statements. The benchmark Shanghai Composite Index (SHCOMP) has retreated 11 percent from this year’s high set on Feb. 6 amid concern the economic recovery will falter. Mainland-traded shares of AgriBank have dropped 4.6 percent this year while those of the other three biggest banks are virtually unchanged………………………………………..Full Article: Source

Posted on 18 June 2013 by VRS |  Email |Print

Increasing purchases in the A-share market by a company linked to the sovereign wealth fund will soon benefit the stock market after it dropped to a six-month low last week, experts said. The increased investment into the A-share market by Central Huijin, a subsidiary of China’s sovereign wealth fund, will boost market performance, financial news portal Caijing said on Monday.
The benchmark Shanghai Composite Index grew by 0.09 percent to 2,163.88 on Monday morning. Central Huijin Investment Co, China’s main holding company for State-owned financial firms, bought shares of Everbright Bank and New China Life Insurance on the secondary market in Shanghai on Thursday and Friday, the two companies said in separate announcements………………………………………..Full Article: Source

Posted on 18 June 2013 by VRS |  Email |Print

Descendants of German automobile entrepreneur Ferdinand Porsche have bought back a 10 per cent stake in their holding company from Qatar’s sovereign wealth fund. Carmaker Porsche confirmed the transaction today but didn’t reveal the sales price.
The Porsche and Piech families are now again the sole shareholders of Porsche Automobil Holding SE. That company is the largest single shareholder of Volkswagen AG, which in turn manufactures the Porsche luxury cars. Qatar Holding, the investment arm of the Gulf state’s sovereign wealth fund, had bought the stake four years ago when a Porsche takeover bid for much-larger Volkswagen collapsed amid overly high debt………………………………………..Full Article: Source

Posted on 18 June 2013 by VRS |  Email |Print

Qatar Holding, the investment arm of the Gulf state’s sovereign wealth fund, has sold its 10 percent stake in Porsche SE to the luxury carmaker’s family shareholders, four years after it first invested in the firm. Qatar Holding, which owns stakes in some of the world’s largest companies, said it sold the common shares in the automaker to the Porsche and Piech families. It did not disclose the value of the transaction.
The sovereign fund arm said it remained committed to the Integrated Automotive Group which includes Volkswagen and Porsche through its 17 percent stake in VW. Europe’s largest automaker last year sealed the purchase of Porsche’s car-making business after a merger failed in a tangle of legal disputes………………………………………..Full Article: Source

Posted on 18 June 2013 by VRS |  Email |Print

Public Investment Corporation (PIC), South Africa’s biggest sovereign wealth fund, on Monday said last week’s transaction with Dangote Cement will open up new acquisition prospects in Dangote’s other operations.
Head of Resources at PIC, Fidelis Madavo, said these operations included Dangote’s sugar, flour, oil refinery and port operations. Last week PIC said it had bought 1.5 percent of Dangote Cement, Nigeria’s largest listed company, in a deal valued at $289.3 million. PIC bought the shareholding at 179 naira a share………………………………………..Full Article: Source

Posted on 18 June 2013 by VRS |  Email |Print

Irish Finance Minister Michael Noonan along with other senior public officials provided key updates regarding the NTMA Amendment Bill 2013. The bill would modify the direction of the National Pension Reserve Fund’s €6.4 billion discretionary portfolio toward Irish commercial investments.
In effect, the remaining part of the sovereign pension fund would transform itself into a strategic development sovereign wealth fund (SDSWF). The SDSWF would be called the Ireland Strategic Investment Fund (ISIF)………………………………………..Full Article: Source

Posted on 18 June 2013 by VRS |  Email |Print

Reports on expenditures of the National Fund of Kazakhstan are going to be published on websites of managing holdings, Tengrinews.kz reports citing Kazakhstan Finance Minister Bolat Zhamishev. “There are issues with transparency of use of the National Fund’s money aimed for anti-crisis activities. We have repeatedly presented the information (expenditures reports) during discussions.
But since the questions keep coming both in this room and outside of it, we plan to star publishing results of the monitoring of money return and the secondary use of the anti-crisis funds at the website of all the managing holdings that operate the funds to ensure transparency of the use of this money and provide access to the information to the country’s population,” Zhamishev said at the joint meeting of the Parliament’s chambers………………………………………..Full Article: Source

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