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Sovereign Wealth Funds Briefing 07.Nov 2014

Posted on 07 November 2014 by VRS |  Email |Print

Despite strong attention focused on allocation to alternatives such as private equity and real estate by Asian sovereign wealth funds (SWFs), their allocations to equities continued to dominate through year-end 2013, says a report by research firm Cerulli Associates Asia.
About 70% of Singapore’s Temasek Holdings’ investments are in listed securities, according to the Singapore firm’s latest annual report. Korea Investment Corporation’s exposure to equities has been increasing steadily, from 41.8% in 2010 to 48.5% in 2013. China’s China Investment Corporation has a slightly lower ratio of 40.4% of its portfolio in public equities as of 31 December 2013………………………………………..Full Article: Source

Posted on 07 November 2014 by VRS |  Email |Print

Philippine liquor firm Emperador Inc said on Friday it had agreed to sell a 9.64 percent stake to GIC for 17.6 billion pesos ($391 million), in what it described as an initial investment by the Singaporean sovereign wealth fund.
The deal comprises an equity investment of 12.32 billion pesos for the purchase of 1.12 billion common shares equivalent to a 6.95 percent direct equity stake in Emperador, and equity-linked securities (ELS) worth 5.28 billion pesos………………………………………..Full Article: Source

Posted on 07 November 2014 by VRS |  Email |Print

Sovereign wealth fund GIC is increasing its interests in the real estate sector in New Zealand. It said on Thursday that it has entered into a joint venture partnership with Scentre Group to acquire five New Zealand malls with a combined gross value of NZ$2.1 billion.
GIC will own a 49 per cent interest in each of the five malls in New Zealand - Westfield Albany, Westfield Manukau, Westfield Newmarket, Westfield Riccarton and Westfield St Lukes. Scentre is New Zealand’s largest shopping centre operator, managing about nine shopping centres with annual sales in excess of NZ$2 billion………………………………………..Full Article: Source

Posted on 07 November 2014 by VRS |  Email |Print

A billion dollar property deal by Singapore for a stake in some of New Zealand’s top shopping malls shows the super city model has made Auckland attractive to overseas investors, a property industry boss says. Singapore Government’s investment fund GIC has paid A$930 million ($1.1 billion) for 49 per cent ownership in five Westfield Shopping Centres as part of a joint venture with the malls’ owner, the ASX-listed Scentre Group.
Four of the five malls are in Auckland, at Albany, Manukau, Newmarket and St Lukes, with the other one in Riccarton in Christchurch. Scentre will continue to manage them. Its Glenfield, WestCity, Queensgate in Wellington and Chartwell in Hamilton are not involved in the deal………………………………………..Full Article: Source

Posted on 07 November 2014 by VRS |  Email |Print

Directors of the Australian government’s Future Fund as well as PricewaterhouseCoopers, Macquarie and AMP could be forced to face a Senate inquiry into tax avoidance following a global investigation into secret tax deals in Luxembourg.
Thousands of leaked documents published by the International Consortium of Investigative Journalists on Thursday revealed how Australian and multinational companies used accounting firm PwC to strike deals in Luxembourg to shift profits and avoid tax………………………………………..Full Article: Source

Posted on 07 November 2014 by VRS |  Email |Print

Malaysia Airlines (MAS) minority shareholders have approved Khazanah Nasional Bhd’s privatisation offer of 27 sen a share at its EGM on Thursday. The proposal received 93.3% approval from the minority shareholders who turned up at the EGM, which was held at the MAS academy in Kelana Jaya.
This was the ailing airline’s most important EGM ever in its corporate history, as its fate was decided by the minorities to enable it to start afresh in July next year. Its share price fell to an intra afternoon low of 18.5 sen. At 4.30pm, it was unchanged at 26 sen………………………………………..Full Article: Source

Posted on 07 November 2014 by VRS |  Email |Print

State investment arm Khazanah Nasional Bhd promised to remain transparent on Malaysia Airlines (MAS) restructuring process even after the airline’s privatisation, Minority Shareholder Watchdog Group (MSWG) said.
General manager of corporate services Lya Rahman said long-time shareholders had voiced out their views and concern and Khazanah should take note of them. “Khazanah should be transparent all the way in whatever they do as this is national interest. Let Khazanah do their job and let’s pray that it is a successful attempt after the previous attempt failed,” she told reporters after MAS extraordinary general meeting at Kelana Jaya……………………………………….Full Article: Source

Posted on 07 November 2014 by VRS |  Email |Print

Sovereign wealth fund 1Malaysia Development Bhd (1MBD) booked a net loss of RM665.36 million in its previous financial year, a local daily reported today citing a filing with the Companies Commission of Malaysia (CCM).
According to a report by The Star, 1MDB’s filing showed a loss before tax of RM668.55 million against reported revenues of RM4.258 billion.The filing was made after the sovereign wealth fund closed its books yesterday, some seven months after the end of its financial year in March 31, 2014………………………………………..Full Article: Source

Posted on 07 November 2014 by VRS |  Email |Print

1MALAYSIA Development Bhd’s (1MDB) RM7.18bil in offshore accounts in the Cayman Islands is expected to be channelled back to the country by December. “Sixty per cent of the money is already back. The remaining 40% will be brought back by the end of this year,” Deputy Finance Minis­ter Datuk Ahmad Maslan said in his reply to Tony Pua (DAP-Petaling Jaya Utara) when winding up his ministry’s debates on Budget 2015.
He said the repatriation would be done despite the profits of between 6% and 7% per annum from the investments. Later, when met at the Parlia­ment lobby, Ahmad said the money was being brought back to fund 1MDB’s projects such as the Tun Razak Exchange and Bandar Malaysia development projects………………………………………..Full Article: Source

Posted on 07 November 2014 by VRS |  Email |Print

Songbird Estates, the majority owner of London’s Canary Wharf estate, said it had received a joint preliminary approach from Qatar Investment Authority and Brookfield Property Partners regarding a possible takeover.
“The board of Songbird will consider this approach in light of what is in the best interests of the shareholders in the company as a whole and in the meantime Songbird shareholders are advised to take no action,” the company said in a statement on Thursday………………………………………..Full Article: Source

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