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Sovereign Wealth Funds Briefing 30.Jul 2013

Posted on 30 July 2013 by VRS |  Email |Print

A unit of Malaysia’s sovereign wealth fund Khazanah Nasional Bhd will pay $252 million to buy a 90 percent stake in Turkey’s third-largest insurer by market share, Acibadem Sigorta, Khazanah said on Monday.
Acibadem Sigorta is a 50-50 venture between a holding company owned by Dubai-based Abraaj Group and Mehmet Ali Aydinlar, the founder of Turkey’s Acibadem health group. Aydinlar will now own the remaining 10 percent of Acibadem after Khazanah’s unit Avicennia completes the purchase, Khazanah said………………………………..Full Article: Source

Posted on 30 July 2013 by VRS |  Email |Print

Malaysia’s state-run investment fund Khazanah Nasional Berhad has bought 90 percent of Turkey-based health insurer Acıbadem Sigorta for $250 million. Emerging markets private equity firm Abraaj Group has agreed to sell its 50 percent stake in Acıbadem Sigorta to Khazanah Nasional Berhad, Abraaj has said in an emailed statement.
Khazanah Nasional also bought a 40 percent stake in the insurance firm held by Turkey’s Aydınlar family for cash, the statement said, without giving further financial details. Mehmet Ali Aydınlar will remain to be the chairman of Acıbadem Sigorta as holding a 10 percent of the company………………………………..Full Article: Source

Posted on 30 July 2013 by VRS |  Email |Print

Dunia Finance, an Abu Dhabi-based company in which the emirate’s sovereign wealth fund Mubadala Development Company owns a stake, said yesterday it posted a net income of Dh55.6 million in the first half of 2013, 91 per cent higher than the corresponding period the previous year.
“New customer acquisition, alongside a deepening of relationships with existing customers, helped Dunia deliver strong top line revenue and income growth. During the first half, the company saw revenues of Dh166.4 million, up 27 per cent from Dh131.3 million compared to the first half of 2012,” the finance company said in a statement………………………………..Full Article: Source

Posted on 30 July 2013 by VRS |  Email |Print

Iraq needs to enhance its wealth management policies, especially as the flow of oil revenues is set to fill the government’s coffers over the coming years, according to the International Monetary Fund (IMF). Frank Gunter, an economic advisor at the Multi National Force in Iraq, notes that establishing an SWF was one of the eight objectives of the Financial and Monetary Sector in the National Development Plan 2010-2014.
“A sovereign wealth fund (SWF) could help manage excess fiscal reserves more aggressively,” said the IMF. “Emerging resource exporters also use SWFs to generate returns abroad which cannot be productively invested at home. In addition, SWFs absorb excess liquidity and reduce inflationary pressure, which are typical macroeconomic challenges in natural resource-rich countries due to the size of export revenues.”……………………………….Full Article: Source

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