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Sovereign Wealth Funds Briefing 16.Sep 2014

Posted on 16 September 2014 by VRS |  Email |Print

Fair trade regulator CCI has cleared Singapore government investment arm Temasek Holding’s proposed acquisition of 10.16 per cent stake in Indian firm Intas Pharmaceuticals, saying the deal will not raise anti-competition concerns.
Under the proposed deal, Dunearn Investments (Mauritius) Pte. Ltd-a indirect subsidiary of Temasek-would acquire the stake from Mozart Ltd-a wholly owned subsidiary of ChrysCapital III LLC. In an order, the Competition Commission of India (CCI) said “that the proposed combination is not likely to have an appreciable adverse effort on competition in India”………………………………………..Full Article: Source

Posted on 16 September 2014 by VRS |  Email |Print

Malaysian state investor 1Malaysia Development Bhd (1MDB) has delayed a more than US$3 billion IPO due to a longer-than-expected due-diligence process and negotiations around the restructuring of a RM5.5 billion (US$1.7 billion) loan, people familiar with the matter said.
The IPO, which was due to be launched in the fourth quarter of this year, is now likely to take place in the first few months of 2015 at the earliest, said the people, who declined to be named as the matter remained confidential. 1MDB, seen as a cross between a sovereign wealth fund and a private investment vehicle, is struggling with a debt burden exceeding US$11 billion. It plans to reduce some of this debt by selling its power assets via the IPO………………………………………..Full Article: Source

Posted on 16 September 2014 by VRS |  Email |Print

The contract of Ahmad Jauhari Yahya as managing director/group chief executive officer (CEO) of Malaysia Airlines (MAS) has been extended for a year from Sep 20, 2014 to Sep 19, 2015. MAS announced this in a statement to Bursa Malaysia on Monday (Sep 15).
MAS’ major shareholder, Khazanah Nasional Bhd, was also said to be eyeing potential candidates from the global aviation industry as well as local talent to become the new CEO of MAS. The new CEO who will replace Ahmad Jauhari will be announced by year-end, according to reports………………………………………..Full Article: Source

Posted on 16 September 2014 by VRS |  Email |Print

China’s National Audit Office in June blamed mismanagement for losses on at least 10 foreign investments by China Investment Corp., the US$600 billion sovereign-wealth fund that bought tens of billions of dollars in resource-related holdings between 2009 and 2012. The office didn’t specify which deals.
CIC has begun shifting away from energy investments and into other sectors, according to people familiar with the fund. Energy and metals deals fell to two-thirds of China’s offshore investments in 2013, from 80 per cent in 2005, according to the American Enterprise Institute and Heritage Foundation data, and China’s US$53.3 billion in resource investments last year was below the record US$57.5 billion in 2011………………………………………..Full Article: Source

Posted on 16 September 2014 by VRS |  Email |Print

Announced in 2008, established in 2012, and receiving the final installment of its initial endowment in June of this year, Fundo Soberano de Angola (Angola’s sovereign wealth fund) finally has progressed to investing its $5 billion in assets. In a series of recent interviews, fund Chairman José Filomeno Dos Santos has been detailing how the fund’s portfolio will be diversified and answering questions about its governance structure.
The guiding principle of the fund will be to “[pursue] investments that generate long-term and sustainable financial returns” and, in turn, use that wealth “to promote growth, prosperity and social and economic development across Angola” and sub-Saharan Africa more broadly. To accomplish these goals, up to one third of the $5 billion fund will be put into alternative investments across sub-Saharan Africa………………………………………..Full Article: Source

Posted on 16 September 2014 by VRS |  Email |Print

The Abu Dhabi Investment Authority (ADIA) has appointed Brian Tipple as its first global head of external equities. Tipple will manage the department’s team of investment professionals and will report to Obaid Al Suwaidi, executive director of external equities at ADIA.
Based in Abu Dhabi, Tipple will, together with senior management, be responsible for developing, implementing and driving overall investment strategy for the external equities department, as well as overseeing the activities of all externally-managed portfolios………………………………………..Full Article: Source

Posted on 16 September 2014 by VRS |  Email |Print

Sovereign wealth fund Investment Corporation of Dubai announced on Monday plans for the $1.4 billion Royal Atlantis Resort and Residences on Palm Jumeirah island in Dubai, one of several new projects to be completed over the next three years.
The 46-story Royal Atlantis, an expansion of the existing Atlantis Hotel and Resort at Palm Jumeirah, will have 800 rooms and suites and 250 luxury residences, according to a joint statement of ICD and Kerzner International Holdings Ltd., which will operate the luxury resort………………………………………..Full Article: Source

Posted on 16 September 2014 by VRS |  Email |Print

Sovereign fund Investment Corp of Dubai (ICD) has bought a 1.4 percent stake in Dangote Cement, Nigeria’s biggest company by market capitalisation, for $300 million, a Dangote spokesman said on September 08. Dangote Cement spokesman Carl Franklin confirmed the sale, but provided no further details.
Stockbrokers in Lagos told Reuters 243 million shares of Dangote Cement were transferred to ICD, which holds stakes in some of the emirate’s top companies, at 200 naira each, a 12 percent premium to Dangote Cement’s price of around 223 naira on September 08………………………………………..Full Article: Source

Posted on 16 September 2014 by VRS |  Email |Print

Investment Corporation of Dubai (ICD) and Kerzner International Holdings Limited (Kerzner), a leading international developer and operator of destination resorts and luxury hotels, today unveiled plans to forever enhance the landscape of Dubai with The Royal Atlantis Resort and Residences. Located on the crescent of The Palm and next to the iconic Atlantis resort, this new generation of distinctive luxury will offer a sophisticated lifestyle experience, edgier than any resort in the region, with infinite ocean views, accented with lush green spaces, encapsulated in dramatic architecture.
“This next phase of Atlantis, including the luxury residences of The Royal Atlantis, will continue to drive the growth of Dubai forward,” commented H.E. Mohammed Ibrahim Al Shaibani, Executive Director and CEO of Investment Corporation of Dubai (“ICD”) and Chairman of Kerzner International. “This investment reaffirms ICD’s commitment to support the long-term growth of our domestic hospitality market, a key pillar and growth sector for the Dubai economy.” H.E. Mohammed Al Shaibani reiterated the importance of this investment for Dubai and its strengthening hotel and tourism industry as the Emirate prepares to host the Expo World Fair in 2020. (Press Release)

Posted on 16 September 2014 by VRS |  Email |Print

Vienna-based advisory firm EPIC, acting for Corpbank’s main shareholders and potential investors, is seeking to start work with the central bank this week on a rescue plan for Bulgaria’s fourth largest lender, shut since June 20 after a run on deposits.
EPIC has said it represents Bulgarian Tsvetan Vassilev, who owns 50.6 percent in Corpbank, an Omani sovereign wealth fund with a 30 percent stake and VTB Capital, controlled by Russia’s VTB Bank with about 9 percent………………………………………..Full Article: Source

Posted on 16 September 2014 by VRS |  Email |Print

The largest U.S. public pension plan is getting out of hedge funds as part of an effort to simplify its assets and reduce costs, a retreat that could prompt other cities and states to consider similar moves. The California Public Employees’ Retirement System said Monday it would shed its entire $4 billion investment in hedge funds over the next year.
The pension known by the abbreviation Calpers, which manages $298 billion in investments and benefits for 1.6 million current and retired police officers, firefighters and other public employees, is a bellwether for investment trends at other public plans. Any shift it makes will likely influence others because of its size and history as an early adopter of alternatives to stocks and bonds………………………………………..Full Article: Source

Posted on 16 September 2014 by VRS |  Email |Print

Paris-based Organization for Economic Cooperation and Development (OECD) chopped its economic growth forecast for the United States and other large developed countries. The OECD painted a picture of the Eurozone facing very low inflation rates, pushing back demand and heightening unemployment.
There is amplified divergence occurring in economic markets. Some countries are economically thriving and financially stabilizing, while others are on shaky ground. This is affecting where public funds want to allocate capital to……………………………………….Full Article: Source

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