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Sovereign Wealth Funds Briefing - Archive | June, 2014

Russia, Qatar compete in natural gas market

Posted on 12 June 2014 by VRS  |  Email |Print

Russia has few simple relationships in the Middle East — or in other regions — but its relations with Qatar are especially complex. Russia’s cooperation with Qatar is increasingly visible in the Gas Exporting Countries Forum (GECF), an emerging international organization with the rather broad goal of “supporting the sovereign rights of member countries over their natural gas resources.”
The Qatar Investment Authority has committed $2 billion to the government-connected Russian Direct Investment Fund for infrastructure projects in Russia………………………………………..Full Article: Source

Qatari Diar behind new Conrad Washington DC hotel

Posted on 12 June 2014 by VRS  |  Email |Print

Qatari Diar, the real estate development entity of the Qatar Investment Authority, has emerged as one of the parties behind the construction of the Conrad Washington, DC. The Hilton Worldwide-operated hotel is set to open in early 2018 and will part of the CityCenterDC project in the US capital.
Qatari Diar is working with international real estate firm Hines on the design and construction of the hotel and 70,000 square feet of large-format retail space. Slated to open in early 2018, the hotel will have 370 rooms and is being designed by Herzog & de Meuron Architekten and HKS Architects………………………………………..Full Article: Source

Azerbaijan’s sovereign wealth fund to invest up to $1.8bn in renminbi

Posted on 11 June 2014 by VRS  |  Email |Print

Azerbaijan’s sovereign wealth fund plans to invest up to $1.8bn in renminbi this year, in what would be one of the largest investments in the Chinese currency to be made public – and a further indication of its rapid move towards reserve currency status.
Shahmar Movsumov, chief executive of the $37bn State Oil Fund of Azerbaijan (Sofaz), told the Financial Times that the fund was applying for permission from Chinese regulators to access renminbi assets and hoped to start investing in the currency by the end of the year………………………………………..Full Article: Source

SOFAZ earned huge money from Shah Deniz, ACG projects

Posted on 11 June 2014 by VRS  |  Email |Print

Azerbaijan’s state oil fund SOFAZ has gained about $1.853 billion from 2007 to June 1, 2014 by implementing the development project of the giant Shah Deniz gas condensate field in the Caspian Sea. SOFAZ earned some $256 million as part of the Shah Deniz project from January 1 to June 1, SOFAZ told Trend Agency.
The Shah Deniz field, one of the world’s largest gas-condensate fields, was discovered in 1999. Its reserves are estimated at 1.2 trillion cubic meters of gas. Overall, the field has proved to be a secure and reliable supplier of gas to Azerbaijan, Georgia, Turkey, and Europe………………………………………..Full Article: Source

China Sovereign Fund Managing Director Said to Plan Fund

Posted on 11 June 2014 by VRS  |  Email |Print

Yu Bin, a former managing director at China’s sovereign wealth fund, plans to start a fund focused on Greater China equities, said three people with knowledge with the matter.
Yu resigned from Beijing-based China Investment Corp., also known as CIC, earlier this year for personal reasons, said the people, who asked not to be identified as the information is private. He will remain based in China and his long-biased fund will primarily bet on stocks whose prices are expected to rise, they said………………………………………..Full Article: Source

Malaysia SWF prepares rescue plan for national carrier

Posted on 11 June 2014 by VRS  |  Email |Print

Malaysia Airlines has enough cash to remain operating for about 12 months, the country’s sovereign wealth fund said on Tuesday, amid signs that Malaysian passenger traffic has started to stabilise after the initially disastrous impact of missing flight MH370. Azman Mokhtar, managing director of Khazanah, Malaysia Airlines’ biggest shareholder, said the government would unveil a rescue plan for the embattled national carrier in six to 12 months.
Khazanah owns 69.4 per cent of the airline, which was already struggling amid competition from low-cost carriers even before the disappearance of the Boeing 777 airliner three months ago on a flight from Kuala Lumpur to Beijing………………………………………..Full Article: Source

Khazanah Nasional Studies Restructuring Options for Malaysia Airlines

Posted on 11 June 2014 by VRS  |  Email |Print

Khazanah Nasional Bhd., Malaysia’s state investment arm, said Tuesday it is studying all options to restructure and turn around ailing national flag carrier Malaysia Airlines.
The airline’s efforts to recover from three years of losses have been hampered by the disappearance of Flight 370. In the first quarter of the year, Malaysian Airline System Bhd., the company that owns the Malaysia Airlines brand, reported a wider loss from a year earlier as plunging ticket sales in the aftermath of the loss of one of its Boeing 777s worsened an already weak period………………………………………..Full Article: Source

GLCs now on stronger footing - Khazanah chief

Posted on 11 June 2014 by VRS  |  Email |Print

Government-linked companies (GLCs) have strengthened their financial capacities and are on track to push themselves to be on par with local competitors or even become regional champions, even as their transformation programme comes to an end next year.
Khazanah Nasional Bhd managing director Tan Sri Azman Mokhtar said with the exception of one or two problem cases, the majority of the 60 companies have done well under the GLC Transformation Programme rolled out a decade ago. “The bulk are doing well. There is a lot of wind in our sails,” Azman said after releasing the Khazanah Report 2013………………………………………..Full Article: Source

Khazanah registers higher pre-tax profit of RM3.1 billion for 2013

Posted on 11 June 2014 by VRS  |  Email |Print

Khazanah Nasional Bhd registered a higher pre-tax profit of RM3.1 billion for the financial year ended December 31, 2013 from RM2.1 billion recorded in the 2012 financial year. In a statement, Khazanah Nasional said total revenue for the 2013 financial year amounted to RM7.6 billion which comprised dividend income of RM6.6 billion.
The government’s strategic investment fund today released the “Khazanah Report 2013″ and “GLC Transformation Programme Progress Review 2014″ at the Invest Malaysia 2014 conference………………………………………..Full Article: Source

Khazanah still seeking strategic partner for SilTerra

Posted on 11 June 2014 by VRS  |  Email |Print

Khazanah Nasional Bhd, which expects its 20 largest government-linked companies’ holdings to hit a record high of RM27.1 billion in net profit this year, is still looking for a strategic partner for its loss-making manufacturer of semiconductor wafers, SilTerra Malaysia Sdn Bhd.
Talk of selling either a stake or the entire company has been around since 2008. According to Khazanah managing director Tan Sri Azman Mokhtar (pix), even though SilTerra has been mildly profitable, it still needs a strategic partner in the longer term. “It could be business-to-business partnership without equity, or with equity ownership, we’re looking at all options,” he said………………………………………..Full Article: Source

Wealth funds move steadily into Indian equities since Dec-end

Posted on 11 June 2014 by VRS  |  Email |Print

Pension funds and sovereign wealth funds’ holdings of Indian equity have increased by Rs 23,758 crore since the beginning of the calendar year, in anticipation of improving economic fundamentals and a stable government at the Centre. The total assets with these two segments rose from Rs 2.18 lakh crore in December 2013 to Rs 2.42 lakh crore in the latest available data from the stock market regulator.
Both sovereign wealth funds and pension funds are seen to be relatively stable long-term investors. An increased proportion of such funds are perceived to bring greater stability to markets because they do not generally move in and out for short-term gain………………………………………..Full Article: Source

In 2013, Norway Government Pension Fund Investment in Israeli Stock Market Rose 43% to $1 Billion

Posted on 11 June 2014 by VRS  |  Email |Print

The Government Pension Fund of Norway, the largest sovereign wealth fund in the world, has increased its position in shares of Israeli companies, adding five new companies to a portfolio of 62 stocks valued at a billion dollars (NIS 3.5 billion) on the Tel Aviv Stock Exchange, Israel’s Globes business daily reported on Tuesday.
In 2013, the value of its investment in companies traded on the TASE rose by 43 percent in nominal terms, from NIS 2.4 billion to nearly NIS 3.5 billion, Globes said. “Even discounting the boom on the stock exchange, the rise is impressive: the fund’s proportionate holding in shares on the Tel Aviv 100 list grew by 21% last year, exceeding 0.5% of the total of shares listed,” the newspaper said………………………………………..Full Article: Source

Saudi sovereign wealth fund plan attracts debate in advisory body

Posted on 11 June 2014 by VRS  |  Email |Print

A proposal to set up a Saudi Arabian sovereign wealth fund attracted debate at a meeting of the kingdom’s influential Shura council advisory body but failed to yield a result, state media reported on Tuesday. A report by the council’s financial committee has said the National Reserve Fund, which would invest part of the kingdom’s vast hydrocarbon wealth, would build on its financial stability.
Details of its investment strategy have yet to be disclosed publicly, but if the proposed fund is run like the sovereign wealth funds of other wealthy Gulf states such as Qatar and Abu Dhabi, it could mean a change in the way Saudi money flows through global markets………………………………………..Full Article: Source

Saudi Arabia Planning Second Sovereign Fund

Posted on 11 June 2014 by VRS  |  Email |Print

Saudi Arabia is planning to launch a second sovereign wealth fund to invest its budget surplus, according to Arabian news sources. The country’s central bank, the Saudi Arabian Monetary Agency (SAMA), currently invests money generated by oil exports in an existing sovereign wealth fund, SAMA Foreign Holdings.
The strength of Saudi Arabia’s oil industry has helped grow this portfolio to be the third largest sovereign wealth fund in the world, behind those of Norway and Abu Dhabi………………………………………..Full Article: Source

Mubadala Development Co beefs up Tabreed stake

Posted on 11 June 2014 by VRS  |  Email |Print

Mubadala Development Company has taken a greater slice of National Central Cooling Company (Tabreed) after converting bonds into equity. The Abu Dhabi state investment fund has turned AED 134mn ($36.5mn) worth of bonds into close to 80 million new shares.
Tabreed’s outstanding number of shares now stands at 738.5 million following the exercise, according to a statement to the Dubai Financial Market. The conversion price is AED 1.6856 per share, which was the agreed upon price at the time of the issuance of the bonds. Mubadala is currently the biggest shareholder in Tabreed with a 14.3% stake………………………………………..Full Article: Source

Temasek appoints 3 new board members

Posted on 10 June 2014 by VRS  |  Email |Print

Singapore investment firm Temasek Holdings has appointed three new board members as they continue to refresh their leadership team. They are prominent property businessman Robert Ng Chee Song, former KPMG Singapore managing partner Bobby Chin Yoke Choong and ex-Royal Dutch Shell chief executive Peter Voser.
Mr Ng and Mr Chin will begin their term on Tuesday, while Mr Voser will take up his appointment on Jan 1 next year. The new appointments will see the board enlarged from the current 10 to 13, said Temasek, which owns a $215 billion portfolio as at March 31 last year………………………………………..Full Article: Source

Ex-Shell CEO to join Singapore state-run Temasek board

Posted on 10 June 2014 by VRS  |  Email |Print

Singapore’s state-controlled investing body Temasek Holdings announced Monday that Peter Robert Voser, former CEO of Royal Dutch Shell, will join its board. The appointment is scheduled to take place in January 2015.
Voser stepped down as Royal Dutch Shell CEO in December 2013. Last year, Temasek appointed former World Bank president Robert Zoellick to the board. Temasek is fully owned by the Singapore government and manages $300 billion in assets. Ho Ching, the current CEO of Temasek, is the wife of Singapore Prime Minister Lee Hsien Loong………………………………………..Full Article: Source

Mubadala seeks to exit Nigeria’s telecoms market

Posted on 10 June 2014 by VRS  |  Email |Print

Mubudala, Abu Dhabi’s sovereign wealth fund, is keen on negotiating an exit from Nigerian telecommunications operator EMTS, in which it holds a 30-percent stake, according to TMTFinance. This move by the fund may be linked to recent reports that investor confidence in the country’s highly competitive telecoms market is dipping due to perceived structural defects in the market and a harsh operating environment.
Industry watchers say this does not bode well for long-term growth and sustainability of the telecoms industry. Mubadala could be seeking new pastures, cashing in on a telecoms industry increasingly facing higher operating costs, dwindling revenue per user and investor pullback, according to industry watchers………………………………………..Full Article: Source

Mubadala to convert Dh134m of Tabreed bonds into shares

Posted on 10 June 2014 by VRS  |  Email |Print

National Central Cooling Company (Tabreed) has said in a media statement that it has been notified by its bondholder, Mubadala Development Company (Mubadala), of its intention to exercise its right to convert approximately Dh134 million in mandatory convertible bonds (MCB) into shares.
The conversion of the MCB, whose issuance was approved by Tabreed’s shareholders at the annual general assembly on April 16, 2013, will result in 79.4 million new shares being issued to Mubadala and will increase Tabreed’s issued shares to approximately 738.5 million, it noted………………………………………..Full Article: Source

Saudi mulls sovereign wealth fund

Posted on 10 June 2014 by VRS  |  Email |Print

Saudi Arabia’s Shura Council, an influential advisory body to the government, will discuss a proposal for the country to establish a sovereign wealth fund that would invest some of its vast oil earnings, local media reported.
The National Reserve Fund would “guarantee the financial stability of the kingdom” by investing its reserves, Saad Mareq, head of the council’s financial committee, was quoted as telling the pan-Arab Asharq al-Awsat daily on Saturday………………………………………..Full Article: Source

Excess crude oil account hits $3.45 billion

Posted on 10 June 2014 by VRS  |  Email |Print

The Excess Crude Account (ECA), which stood at $2.11 billion in April, has increased by $1.34 billion, bringing the total savings in the till to $3.45 billion. The new figure represents an increase of about 63.5 percent, reports Leadership
The Minister of Finance, Dr. Ngozi Okonjo-Iweala, confirmed the rise on in a statement issued by her Media Assistant, Paul Nwabiuku. She said the rise in the ECA signals the federal government’s commitment to rebuilding the country’s fiscal buffers………………………………………..Full Article: Source

Saudi Arabia considers separate sovereign wealth fund

Posted on 09 June 2014 by VRS  |  Email |Print

Saudi Arabia is preparing to launch its first sovereign wealth fund to manage budget surpluses from a rise in crude prices estimated at hundreds of billions of dollars, state media reported Saturday. The central bank has managed investment of the kingdom’s foreign currency reserves until now, much of it in US Treasury bonds.
The consultative Shura Council is due to discuss a draft law for the National Reserve Fund in meetings Monday and Tuesday in Riyadh, state news agency SPA reported. The report gave no indication of whether any change in investment strategy was envisioned………………………………………..Full Article: Source

GIC bets big on Chinese debt

Posted on 09 June 2014 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC is making waves in the Asian debt markets with a series of unusually big investments in bonds from China.
According to market sources, in recent weeks, GIC has bought US$700m of unrated 4.7% bonds due 2019 from computer maker Lenovo, a US$400m 2019 private placement from property developer Vanke, and a HK$2bn (US$258m) 3.2% 2020 note from internet group Tencent Holdings………………………………………..Full Article: Source

Dream issue fizzles for Khazanah

Posted on 09 June 2014 by VRS  |  Email |Print

Hard-to-please Malaysian sovereign wealth fund Khazanah Nasional pulled its US$500m exchangeable sukuk last Wednesday, even though the book was covered within the range and highly aggressive terms were available.
In a message to investors, Khazanah said the book was well oversubscribed within two hours of launch, with orders from more than 50 high-quality investors, but said price sensitivity prevented it from achieving its pricing objectives. The deal had traded below par in the grey market, indicating subdued demand………………………………………..Full Article: Source

Canary Wharf, Qatar Win London Shell Centre Project Approval

Posted on 09 June 2014 by VRS  |  Email |Print

Canary Wharf Group Plc (SBD) and Qatar’s sovereign-wealth fund won approval from Communities Secretary Eric Pickles to build almost 900 homes and about 75,000 square meters (800,000 square feet) of offices at Royal Dutch Shell Plc’s London headquarters on the banks of the River Thames.
Construction on the project in the city’s Waterloo district will begin later this summer, Canary Wharf Group and Qatari Diar Real Estate Investment Co. said in a statement today. Pickles asked to review the plans in September, saying the development may affect views of the Parliament area on the opposite side of the river………………………………………..Full Article: Source

Credit Suisse Says Qatar as Holder Isn’t Why It’s Winning Deals

Posted on 09 June 2014 by VRS  |  Email |Print

Credit Suisse Group AG (CSGN), the Swiss investment bank which advised Qatar on some of its most high-profile investments, said it’s gaining deals on merit and not because of the Gulf state’s status as a key shareholder.
Qatar and Credit Suisse are boosting ties after the gas-rich nation took a stake in the bank and bought its London headquarters. Switzerland’s second-largest lender and Qatar Holding, a unit of the emirate’s sovereign wealth fund, also formed Aventicum Capital Management in 2012 to boost emerging-market investments. Hangari also heads that business………………………………………..Full Article: Source

Restructuring Libya’s SWF

Posted on 06 June 2014 by VRS  |  Email |Print

The outlook for Libya is grim as it slides further into anarchy, but the African Development Bank believes that one promising area is the country’s formidable financial resources and a sovereign wealth fund that could be leveraged to help the economy.
In a recent report on Libya, the African Development Bank looked to “re-engage” with the country to seek a better understanding of economic and political developments amid political instability, threats to the survival and legitimacy of the state, and regional tensions over control of country’s rich natural resources………………………………………..Full Article: Source

Why Norway needs the courage to lead

Posted on 06 June 2014 by VRS  |  Email |Print

Nina Jensen, chief executive officer of WWF Norway, explains why Norway’s sovereign wealth fund, the biggest in the world, is critically important in tackling climate change. The most important tool to act on climate change in Norway is our sovereign wealth fund - known as the Government Pension Fund Global, or the Oil Fund, valued at over $800bn.
Because of its size and the investment potential, Norway holds high responsibility: it could contribute to redefining investments globally and, by doing so, to moving the dial on climate change………………………………………..Full Article: Source

Samruk Kazyna to launch $26 bln worth of projects within 3 years

Posted on 06 June 2014 by VRS  |  Email |Print

Kazakhstan’s Samruk-Kazyna Wealth Fund is planning to commission dozens of projects totally worth $26 billion within the next 3 years, Tengrinews reports citing the Fund’s senior director for business development and a member of the Management Board Berik Beisengaliyev.
Samruk-Kazyna is a state-run holding in Kazakhstan that owns, either in whole or in part, many important companies in the country, including the national rail and postal service, the state oil and gas company KazMunayGas, the state uranium company Kazatomprom, Air Astana, and numerous financial groups. Samruk-Kazyna controls $78 billion in assets, or nearly 56% of the GDP……………………………………….Full Article: Source

SOFAZ earns over $100 bln over 13 years

Posted on 06 June 2014 by VRS  |  Email |Print

Azerbaijan’s State Oil Fund (SOFAZ) has earned more than $100 billion ($1 = 0.78390 AZN) in the period of 2001-2013. This was said in fund’s last report released on June 4.
About 64 percent, or $64.23 billion of SOFAZ revenue earned in the past 13 years were allocated for investment, while the remaining 36 percent ($35.88 billion) were deposited in the saving account of the fund. Meanwhile, the volume of fund’s income amounted to $17.33 billion in 2013, which is slightly lower than 2012 ($17.41 million)………………………………………..Full Article: Source

GIC in $944 million joint deal to buy software firm

Posted on 06 June 2014 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC and a New York-based private equity firm will acquire US plagiarism detection software maker iParadigms for US$752 million (S$944 million), the firms said.
A GIC spokesman declined to disclose GIC’s stake in the venture or its investment amount. It is the fund’s third US deal this year, after its investment in human resource software firm Kronos Inc and Time Warner Centre in New York. In a joint statement, GIC and Insight Venture Partners said the deal will likely close this third quarter. Private equity firm Warburg Pincus has been a majority owner in iParadigms since 2008………………………………………..Full Article: Source

Green Dragon Gas: GIC signs up for second slice of bond

Posted on 06 June 2014 by VRS  |  Email |Print

Singapore’s sovereign wealth fund has fully subscribed for the second tranche of AIM-listed Green Dragon Gas’s convertible bond facility. The second chunk of the convertible bond, worth US$50mln, has been issued to GIC Private Limited.
It has a 7% coupon, a 36-month maturity, and can be converted at US$9.34 a share, equivalent to 558p a share. That is a premium to the current share price, which is just shy of 500p. Earlier this week, GIC converted the first tranche into 5.78mln shares early at a price of US$6.06 each………………………………………..Full Article: Source

1MDB says its debt poses no significant risk to Malaysia

Posted on 06 June 2014 by VRS  |  Email |Print

1MDB (1Malaysia Development Bhd) has dismissed reports that its debt poses significant risk to the sovereign rating and stability of Malaysia. In a rare response to media reports, 1MDB said in a statement posted on its website yesterday that as a limited liability company, 1MDB poses limited liability risks to the government as its shareholder.
The government guarantees RM5.8 billion of the group’s total loans, on which 1MDB has significant interest cover. 1MDB has never missed any payment schedule. “All of 1MDB’s debts are backed by the group’s operational assets, with healthy cash flows and strong growth potential beyond their finite life,” the statement said………………………………………..Full Article: Source

Malaysia’s Khazanah cancels $750 mln bond fundraising on unfavorable pricing-IFR

Posted on 06 June 2014 by VRS  |  Email |Print

Malaysian state investor Khazanah Nasional Bhd has canceled plans to sell up to $750 million worth of U.S. dollar-denominated bonds, after failing to reach its price targets from two hours of book building, IFR reported.
Khazanah, in a note to investors seen by Reuters, said it received solid market support for the bond with over 50 high-quality investors participating, but decided not to proceed with the deal as it missed specific pricing objectives………………………………………..Full Article: Source

Korea SWF appoints new head of research

Posted on 06 June 2014 by VRS  |  Email |Print

Korea Investment Corporation (KIC), the country’s sovereign wealth fund (SWF) with total AUM of US$72 billion, has appointed Lee Jeong Ja as director of its affiliate research centre. Ms. Lee has a distinguished career as an analyst in the securities industry, working in the 1980s at WI Carr Securities, before moving to HSBC Securities Korea in the late 1990s to become head of research and branch manager. She was the first female in Korea to take up a senior position at a foreign securities brokerage.
Ms. Lee’s appointment comes after KIC’s new chief investment officer Choo Heung Sik recently revealed that the SWF aims to double alternative investments, including private equity, real estate, and hedge funds, over the next ten years. The fund has seen declining returns from bonds and equities………………………………………..Full Article: Source

More Direct Sovereign Wealth Money Pouring Into BRIC Countries

Posted on 06 June 2014 by VRS  |  Email |Print

Sovereign wealth funds are plowing more money into (Brazil, Russia, India and China) BRIC nations, despite economic and political headwinds in emerging markets. Proprietary data from the Sovereign Wealth Fund Institute shows that more direct sovereign fund investment for 2014 is funneling into BRIC countries compared to similar quarters in 2013.
According to the Sovereign Wealth Fund Transaction Database, for the first two quarters of 2013, about US$ 4.37 billion of direct sovereign wealth fund investment was allocated toward BRIC countries. For the first two quarters of 2014, BRIC countries received about US$ 4.62 billion. Furthermore, second quarter figures for 2014 are not fully counted for in the database. The 5.7% increase in BRIC direct sovereign wealth fund investment from those similar quarters indicates that sovereign funds remain tepidly optimistic in these dynamic growth markets……………………………………….Full Article: Source

World’s Biggest Wealth Fund Escapes Flash Boys in IEX Dark Pool

Posted on 05 June 2014 by VRS  |  Email |Print

Norway’s $880 billion sovereign wealth fund, the world’s largest, is throwing its support behind Brad Katsuyama’s new exchange. Katsuyama’s IEX Group Inc., made famous inMichael Lewis’s best-selling book “Flash Boys,” could shield investors from the predatory habits of high-frequency traders, said the fund, which holds $521.2 billion in stocks globally and is Europe’s biggest equity investor.
“IEX is a trading venue where all players participate on the same terms,” oil fund spokesman Thomas Sevang said in an e-mailed response to questions. “We support this.”……………………………………….Full Article: Source

Oil Fund of Azerbaijan lags behind economic growth for the first time in history

Posted on 05 June 2014 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) is growing more slowly than the country’s economy for the first time in history. According to the SOFAZ 2013 annual report, last year the Fund’s assets increased from $34.13 bn up to $35.88 bn or by 5.12%, while the economic growth in Azerbaijan reached 5.8%. For comparison, in 2012 the Fund’s assets increased by 14.53%.
The visible lagging from the economic growth rate has already led to reduction of the Fund’s role. Last year its assets ratio to Azerbaijan’s GDP reduced from 48.9% to 48.8% of GDP………………………………………..Full Article: Source

Long-term assets of SOFAZ exceed $1,5 bln in 2013

Posted on 05 June 2014 by VRS  |  Email |Print

Assets of Azerbaijani State Oil Fund (SOFAZ) amounted to about 28,31 billion manat in 2013, compared to over 26,89 billion manat in 2012, the company’s official report said on June 4.
According to the report, some 27,09 billion manat from the overall assets accounted for current assets, while about 1,22 billion - for long-term assets. As stated in the report, SOFAZ received 13,6 billion manat (against the approved 11,48 billion manat in the fund’s budget)………………………………………..Full Article: Source

AusSuper grants London property mandate

Posted on 05 June 2014 by VRS  |  Email |Print

AustralianSuper has appointed TIAA Henderson Real Estate (TH Real Estate) to manage its London office property investment strategy. TH Real Estate, which is 60% owned by TIAA-CREF and 40% by Henderson Global Investors, already manages AustralianSuper’s UK shopping centre portfolio.
The arrangement with TH Real Estate is similar to that AustralianSuper negotiated with QIC last year over its US property investments. Rather than provide the fund manager with a lump sum to invest as it will, there is no set investment, and AustralianSuper will be more involved in investment decisions………………………………………..Full Article: Source

1MDB denies being a risk to KL’s credit rating

Posted on 05 June 2014 by VRS  |  Email |Print

1Malaysia Development Bhd (1MDB) says its debt does not pose any significant risk to Malaysia’s sovereign rating and stability. As a limited liability company, it poses limited risk to the government as a shareholder, 1MDB added.
“The government guarantees RM5.8 billion (S$2.25 billion) of the group’s total loan, of which 1MDB has significant interest cover,” the sovereign wealth fund said on Tuesday, adding that it has never missed any scheduled payment………………………………………..Full Article: Source

Khazanah to sell up to US$750 million of exchangeable bonds

Posted on 05 June 2014 by VRS  |  Email |Print

Malaysian state investor Khazanah Nasional Bhd plans to sell up to US$750 million (RM2.4 billion) worth of US dollar-denominated bonds, exchangeable into shares, to raise funds for general corporate purposes.
Khazanah will sell US$500 million (RM1.6 billion) of bonds maturing in five years and an additional US$250 million (RM809 million) worth in the event of exceptional demand, the fund said in a term sheet seen by Reuters on Wednesday………………………………………..Full Article: Source

Mumtalakat gross profits go up 135%

Posted on 05 June 2014 by VRS  |  Email |Print

Bahrain Mumtalakat Holding Company (Mumtalakat), the investment arm of the Kingdom of Bahrain, today announced its full year financial results for 2013.
The results reflect the solid financial and operational performance across the Mumtalakat group, constituting of 38 portfolio companies, (Group) and demonstrate significant progress in the implementation of strategic initiatives undertaken in 2012………………………………………..Full Article: Source

Bahrain’s SWF posts profits rebound as Gulf Air recovers

Posted on 05 June 2014 by VRS  |  Email |Print

Bahraini sovereign fund Mumtalakat swung back into profit in 2013 because of an improved performance at Gulf Air and lower impairment losses, it said on Wednesday.
The fund, fully owned by the Bahraini state but run on a commercial basis, made a net profit of BD82.7 million ($219 million) in 2013 compared with a net loss of BD181.7 million in the previous year, a statement to Reuters said………………………………………..Full Article: Source

Bahrain’s Mumtalakat Ends Losing Streak, CEO Says Profits To Stay

Posted on 05 June 2014 by VRS  |  Email |Print

Bahrain’s Mumtalakat will remain profitable from now on, its chief executive told Reuters on Wednesday, as the sovereign fund ended five straight years of losses in 2013 due to improved performance at Gulf Air and lower impairments.
The fund, fully owned by the Bahraini state but run on a commercial basis, made a net profit of KD82.7 million ($219 million) in 2013 compared with a net loss of KD181.7 million in the previous year, a statement said………………………………………..Full Article: Source

YTL Corp Urges Asian Sovereign Wealth Funds To Invest 30 Per Cent In Infrastructure

Posted on 04 June 2014 by VRS  |  Email |Print

YTL Corp Bhd’s Group Managing Director Tan Sri Dr Francis Yeoh Sock Ping has called for at least 30 per cent of sovereign wealth funds in Asia to be invested for infrastructure development. The move will help Asian countries provide efficient infrastructure to the people at the right price as well as boost national productivity.
However, he said most Asian countries did not produce the right amount of infrastructure as they should despite the growing wealth and high level of savings. The local government, he said, is currently making sure that the productivity towards infrastructure is being done, such as airport and railways, in order to cater to the increasing demand from consumers………………………………………..Full Article: Source

Watsons sells 25% stake to Singapore’s Temasek

Posted on 04 June 2014 by VRS  |  Email |Print

Hong Kong business tycoon Li Ka-shing has sold a nearly 25% stake in Hutchison Whampoa’s Watsons to Temasek Holdings of Singapore for HK$44 billion (US$5.5 billion) after speculation arose that the beauty retailer was planning to go public this year.
The Watsons deal for a 24.95% stake was equivalent to the current market valuation of HK$176.4 billion (US$22.8 billion), which was lower than the market expectation, however, the Watsons spinoff may result in a higher-value public listing………………………………………..Full Article: Source

Singapore’s GIC buys stake in anti-plagiarism software maker

Posted on 04 June 2014 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC and a US-based private equity firm will acquire anti-plagiarism software maker iParadigms for USD 752 million, the firms said Tuesday. Oakland, California-based iParadigms makes the cloud-based software Turnitin, which is used by universities around the world to review submitted works for plagiarism and accurate citations.
In a joint statement, GIC and New York-based Insight Venture Partners said the deal to acquire iParadigms will likely close in the third quarter of 2014, but did not give a breakdown of the investment………………………………………..Full Article: Source

Nigerian Sovereign Wealth to Work With GuarantCo to Assist Infrastructure Shortfall

Posted on 04 June 2014 by VRS  |  Email |Print

The Nigeria Sovereign Investment Authority (NSIA) has entered into an arrangement to explore the possible creation of a Nigerian Credit Enhancement Facility (NCEF).
By partnering with GuarantCo, a local currency development finance fund, the facility would provide credit enhancement for domestic infrastructure projects by improving their credits ratings toward investment grade……………………………………….Full Article: Source

Worth of Global SWFs swells to $6.46t in first quarter

Posted on 03 June 2014 by VRS  |  Email |Print

The total worth of all Sovereign Wealth Funds (SWFs) in the world jumped by $955 billion to $6.46 trillion in the first quarter of 2014 compared to same period last year and Abu Dhabi Investment Authority (Adia) is ranked second globally with $773 billion assets, revealed Sovereign Wealth Fund Institute in its latest update.
According to the Institute, an American organisation that tracks SWF performance, Adia made $7.93 billion of deals last year, behind only funds from Norway, which has $838 billion assets. Adia is one of the longest-established and largest sovereign wealth funds in the world………………………………………..Full Article: Source

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