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Sovereign Wealth Funds Briefing 04.Jul 2014

Posted on 04 July 2014 by VRS |  Email |Print

Malaysia is set for its largest initial public offering so far this year after 1MDB, a vast sovereign wealth fund formed only five years ago, unveiled plans for a listing of its power generation assets that could raise up to $3bn.
1MDB said it had appointed Deutsche Bank, Goldman Sachs, and two local banks Maybank and AmBank as advisers for the IPO, which would take place on Bursa Malaysia in the fourth quarter………………………………………..Full Article: Source

Posted on 04 July 2014 by VRS |  Email |Print

Malaysian state investor 1Malaysia Development Bhd (1MDB) is seeking to raise more than US$3 billion (S$3.7 billion) through a stock market listing of its energy assets, in what is set to be the nation’s second-biggest initial public offering (IPO).
Struggling under the burden of US$11 billion in borrowed money, 1MDB is regarded as a cross between a sovereign wealth fund and a private investment vehicle. Prime Minister Najib Razak chairs its advisory board. 1MDB, which owns 16 power and desalination plants in six countries, has appointed Deutsche Bank and Maybank as joint global coordinators for the IPO, which is slated to take place in the fourth quarter of 2014, the company said………………………………………..Full Article: Source

Posted on 04 July 2014 by VRS |  Email |Print

Malaysia Airlines (MAS) shares went up two sen on reports suggesting that the airline may be privatised by Khazanah Nasional Bhd. But in a late press statement yesterday, Khazanah dismissed the reports as “speculative”.
“A comprehensive review of restructuring options for MAS is being undertaken and evaluated,’’ it said. “The resolution of this review will be made after due consideration and after respective approvals from the relevant parties and authorities, including the approval of the special shareholder, Minister of Finance, Incorporated.”……………………………………….Full Article: Source

Posted on 04 July 2014 by VRS |  Email |Print

Sovereign wealth fund, Khazanah Nasional is planning a “major restructuring of the loss-making airline,” Malaysia Airlines (MAS) Reuters has reported. The carrier has been severely affected by the ongoing turbulence surrounding the disappearance of Flight MH370.
MAS has experienced a steep drop in passenger traffic since the aircraft was reported missing, a deciding factor in it announcing record losses for 2014 to date. MAS’ financial troubles predate Flight MH370, having posted losses for the last three years in an increasingly crowded market. Its market share has been increasingly narrowed by rivals such as AirAsia and Lion Air on short-haul routes, and the big three Gulf carriers on medium and long-haul flights………………………………………..Full Article: Source

Posted on 04 July 2014 by VRS |  Email |Print

Malaysia Airlines (MAS) says it is up to its major shareholder and the government to decide if it should be taken private. However, it said on Thursday: “As of now, the company is not aware of any decision that has been made by both of them on this matter”
MAS was responding to a report that “MAS may be taken private for restructuring”. At Bursa Malaysia on Thursday, MAS closed two sen higher to 23 sen and it was the most active with 194.19 million shares done………………………………………..Full Article: Source

Posted on 04 July 2014 by VRS |  Email |Print

Datuk Seri Nazir Tun Razak has been appointed to Khazanah Nasional Bhd’s Board of Directors, effective September 1, 2014. Nazir is currently the Group Managing Director and Chief Executive Officer (CEO) of CIMB Group.
In line with the CIMB Group’s leadership transition plan as announced by CIMB earlier today, he will relinquish his position as Group CEO and assume the role of Chairman of the Group on Sept 1, 2014. In a statement here, Khazanah said Nazir has had a distinguished 25-year career in the CIMB Group………………………………………..Full Article: Source

Posted on 04 July 2014 by VRS |  Email |Print

Coal miner Bumi Resources confirmed a transfer of a 19 percent stake in coal mining Kaltim Prima Coal valued at $950 million to China Investment Corporation as part of the debt-to-equity deal agreed on October 2013, Bumi said in a statement on Thursday.
The coal miner said it owes $1.99 billion to the Chinese sovereign wealth fund in the form of a principal loan, deferred interest and make-whole costs. With the share transfer, its debt to CIC has been reduced to $1.04 billion………………………………………..Full Article: Source

Posted on 04 July 2014 by VRS |  Email |Print

Luye Pharma Group Ltd., a Chinese drugmaker backed by Singapore’s sovereign wealth fund, and the company’s owners are poised to raise $764 million from a Hong Kong initial public offering, people with knowledge of the matter said.
The company, based in eastern China’s Yantai city, plans to sell shares at HK$5.92 apiece, the top end of a marketed range that started at HK$5.38, said the people, who asked not to be identified because the information is private. Luye Pharma and existing investors including GIC Pte offered 999.6 million shares in the sale, according to the company’s IPO prospectus………………………………………..Full Article: Source

Posted on 04 July 2014 by VRS |  Email |Print

Reports obtained from the Budget Office of the Federation has revealed that the Federal Government withdrew the sum N1.99tn from the Excess Crude Account in the 2013 fiscal year.
The office, in its 2013 consolidated budget implementation report jointly signed by the Minister of Finance, Dr. Ngozi Okonjo-Iweala, and the Director-General, BoF, Dr. Bright Okogu, said the amount was used to settle various obligations of the Federal Government owing to its inability to meet its revenue targets. The withdrawals for 2013 were marginally lower than the N2.07tn taken in the 2012 period by N800m or 3.86 per cent………………………………………..Full Article: Source

Posted on 04 July 2014 by VRS |  Email |Print

An Azerbaijani delegation led by Executive Director of the State Oil Fund Shahmar Movsumov is participating in the 27th Extractive Industries Transparency Initiative (EITI) Board Meeting in Mexico.
EITI is a special multilateral and voluntary initiative, supported by a coalition of companies, governments, investors and civil society organizations and global standard for improved transparency in the oil, gas and mining sector. Azerbaijan joined EITI in 2003………………………………………..Full Article: Source

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