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Sovereign Wealth Funds Briefing 24.Jul 2014

Posted on 24 July 2014 by VRS |  Email |Print

Malaysia’s Reach Energy Bhd. has attracted investors including Norway’s $890 billion sovereign wealth fund in an initial public offering to fund its acquisitions of oil and gas fields. orges Bank Investment Management, the world’s largest sovereign wealth fund, is among cornerstone buyers in the 750 million-ringgit ($237 million) IPO of Reach Energy, Managing Director Shahul Hamid Mohd Ismail said in a July 21 interview.
State-run funds Koperasi Permodalan Felda Malaysia Bhd. and Lembaga Tabung Haji are also buying stakes in the so-called special-purpose acquisition company, Shahul said………………………………………..Full Article: Source

Posted on 24 July 2014 by VRS |  Email |Print

Malaysia’s Reach Energy Bhd has attracted investors including Norway’s US$890 billion (RM2.82 trillion) sovereign wealth fund in an initial public offering (IPO) to fund its acquisitions of oil and gas fields.
Norges Bank Investment Management, the world’s largest sovereign wealth fund, is among cornerstone buyers in the RM750 million IPO of Reach Energy, managing director Shahul Hamid Mohd Ismail said in an interview……………………………………….Full Article: Source

Posted on 24 July 2014 by VRS |  Email |Print

Norway’s US$890 billion (RM2.82 trillion) sovereign wealth fund, the world’s biggest, is reassessing its holdings in Russia as the European Union considers expanding sanctions against the country. Since the July 17 downing of Malaysia Airlines flight MH17 by a missile that the US says was probably supplied by the Russian military, sentiment toward assets based in Russia has soured further.
The government of Norway, which isn’t an EU member, said it’s ready to adjust the fund’s holdings to reflect the changing geopolitical climate. The European Commission will present proposals for more “targeted measures” to national officials……………………………………….Full Article: Source

Posted on 24 July 2014 by VRS |  Email |Print

Goldman Sachs and private equity firm Warburg Pincus are among the investors nearing a deal to buy an up to 20% stake in China Huarong Asset Management Ltd for about US$2bil (RM6.25bil), seeking a share in the profitable business of bad loan management in China.
Other investors preparing to buy into China’s biggest manager of non-performing loans include Malaysian state investor Khazanah Nasional Bhd, China state-backed CITIC Group, China International Capital Corp (CICC), conglomerate Fosun Group and China state-backed COFCO Corp, the people familiar with the matter told Reuters………………………………………..Full Article: Source

Posted on 24 July 2014 by VRS |  Email |Print

Saudi Arabia’s Public Investment Fund (PIF) aims to establish companies in areas including housing, petrochemicals and technology as it expands its investments locally and overseas, Finance Minister Ibrahim al-Assaf said.
His statement, quoted on Wednesday by the al-Sharq al-Awsat newspaper, was a fresh sign that Saudi authorities plan to use government-owned funds more actively to support economic reforms and development. The PIF was established in 1971 to help finance strategic economic projects. It has assets under management worth about $5.3 billion, according to the Sovereign Wealth Fund institute, which tracks state-run funds………………………………………..Full Article: Source

Posted on 24 July 2014 by VRS |  Email |Print

Kazkommertsbank offered Samruk-Kazyna and minority shareholders to repurchase 79 million common shares at 475 tenge per share, or $5.2 per GDR (P/B of 1.0x). The buyback will reduce outstanding shares by 10.2%, a half of Samruk-Kazyna’s stake of 21.2%. KKB will spend only T37.6bn on the repurchase, constrained by a clause in the company’s law, which limits buyout expenses to no more than 10% of its book equity (T376.6bn at the end of March 2014).
Assuming all minority shareholders participate, and given that the legislation guarantees equal treatment of Samruk-Kazyna and minority shareholders, the buyback size restriction translates into a purchase of 35.8% of shares owned by these two groups of eligible shareholders……………………………………….Full Article: Source

Posted on 24 July 2014 by VRS |  Email |Print

The increasing level of political and economic stability in the Philippines means the country’s central bank should move a portion of its reserves into a sovereign wealth fund (SWF) based on a pension-fund model, according to Felipe Medalla, member of the monetary board of the Central Bank of the Philippines (BSP).
The BSP has reserves of $80 billion, equivalent to about one third of the country’s GDP. These assets are managed on a conservative basis, primarily invested in highly rated sovereign paper. Medalla said that in addition to looking to invest in higher yielding assets, the central bank should consider moving a portion of its assets into a SWF……………………………………….Full Article: Source

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