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

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

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

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 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

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