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Sovereign Wealth Funds Briefing 05.Sep 2014

Posted on 05 September 2014 by VRS |  Email |Print

Singapore’s GIC is taking the unusual step of investing directly in unlisted firms, a move bankers say will be mimicked by other sovereign wealth funds as low yields spur fund managers to adopt a more hands-on attitude in their search for higher returns. In the first half of this year, GIC agreed to pay up to US$310 million (RM985.8 million) for minority stakes in two unlisted Philippine companies — food producer Century Canning Corp and hospital group Metro Pacific Investment Corp.
While the investments in the Southeast Asian archipelago nation formed just a tiny sliver of GIC’s estimated US$30 billion private equity portfolio, they marked a departure from GIC’s approach of putting money in a private equity fund that would then invest on its behalf, or co-investing with a buyout firm………………………………………..Full Article: Source

Posted on 05 September 2014 by VRS |  Email |Print

As urbanisation picks up pace across China, India and South-east Asia, investment giant Temasek Holdings and industrial developer JTC Corp are planning a merger of four of their operating subsidiaries into a single mega-entity, in an unprecedented move that will tap the opportunities resulting from this rapid development.
The two government-owned companies said advisers and consultants have been engaged to provide a fair market valuation of the four units: Temasek’s urbanisation consulting company Surbana International Consultants Holdings, and its Singbridge Group, which specialises in urban solutions, particularly in China, as well as JTC’s business space solutions provider Ascendas and its Jurong International Holdings (JIH), which offers expertise for the built environment………………………………………..Full Article: Source

Posted on 05 September 2014 by VRS |  Email |Print

Singapore state investor Temasek Holdings is likely to make an investment of about Rs 400 crore in KFC, Pizza Hut and Costa Coffee store operator Devyani International, upping its play in the country’s fast-growing consumer sector.
The four-decade-old fund, with assets worth $173 billion globally, will purchase a significant minority stake in the New Delhi-based company, owned by soft drink bottling king Ravi Jaipuria. If the transaction materializes, Temasek will be the second private equity investor in Devyani after ICICI Venture, which had invested Rs 250 crore for a 10% stake in 2011………………………………………..Full Article: Source

Posted on 05 September 2014 by VRS |  Email |Print

Khazanah Nasional Bhd has issued a US$500mil (RM1.59bil) seven-year sukuk that is exchangeable into Tenaga Nasional Bhd (TNB) shares. This is the second issuance by the state investment arm in three weeks.
Bloomberg reported that Khazanah, which is buying out the 30.6% it does not own in Malaysia Airlines, sold RM1.5bil Islamic bonds on Aug 16. The sukuk Khazanah issued three weeks ago has a five-year tenure with a 4.14% yield………………………………………..Full Article: Source

Posted on 05 September 2014 by VRS |  Email |Print

Malaysia’s sovereign wealth fund sold Islamic bonds for the second time in three weeks as it moved ahead with a buyout of the national airline. Khazanah Nasional Bhd. today issued $500 million of seven- year sukuk that are convertible into equities of state power company Tenaga Nasional Bhd., according to a company statement. The notes were priced to yield minus 0.05 percent and can be swapped into the utility’s shares at a 15 percent premium after the fourth year, the fund said.
Khazanah is in the process of purchasing the 30.6 percent stake in Malaysian Airline System Bhd. that it doesn’t already own and will then delist the carrier from the stock exchange. The fund announced last week a 6 billion-ringgit ($1.9 billion) plan to revive the airline………………………………………..Full Article: Source

Posted on 05 September 2014 by VRS |  Email |Print

It may be a solar supporter’s and green investor’s dream come true - Australia’s first superannuation fund free of fossil-fuel investments. Ethical investing can be a minefield and given the complexity, it can be one many people understandably choose not try and navigate when it comes to their superannuation.
Future Super may change that. It will not invest in fossil fuel companies or companies that provide services or finance to significant fossil fuel projects. But the no-invest list doesn’t end there - also excluded are investments involved with tobacco, gambling, cruelty to animals, animal exports, slave labour, old growth forest logging, nuclear and uranium projects to name a few………………………………………..Full Article: Source

Posted on 05 September 2014 by VRS |  Email |Print

Six years after it was announced, Angola’s sovereign wealth fund is fully underway. It has received the final instalment of its $5bn initial endowment and has begun to take its funds out of cash and put them into longer-term investment.
In an interview with FT beyondbrics, José Filomeno Dos Santos, chairman of the Fundo Soberano de Angola (FSDEA), said that one third of the fund’s assets would be allocated to highly liquid securities such as cash, bonds and listed equities, one third into alternative investments in sub-Saharan Africa, and one third into what he called “opportunistic investments internationally: distressed assets that the fund could take advantage of, spin around and refocus.”……………………………………….Full Article: Source

Posted on 05 September 2014 by VRS |  Email |Print

Angola’s fledgling sovereign wealth fund has identified direct investments in sub-Saharan Africa, and is poised to start deploying up to a third of the $5 billion it has been endowed by the government, its chairman said. Jose Filomeno dos Santos said the fund had set up a series of special purpose vehicles to identify opportunities in commercial infrastructure, energy, mining, agriculture and real estate.
He was speaking to Reuters in London as the Fundo Soberano de Angola (FSDEA), set up in 2012 to invest Angola’s oil wealth, announced it now has assets of $5 billion following a final top-up of $1.35 billion made in June. The fund will also deploy another third of its endowments, around $1.66 billion, to “opportunistic” investments around the world, seeking to buy up companies with a focus on sectors that could complement its activities in Angola and elsewhere in Africa………………………………………..Full Article: Source

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