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Sovereign Wealth Funds Briefing 13.Mar 2015

Posted on 13 March 2015 by VRS |  Email |Print

Malaysia’s 1MDB faces a daunting task. The six year-old sovereign fund was set up to finance big national projects but expanded too fast, took on heavy debts and is now at the centre of a growing controversy. An ambitious restructuring brings both political and financial risks. The fund which counts Prime Minister Najib Razak as chairman of its board of advisors has pledged to dismantle itself following a strategic review led by new chief executive Arul Kanda.
It plans to stop making new investments and raise cash through an initial public offering of Malaysia’s second largest independent power producer. Selling unused land and finding equity partners for real estate projects that include a new financial centre in Kuala Lumpur and a development built around the terminus for a planned high-speed rail link with Singapore should bring in additional funds………………………………………..Full Article: Source

Posted on 13 March 2015 by VRS |  Email |Print

1Malaysia Development Bhd (1MDB) is in the process of undertaking the initial public offering (IPO) to inject capital flow into the sovereign fund to overcome its cash flow problems. Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah, said this short-term measure would be launched in June or July.
“The IPO is important. It is needed to restructure borrowing,” he said. Ahmad Husni said this in reply to a supplementary question by Mohd Fasiah Mohd Fakeh (BN-Sabak Bernam) on the financial position of 1MDB at Dewan Rakyat here yesterday………………………………………..Full Article: Source

Posted on 13 March 2015 by VRS |  Email |Print

Singapore’s sovereign wealth fund GIC is part of the consortium led by PGGM, the Dutch public sector pension fund, that is in talks to buy the world’s largest vehicle-leasing business from Volkswagen in a deal worth estimated around €3 billion ($3.2 billion), Sky News said in report.
The report said that the funds have been in talks with Volkswagen ‘for several weeks now’ to acquire the Netherlands-based LeasePlan, and added the consortium also included Abu Dhabi Investment Authority (ADIA) and London-based TDR Capital. Earlier this week, LeasePlan announced that it was in talks with potential investors for diluting its stake, without disclosing additional details………………………………………..Full Article: Source

Posted on 13 March 2015 by VRS |  Email |Print

China’s $653 billion sovereign-wealth fund is looking to invest more in emerging markets, according to an infrastructure-investing official at the fund, China Investment Corp.
CIC, which has made several high-profile investments in the U.S. and Europe in recent years, is targeting emerging countries where there is less competition, more opportunity to tap growth and a greater need for capital, the executive said………………………………………..Full Article: Source

Posted on 13 March 2015 by VRS |  Email |Print

Industry super funds have highlighted a lack of local infrastructure opportunities that is driving them to look offshore as their jointly owned fund manager IFM Investors spent $7.2 billion buying a US toll road out of bankruptcy. In its biggest equity investment to date, IFM Investors paid out banks and hedge funds that controlled the Indiana Toll Roadway, formerly owned by Macquarie Group and Spain’s Cintra.
The 253km toll road linking the US Midwest to Chicago is the latest in a string of offshore purchases by IFM, including debt and equity in a US liquefied natural gas export terminal development, a US east coast oil pipeline, a stake in the Vienna Airport in Austria and the Manchester Airports Group in Britain………………………………………..Full Article: Source

Posted on 13 March 2015 by VRS |  Email |Print

Timor-Leste Petroleum and Mineral Resources Minister Alfredo Pires said its national oil company, Timor Gap, could be used to buy out Woodside or other Sunrise joint venture partners such as Royal Dutch Shell or ConocoPhillips to end the development stalemate.
Pires also said Timor-Leste’s $18 billion sovereign wealth fund may be interested in funding the 150km pipeline from the Sunrise gas-condensate fields to an onshore LNG plant. Pires said updated studies commissioned by the government had found the cost of the pipeline would be just $800 million, compared with a $1.8 billion estimate for the 450km link to Darwin………………………………………..Full Article: Source

Posted on 13 March 2015 by VRS |  Email |Print

Volkswagen is in talks to sell a 50 percent stake in financing arm LeasePlan to a consortium including the Abu Dhabi Investment Authority, a source familiar with the plan said, as the carmaker cuts costs and refocuses its business.
The Wolfsburg-based carmaker owns VW Leasing GmbH, its own in-house leasing business, and is increasingly relying on its Volkswagen Financial Services arm, making it harder to justify holding a stake in a third-party leasing business………………………………………..Full Article: Source

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