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Sovereign Wealth Funds Briefing 10.Oct 2013

Posted on 10 October 2013 by VRS |  Email |Print

Indonesia’s PT Bumi Resources said on Wednesday China’s sovereign wealth fund, China Investment Corp (CIC), has agreed to convert part of an outstanding $1.3 billion loan into stakes in the miner’s PT Bumi Resources Minerals unit, its coal mines and a small stake in Bumi Resources itself.
“PT Bumi Resources Tbk announces that it has entered into an agreement to settle $1.3 billion principal amount of its remaining debt with China Investment Corp,” it said in a statement………………………………………..Full Article: Source

Posted on 10 October 2013 by VRS |  Email |Print

Singapore’s sovereign wealth fund, GIC has become an anchor investor in IFC Asset Management Co’s US$1.2 billion (S$1.5 billion) infrastructure equity fund that also raised capital from several other sovereign wealth funds and pension funds.
The fund’s mandate is to make equity and equity-related investments alongside International Finance Corp (IFC) in a broad range of infrastructure sectors in developing countries, according to an IFC statement. The fund’s initial target was US$1 billion. The IFC is part of the World Bank………………………………………..Full Article: Source

Posted on 10 October 2013 by VRS |  Email |Print

Temasek Holdings Pte. Ltd., Singapore’s sovereign wealth fund and RRJ Capital will jointly invest about $468 million in liquid natural gas company Cheniere Energy Inc. as Singapore pursues its goal of becoming an Asian LNG hub.
Cheniere said Monday it plans to use the proceeds from Temasek and RRJ’s investments with cash on hand to buy $500 million of the $2 billion of equity securities anticipated to be issued by Cheniere Energy Partners LP. The move will help finance the Sabine Pass LNG liquefaction project, which will cool natural gas into a liquid form so it can be shipped on specially designed tankers………………………………………..Full Article: Source

Posted on 10 October 2013 by VRS |  Email |Print

Former deputy prime minister MR Pridiyathorn Devakula supports the idea for Thailand to establish a sovereign wealth fund. The former central banker said that the Bank of Thailand has mulled this option for some time.
“It’s a feasible idea, but the concern is how to finance the fund. Of foreign reserves about US$200 billion, about $60 billion is used to back the issuance of banknotes and the rest is controlled by other departments. It remains to be seen which part would be used to finance the fund,” he said. By law, the Bank of Thailand must maintain reserves at not less than 60 per cent of the notes issued………………………………………..Full Article: Source

Posted on 10 October 2013 by VRS |  Email |Print

The New Zealand Superannuation Fund, the country’s sovereign-wealth fund, has averaged a solid 8.8% annual return since it was founded in September 2003. But it gained 19.2% in 2012 and 25.8% in the fiscal year ending in June 2013. How come? CEO Adrian Orr told Institutional Investor in an interview that the financial crisis forced it to think differently about how it invests money.
The fund used to simply decide how much to invest in an asset class—putting 20% of its total assets in bonds, for instance. And then it would typically sit on those investments. But after taking a hit during the crisis, the fund now splits its money two ways………………………………………..Full Article: Source

Posted on 10 October 2013 by VRS |  Email |Print

The Kuwait Investment Authority, which was part of a consortium that bid for UK water company Severn Trent earlier this year, has hired two former Bank of America Merrill Lynch bankers to a new London-incorporated infrastructure unit.
Kuwait’s sovereign wealth fund manages assets worth around $386 billion, according to the latest numbers from the Sovereign Wealth Fund Institute, and has had a presence in London since the 1950s based at Wren House on Carter Lane in the Square Mile………………………………………..Full Article: Source

Posted on 10 October 2013 by VRS |  Email |Print

Tri-Star Resources, an integrated antimony development company, has announced that it has entered into a non-binding Memorandum of Understanding (MoU) with Oman Investment Fund (OIF), a Sovereign Wealth Fund of Oman, and Castell Investments Ltd whose ultimate parent company is Dubai Transport Company to establish a joint venture company to construct and operate an antimony roasting facility in Oman.
The Roaster, a 20,000 tonne per annum nameplate capacity antimony metal and tri-oxide manufacturing facility, has a total estimated cost of $60 million………………………………………..Full Article: Source

Posted on 10 October 2013 by VRS |  Email |Print

Norway’s new – not yet appointed – Prime Minister, Erna Solberg of the Conservative Party, may at first instance appear less occupied by global issues like climate change than her predecessor Jens Stoltenberg of the Labour party.
But on a few critical climate issues she looks like more of a reformer than Mr Stoltenberg, in particular when it comes to what role Norway’s enormous Sovereign Wealth Fund could play in financing the transition to a low-carbon economy. In the New Government’s programme revealed this week, the coalition partners made the following statements regarding the $720bn sovereign wealth fund:……………………………………….Full Article: Source

Posted on 10 October 2013 by VRS |  Email |Print

One of the sharpest critics of Norway’s Government Pension Fund Global (GPFG) is cautiously optimistic following the turnaround in its investment strategy announced by the new government. According to Sony Kapoor, managing director at think tank Re-Define, the fund is finally breaking with its past by moving to adopt a new investment strategy.
His comments come in the wake of proposals by the Norwegian centre-right coalition government to invest part of the GPFG – NOK100bn (€12.4bn) – in transport and communications infrastructure………………………………………..Full Article: Source

Posted on 10 October 2013 by VRS |  Email |Print

The State’s national pension fund is cashing in €600 million in overseas assets as part of a plan to reinvest the money in the Republic. The Government intends to reinvest the €6.4 billion available in the National Pension Reserve Fund (NPRF) in infrastructure and commercial projects in the Republic over the next few years, under proposals announced in June.
According to a number of reports, the NPRF is in the process of putting €600 million worth of holdings in overseas private equity ventures on the market and has hired multi-national bank, UBS to sell the portfolio………………………………………..Full Article: Source

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