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Sovereign Wealth Funds Briefing 21.Dec 2010

Posted on 21 December 2010 by VRS |  Email |Print

From Theaustralian.com.au: Future Fund has boosted infrastructure sector exposure, spending $200 million on a 17.2 per cent holding in London’s Gatwick airport. The acquisition of the stake in Britain’s second biggest airport adds to the fund’s 10 per cent interest in Melbourne airport.
It also builds on the fund’s ambition to become a serious infrastructure player due to the attractive, relatively low-risk and stable returns in the sector……………………………………….Full Article: Source

Posted on 21 December 2010 by VRS |  Email |Print

From Todayonline.com: Australia’s Centro Properties Group has received A$13.5 billion ($17.6 billion) worth of indicative bids for its shopping malls, including from the Government of Singapore Investment Corp (GIC), local media reported yesterday, as the rare distressed opportunity whetted the appetite of investors angling for the country’s healthy market.
Among the other interested buyers for some or all of Centro’s assets are Westfield, Lend Lease’s Australian Prime Property Fund, CFS Retail Trust and Queensland Investment Corp, the Sydney Morning Herald said yesterday without citing its sources……………………………………….Full Article: Source

Posted on 21 December 2010 by VRS |  Email |Print

From Bloomberg: Fullerton Financial Holdings Pte, a unit of Singapore’s Temasek Holdings Pte, bought a 15 percent stake in Vietnam’s Mekong Development Bank.
The purchase helped lift registered capital at the lender, based in the southern province of An Giang, to 3 trillion dong ($154 million) from 1 trillion dong, the Vietnamese bank said in an e-mailed statement……………………………………….Full Article: Source

Posted on 21 December 2010 by VRS |  Email |Print

From Reuters: Malaysia’s PLUS Expressways received a 26 billion ringgit ($8.3 billion) offer from local firm Jelas Ulung Sdn Bhd, making it potentially the country’s second-largest M&A deal. UEM Group, together with its parent — sovereign wealth fund Khazanah Nasional Bhd — holds 55.4 percent of the firm.
Unlisted Jelas Ulung’s offer tops a 23 billion ringgit approach by Malaysia’s UEM Group and Employees Provident Fund and could spark a takeover battle for the country’s largest highways operator……………………………………….Full Article: Source

Posted on 21 December 2010 by VRS |  Email |Print

From Malaysia-today.net: What’s the end game being played by Khazanah? It’s instructed to sell shares in the companies that it invested. Reason being- to flush the market with liquidity. But have we thought about the collateral damage?
I have long thought that it was wise before we appoint anyone to head GLCs - doesn’t matter how clever they are, they should be re-schooled into understanding what it is to be Malay and the bigger Malay agenda. Now, don’t get me wrong, I am not advocating anything sinister on the non-Malays……………………………………….Full Article: Source

Posted on 21 December 2010 by VRS |  Email |Print

From Theindonesiatoday.com: Vallar Plc, a company owned by Rothschild group, plans to raise additional fund next year to repay US$1.9 billion debt owed by PT Bumi Resources Tbk (BUMI) to China Investment Corporation (CIC), Bisnis Indonesia reported this morning.
Daren Morris, financial advisor of Vallar, said the CIC’s debt repayment will lower Bumi’s financial charges and reduce influence of China’s investor on Bakrie Group’s coal production and sales……………………………………….Full Article: Source

Posted on 21 December 2010 by VRS |  Email |Print

From African-bulletin.com: The creation of Sovereign Wealth Funds (SWF) has jumped since last year and been adopted by other countries, so that today, all major countries have such a financial institution. These domestic investors, responsible to grow revenue from commodity exports or the State foreign exchange reserves, have become commonplace.
They are then gone from being opportunistic investors to that of last resort predators, particularly for financial and banking sectors……………………………………….Full Article: Source

Posted on 21 December 2010 by VRS |  Email |Print

From Thenational.ae: Mubadala GE Capital has acquired a 16 per cent stake in an Omani power generation company. Mubadala Development, a strategic investment company owned by the Abu Dhabi Government, teamed up with General Electric (GE) to start Mubadala GE Capital last year.
Mubadala and GE agreed to contribute US$4 billion (Dh14.69bn) each to the venture, which aims to provide loans to medium-sized businesses to finance their growth……………………………………….Full Article: Source

Posted on 21 December 2010 by VRS |  Email |Print

From Globalarabnetwork.com: Fitch Ratings has affirmed Mubadala Development Company PJSC’s (Mubadala) Long-term Issuer Default rating (IDR) and senior unsecured rating at ‘AA’, respectively.

The Abu Dhabi-based diversified development and investment group’s Short-term IDR has been affirmed at ‘F1+’. The Outlook for the Long-term IDR is Stable. MDC-GMTN B.V.’s (MDC) global medium-term note (GMTN) programme with USD1.77bn of notes outstanding has also been affirmed at ‘AA’……………………………………….Full Article: Source

Posted on 21 December 2010 by VRS |  Email |Print

From Businessweek.com: Dubai World’s new chairman on Monday underscored the indebted state conglomerate’s commitment to repaying its creditors as it retools its business.
Sheik Ahmed bin Saeed Al Maktoum made the comments during the first meeting of the company’s new board, according to a statement from Dubai’s media office. He was picked to lead the sprawling state conglomerate following a shakeup of the company’s leadership last week……………………………………….Full Article: Source

Posted on 21 December 2010 by VRS |  Email |Print

From Calcuttatube.com: India’s foreign exchange (forex) reserves declined by $971 million to $295.42 billion for the week ended Dec 10 due to a slump in the value of foreign currency assets. The foreign currency assets, the biggest component of the forex reserves kitty, declined by $979 million to $266.25 billion during the week, according to the weekly statistical supplement of the Reserve Bank of India (RBI).
The foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as British pound sterling, euro and Japanese yen held in reserves……………………………………….Full Article: Source

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