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Sovereign Wealth Funds Briefing - Categorized | Financials, Performance

Abu Dhabi’s IPIC Posts Loss After $1 Billion UniCredit Writedown

Posted on 17 November 2016

Abu Dhabi sovereign fund International Petroleum Investment Co. posted a first-half loss after its shares in UniCredit SpA slumped. IPIC recorded a loss of $91 million compared with a $1.25 billion profit a year earlier, the Abu Dhabi-based company said.
It posted a $998 million loss due to marking to market its 5.04 percent stake in Italy’s UniCredit, whose stock declined 62 percent in the first six months of the year. IPIC is merging with Abu Dhabi fund Mubadala Development Co. to create an entity with assets of about $125 billion and debt of about $42 billion…………………………………….Full Article: Source


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