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Sovereign Wealth Funds Briefing 11.Sep 2012

Posted on 11 September 2012 by VRS |  Email |Print

Choi Chong-sukHead of Korea Investment Company ( KIC), South Korea’s sovereign wealth fund, said last week that the fund planned to lift its investment into the private market, while watching for opportunities to invest in bad assets in advanced nations, a press release by the fund showed Monday.
“Opportunity to invest in bad assets is given as advanced economies become distressed. KIC plans to increase investment into the private market such as the real estate market and the strategic investment field,” KIC’s chief executive Choi Chong-suk was quoted as saying at the International Forum of Sovereign Wealth Fund (IFSWF)……………………………………….Full Article: Source

Posted on 11 September 2012 by VRS |  Email |Print

Government of Singapore Investment Corp.’s $1.5 billion offer for resorts owned by hedge fund Paulson & Co. will move forward to an auction where GIC will lead the bidding.
The Singapore sovereign wealth fund has agreed to buy the four resorts, which filed for bankruptcy last year, subject to higher bids. U.S. Bankruptcy Judge Sean Lane in Manhattan said at a court hearing today that he would approve an order allowing the auction………………………………………..Full Article: Source

Posted on 11 September 2012 by VRS |  Email |Print

One of Singapore’s sovereign wealth funds confirmed Monday that it will boost its stake in a Chinese insurer after announcing a shift in focus from developed markets to emerging economies.
The Government of Singapore Investment Corporation (GIC) will up its stake in China Pacific Insurance (CPIC) to 10.61 percent from 2.30 percent, according to a statement from CPIC. GIC is to purchase more than half of the 462 million new “H” class shares that will be issued by the Hong Kong-listed insurer, the statement said………………………………………..Full Article: Source

Posted on 11 September 2012 by VRS |  Email |Print

A long-awaited move by the ­$71 billion Future Fund into agricultural land investment was threatening to unravel last night as its partner in the venture, PrimeAg Australia, faced a board ousting over the poor ­performance of its shares.
Shareholders representing 30 per cent of the company have been angered by plans for PrimeAg to raise its $125 million stake in the new land investment fund via a share issue at a discount to its already depressed price……………………………………….Full Article: Source

Posted on 11 September 2012 by VRS |  Email |Print

A battle of egos that has pitted South African billionaire Ivan Glasenberg, CEO of Glencore, with Xstrata’s top management and shareholders, including Qatar’s sovereign wealth fund, continues. On Monday, Glencore confirmed that it had increased its bid for the Swiss miner, offering 3.05 shares in the new combined company for every share of Xstrata, up from 2.8 previously.
Glasenberg also offered Xstrata CEO Mick Davis the top job for six months, after which he will have to cede to the South African billionaire………………………………………..Full Article: Source

Posted on 11 September 2012 by VRS |  Email |Print

Qatar’s sovereign fund gazed into Ivan Glasenberg’s eyes and made him blink. That’s a huge victory over Glencore’s chief executive, whose nature is never to show weakness. True, the Gulf state may not have extracted the precise terms it demanded for the commodities megamerger.
But it got a significant sweetener at the eleventh hour from buyer Glencore after using its 12-per-cent stake in Xstrata to threaten to kill the deal. Far from being “dumb money,” Qatar’s sovereign fund should command a new respect in financial markets………………………………………..Full Article: Source

Posted on 11 September 2012 by VRS |  Email |Print

Go with what you know - that seems to be Qatar’s motto as it unveils ambitious plans to dominate the global resources sector.The resource sector is just one of the many focus areas for Qatar’s sovereign wealth funds.
Not content with being home to the world’s third largest natural gas reserves and the largest producer and exporter of liquefied natural gas, apart from being an important OPEC crude producer, Qatar is making a big play to acquire stakes in resource and hydrocarbons companies………………………………………..Full Article: Source

Posted on 11 September 2012 by VRS |  Email |Print

Warba Bank, Kuwait’s newest Islamic bank, has announced the launch of its call centre which is set to serve clients 24/7. Warba Bank, established by Amiri Decree, was officially registered in the Central Bank of Kuwait’s list of Islamic banks on 5 April 2010.
The state of Kuwait, represented by Kuwait Investment Authority (KIA), owns 24 per cent shares of the bank while the remaining 76 per cent of shares, fully subscribed by the Government, have been equally allocated among all Kuwaiti nationals………………………………………..Full Article: Source

Posted on 11 September 2012 by VRS |  Email |Print

The Russian Direct Investments Fund (RDIF) has shortlisted 15 investment projects as part of the consortium it formed this summer with a trio of international investment firms managing a total of $5trn.
The group consists of BlackRock Investment Management, Templeton Asset Management and the Goldman Sachs European Special Situations Group. Its aim is to help Russian companies through the pre-IPO process………………………………………..Full Article: Source

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