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Sovereign Wealth Funds Briefing 16.May 2014

Posted on 16 May 2014 by VRS |  Email |Print

Singapore state investor Temasek Holdings is the lead investor in the latest equity raising of $86 million by Virgin Mobile Latin America to fund expansion in Mexico and Brazil. The mobile phone company also agreed an expanded debt facility of $41.5 million with International Finance Corp and the Central American Mezzanine Investment Fund II, it said in a statement.
Temasek confirmed it had invested in the company whose other shareholders include British billionaire Richard Branson’s Virgin Group but did not indicate the size of its stake………………………………………..Full Article: Source

Posted on 16 May 2014 by VRS |  Email |Print

Temasek Holdings Pte, Singapore’s state-owned investment firm, purchased stocks in Thermo Fisher Scientific Inc. (TMO) and BioMarin Pharmaceutical Inc. (BMRN) in the first quarter as it boosted its stake in the U.S. health-care industry.
Temasek, directly or through its units, bought 5.3 million shares valued at $634 million in Thermo Fisher, a manufacturer of scientific instruments and chemicals, according to a filing yesterday with the U.S. Securities and Exchange Commission………………………………………..Full Article: Source

Posted on 16 May 2014 by VRS |  Email |Print

Singapore’s sovereign wealth fund GIC bought a 6.5 percent stake in Spanish industrial testing firm Applus when it went public earlier this month, according to a regulatory filing, as the country’s economic turnaround draws more foreign investors.
Government Of Singapore Investment Corporation PTE LT, also known as GIC, bought the shares, worth about 127 million euros at current market prices, the filing showed………………………………………..Full Article: Source

Posted on 16 May 2014 by VRS |  Email |Print

Metro Pacific Investments Corp (MPIC) has taken in Singapore’s sovereign wealth fund as partner for the expansion of the Philippine company’s hospital business. In a disclosure to the Philippine Stock Exchange, the local arm of Hong Kong-based First Pacific Co Ltd said it entered into a definitive partnership agreement with GIC.
Under the agreement, GIC, through its affiliates, will pour in P3.7 billion to take a 14.4 percent stake in Neptune Stroika Holdings Inc (NSHI), the holding company for MPIC’s hospital investments………………………………………..Full Article: Source

Posted on 16 May 2014 by VRS |  Email |Print

Russia’s sovereign wealth fund is set to announce a series of new deals with China next week, reflecting the increased importance that Chinese investment will hold in the Russian economy as Western capital flees the country.
Russian Direct Investment Fund will announce the four investments including one each in infrastructure, real estate and minerals at the St Petersburg International Economic Forum. The investments will be made through the Russia-China Investment Fund, a vehicle set up with the China Investment Corporation in 2012. The fund was set up with $1bn commitments apiece from the Chinese and Russian sovereign funds, and it is understood that to date, roughly 10% of that capital has been deployed, through a $200m investment in Russia Forest Products, a forestry company in Siberia. It has the potential to reach $4bn………………………………………..Full Article: Source

Posted on 16 May 2014 by VRS |  Email |Print

Four deals will be in Russia infrastructure, real estate and minerals, and will be made through a vehicle called the Russia-China Investment Fund. This fund, seeded with $1 billion apiece from the RDIF and China’s sovereign wealth fund, the China Investment Corporation and with the hope of further expansion to $4 billion of assets, actually dates back to 2012, and these deals have clearly been a long time coming together (only one previous deal has been done from this venture, a $200 million investment in Russia Forest Products, a forestry company in Siberia).
But the timing, from Russia’s point of view, could not be better: an illustration that capital will still come to Russia no matter how much it has riled the west………………………………………..Full Article: Source

Posted on 16 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 tightened price guidance ahead of its debut bond and sukuk issue later on Wednesday, a document from lead arrangers said.
Revised guidance earmarks the sukuk with a six year lifespan to price in the range of 155-165 basis points over midswaps, while the conventional bond offering of 10 years duration is due to come in the range of 200-210 bps over the same benchmark, the document said………………………………………..Full Article: Source

Posted on 16 May 2014 by VRS |  Email |Print

The ratings take into account Kuwait’s stellar fiscal and current-account surpluses and very low level of public debt, as well as the considerable size of its sovereign wealth fund and other foreign assets. The country’s over-dependence on the oil- related sector and weak business environment relative to its GCC peers have also been factored into RAM’s assessment.
“The run-up in global crude prices has made Kuwait one of the world’s wealthiest nations per capita,” notes Esther Lai, RAM’s Head of Sovereign Ratings. “Kuwait’s sovereign wealth fund – estimated as the fifth-largest in the world – acts as a strong buffer against shocks and provides some form of revenue diversification through the investment income it receives. Moreover, the country’s public debt is negligible. Taken together, these factors reinforce the strength of Kuwait’s public finances,” emphasises Lai………………………………………..Full Article: Source

Posted on 16 May 2014 by VRS |  Email |Print

The Libyan Investment Authority (LIA), the oil producer’s sovereign wealth fund, plans to invest billions of dollars in the local stock market to help fund badly needed infrastructure projects, its new head said. Chairperson Abdulmagid Breish, also said the LIA, which owns assets worth $66 billion, plans a special fund to cover future budget deficits - a timely idea as protests at oil facilities undermine public finances.
Little has been disclosed about the fund’s future investment strategy since the overthrow of Muammar Gaddafi in 2011. The LIA has been busy getting released assets temporarily frozen abroad during the 2011 uprising war………………………………………..Full Article: Source

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