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Sovereign Wealth Funds Briefing 14.May 2014

Posted on 14 May 2014 by VRS |  Email |Print

GIC Pte and Temasek Holdings Pte, Singapore’s state-owned investment firms, are set to lead global sovereign investors in acquisitions for a second year after emerging as the most active in 2013.
The $15.7 billion spent by both companies accounted for about a third of direct investments by state investors globally last year, according to data compiled by the London-based Institutional Investor’s Sovereign Wealth Center. Temasek and one of its units announced two purchases in March that amounted to $8.9 billion, or 57 percent what the two companies invested last year, according to data compiled by Bloomberg………………………………………..Full Article: Source

Posted on 14 May 2014 by VRS |  Email |Print

Singapore fund GIC’s exit from the majority of its holding in GPT is increasingly being seen as a positive for the stock and the rest of the property trust market. GIC on Monday night sold down just under 8 per cent of GPT’s shares, valued at more than $500m, in a block trade that was managed by UBS.
GPT’s shares dipped 8c yesterday to close at $3.84 — a movement that reflected GIC selling its stake at a discounted $3.815. The sale sparked speculation GIC had been unhappy with the strategic direction of GPT, which was fiercely rejected by the company on Monday night………………………………………..Full Article: Source

Posted on 14 May 2014 by VRS |  Email |Print

Beverly Hills is a long way from the Sultanate of Brunei, but their connection is in the news this month thanks to a Beverly Hills Hotel boycott by Richard Branson and Virgin Atlantic, DreamWorks Animation CEO Jeffrey Katzenberg, and other celebrities and travel groups.
The hotel is part of the London-based Dorchester Collection of luxe properties, and Dorchester is owned by Brunei Investment Agency, a state-run sovereign wealth fund. As Brunei implements violent new anti-gay and anti-adultery laws at home that call for stonings and floggings, protests are growing abroad. The BIA holds assets of about $40 billion, according to the Sovereign Wealth Fund Institute, a global research and consulting group……………………………………….Full Article: Source

Posted on 14 May 2014 by VRS |  Email |Print

A Reserve Bank of India (RBI)-appointed panel, headed by former Axis Bank chairman PJ Nayak, has recommended radical reforms for Indian banks. It suggested the government transfer all its stake and powers in public sector banks (PSBs) to a separate entity, to be known as bank investment company (BIC).
The committee proposed the BIC be constituted as a core investment company under RBI regulations and the character of its business “make it resemble a passive sovereign wealth fund for government banks”. “The principle of proportionate voting rights should constitute part of the regulatory bedrock that fosters good governance,” the report said, adding for distressed banks, private equity funds, including sovereign wealth funds, should be allowed to take a controlling stake of up to 40 per cent………………………………………..Full Article: Source

Posted on 14 May 2014 by VRS |  Email |Print

Wessal Capital, a joint venture created by Morocco and four Gulf States, will invest AED9bn ($1.1bn) in tourism infrastructure in the Moroccan capital Rabat, a statement from the fund said on Monday.
Wessal Capital fund is focused on tourism development in Morocco and is supported by Qatari fund Qatar Holding, the Kuwait Investment Authority’s Al Ajial Investments, Abu Dhabi’s sovereign wealth fund Aabar, Saudi Investment Fund and the Moroccan Fund for Tourism Development (FMDT)………………………………………..Full Article: Source

Posted on 14 May 2014 by VRS |  Email |Print

In February 2013, the outgoing chairman of the LIA, Mohsen Derregia was removed by the then Prime Minister and head of the LIA’s Board of Trustees, Ali Zeidan, and a temporary head, Ali Hibri, the Deputy Governor of the Central Bank of Libya and LIA’s then Board member, was installed while the search begun for a long term replacement.
Today, experienced international Libyan banker, Abdulmagid Breish, is the new chairman of the LIA, inheriting an organization that has been operating under decades of dictatorship with little transparency or accountability………………………………………..Full Article: Source

Posted on 14 May 2014 by VRS |  Email |Print

The Acting Governor of the Central Bank of Nigeria (CBN), Dr Sarah Alade, says it is important for Nigeria to have reserves to ensure effective monetary policy and economic growth. Alade made this known on Tuesday in Abuja, during her presentation before the National Conference Committee on Trade and Investment.
“It should be part of our constitution that a certain percentage of whatever we earn must be saved so that we build up again the excess crude account. China today has more than three trillion dollars reserves and some oil producing countries don’t even put the oil money as part of their budget………………………………………..Full Article: Source

Posted on 14 May 2014 by VRS |  Email |Print

Investment Corporation of Dubai (ICD), the state-owned fund which holds stakes in some of the emirate’s top companies, has given initial pricing guidance for its debut debt capital markets transaction, lead arrangers said on Tuesday.
The fund has earmarked to issue an Islamic bond with a six-year lifespan at a price in the area of 175 basis points over midswaps and a conventional bond offering of 10 years duration in the area between 200 and low-200s over the same benchmark, a document from arranging banks said………………………………………..Full Article: Source

Posted on 14 May 2014 by VRS |  Email |Print

Gazit-Globe, one of the world’s leading multi-national real estate companies focused on the acquisition, development and redevelopment of supermarket-anchored shopping centers in major urban markets, announced today that its Finnish subsidiary, Citycon Oyj (CTY), is raising approximately EUR 400 million in new capital.
Approximately 77.9 million shares (for an aggregate amount of approximately EUR 206 million at a price of EUR 2.65 per share) will be issued in the form of a directed share issuance to the CPP Investment Board European Holdings S.àr.l (CPPIBEH), a wholly owned subsidiary of the Canada Pension Plan Investment Board, the strategic investor that joint ventured with CTY in December 2012 to acquire Kista Galleria in Stockholm, Sweden………………………………………..Full Article: Source

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